Laura, Other/Just Looking in Bolingbrook, IL

I was watching the Suzie Orman show and she said in some areas of the country some houses that were worth $200,000 5 years ago are now only worth $100

Asked by Laura, Bolingbrook, IL Sun Mar 13, 2011

Wow this is really depressing and gives me no hope in selling my house---we're thinking of putting our house on the market in the next 2-3 months! Is the housing market really this bleak!?? I know it probably depends on where you live

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9
Horseshoes and hand grenades, the market is priced like it is 2003/4 all over again. Some places lost 10 years of appreciation. All real estate is local, Suzie tries to sell books and maintain her position as a guru. Linda is right, you have had a bunch of postings here on Trulia, what have you been advised by local agents?
1 vote Thank Flag Link Sun Mar 13, 2011
There's no two properties alike. We do have areas that are considered hardest hit areas. I would highly recommend an appraisal on any property for sale to ensure the pricing is accurate according to the fair market value. I've seen many properties depreciate over the years due to the condition of the property or the decline in the neighborhood. Some were either robbed blind and gutted, others were just trashed and vandalized. In any sense, compare the price drops with the locations and conditions of the homes. Suzie Orman is trying to sell her message!!!


Sincerely,

Ty Cotton
American Patriot Realty
708-699-8945 cell
708-261-0078 fax
cottonrock2@gmail.com
0 votes Thank Flag Link Thu Mar 7, 2013
Just as with anything else - the media and those attached to it always go for the pop in the headline and misery loves company. Location is everything in real estate and markets are very local.

There are markets in Illinois that have only lost 10% on price and have very little if no foreclosures and then there are those with the 50% loss due to high foreclosures. That is why you must get the help of a professional who knows and why it is a great time to buy. What comes down must go up.
0 votes Thank Flag Link Mon Mar 14, 2011
Laura,
If Suzie Orman really thought that- she wouldn't be doing a TV show for income... she would be out there picking up those homes for $100 and building her porfolio. When someone makes a statement or gives advice like that, why are they telling everyone else about it? If it is true, they would make tons of money on it.
0 votes Thank Flag Link Mon Mar 14, 2011
Suzie is full of horse feathers if she made that statement.

In some areas, prices are down 50%, 60% 70%, or perhaps more. But 99.95%? No. And it doesn't depend on where you live.

Suzie's an entertainer (not especially good at that, in my opinion) who's trying to sell books. Pay attention to someone who knows what they're talking about.

Hope that helps.
0 votes Thank Flag Link Sun Mar 13, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hi Laura, In Illinois the Chicago market has hit pretty hard. But not as badly as the big cities in Arizona, Nevada, Florida and California. Yes, some areas are down by 50% - 70%... These were the areas, however, where home prices SOARED out of control between 2000 and 2006. I sold my Arizona home in 1999 for $199,000. I learned that in 2006 it was thought to be worth over $500,000!!! That buyer would be the poor soul that would lose over 60% if he sells now. Most of us are down - but the nationwide average is probably around 15-25% - not 50% or 95% that Suzie had mentioned. That was a very isolated case. Truth is, with interest rates so low this is still a great time to get a nicer house... Yes, you'll lose a little when you sell - but you'll gain more when you buy. Hope this helps. Good luck to you! Kathy
0 votes Thank Flag Link Sun Mar 13, 2011
Laura:

I have seen you ask many quesitons in the past few months on this forum. Have you taken some of the advice you've recieved by getting a Realtor® out to your place yet to give you a more difinitive answer on what your property might be worth? It is true that homes have diminished in value over the past few years, but the decline that I have seen in the recent months has been slowing. Sometimes we must consider the 'cost' of owning the home as well.

Good luck to you,

Linda Dressler, REALTOR®
SRES, SFR, ADPR
'Helping From The Heart'
Schaumburg, Illinois
0 votes Thank Flag Link Sun Mar 13, 2011
It does depend on where you live, but over-all in general all home prices are down from a few years ago. Real estate runs in cycles and the longer you can plan to keep a house the more likely you will be that you'll get a good increase in the value -- over time. If you buy and sell and buy and sell you run a risk of getting caught in a down cycle, which is what we have had.

As far as Suzie Orman's statement, it's like those TV commercials where the guy is telling you that he bought a house for $100. What he doesn't tell you is that there was a $20k tax lien on it too plus $3000 to get a occupancy permit. Suzie might be talking about one place in the USA and over a newly discovered toxic waste site unknown to everyone until 60 Minutes found it. If there were homes out there for $100 (worth owning) I would own 1000 of them as would every other Realtor. Ask us how many we have bought in the last 20 years --- 0
0 votes Thank Flag Link Sun Mar 13, 2011
Tell Suzie to stick to finance matters. No home that is liveable has depreciated 99.9%. It is the Spring and my advice is to call your Realtor NOW as 3 months from now is not the best case scenario for you!
0 votes Thank Flag Link Sun Mar 13, 2011
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