December 2008

Lower Interest Rates a Christmas Gift?

Saturday, December 20th, 2008 at 12:59am. 337 Views, 0 Comments.

Rates are going down again and the timing makes you wonder if this is a holiday gift for weary buyers and sellers.  Will these lower rates kick start the real estate market for 2009?  How long will these rates last?  Will they go even lower?

I have read some great and interesting articles lately regarding the economy and interest rates.  Some feel that lowering interest rates is not enough to get buyers interested.  They feel home prices are still too high and buyers are only buying the best values.

Well, that's pretty much always true.  In a normal market, the best homes in a buyer's price range are the one's that will be purchased.  The overpriced homes will sit until the sellers start reducing.

But our inventory is still very lopsided

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Buying a Home on a Busy Street

Thursday, December 11th, 2008 at 1:29pm. 580 Views, 0 Comments.

I recently showed buyers a home they wanted to view that was located on a busy street.  I told them that I would show it but I also gave them my feelings about making such a purchase.  The Oak Lawn home for sale was originally listed at $279,900 and was now priced at $209,000.  That might sound like a bargain with such a high price drop, especially in the area. 

But at $209,000, it still is not sold.  I think it needs to go below $200,000, but even then I don't think this property is a real bargain because of its location.  From articles I've read in the past and my own deductions, the value of a home on a busy street (or near a train track, apartment building, commercial buildings, etc.), can be around 15% less than the same home not located

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