Archive for the 'For Buyers' Category
WHERE HAVE ALL THE SELLERS GONE
July 23rd, 2010 categories: For Buyers, For Sellers
Inspired by words and music of Pete Seeger.
Where have all the sellers gone?
Long time passing
Where have all the sellers gone
Long time ago.
Where have all the buyers gone?
Investors have picked the good ones everywhere
When will they ever learn?
When will they ever learn?
Where have all the builders gone?
Long time passing
Where have all the builders gone
Long time ago
Where have all the bankers gone?
Long time passing.
Where have all the bankers gone?
Gone to graveyards everyone
When will they ever learn?
When will they ever learn?
Where has all the money gone?
Long time passing
Where has all the money gone?
Long time ago.
Will we ever learn?
Will we ever learn
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Anyone Interested in Seconds… A look at 2nd Quarter Sales Data..
June 24th, 2010 categories: For Buyers, For Sellers, Investing in Real Estate, Market Data
Second Quarter 2010 Single Family Home Sales Data:
| County | Total Sales | Total # Foreclosure | Total # of Short Sales | Distressed Sales expressed as % of Total Sales | Active listings | # Sales in 1 Month | Absorption Rate |
| Cook County | 6,215 | 1,803 | 568 | 38% | 19,288 | 2,521 | 7.65% |
| Lake County | 1,402 | 351 | 134 | 35% | 5,833 | 619 | 9.42% |
| McHenry County | 604 | 149 | 89 | 39% | 2,912 | 253 | 11.50% |
| Dupage County | 1,538 | 240 | 123 | 24% | 5,568 | 671 | 8.29% |
| Will County | 1,312 | 319 | 141 | 35% | 4,595 | 513 | 8.96% |
In the second quarter of 2010, Foreclosure Sales and Short Sales together represent 24% -39% of all sales in each of the five counties researched.
There are three (3) times as many foreclosures than Short Sales in the second quarter of (April-June) 2010.
The Real Estate Market is still a buyers market. In each of the five counties surveyed it is taking anywhere from 7 months -12 months to close on a home.
The next few quarters for the real estate market will be challenging for several reasons.
The First Time Home Owners Tax Credit Expired April 30, 2010 and fewer qualified buyers are looking to purchase a home even though Mortgage Interest Rates are at a all time low.
There is speculation of a Double Dip in the Real Estate Market as a result of more Foreclosures come on the market. Right now the “Shadow Inventory” of foreclosures is paying attention to the abosorption rates discussed above.
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WTTW Looks at Community Revitalization Project …
May 7th, 2010 categories: For Buyers, Vacant Buildings
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Short Sale Approved NEED BUYER
April 16th, 2010 categories: For Buyers
Admin Options
6918 N. Seeley Avenue 3 B (MLS # 07287794)
Short Sale Approved $56,000.00
Need Buyer
Is this the typical thing with short sales? You get an offer and submit your short sale package to the lender and you do not hear from them for months then out of the blue they come back to you and give you a counter offer and the original buyer has walked away.
So what do we do? We start all over and search for a buyer at the last minute. As I am doing here. Will the lender only give me 48 hours to find a buyer? A most difficult task, or should they give me a SSA based on the counter offer price and let me market it for 120 days as is required by HAFA.
I am not going to bet on it so anyone who has a buyer can contact me at:
Jack Lewitz, SFR Broker
IL Real Estate Specialists
http://www.ilrealestatespecialists.com
708-309-5334
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SFR Certificate
March 25th, 2010 categories: Ask the "Specialist", For Buyers, For Sellers
The National Assoication of Realtors (NAR) offers a Short Sale and Foreclosure Certification Course to Realtors who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed property sales continues to grow.
I recommend working with a Realtor who has received the SFR designation to assist you when buying or selling a home in today’s market. According to a recent NAR survey, nearly one-third of all existing homes sold recently were either Short Sales or Foreclosures.
Realtors who have earned the SFR certificate know how to help sellers who need to sell their home as a Short Sale or help buyers with Short Sale and Foreclosure opportunities.
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Foreclosures Continue to Dominate 2010 Real Estate Market.
March 22nd, 2010 categories: For Buyers
| County | Total Sales | Total # Foreclosure Re-Sales | Total # of Short Sales | Distressed Sales expressed as % of Total Sales |
| Cook County | ||||
| 2009 | 3559 | 742 | 762 | 42% |
| 2010 | 1941 | 942 | 106 | 54% |
| Lake County | ||||
| 2009 | 707 | 119 | 151 | 38% |
| 2010 | 385 | 160 | 22 | 47% |
| McHenry | ||||
| 2009 | 340 | 51 | 89 | 41% |
| 2010 | 193 | 81 | 11 | 48% |
| Dupage County | ||||
| 2009 | 712 | 87 | 147 | 33% |
| 2010 | 447 | 98 | 34 | 30% |
| Will County | ||||
| 2009 | 776 | 162 | 176 | 44% |
| 2010 | 363 | 152 | 28 | 50% |
Summary of Data:
Foreclosures continue to dominate the Real Estate Market in 2010. While there appears to be fewer sales in the first quarter of 2010 when compared to 2009, foreclosures still seem to be the preferred choice for new buyers.
Many first time buyers are avoiding Short Sale because it takes too long to close. As a result more homes are going into foreclosure and being sold as an Real Estate Owned (REO).
Short Sales and REO properties represent nearly 50% of all total sales during the first quarter of 2010.
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Search Commercial Real Estate
November 25th, 2009 categories: For Buyers
As part of our goal to become the “Number 1 Source forInformation about Illinois Foreclosures” we found it necessary to include a heading for “Commercial Real Estate”.
The process of searching for Commercial Real Estate Foreclosures is simple.
- Go to Active Listings tab on the home page.
- Register by typing email address and create password (skip this if already registered)
- Go to Search Property Type and Press “Commercial Listings”
| Discussion: 2 Comments »
Has The Real Estate Market Hit Bottom?
October 28th, 2009 categories: For Buyers
I read an article in the Chicago Tribune business section “Housing Market hits ’some kind of bottom’”.
In the article it sited a recent study by The Standard & Poor’s/Case Shilling Index of home prices in 20 metropolitan areas.
According to this study, home prices have showed a 1% increase in seasonally adjusted median home prices. The conclusion based on this study is that the housing market is at or close to being at bottom.
The article did point out that there were some sub-markets still struggling like Las Vegas, Charlotte N.C., Cleveland, and Phoenix. All of these cities are struggling with foreclosures.
But in general most markets were improving and the number 1 reason for the improvement was the Federal Governments First Time Homeowner Tax Credit of $8,000.00. The tax credit brought new home buyers out into the market and these buyers took advantage of lower home prices and low interest rates and began purchasing homes.
The conclusion of the article was ” The fundamental story is that housing got way too expensive, and now you could argue that housing is cheap again, and that is what it boils down to in 50 words or less.”
Are we to take this last statement for what its worth as fact. I think that this a simple answer to a very complicated situation. I have heard these arguments before like ” Too Big to Fail”, or ” The market will Correct itself” and I think they all have some major flaw. They generalize a problem to 1 simple answer and that is a problem in itself.
I have learned that Real Estate can not be viewed on a global level. Real Estate prices and values are based on sub-markets. These sub-markets can be from block to block.
Real Estate is based on Supply and Demand. If there is an over supply of property then price of a home will go down.
Real Estate is based on supply of money. When interest remain low then buyers can afford to buy.
If the Real Estate market relied on “Cheap Prices” as the article suggests then I guess we would all be millionaires by investing in Real Estate.
Lets not fool ourselves. We cannot predict when the market will hit bottom.
| Discussion: 2 Comments »
Is On Line Bidding a New Trend ?
October 26th, 2009 categories: For Buyers
By:
Betty Cunningham
Re-Max Realtor and Staging Lady
A new trend in Real Estate is “On Line Bidding” . What is “On Line bidding” ? They are Real Estate Websites that allow Agents, Buyers, Seller, Asset Managers, a way to promote Bank Owned property for sale. These sites allow a buyer to view a listing of the property on line and submit an offer and track that offer until it is accepted on line.
After an offer is accepted on”On Line Bidding” sites the paper work is very much like a traditional real estate transaction and will require you to be involved with a Realtor.
It should also be stressed that ” On line Bidding” does not replace the advise of a Realtor. Remember buying a home is an emotional process and “On line Bidding” just like Real Estate Auctions can have buyers make higher offers than is necessary or more than what the property is worth.
The use of these on line services should be used with caution and are not without cost to a buyer. Realty Bid usually charges a $2,400 00 transaction fee to the buyer and OfferSubmissions.com charges a $300.00 non refundable fee per transaction in addition to a penalty of $100 a day if the closing is delayed.
Right now one of my buyers has an accepted offer on a property which was listed with Coldwell Banker but the offer had to be submitted www.OfferSubmissions.com. We are scheduled to close on November 13, 2009 and I will let you know how that works as a follow up to this blog article.
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You Say You Want to Make an Offer ….Wait in Line…
October 14th, 2009 categories: For Buyers
A Friend of Mine sent me this because she knew I am a Realtor who is active in the Foreclosure Market:
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