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        <title>Chicago Suburb Real Estate &amp; Area Guide</title>
        <link>http://www.cook-county-real-estate.net/blog/areas/</link>
        <description>New real estate listings, entertainment, recreation, news and things to do in Chicago and surrounding suburbs.</description>
        <item>
            <guid>http://www.cook-county-real-estate.net/blog/happy-homer-glen-home-buyers.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/happy-homer-glen-home-buyers.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Happy Homer Glen Home Buyers</title>
            <description> <![CDATA[ 
We found the buyers for 14459 Abbott Rd., Homer Glen.  They were first-time buyers and we worked hard to get them a great price on their Homer Glen home.  We saved them $22,400 off of list price, and this was not a short sale or foreclosure.  We go to bat for our buyers and we've saved buyers thousands of dollars over the years.


Buyers - if you're looking for a property in the southwest suburbs we're your team.  Judy Orr has 29 years experience and her husband, James Herter, is her team mate.  We are full-time agents and we fully represent you and your best interests in what could be the biggest financial decision you've ever made.  We educate first-time buyers and try to make purchasing a home as fun and stress-free as possible.


Sellers - we have many means of attracting buyers.  We can't guarantee we'll sell your home or if we'll attract a buyer working with another agent, but we do a lot to attract buyers to our listings, whether they call us or come with the agent they're working with.  We make your home look fantastic with our photos, we create a website just for your home and we do much more.  We have top Google placement for the most searched words in the areas we service.  Buyers come to our website and do their searches and we convert many of them.


Give us a call at 708-536-8200 or contact us.
 ]]> </description>
            <pubDate>Sun, 25 Mar 2012 23:35:06 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.cook-county-real-estate.net/blog/homer-glen-homes-under-200000.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/homer-glen-homes-under-200000.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Homer Glen Homes Under $200,000</title>
            <description> <![CDATA[ 
The average sales price for Homer Glen homes in 2011 was $317,170, so anything priced under $200,000 should be  considered a bargain for the area.  If you're a first-time buyer some of these homes might be nice little starter homes.  They might also work out for those empty nesters that are downsizing.


But there will be some larger homes at discount prices that are short sales or foreclosures.  Homes in this price range can go quickly and we're starting to see multiple offers.  A good priced foreclosure has always brought in multiple offers for the most part but we're showing good buyer activity right now.


I'm seeing more buyers sitting on the fence wondering if they should make an offer and the property already sold.  Again, it happens more in the lower price range of any town.


Right now there are 9 homes in Homer Glen priced $200,000 or under.  Some of these might already have an offer, but technically our MLS considers them in Active status (even though it is Contingent) until it goes Deal Pending or is Closed.  You can tell the home's status by looking under "Essential Information" to the left and all the way down to "Status."  If it says Contingent then you will probably have to wait for the deal to fall apart and the listing to be reactivated.
 ]]> </description>
            <pubDate>Fri, 09 Mar 2012 17:34:22 -0600</pubDate>
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        <item>
            <guid>http://www.cook-county-real-estate.net/blog/lots-of-news-for-2012.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/lots-of-news-for-2012.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Lots of News for 2012</title>
            <description> <![CDATA[ 
Lots of "News" for 2012


For the first time in a while I feel optimistic for the upcoming year.  We are busier than normal at this time of year, so I feel 2012 will be even better, and might show a quicker start to the selling season.  We have some new things coming up and I'd like to briefly go over them here.


There's a new team in town


I have already introduced my husband Jimmy Herter and my son Matt Orr.  Jimmy got licensed last year and is now a Broker.  My son Matt has helped us out on and off over the years and he has committed to giving us more time.  Matt is our "new" photographer with his new camera.  Our photos have always received compliments from happy sellers, but we've now kicked them up a notch.


We have a new newsletter


Every year I start out writing my custom newsletters and do good sending them out until things get busy and I can't keep up.  I've actually gotten phone calls asking me where the newsletter is?  I was happy that they were missed, but I felt guilty not being able to keep up.


We have decided to set a goal of a quarterly snail mail newsletter and we will keep in touch with our friends, family, past and future clients in other ways during the year.  Because my newsletters are created by me, it takes up a lot of time.  I haven't found a pre-made canned newsletter that I would want to send.  So we'll commit to 4 a year and if it runs smoothly with our new team we might increase that to 6 issues a year.  We'd love to be able to put one out every month but I have other ideas for mailers so we'll see how it goes.


We have a new territory


About a year ago we moved from Oak Lawn to the Homer Glen/Orland Park area.  We have an Orland Park address but we're truly in Homer Glen.  We've always worked in this area but it was on the perimeter of how far we'd go.  Now it is our back yard and we want to focus on this area for new listings.  


If you live outside the general area (our main towns will be Homer Glen homes, Lemont, Lockport, Mokena, Orland Hills, Orland Park and Palos Park), don't think we can't work with you.  Call us first and let us know where you're looking to buy and/or sell and if we can't help you we will find you a great local agent who will.


We have a new marketing plan


Customer service and thinking out-of-the-box has always been our modus operandi, and we have put together an unsurpassed marketing program for our listings.  We'll be writing about some of them in the future and introduce our techniques individually.


The new year is almost here!


This year flew by (don't we always say that).  We are excited to put our new plans and systems into action as a cohesive team in 2012.  If you are thinking of buying and/or selling please give us a call at 708-536-8200 or use our Contact Form.
 ]]> </description>
            <pubDate>Sat, 17 Dec 2011 12:24:57 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/6-month-activity-for-homer-glen-lemont-orland-park-and-surrounding-suburbs.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/6-month-activity-for-homer-glen-lemont-orland-park-and-surrounding-suburbs.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>6 Month Activity for Homer Glen, Lemont, Orland Park and Surrounding Suburbs</title>
            <description> <![CDATA[ 
I recently shared 1st half of 2011 sales activity for only 4 neighboring towns and decided to add more towns in my  service area.  The table below will show sales activity for the 1st half of 2011 for single family Homer Glen homes, Lemont, Lockport, Mokena, New Lenox, Orland Hills, Orland Park and Palos Park.  






# of Houses Sold  


Average Sale Price










Town


Sold YRD


Sold YRD


YOY


Avg Price


Avg Price


YOY




 


 2011


 2010


 % Chg


 2011


 2010


 % Chg




Homer Glen


 68


 81


 -16.1%


 $321,950


 $334,765


 -3.8%




Lemont


55


58


-5.2%


$383,940


$368,418


4.2%




Lockport


86


134


-35.8%


$176,621


$202,241


-12.7%




Mokena


58


55


5.5%


$305,268


$334,138


-8.6%




New Lenox


87


96


-9.4%


$241,805


$264,404


-8.6%




Orland Hills


16


25


-36%


$178,078


$196,206


-9.2%




Orland Park


126


151


-16.6%


$317,157


$345,934


-8.3%




Palos Park


17


27


-37%


$320,558


$369,345


-13.2%






As you can see from the above chart, Lockport, Orland Hills and Palos Park took more than a 30% downtown in the amount of homes sold for the first half of 2011 compared to 2010.  Lemont homes were the only real estate that actually appreciated in value.  Home values should be more important to a home owner than amount of homes sold, although that also shows us supply and demand, and there is too much inventory vs. qualified buyers.


If you have a home to sell in any of the above towns please give the team of Judy Orr and Jimmy Herter a call at 708-536-8200.  We have an unsurpassed marketing plan and would love to share it with you.
 ]]> </description>
            <pubDate>Tue, 18 Oct 2011 16:03:37 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.cook-county-real-estate.net/blog/is-home-ownership-losing-popularity.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/is-home-ownership-losing-popularity.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Is Home Ownership Losing Popularity?</title>
            <description> <![CDATA[ 
Everyone knows that prices continue dropping in many areas, including Illinois suburbs.  But those low prices could be good enough for buyers to consider making a purchase this year.  An easy way of figuring out if it's worthwhile purchasing a home vs. renting is to figure out what your mortgage payment would be compared to current rental prices.  You also need to take into consideration tax deductions for mortgage interest and real estate taxes for home owners, although they might not last forever.  Feel free to use my mortgage calculator, although this does not compute any tax deductions.


There is More to it Then Just Monthly Payments


Even if your mortgage payment is more than a local rental, there is a completely different lifestyle in owning your own home vs. living in someone else's property and having to follow their rules.  Many landlords don't allow painting or pets. 


With today's low prices and interest rates, you could purchase a single family home for the same or a little more than an apartment rental payment.  Instead of living the apartment lifestyle with other tenants close by, you could own your own piece of property, and possibly have a yard to relax in, garden and have a place for children and pets to play in.


