Short Sale - 4 Sierra, Lake in the Hills
We keep hearing that "There has never been a better time to buy a home than right now". Home Sales have picked up for our team, but home buyers are buying the "Deals". There are also many home buyers still on the fence because they are waiting for prices to still come down, economic recovery or their own homes to sell first. Being well educated or working with a real estate agent that knows the market is key right now if you are looking to buy a home now.
The homes that are the best deals are selling with multiple offers in just a day or so. Even homes that are priced right at the beginning of the listing are selling quickly and are not necessarily under-priced. These are just being noticed by ready buyers when they hit the market.
A real estate agent that knows the market can tell you that there are over 250 distressed properties in zip code 60010 right now with only about 1/3 on the market. The rest are sitting in lenders inventory and waiting for the lenders to do something with them. Lenders are going to either release them into the market as foreclosures, try and rent back to the seller, reinstate or modify thier old loan or rent the the tenants if they rented properties. Another statistic from Midwest Real Estate Data LLC was that in Palatine over the last 3 months 43% of the sales were short sales or foreclosures.
Have your real estate agent look up the distressed properties in the area your are searching, analyse pricing on current homes on the market and the past 3 months of sales and the price trend and keep you on track for buying a home that you will love not just the best deal. If you buy a home as a good deal and it has a poor location for you or has 1 less room than you really needed or doesn't have something that you really wanted, it may not be the best deal for you. A good real estate agent can keep you on track on what you were looking for in the home you purchase in the first place.
So if you are looking for a good deal on a new home in this market, You need to be ready to act quickly and be smart about it. Hire a great real estate agent that knows what is happening in your area, all this information is out there for them to look up for you. Have your loan pre-approval ready and move quickly when a great home at a great price enters the market.
Posted By: Julie Anne - The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO