Don't Shoot The Messenger

I'm saying that a lot lately.  It's sad watching the sellers' faces fall as I show them the reality of today's market.  Just yesterday I had to tell a senior woman whose family wants her to sell (because they fear for her safety in the town she lives in) that her house is probably worth around what she paid for it many, many years ago.  I could see the tears forming in her daughter's eyes and had to listen to the outrage of her son (not aimed at me personally, thank goodness).

The home owner had a mix of jubilance (she didn't want to move) and confusion on how the home she so lovingly cared for could be worth so little.  She lives in a town I don't work in much and only took it on because it was a referral from a friend.  This was a town that was always more affordable and average prices were much less than the neighboring towns to the west.

Because of a large amount of foreclosures in the neighborhood the value has been reduced dramatically.  I'm not sure how an appraiser will value this non-foreclosure compared to all the other similar homes that sold and closed that were all distressed sales.  There hasn't been a non-distressed sale for this style of home in over a year!

Because things were so emotional and heated between three children and Mom, although I asked if she was ready to list now I could feel that it was best to let them discuss things and come back if they decide to put the home on the market.  So I left without the listing and if they decide to put it on the market I'll be there for them to get it sold.

Not All Areas Are Feeling This Market As Badly

In the town I had the appointment in the median sales price has plummeted more than 50% based on year-to-date figures from January through May comparing 2008 sales vs. 2009.  The median price of Orland Park homes has decreased by 9.5%.  This is all about location, location, location and how that plays out in the long-term with your real estate investment.

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