When I was younger and rented my first apartment, my goal was to own my own home as soon as I could.  I purchased my own home at the age of 21 and I've never looked back.  


I made a profit on every home I ever sold except one, which was sold during the recession of the '80's.  I was getting divorced and we agreed to sell, even though we had only lived in the home for less than 3 years.  We didn't take a huge loss, but at that time it wasn't common to lose money on a real estate sale.


Look at Home Ownership as a Lifestyle, Not an Investment


Most home owners feel grounded and a part of their community.  They usually stay put longer than renters.  When I was growing up, we only moved once into a brand new home.  I was 10 at the time and not happy about the move, but I made new friends quickly and loved our new house.  My parents kept that house until my Dad retired and they were ready to move to Arizona.


For some reason, people have become transient and don't stay put as long as they used to.  Many younger people do not want to live in a "starter home" and some of those people purchased their dream home during the seller's market when it was easy to get a mortgage.


It is still difficult for sellers to understand that they cannot get the prices that homes were selling for during the seller's market.  Unless someone absolutely has to move I always suggest they stay put.  I can understand job transfers or financial difficulties, but if you want a larger or smaller home this might not be the time to sell.


But if you have enough equity or you're just starting out, it might be the greatest time to buy.  Call Judy Orr at 708-536-8200 or James Herter at 708-207-5324 if you are interested in buying and/or selling.  Or fill out our Automated Home Finder's Form to get listings sent directly to your e-mail.


We specialize in Orland Park or Homer Glen homes but sell in a large area of the southwest and near west Chicago suburbs.  If we don't work in your area we can find you a great agent that does.  Give us a call first!
 ]]> </description>
            <pubDate>Wed, 13 Apr 2011 18:57:35 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/homer-glen-festival.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/homer-glen-festival.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Homer Glen Festival</title>
            <description> <![CDATA[ 
It was great timing to be able to attend this year's Homer Glen Parade and Festival since we'll be moving to our Homer Glen home soon.  My husband's old band (he doesn't play with them much anymore as he is in a different band) played last year and this year.  I missed last year's festival so was happy to be able to make it this year, although I didn't see the parade.


I thought that attendance was light but my friend told me it was twice as many people as last year's event.  It will hopefully grow larger year after year.  


Someone mentioned that there was a wolf on display so I went looking.  Before finding the wolf I stopped by a petting area with some interesting looking alpacas (I thought they were llamas), goats and a pony.





Behind the petting area was an animal display compliments of Big Run Wolf Ranch.  There was a beautiful white wolf to one side.  On the other side of the display there were cages with a baby skunk (my husband got to pet it but it was in the cage when I was there), a beautiful coyote that I thought was a young wolf, a hedgehog or something and a baby raccoon.  The raccoon was reaching through the cage and hitting a baby wolf that was sleeping in front of it's cage on a leash.  I could have watched them all afternoon.





 


I did not get a photo of Bubba the alligator, who was pretty inactive.  I had seen that he was on the ground but when I returned he was in the van with his tail hanging out.  There were also a couple of snakes and I hate snakes so I didn't stick around.


Homer Glen got lucky with the weather.  Although there were soggy spots in the grass from the rain we've had lately, it was sunny out and hot, with some welcomed breezes.


Click the link if you're interested in Homer Glen homes.  I'm looking forward to move to the area.
 ]]> </description>
            <pubDate>Tue, 29 Jun 2010 14:54:09 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/oak-lawn-real-estate-sales-statistics-2008-2009.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/oak-lawn-real-estate-sales-statistics-2008-2009.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Oak Lawn Real Estate Sales Statistics 2008-2009</title>
            <description> <![CDATA[ 
It's statistics time to see how different southwest suburbs have fared over these tumultuous years.  The first chart is for Oak Lawn homes for sale and the second chart is for all attached Oak Lawn properties.


Detached Oak Lawn Homes Sales Statistics 2008-2009








Number of Homes Sold






Average Sale Price












 2009


 2008


% Change            


 2009


2008           


% Change            




 313


 268


 16.8%


 $196,518


 $237,064




 -17.1%








As you can see, the number of Oak Lawn homes sold has increased and has the highest amount of homes sold comparing the 3 top southwest suburbs reflecting most homes sold (Oak Lawn, Orland Park and Tinley Park).  That's the good news, but as you can see, prices have dropped 17.1%.  Ouch!  Average prices of Oak Lawn homes is back in the $100,000 range, high $100's, but no longer in the $200's as has been experienced for many years.  These are simply the facts and many sellers will be discouraged by this, although buyers will rejoice.


