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Home Values in Lake and Cook County

I had an interesting conversation with a friend of mine who is a licensed appraiser for 24 years this past weekend regarding the appraisal process today, and how they are determining value when there usually are no  property comparables to justify our sales.  I could go into the long process of what she said however I would probably need to go school again. 

The long and short of all of this is that we are back to 2004 pricing and that is something that we all need to deal with.  Buyers are walking away from homes that they would like to buy as they are just not appraising and the sellers are not accepting our new reality. Is it a wonder that we are all confused today?  

Maybe if the lenders were more upfront as to how this is all working then the general public would move forward and the real estate market would start to stabilize.  Just think how helpful that would be to our economy.

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