Lincoln, IL question

This has nothing to do to with gardening and it should be posted on the real estate community but I don't know how many of you visit over there.

I have a friend w/ a large house in Lincoln, IL on 5+- acres; she has it for sale. Certain people up there are giving her advice that the market is horrible. She wants to know what I think.

I think that I don't live there so I'm reaching out to you.

What do you Lincoln/Springfield etc. DG people think?

Thanks so much for any answers.

The housing market in Illinois is pretty slow. There are two 5 acre farmettes for sale near us that have been on the market for many months. Last I heard, no one has even looked at them. Our 5-acre farmette was appraised in '07 for $295k and in May of '08 we had another appraisal and that was for $210k. In January of '09 we had yet another appraisal and that was for $250k. How's that for crazy. A home on 5 acres is very desirable to people wanting to get away from the rat race and urban sprawl. Tell your friend to stick with her asking price, she can always go down, but can't go up. Five years ago potential buyers around here got into bidding wars over homes with acreage. They sold for more than the asking price. I doubt that will be the case again for many years to come.

Thanks so much for the info; I sounds like someone just wants to try to halfway steal the house.

295
210
250

Interesting. You are right about the bidding wars. Nobody wants to pay too much and get hurt like so many have.

Once again; thank you for answering.

I have relatives with about 12 acres and a small house around Fowler that has been for sale over a year, priced about $175K. No takers.

A year is a quite a long time to wait for a fish to bite.

I hope they just want to sell (vs. need to sell).

Thanks for answering, L Tilton.

April

Yes, it's a "want to sell" thing. House of deceased parents. They had an offer, but it fell thru.