 Oak Lawn Condos and Townhomes Sales Statistics 2008-2009


The MLS compiles data combining any attached property such as Oak Lawn condos, townhomes or duplexes.








Number of Attached Properties Sold






Average Sale Price












 2009


 2008


% Change            


 2009


2008           


% Change            




 143


 175


 -18.3%


 $113,013


 $142,005




 -20.4%








As expected, we are seeing drops in units sold and prices for all Oak Lawn condos and townhomes.  And they are double digit decreases.  There have been price decreases since 2007.  When will it stop?  Have we hit bottom?  I cannot tell you that since I do not have a crystal ball.


With expectations of higher interest rates, prices might have to continue to drop in order to get properties sold.  It is my belief that the price boom we experienced was not able to sustain itself.  Prices were increasing disproportionately to earnings.  The market continues to correct itself.


If you're in the market to buy or sell an Oak Lawn property or any other southwest suburb, please fill out the Automated Home Finder Form and/or Internet Market Value Form.  
 ]]> </description>
            <pubDate>Thu, 21 Jan 2010 13:10:34 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/orland-park-real-estate.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/orland-park-real-estate.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Orland Park Real Estate</title>
            <description> <![CDATA[ 
 


In preparing a Comparative Market Analysis for an Orland Park home for sale, I wanted to see how Orland Park is faring in today's declining market.  The easiest way to check this out is to collect the data created for us by our local real estate board.  


The data shows us the following, which is based on what has happened during the first half of 2009 vs. 2008:


Amount of homes sold:  2008 = 124               2009 = 118  - showing a decrease of 4.8% of total sales of single family homes


Median Sale Price:        2008 = $325,000       2009 = $294,500 - showing a decrease of 9.4% in the median price


How does this affect sellers?


I'm reading more and more about properties not appraising.  There are different reasons for this, some are as follows:




The house is simply priced too high for today's market, but something about it made a buyer interested enough to make an offer that was accepted by both parties.


Because of the new appraisal rules (HVCC), an appraiser was sent out that is not familiar with the area - this seems to be happening a lot since the new rules went into effect.


There are little to no comparables in the immediate area and the home was difficult to appraise to sustain the contract price.


The only area activity is foreclosure and short sales, bringing the value of the area as a whole down.


The appraiser is taking a percentage off the final appraised price to reflect a declining market.  In the case of a 12% annual decline rate, for example, if a home appraised at $300,000, 1% would be deducted to reflect the declining market.  That would bring the final appraised value down to $297,000.  In the above scenario, I'm not 100% sure if only 1% is deducted to reflect a month's worth of decline or if a higher amount would be used.




Sellers can no longer "test the market"


OK, technically, they can.  If they find an agent that will do this for them (or as we say in the business, an agent who "buys the listing" by taking it at an inflated price, thus making the seller very happy - at that point in time at least) then they can list at whatever price they want to.  However, in today's market that will definitely mean a listing that does not sell.


For the agents that take these high priced listings, they have to face the wrath of a seller that is receiving few, if any showings.  Without showings, there are no offers. 


A listing might not sell at market value


In a declining market, there is no guarantee that a home will sell even if it is listed at market value.  With a declining market, today's market value is based on homes that have already sold and closed.  As prices continue to decline, those prices become stale (and high) quickly.


Other sellers that have been on the market and are motivated are becoming pro-active and reducing prices to spur activity.  Even the best agents and very motivated sellers can "chase the market", trying to find the correct price that will bring in more buyers and offers.


The question I always get asked


Many sellers don't want to list at market value.  They want to pad the price, knowing few buyers will offer full price, especially during our current recession.  They accept the market value, but they now want to add $5,000 or more to that value.  And that might be the difference between getting showings and offers or not.


Remember the competition


There are other sellers out there - many others!  Some are not so motivated and will stubbornly keep their inflated prices and blame their agents for the lack of activity.  Some of those sellers will go through many different agents until something happens in their lives that finally motivates them (they find a home they want to buy or something else happens to make them much more eager to sell).  Then they listen to their last agent and finally price their home properly.  It's almost a bad thing to be the first agent to take a listing in today's market.


