Chicago Relocation

It’s still about price

October 17, 2009

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HomeGain recently reported a that a whopping 7 out of 10 FLA homeowners overestimate the market value of their homes.  That’s pretty scary.  One would hope Midwest sensibilities would have our number a bit lower.  Then again, it seems like ½ of Florida is filled with retired Chicagoans, so I can’t say for sure.


But this failure to connect with reality (35% overvalued their homes up to 20% higher than agents opinion of list price) is one of the things that will keep the Chicago Luxury Real Estate  market, and the market in general, in the valley for awhile.


17% even thought their home should be priced up to 30% higher than agents recommendations!  Conversely, only 8% thought their home was overvalued (realist Chicagoans to be sure).


Market value is what people are willing to pay today, not yesterday or tomorrow.  And until all of these factors align themselves, we will continue to have inventory issues….



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