I would have to give props to Chris with the Cindy Dickerman team. Cindy is a true professional and has cooperated with my family's independent real estate company several times over many years. Chris is totally on the mark with his response to you. However, as a consumer, it is in your best interest to shop around and interview several real estate agents and their brokers before selecting which company will represent you. Fee free to contact me at 610-827-9214. Christopher Carroll, Associate Broker, Kenneth Carroll Real Estate

Chris here with The Cindy Dickerman Team. Our team is very familiar with the Chester Springs/Chester county area. There are many reasons for prices to appear "Slashed". I will cover a few of those reasons.
First, because of the real estate "bubble" that happened several years back, prices were incredibly inflated. Buyers were willing to pay more for properties because they perceived the market to be on an indefinite trend upward. Now we all know that is not the case. In fact, historically real estate trends on a 10 year cycle, and right now we are starting over again in a new cycle.
So, now that the market here in Chester County and Chester Springs has leveled off, many seller' s are looking at what their neighbors received for their homes a couple years ago and think that the market will still bear or pay that price. And that simply is not true.
What is also unfortunate is that many real estate agents are not willing to or do not have the skills to help their clients see that the market has changed so much, and that they are hurting their case for selling by being drastically over priced.
So in short what probably has happened, is just what I mentioned, and the listings probably started over priced, and then had to come down and be realistic as to what the market will actually bear. Our team helps roughly 80 familes a year with their real estate needs, and over the last year, we have see many people disappointed or confused about what their homes will actually get for their market value.

The other issue that is happening right there on Bodine road is that there is a lot of new construction happening. So, when people know that there are new homes going in, especially at the $1 million plus price range, they may automatically think that their homes are worth that as well.

Lastly, I wanted to mention that Chester County and Chester Springs are fairing quite well in this "down" market. In fact, the market here has actually not seen as much of a down turn, as much of the market just flattening out. Last quarter of 2007, Pennsylvania overall saw a 4 - 8% increase in sold prices.

I hope this helps. If there is anything else we can do for you, please let us know.

I would ask your agent to take a closer look. That part of Chester Springs may be in the line of future development, and that could cause the prices to drop, or raise, depending on future impact.

Russell,

There are two properties active on Bodine.

One was listed at $1,735,000 back in 5/06 - today it's $999,000. The other was listed at $1,229,000 in 4/06 - today it's $629,900. Both on over 2 acres.

I don't know what's specifically going on, but I see that the latter one went under agreement in what looks to be 8/06, when the house was priced at $998,000, but came back on the market. (the phrase "your first offer is your best offer" comes to mind).

Given the steady reductions, I'd say they are motivated sellers - are you working with a Realtor? They could talk to the listing agent - perhaps there's a reason besides just being originally overpriced. If I can be of help, please feel free to get in touch.

Not know the specifics of the home, its starting price or how much it was "slashed", I cannot give you any input.

It could very well be that:

A. The home was priced unreasonably in the first place. Which after much time on the market, the seller reduces the price. Buyers, on the other hand, who are looking in a particular price range sees the home come up and they notice that it's already been on the market for several months. Making them ask the very same question you are asking.

B. Perhaps an inspection was done on the property and there are more "pricey" issues to deal with which the seller did not take into consideration when pricing the property. (See A)

C. Perhaps the home needs alot of updating to which the seller did not take into consideration. (See A)

There are many other situations which would "make" an asking price go down. And all of them points to one place. The initial asking price was too high to start with.

It is not the real estate agents which puts a price on the property, it is the market place. The buyers are the ones who say what they will pay for a particular property. Even in the event that one may know that future roads or shopping mall will be taking over the property (which I am not saying this could be them case because I do not know the area).

It is the initial pricing of the property which either gets the home sold in a reasonable time or stigmatizes it into what could be a couple of years worth of listings before it sells.

Hope that helps. Send me an email if you wish for me to look at the listing for you.

Terrence Charest, e-Pro
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell: 267.614.1494