However, in certain areas near transit it appears many sellers are holding on to higher asking prices. 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 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.
That said, for the quality of life and well regarded schools of Oak Park, $300-$350K will be plenty for you to achieve the dream... a "move-in ready" single family home for you and your family. For those of you condo owners or apartment renters ready for a house...you'll love owning a single family home! It's great! Our strategy to is make market priced offers on over-priced homes... and always be ready for the few serious sellers coming on the market that CAN and WILL sell!