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Chicago-area gets bad news from major housing report

The latest numbers from the Standard & Poor’s/Case-Shiller national home price index provided little end-of-the-year cheer for Chicago home sellers.

According to a story in the Chicago Sun-Times, the Case-Shiller numbers instead offered more evidence that the Chicago housing market is still suffering.

According to the story, the most Case-Shiller report found that Chicago-area single-family housing prices fell 1.5 percent from September to October.

That’s not just a bad drop, it’s the worst of any of the major metropolitan areas studied by Case-Shiller.

The news wasn’t any better when looking at the difference between October of this year and the same month last year: According to the Case-Shiller study, Chicago-area single-family housing prices fell 1.3 percent from November of last year to the same month this year.

This news is especially disappointing considering that housing prices rose from October of last year to October of this year in the majority of the 20 housing markets included in the report.

In other words, Chicago’s housing recovery is lagging behind the ones most other major cities are experiencing.

This bad news only highlights how important it is for Chicago home sellers to work with experienced REALTORS®.

A REALTOR® who knows your neighborhood will help you set the right asking price for your condominium or single-family home. That’s especially important today; Chicago buyers are smart enough to not overpay for a single-family home or condominium. If they think that you are overpricing yours, they’ll simply move on to another property in your neighborhood.

If you want to sell your Chicago home, find a REALTOR® who’s sold properties in your neighborhood. It’s the best way to give yourself an opportunity to succeed in today’s difficult Chicago housing market.



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