HOMES ARE STILL OVERPRICED...

At the risk of sounding like Debbie Downer,
I believe homes are still overpriced.

But isn't all real estate local?

Well, the National Association of Realtors (NAR) does say all real estate is local, and I don't want to get in trouble with them...

So let me just say that the homes in Naperville are still overpriced...

What? But the real estate market has corrected 30%. How can it still be overpriced?

Pretty simple. More sellers than buyers.

Case in point, one of my favorite subdivision here in Naperville is Cress Creek. It is beautiful. Great location. Great schools. Big trees. Set around a golf course...

There are currently 41 homes for sale in Cress Creek. Of the 41, only 2 are under contract. Two out of forty-one is an incredibly low ratio...

Fall is just around the corner. Winter will follow. If some of these homes don't sell soon, they will be cluttering up the market next year, further pressuring prices...

Admittedly, this is a very small case study. Some subdivisions are doing better, but not many.

For every seller, there are two more who want to sell if "the market would just improve". There are simply too many homes for too few qualified buyers...

So yes, I believe homes are still overpriced.

Or maybe I am just Debbie Downer...

Ken

To buy or sell a home in Naperville or elsewhere in Chicago, go to my website anytime.