Ken's Naperville Real Estate Blog : HOME VALUES. SHOULD WE BE AT 2002 PRICES?

HOME VALUES. SHOULD WE BE AT 2002 PRICES?

I was showing townhomes this morning.  My old neighborhood.  River Bend

I met my clients at the usual spot.  Starbucks

I enjoy meeting clients at Starbucks.  It seems to put them at ease.  Happy.  Who doesn't like a free cup of coffee? 

I feel it is a good $5 investment.

I was showing a young couple.  It was my first time out with them.  I never expect first timer outers to buy. 

I feel they need to see a few homes first.  Get comfortable with the process.  Get comfortable with me.  

The home we were seeing is listed at $309,900.  It was the model home of the unit I had purchased in 2002 for $278,000 and sold in 2006 for $346,500.

I remember when my wife and I first saw this home we just fell in love with the windows.  Huge ceilings.  Great views.  Great location in the subdivision. 

But my buyers thought it was just OK...

It was decorated a little femininely and had aged a bit since my wife and I fell in love with it.  But still...

THE WINDOWS!  THE CEILINGS!

Now I know they weren't ready.  They are still figuring out their relationship and the impact a home purchase may have on it.

But I was hoping there would have been a little more excitement. 

Is it possible this home is still overpriced??

It needed a bit of freshening up.  New carpet.  New appliances.  New paint. 

Or possibly a new price???  Does it need to go back to $278,000???

Will the market retreat to those prices? 

Or has it already?

I will be showing the home again tomorrow.  I will be interested to see what this buyer thinks.

At what price will this home sell? 

Will I be the one to sell it?

I do know I am meeting my client at Starbucks.

Ken

www.kensfeaturedhomes.com

 

 

Comment balloon 14 commentsKen Tracy • April 27 2008 08:52PM

Comments

I have noticed we are close to 2003 prices here in NH. I also wonder how much lower we will have to go before the market really heats up again.
Posted by Jay McGillicuddy, Real Estate Broker (Berkshire Hathaway HomeServices Verani Realty) over 9 years ago
Economists say in my area, northern CA, that by the end of 2009, we will start appreciating. I guess time will tell
Posted by Jean Powers, CRS,e-PRO,HAFA,SFR Broker, Northern California (Kane & Associates call 510.908.9002) over 9 years ago
Nothing we can do about it but stay positive.  So put on your comfortable shoes, gas up the car, and make sure your pen has plenty of ink!
Posted by Melody Botting, You Deserve The Best (Broker Associate PenFed Realty) over 9 years ago
The market has retreated, sellers have not this means plenty of inventory when sellers see the light
Posted by Dan Homan (Coldwell Banker Ellison Realty, Inc) over 9 years ago
Boy,  The market must be good in Napierville.  The Metro Detroit market is back in the nineties.  We are closing in on a $100 a square foot in many cities.  Older cities even worse.  Of course newer homes are fairing better per square foot but across the board 30% would be a good guess off the highs. 
Posted by Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com (Keller Williams Commerce) over 9 years ago
IN NH we're pretty well at 2003 prices. I never thought I see them that low again.
Posted by Monika McGillicuddy, Southern NH & the Seacoast Area (Berkshire Hathaway HomeServices Verani Realty) over 9 years ago
Ken - We are back to 2005 prices, soon to be 2004.  It's amazing to see how we are going back in time.  Always a pleasure to read your posts.
Posted by Debbie Summers (Charles Rutenberg Realty ) over 9 years ago

In some areas of Northern Virginia we are at 2004 prices and in others we are higher.  The closer you are to DC the higher the prices are.  Head down I-95 South and the prices start to drop.  We need to go lower to get all of the inventory sold.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 9 years ago

Hi Jay, Jean, Melody, Dan, Russ, Monika, and Debbie.  Thanks for reading.

It seems we are all roughly in the same position, price wise. 

Thanks all,

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

I always meet clients at Starbucks too.  Prices have definitely dropped here in Colorado Springs too, I can't believe how many houses are selling at prices they were bought for 2-3 years ago.

Posted by Patricia Beck, Colorado Springs Realty (RE/MAX Properties, Inc., GRI, CDPE) over 9 years ago

Morning Ken,

I believe, overall, prices have reverted to those we saw in the early 2000's. There was a time when new paint and carpeting would have been the answer to a quick sale. However in today's market a fix up sometimes winds up being the sellers second financial hit, the first one being a drastic price reduction to get the property sold.

 

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) over 9 years ago

Hi Hal and Patricia.  Thanks again for stopping by.  I showed the home again this morning.  No excitement.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago
We're appreciating slowly here.  Actually the MLS zone that our office sits in is one of the best appreciating areas in all HOUSTON metro area!  Some of Houston is down, but KATY is doing well!
Posted by Ron Tarvin, Broker, Katy, Houston, Cypress 77450,77494,77095 (Luxury and New Construction in Katy & Cypress TX) over 9 years ago

Hi Ron.  Some subdivisions seem to be doing ok.  Others, not so much.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

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