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Wednesday, November 29 2006 @ 06:33 AM Central Standard Time
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 In October, Chicago home sales took another hit . All across the U.S., there was a marked decrease of 9.7 percent from its home sale price. Last Tuesday, the Illinois Association of Realtors said that the combined single-family and condominium sales last October in the Chicago area, went down to 15.4 percent compared to the previous year’s sales.
The real estate market is also a measure of the vigor of people’s business, and unless something drastic happens, business is going to grow.
Normally, a single-family home is approximately priced around $242,000, and fortunately enough for the prospective buyers, the median price dropped annually by 3.5 percent, to $198,777. However, condominium prices in the Chicago area dropped about 5 percent, although for the most part prices were up by about 3 percent.
Area real estate agents said the numbers reflect a return to a "normal" market, though they conceded that the boom went on for so long that most home sellers have forgotten that buying traditionally slows to a crawl in autumn, when kids have returned to school and buyers are concentrating on the holidays.
A North Side agent, Pamela said, "everything has been so hyperexaggerated. "I don't think the market is bad, it's just normal for fall in a normal year."
As long as the property that's well done and well priced, people will want, and wait for it.
Robert Zoretich, president of the Illinois Association of Realtors said, "There are still people out there waiting to see prices come down, but buyers are not listening. They're really not. If people need to sell right away, they need to adjust their prices." He likewise said that the real estate is market is getting normal. However he said more sellers are going to have a second thought of their price expectations in order for the market to pick up.
Jade Amethyst
http://www.miamirealestateinc.com |
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