I typically try to stay positive, and keep a good outlook on life. However, sometimes, I read things that make me scratch my head.
I received two pieces of info today, one a survey from Zillow.com, and the other an article from Inman Real Estate news. Both show a optimism in the marketplace that is seemingly ignoring reality.
Zillow Survey - In this one, what real estate sellers are suffering from is a brutal case of “Everyone-else-but-not-me”-itis. “The market is bad, the neighborhood is ticking down, I have friends who are selling at a loss, but MY place is immune to all of that,” you can hear in their brains. Time to wake up and smell the reality – your place is NOT immune. The “Go-Go Days” (as my friend calls the period of 2000-2006 in Chicago) are OVAH!
No. Really.
It doesn’t matter what comps closed over this last summer, let alone two or three years ago. Most properties we are reviewing our sales price for, you can only go back until September 1, 2008. THAT’s how drastically the environment out there has changed in Chicago.
Inman News - This blog post shows what most people already know – on a long-term basis, owning real estate is a good investment. Moreover, owning my own home provides a warm fuzzy feeling. (Inman News, by the way, is definitely a blog you should be subscribing to.) Great post.
We are in this together, both the good and the bad. No one is immune.
Filed under: Financial Matters, Pricing, Selling Real Estate
