Does anybody think prices of homes are going down? Surrounding Chicagoland area

2006-10-19T15:31:00.000-07:00

This is an interesting question. I have noticed that prices of homes have not gone up in value much since the beginning of 2006. During the past 5 years or so Real Estate properties in all areas have gone up in value. I sell properties in the Greater Chicago areas and Western Suburbs. I am sure that this applies to all areas throughout the United States. I have witnessed many times in areas that the prices have gone up 10% - 20% per year in appreciation.

The bottom line is that prices of homes have hit a peak. In turn, houses are taking longer to sell and this creates more houses to be on the Real Estate Market. It has become a "Buyers" market which means that there are more houses on the market than buyers buying them. Previously it was a "Sellers" market. The housing inventory was lower and there were more buyers buying and the consumer confidence of home appreciation was fueling up to market.

Just like the Stock market the Real Estate market has peaks and valleys. In areas such as California, Florida, and the east coast they have always experienced housing flutuations. The Midwest has never seen much fluctuations, just a constant slow steady rising appreciation.
Since there has been such a rampant growth of appreciation in the previous years it is only natural that some kind of correction must occur. Well, we are in a correcton phase right now and at a minimum the housing market is just leveling in pricing althougth some areas may experience depreciation. Especially, those in the upper price ranges.

Hello everybody

2006-10-19T15:01:00.000-07:00

I welcome any topics of interest........

Ron's Real Estate Forum

Does anybody think prices of homes are going down? Surrounding Chicagoland area

Hello everybody