Mk, Home Buyer in Burr Ridge, IL

I am looking at a brand new house in clarendon hills. It has come down 15 % since originally listed more

Asked by Mk, Burr Ridge, IL Mon Jun 23, 2008

than 400 days back. Is there more room for it to go down. I am nervous to pay a 7 figure only to realize I overpaid. Please advise.

- MK

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Are you planning on being there for three years or more? If you have your agent provide a CMA on new construction in that area you can make an educated and accurate offer. By three years from now you are most likely to gain some equity. Right now we are in a depreciating market, so it is no surprise to see the original list prices fall to adjust to the market. Now is a great time to buy. Especially new construction. I don't advise to wait out the market to see if it is going to depreciate more, it will be too late and after the fact when we find out it was at its lowest market value. Go for it, if you love it just do it. Good luck
Web Reference: http://JoanCraneHomes.com
1 vote Thank Flag Link Mon Jul 21, 2008
Quick clarification before I get shot down. Realtors are LICENSED but not in property values. That's a different license and the state requires seperate and EXENSIVE traning in appraisal to receive this totally seperate and distinct license.
1 vote Thank Flag Link Wed Jun 25, 2008
Wow, I hope you didn't take the advice of the "now is always the best time to buy" pumpers, right at the top of the bubble. Lots of those folks are now unemployed or in prison, where they came from. Their round trip was paid for at the expense of a lot of innocent buyers'. Lot less scamming going on now, from what I can see.
0 votes Thank Flag Link Fri Sep 28, 2012
"Now is a great time to buy. Especially new construction. I don't advise to wait out the market to see if it is going to depreciate more, it will be too late and after the fact when we find out it was at its lowest market value. Go for it, if you love it just do it. Good luck." Mon Jul 21 2008....


Fri Oct 16th 2009 .. -14% depreciation from a year ago in 60514

I 'd say bid 30%+ under ask now if you're in no hurry.

Hinsdale is for sale also with lots of selection ..foreclosures, REO, and Bank owned ect
0 votes Thank Flag Link Fri Oct 16, 2009
Dear MK;
As a realtor in this area I can tell you that you have a lot to choose from as far as builder spec houses go in the 7 figures. When they are priced right they go fast- my partner priced a spec house well in Downer's Grove and it had a contract in 2 days and has since closed. Believe it or not if you have a realtor who previews these homes frequently, they should be able to tell you what a fair selling price should be currently. I think the main thing holding the larger homes back at this point is the jumbo and super jumbo mortgage rates. When the market gets around to adjusting these back to more competitive levels you should see these homes sell a little more quickly.
I would also look at some existing homes in the same price range as well as what is for sale in Oak Brook and Downers Grove.
0 votes Thank Flag Link Wed Feb 4, 2009
Review all of the compariblesthat have sold in the last 3 mo. with a seasoned agent in the area. The market is changing in most areas but more in other areas. After you have seen other homes that are on the market, compare it to the home you are reviewing because the home prices may have come down further since the last sale that is comparible to the home of interest.
0 votes Thank Flag Link Thu Jun 26, 2008
While a CMA from a SKILLED Realtor is good, for a home of the value you describe (7 figures), why begrudge paying approx $300.00 to a LICENSED appraiser for a better answer to your question? You may even be able to use the report to negotiate a lower price and earn back the appraisal. Please let me know if you would like several names to choose from.
0 votes Thank Flag Link Wed Jun 25, 2008
MK,

Your best bet would be to get an experienced local agent that could help you determine the true value of this home... You will want someone who has sold similar homes in this area over the past 3-6 months... I would also recommend going to view other homes for sale in the area in order to compare... There may be a better deal out there.

I would be happy to recommend a local agent that could help if you feel like that is the direction you want to go.
Web Reference: http://www.BestHomeHelp.com
0 votes Thank Flag Link Wed Jun 25, 2008
MK,

Make an offer that you feel good about. I would be happy to help. Feel free to contact me.
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Mon Jun 23, 2008
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