Real Estate Agents Say Home-price Tide Has Turned
CHICAGO TRIBUNE -- Chicago-area real estate agents, who have been pleading for months with stubborn sellers to lower their prices, say the tide has finally turned and sellers are capitulating. Price reductions totaling $25,000 or more are becoming commonplace, and homes that have been relisted after several months off the market are being offered for significantly less.
"We're essentially at fair market value," said Jack Ablin, chief investment officer of Harris Private Bank. While he said he believes the worst is behind the market, he added: "Given the credit conditions and the environment, it wouldn't be a surprise to me if we shot below fair market value."
Related: December new home sales report from First Trust.