Are some Oak Park sellers pricing too high?

Oak Park, Illinois, streetscape

Chicago Realtor Eric Rojas has been blogging about his experience finding a home for clients in the $350,000 price range in Oak Park. While noting that there is a good selection of 3-bedroom, bath-and-a-half homes in parts of the village, he sees sellers of homes near public transportation as unrealistic in their pricing.

This despite the closed comparable homes data of the last 6 months or so. My estimate is many sellers are coming on the market at least 10 percent too high and sitting.

These are nice homes, but the relatively small number of closed comparable and better priced homes (including short sales) make it hard for buyers to pull the trigger and pay too much. Many sellers are coming back on the market now at the same, or close to the same price as they went off the market late last season.

Is this an instance of an out-of-area Realtor mistaking the message of the closed sales, or of local sellers and their agents misreading the market?

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