It has been awhile since I posted any of my musings so I am probably a bit rusty. I will attempt to catch up. Because I am a Realtor I am constantly asked, “How is the real estate market?” The answer, in general, is it is showing signs of improvement – the inventory is smaller, interest rates are still historically low, first time home buyers (and those who have owned a home in the past 3 years) are taking advantage of the $8,000. tax credit. (NOTE – the tax credit currently expires 12/1/2009.) These are the positive notes. On the other side – the foreclosure numbers are still rising as the entire economy continues to suffer. Lenders are extremely slow to work with sellers that are either in foreclosure already or rapidly approaching that stage. Has the market bottomed out? No one can say for sure but the signs are pointing in that direction. That being said, remember that the real estate market is extremely localized, right down to your local neighborhood. None of the percentages you hear or read about can be applied to each individual piece of property. To find the true value of your home, contact your realtor and ask her/him to do a market analysis on your home. Your realtor can not only give you their opinion on what your home is worth, but can also give you a list of the comparables they used to arrive at that figure.
It is still a buyers’ market – that has not changed. So; if you are a seller who does not have to sell, you may want to wait before putting your home on the market. If you have to sell, sit down with your realtor and explore all of your options. If you are looking into a short sale or foreclosure, be sure to consult with your lender and attorney before you do anything. If you are a buyer contact your lender for a pre-approval letter and start looking. There are plenty of bargains out there but like any good thing – they will not last forever.
If you have any questions, contact me via email at skip@juckins.com or call at (630) 420-1300. Also, visit our website at www.Riverwalk-Realty.com .
I’ll leave you with a quote from Benjamin Franklin -”Tell me and I forget. Teach me and I remember. Involve me and I learn.” ’til next time.
