Short Sale in Elgin under $200k!
I am sure you heard the news that the housing market hit a bump! A big bump and many buyers are not missing a beat and taking advantage of the home buying opportunities.
Many potential home buyers are skittish and that is providing an even better opportunity for those that are buying properties now. We are all learning that buying a home is one of the safest investments but it is not an ATM or short term investment. Many opportunities have been passed by including the $8000 tax credit by many potential home buyers waiting for something better or just procrastinating or¦.other reasons.
It is now cheaper to buy than rent in many cases. I am seeing investor deals everyday that the ROI is higher than I have seen in my career.
#3 Reason why it is prime time to buy a home now is¦
Home Prices may be at the bottom.
Homes prices now are at almost the lowest over the last decade. Prices are zig zagging and we may be at the bottom or close. Standard & Poor’s Case Schiller Index reported in early September that in 15 of the top metropolitan areas prices were up by 4.2% over the same time last year. Like I said they are zig zagging which could be an indication that prices are going to stabilize.
#4 Reason why it is prime time to buy a home now is¦
Sellers are Motivated
Supply has exceeded demand so the buyers have the upper hand/advantage. Our absorbtion ratio of homes on the market right now is 12.5 months. This means there are 12.5 months of inventory right now if nothing else came on the market which we know the housing inventory will increase.
Short sales and Foreclosures are making up 32 percent of the properties sold since the beginning of 2010. They are selling on average about 20% below the market values. This is what the sellers are looking at as their competition and pricing in most cases accordingly.
The sellers that are selling are very motivated or I am telling them to wait a few years at least until the market starts to recover and start moving upward.
Don™t be thinking œwould have¦could have¦should have¦!
Call me today!
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO
Link to your specific neighborhood Real Estate Market Snapshot: