There has been a drop in prices of about 10-12% in Bensenville and surrounding areas as well. The value of your home probably has dropped some in the last two years. However, make sure that the comparable properties that were used in the appraisal are good comps. Some appraisers are not using the best properties to compare houses. The houses should be in the same location and in the same condition. I have had clients tell me that their house was compared with houses that need rehabbing or even in teardown condition. Location plays a part in pricing as well. It sounds like you have done two appraisals with two different appraisers. The first one may have been too high to start with. You should have someone check both appraisers reports to see if they are in the right price range.
1/01/07- 3/31/07 - Average Sale Price 291,184, Number of Sales 26
1/01/08- 3/31/08 - Average Sale Price 236,700 , Number of Sales 11
Hope this helps.
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