Investment Property in DuPage- Time to Buy

This information is from a specific search I created for one of my buyers looking in DuPage County. This is not any indicator of general home values in the area. He is looking for affordable fixer-uppers and as-is properties to repair. He will either rent them or sell them after the improvements. Today's search listed 10 properties and only 2 were NEW listings. That is right....8 PRICE REDUCTIONS and 3 of these are BANK OWNED. Take that in for a moment and get ready to take in some staggering statistics.

Let's look at the averages of properties that are not bank owned. These reductions were taken on properties that have only been on the market for an average of 64 days. This weeks reductions came out to 4.9% of the most recent price and 7.34% of the original list price. The prices have dropped over $16,000 in just 2 months.

Now, let's take a look at the bank owned property averages. These properties reduced almost 12% this week alone and a total of 17.35% from the original list prices. That equates to $47,000 in price reductions per listing in just 2 months. It seems like the banks are willing to get what the can and run. Take a look at the graph below.

If you are looking in DuPage County for affordable fixer-uppers and as-is properties for rentals or homes that you can make improvements and resell, it may be time to make your move. Homes that are discounted like this make excellent opportunities for investors. Remember these are still list prices there may still some room to negotiate.

This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed.