Case-Shiller index shows broad drop – Chicago Sun-Times.
The title above is a link to the Case-Schiller report in the Sun-Times this morning. By and large, the data mirror what I’ve been reporting for Evanston, Wilmette and Winnetka and the North Shore – house prices are trending down. There is a large inventory, credit is still tight and sellers are reluctant to price down to meet the market. But I think there are success stories that are lost in the data which give us hope for a stronger market:
(1) There are buyers ready to buy IF THE PRICE IS RIGHT. I don’t mean prices that are drastic reductions that understate the value of a home or that imply financial distress. (2) Sellers who opt for a smart price find that strategy creates a strong value proposition relative to comparable homes. (3) These sellers get many (and I mean 30-40 in seven days) more showings and contracts within days.
So, while broad area statistics continue to trend downward, there are properties selling in Evanston, Wilmette and Winnetka.
DS
