I've been in real estate a long time, --grew up in the business. And, this is the worst and the best market

Asked by Laura Cannon, 60010 Fri Aug 8, 2008

I've ever seen: the slowest I've seen in the Barrington area and the biggest price drops. Any predictions for how long this will last? What kind of winter can we expect?

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6
Paul Mackey, , 60060
Fri Aug 8, 2008
BEST ANSWER
The question will be much easier to answer until after the election. markets will be more of less status quo until they feel they know what policies and nominees are in store. Either way I feel the winter will be slow no matter who wins.
Web Reference:  http://www.JPMackey.com
3 votes
Greg Zaccagni, , Illinois
Fri Aug 8, 2008
Trulia has some great statistics right here that are encouraging. Check this out for yourself
http://www.cyberhomes.com/neighborhooddetails.aspx?placeid=1026680
2 votes
Scott Epstein, , Crystal Lake, IL
Fri Aug 8, 2008
The Chicago area (Barrington included) hasn't suffered as much as the rest of the country as a whole.
The facts are: tougher to get approved for a loan, spreads are wider leading to higher interest rates, and your pool of buyer's has been reduced do to all of these foreclosures and short sales. It is because of these reasons I don't know if the market is going to pick up at all anytime. The market needs to plateau before it can go up, in my opinion.
2 votes
Bob Brandt, Agent, Schaumburg, IL
Fri Aug 8, 2008
The financial guru from MSNBC Mad Money (Cramer) had been pessimistic until now when he is recommending that buyers should buy within the next 6 months to get the best buys. It was in the Tribune Real Estate section last Sunday. I hope we get some more positive press and reasons to buy. Perhaps that means a return to normalcy and a more even market is approaching......
Web Reference:  http://www.realtybob.com
2 votes
NonRealtor, , 23456
Tue Aug 12, 2008
In your zip
8/8/2008
Trulia shows 90 foreclosures
Trulia shows 987 homes for sale

I think it will be a cold winter with lots of snow. Good luck
1 vote
Laura Cannon, , 60010
Fri Aug 8, 2008
I think that's a great point; I forgot about that. The election could have a big impact on the mood of the country, i.e., more optimistic or pessimistic. And, surely, that will impact our spring market, beginning as soon as February perhaps. Thanks for your answer!
1 vote
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