Sellers That Purchased Already Not Expecting The Current Market

The real estate market in the Midwest isn't supposed to have been affecteed as dramatically as places like the West Coast and fast growing areas like Las Vegas.  Yet as far as I'm concerned the southwest suburbs of Chicago have really taken a dive.

Prices continue to drop and there is minimal activity, especially in comparison to the amount of available inventory.  I am working with two sellers of real estate in orland park illinois that have already purchased properties. 

The first couple seem to understand the current market a little better but since they've found a property recently they are  getting desperate, or maybe I should say more realistic.  Unfortunately, they had two offers that they turned down in the past.  Because they found a home they love they will now take that same offer.  However, those potential buyers are long gone.  The market was better when those offers came in than it is now.  We're actually at the end of our peak selling season.  Once school starts it will slow down even more, which is hard to imagine.  I don't blame them for not accepting the prior offers as they were contingent on sale offers and neither of those buyers had even listed their homes yet.

The other couple built a new townhouse and have taken their time to get their home on the market.  The townhouse is ready and they're kind of living back and forth between the two homes.  I ran into them several times over the year and kept telling them to get their home listed asap.  The wife blamed her husband that he was dragging his heels and insisting on making repairs first.  They finally listed it when the market started slowing down even worse than it's already been this year.

Now I have two listings that are priced correctly according to CMA's done, but not much activity.  Much of the feedback on both homes is positive but the buyers just aren't committing, probably because there's so much to choose from.

The first couple has finally made two price reductions and will have to continue until we get an offer.  My 2nd couple just made their first reduction.  Again, both of these homes are priced within or a bit lower than comparables, but we all know how comps from 1-6 months ago might no longer be true. 

And it scares me because we know even homes priced below market aren't necessarily moving.  Unfortunately, today's sagging market is unfairly reflected back to the listing agents and I know each of these sellers needs to net a certain amount of money and I'm just not sure they'll get it.

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