Cary Illinois Homes - Cary Real Estate

Cary Real Estate News

The 2008 Cary Home Market

While the market time for Cary homes has increased, homes that are priced aggressively are still commanding a higher sales price in shorter market time than Cary homes that are “testing the market”. The belief is that when selling any of the Cary homes in the spring market, there are more buyers and sellers believe they have time to enter the market at a higher price. They feel that they can start at a higher price and leave room for negotiating. What we are finding, however, is that those sellers aren’t at the negotiating table. Buyers are going after those homes first that are priced aggressively and passing up the Cary homes that are too high. Buyers feel that they can watch those that are too high — take their time approaching them since they will likely still be around (and for less) as the weeks go by. Serious buyers for Cary homes are still going to go after the best values first. It is assumed that those homes priced too high will not be willing to negotiate so why bother.

Research by Jeffrey Otteau, a New York appraiser, suggests that homes that are overpriced in a declining market actually sell for less than homes that hit the market at a competitive price. "Overpricing extends days on market and guarantees that you will sell your home for less in a declining market.” Otteau, of Otteau Valuation Group, Inc., studied about 4,500 home sales that took place in the first half of 2007, largely in northern and central New Jersey. Most of the houses were priced between $500,000 and $750,000. Homes that sold in less than a month at a median asking price of $599,900 and sold for almost full price — a median of $599,000. Homes that were on the market for more than a month had a median asking price of $634,900 — and sold for a median of $585,000. The median is the point at which half the sale prices are above and half below. In today's market it is best to price one's home slightly below competing properties to allow for a quick sale. This research is illustrative of what is going on with Cary homes for sale as well....for more information and insight, contact our office.