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Does it look like we have hit bottom for prices in the Lake in the Hills area?

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March 29 2010
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Answers (3)

Some home prices are below the bottom, so they move quick.
Some are priced about right to move sometime this year.
Some are too high and need to be adjusted to find the excited buyer that wants it.
Very generally speaking, I think LITH and Algonquin are bouncing along the bottom of the declines.
Markets are very localized, so some economist or Realtor from another state may not be the best advisor.
Each piece of real estate and home is unique, as is the way they are staged, shown and maintained.
We have been very busy recently and the economy is showing positive signs.
Tax credits, low rates, Springtime and great homes at great prices are all helping the good economic news.
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April 16 2010
Walter,

 There is no way to know we've hit 'bottom' until the prices start going up, and continue to do so.  As Casey mentions in his post below, there are a number of factors that signify that we haven't hit bottom, but only time will tell for sure.

If you're in the market to buy a home, I'd say look more at your own personal situation than if the market has hit bottom to decide when to buy.  The only way you'll know it truly had bottomed out is once you've seen a steady increase in prices, and by that point you've already missed the best opportunity.  If you find a good deal, and are comfortable with the terms, take it.  If prices still continue to drop, don't worry about it.  You've still got a great deal and one that you should be very happy with.
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April 16 2010

4/15/2010

Walter,   We have not hit bottom and will not till at least 2012.  Prices are currently down 30% although volume is up 27%.  Three things have to happen before we bottom out.  First, Short sale properties have to either all be sold or go into foreclosure.  Second, all the propertied currently in the foreclosure process must be absorbed.  Third, employment confidence must increase.   All three of these things will happen by 2012 and I expect values to steady and slowing begin to climb.

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April 15 2010
 
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