Orland Park real estate isn't suffering a steep downward trend as some other towns.  There is a town I work in that has a price decrease of more than 56% for the first half of 2009 compared to 2008.  That's debilitating for anyone that has to sell in that town.  Many towns have seen a decrease of 20% or more.  Only a few have seen very small declines.


When will prices stabilize?


I don't think anyone has the answer to that.  I've heard the end of this year (I don't believe that one), next year (we'll see) and others say 5-10 years.  Many feel that once the decline stops, prices will remain stagnant for a period of time before rising again.  I wish I knew what the future will bring.  


It's making our job as REALTORS very difficult.  Even appraisers are having a hard time.  I actually had an appraiser call me, sounding exasperated, asking me what I felt a property was worth that was located near one I had listed.  He didn't seem to have a clue!


If you really need to sell then you must list your property at the correct price if you want to have a chance.  If you don't really have to sell then it might be wise for you to wait and see how our economy unfolds.  It isn't fun having your house up for sale waiting for those showings (that may never come), and/or showing your house to many buyers without an offer.


The bottom line is, it is simple supply and demand.  There are still too many homes on the market in any given area and any price range and too few ready, willing and able buyers, especially with today's new and ever changing mortgage requirements.


If you are interested in selling, give Judy Orr a call at 708-536-8200 or use the Contact Form.  If you're a lucky buyer in today's market call Judy or fill out the Home Finder Form to get listings sent directly to your e-mail.  


    
 ]]> </description>
            <pubDate>Tue, 04 Aug 2009 11:48:11 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/is-the-media-creating-this-declining-market.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/is-the-media-creating-this-declining-market.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Is the Media Creating This Declining Market?</title>
            <description> <![CDATA[ 
I made a post on Active Rain (a popular real estate blogging site with agents from all over the world) about Orland Park homes for sale - current supply and demand.  I put the following chart on that post showing factual information from April of last year to April of 2009.  I did not make this chart myself - I copied it from a program that I utilize that gets the data from our MLS (multiple listing service).  It is not easy to read here since I had to shrink it down to fit in this blog.  But even without reading the numbers, you can see how many homes are up for sale (red) compared to those with contracts (blue) or that have already sold and closed (green).  As of today, there are 332 Orland Park homes for sale and this chart was compiled a few days back so it's very close.





If you are a home seller today the above Supply and Demand Chart for single family Orland Park homes for sale will tell you that it certainly is a Buyer's Market and there is a very large inventory compared to the amount of sold and closed listings and those currently under contract.  Yet one gentleman responded to the chart by saying the media is concocting this bad market and real estate agents are using that to get sellers to underprice their homes so the agents can make a quick buck.  


I didn't take his first comment personally as I thought he was just ranting about our recession and the media and a few bad agents.  But then he admitted that he did not agree with my findings.  He did not agree with the facts!


I did find out that he was disgruntled as an agent knocked on his door to see if he was interested in selling his home (supposedly she had a buyer interested in his type of home).  I guess she piqued his interest enough to ask her what she felt his home was worth and he was offended by her answer.  Because of that exchange, he feels we're all trying to dupe sellers and I was misinterpreting the above chart.   


OK, this is a free world and if you have factual data right in front of your eyes and you don't want to believe it as the truth, then good luck with that.  That man has his head in the sand and I'm sure there are others like him.


In fact, I know there are.  One of my sellers, who was being a stickler with his list price, told me something similar.  He stated that this so-called recession isn't changing his lifestyle and probably isn't changing mine (which isn't true as my sales are down compared to last year and before).  I'd like these guys to talk with my best friend who just lost her job and another seller that is selling because she lost hers, too.  Oh, their lives are certainly changing.


Thank goodness for those not hurt by this recession.  Even the wealthy have lost if they had money in the stock market.  But there are those that think this recession talk is all a lie.  Some feel the lie is created by the media and that greedy real estate agents are getting rich quick by convincing innocent sellers to sell their properties for less than they are worth.  That ain't happening, folks.


I have a difficult time trying to convince sellers of true market value, forget about listing it under that.  Many sellers don't want to list at market value.  Short sales and foreclosures are setting market value since in many areas that is all that is selling.  Appraisers use fresh comparables of sold and closed listings to determine value.  If the only properties that have sold in the past 3-6 months are foreclosures, then guess what market value is based on?


