Finding the silver lining of falling housing prices

Bob Arnold’s certainly not a pessimist. How can he be? He’s found the silver lining in falling home prices.

Arnold is a real estate agent with RE/MAX Team 2000 in Orland Park. You’d think he, of all people, would be sweating the lower housing prices. But here’s what he’s found: The lower housing prices in the south suburbs of Chicago have opened opportunities for a new crop of buyers. These buyers can now move into suburbs like Palos Heights, Orland Park, Mokena and Tinley Park because the housing here has become more affordable.

Arnold points to a 36-year-old client of his. This buyer was able to purchase a home in Palos Heights, the city in which he grew up. Arnold says that the client had long wanted to move back into the suburb. But until the housing downturn, he couldn’t afford to.

“He is absolutely thrilled that he has the chance to buy a house here,” Arnold said. “The low prices are a double-edged sword. They’re not good for sellers, but they are giving more people a chance to move into more communities. As a Realtor, I find that very exciting.”

Leave a comment