Sign of the times lately is foreclosed properties. I have recommended to my clients that holding off the market for another 90 to 180 days may yield more to the bottom line.
My brokerage business lately has been on the most part distressed properties, but lately this activity is on the up tick.
Of the properties that I presently have on the market as foreclosures in the Chicago Metro 8 county area. 20% have entered into contract and 15% will be closing in the next 30 days.
Please withold applause because some properties have expired and have not received the auction blessing.
Mortgage finacing presently is spotty at best, so I am reverting to contract sales on about 15% of my transactions. Owner financing, when available, is more dependable property transfer.
I see the Chicao Metro area activity in real estate sales now picking up, and should see a return to noramal at the end of 2010 anf 1st quarter 2011.
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