Buyers determine the market and appraisers make sure the properties are worth what the buyers are paying for them.  In fact, my recent article about the new HVCC Appraisal Agreement explains how the appraisal rules are changing, which can also affect value. 


I consider myself a very truthful person.  I have never, in 26 years, tried to get a seller to underprice their home.  I also consider myself a realist and do not like to sugarcoat facts.  And no matter how dire the outlook might be, I still try to stay optimistic.  


 


But facts don't lie and if that chart is telling the true story about Orland Park real estate, then I think we're still in for a ride until the market stabilizes.  How do you read it?


If you're interested in Orland Park real estate give me a call at 708-536-8200 or use my contact form. That current inventory of 332 homes for sale start at $94,900 up to $2,395,000, so there's something for everyone!
 ]]> </description>
            <pubDate>Sat, 09 May 2009 15:49:42 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/there-are-great-deals-in-this-market.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/there-are-great-deals-in-this-market.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>There Are Great Deals In This Market</title>
            <description> <![CDATA[ 
I am seeing such great deals lately that I'm actually considering selling my home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.  


We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.


The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a foreclosure.


Aren't short sale and foreclosure properties in bad condition?


Some distressed properties have been wiped out by their owners (who have sold everything down to the copper pipes).  I'm seeing more of that in the city of Chicago, not so much in the suburbs.  


Some of these properties are filthy with the remnants of the people that were forced to leave.  In some cases, just the process of foreclosure has caused problems with a home such as pipes bursting and not being fixed, causing mold.  But all of this can be cleaned and fixed, and in many cases it is well worth the effort.


I showed a foreclosed Oak Lawn condo for sale that was in great shape.  It needed some new carpeting and a little updating which is purely cosmetic.  But it was a steal and if my buyer wasn't interested, I would have put a bid on it. 


You do have to be realistic about your offer


In every foreclosure offer I've been involved with, it has been a multiple offer situation and the listing brokerage came back to each bidder and asked for their best and final offer.  I tell my clients what the property would be worth if it wasn't a short sale (and considering they would fix it up).  We go over what similar properties have sold for and my client makes the decision on whether to increase their bid or stay put.  Most increase their bid.


In one case, we could see that the original owners purchased a property for $314,000.  It was on the market for $164,900!  My buyer had already lost out on a short sale property and put in a good bid over asking price.  They came back asking for our best and final offer.  She went even higher.  And she won the bid but still got a fantastic deal.  She wouldn't have been able to afford to live in this town otherwise.


Bidding wars


When looking at foreclosures and/or short sales, some buyers think they're going to get an even better deal than what is before them.  They think they can bid under the list price and still have a chance.  These prices are so deflated to begin with, unless the property is in such horrible shape that no one else will be interested, you can probably count on multiple offers coming in.


Many bid at asking price and still don't win because someone else realizes what a great deal it already is and bids over.  And then there are those people who simply want to win.  They get caught up in a bidding frenzy and want to make sure they get this property.  


Of course, when going into a foreclosure purchase for investment purposes, you shouldn't be tied emotionally to the property so you pay too much.  But a good agent will prevent that from happening.  


Most of the distressed properties currently on the market are priced well below market value.  Unfortunately, in some areas these properties are determining market value and are making it difficult for owners that are selling since values are plummeting because of these low priced, distressed sales.


Won't these foreclosures be gone soon?


The government is trying to make it easier for homeowners to modify their mortgages and try to prevent foreclosure, but for many it is too late.  If a seller has lost their job they cannot qualify for a loan modification.  


I've been told there will be another wave of foreclosures before things start to turn and that is why I'm thinking of going out there again and trying to find a home that fits us better.  I love my current home and have thought of building on but unfortunately it's cheaper to buy something else.


My husband and I are not afraid to remodel and fix a home up.  And if you can handle that then you could find a great deal for yourself.  You need to work with an agent that can guide you and you have to be prepared to offer more than list price.


If you'd like to work with someone who has experience in short sales and foreclosures call Judy Orr at 708-536-8200 or fill out the Home Finder Form.  You'll receive new listings straight to your e-mail without having to do any of your own searches.  That way you won't miss the great deals when they come on the market.   
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            <pubDate>Sat, 18 Apr 2009 09:08:12 -0500</pubDate>
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