PRICE REDUCTIONS! Lost Equity, or, Simply . . . REALITY!
TRULIA.COM: 30% OF CHICAGO PROPERTIES HAD PRICE REDUCTIONS THIS YEAR, THROUGH OCTOBER 1ST!
Asking Price Reductions on Homes for Sale! A few weeks later - another reduction. Often . . . another!
Across the U.S., according to estimates made by Real Estate Website Trulia.com, as reported by Chicago Tribune Real Estate Reporter Mary Umberger in yesterday's Trib, an estimated $28.4 Billion in asking prices have disappeared since January, 2009.
Here in Chicago, the company estimates about 30% of all homes for sale have seen price reductions, with the reductions reaching a combined total of $210 Million in Chicago and Surrounding Chicago Suburbs.
Several other major Real Estate Websites, including ZipRealty.com and Zillow.com, closely corroborated Trulia data.
So . . . what gives? Homowners losing value? Or, simply, people becoming in tune with reality, and making the necessary adjustments?
I vote for the second choice!
And, these days, embracing the new reality is a good thing - so necessary to help jump start a sometimes lackluster Real Estate Market, here in Chicago, and elsewhere.
DEAN MOSS & DEAN'S TEAM CHICAGO
