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The Whys and Why nots of Buying a Naperville Short Sale

02-03-12

Ken Tracy Naperville Illinois Real Estate

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Mobile: (630) 697-0536

I was called by a new customer the other day. He had found my name on Google, and was excited to begin his home search...

He was preapproved, highly motivated, and wanted to look at homes as soon as possible.

After asking for specifics on the type of home he was looking for, I asked him "Would you like to see short sale listings as well?"

"Can you tell me why and why not?" he answered.

"No problem," I said.

"Why?" buy a Naperville Short Sale?

Price. Bottom line, you can get more home for the money when looking at short sales. In order to entice buyers for a short sale listing, the homes generally will be priced about 10% below the rest of the market.
With median home prices in Naperville around $370,000, that $37,000 difference offers plenty of incentive for the proper buyer.

"Why not?" buy a Naperville Short Sale

Condition
In my experience, sellers of short sale listings are generally not as motivated as sellers of regular listings. It is the end to a painful experience for them. A relief because it is over, but usually not a happy time. They also have no $ motivation, since they won't be leaving the closing table with a check.
Homes in short sale are generally not in perfect "showing condition". They often have missing appliances, dirty carpet, and often need painting. It can be difficult to schedule showings, as well.
The homes are usually sold "as is" and the bank will generally not provide a survey.
Uncertainty
When you agree to terms with a seller, it isn't time for celebration. Lots of hurdles remain between you and the closing table. Depending on various issues (most notably the experience of the listing team handling short sales), your odds of actually owning the home are never certain.
Time
Short sale purchases take time. If you have an absolute deadline when you need to move, then a short sale isn't for you. The process is speeding up, but you can never be certain how long the purchase of a short sale will take.

So, if you are looking for a home with a little hidden equity, and if you aren't on a tight moving schedule, then a Naperville short sale purchase might be for you....

Ken

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Naperville, IL Currently Available Homes by Price and Time on Market for December, 2011

01-23-12

David Spencer Chicago Area Commercial-Residential R.E.

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Office: (630) 351-3004

Mobile: (630) 750-4255

In the table below lists all of the single family detached and single family attached homes currently on the market in Naperville, IL The data lists available homes by price range with average time on market in each range.

Included in this list are many Foreclosures and Short Sales.

Should you have an interest in homes in a selected price range, send me your physical characteristics requirements. I will send complete details on those homes that meet your criteria.

Active Listings

List Price Range	# Listings	Avg. Days on Mkt
$50,000 - $99,999	49	215

$100,000 - $149,999	91	261

$150,000 - $199,999	78	235

$200,000 - $249,999	73	287

$250,000 - $299,999	83	233

$300,000 - $349,999	67	280

$350,000 - $399,999	58	198

$400,000 - $449,999	63	179

$450,000 - $499,999	56	238

$500,000 - $549,999	36	223

$550,000 - $599,999	31	248

$600,000 - $699,999	63	344

$700,000 - $799,999	34	461

$800,000 - $899,999	31	254

$900,000 - $999,999	21	535

$1,000,000 - $1,999,999	42	502

$2,000,000 - $2,999,999	7	581

$3,000,000 - $3,999,999	1	405

$4,000,000 - $4,999,999	2	334

Active Listings Summary

# Units	Avg. MT	Median List Price	Avg. List Price	Max. List Price	Min. List Price	Total Volume
886	278	$350,000	$453,962	$4,600,000	$50,900	$402,210,098

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Springhill 2011 Market Report - Naperville Illinois Real Estate

01-12-12

Ken Tracy Naperville Illinois Real Estate

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Mobile: (630) 697-0536

Springhill 2011 Market Report - Naperville Illinois Real Estate

-a spring day in Springhill, Naperville...

The Springhill subdivision, located on Naperville's north side, is set only a mile or so from Naperville's train station and downtown. In spite of it's great location, Springhill offers some of the lowest prices in Naperville.

Located in Naperville School District 203, the homes in Springhill sit on modest but wooded lots mixed between playgrounds and parks...

-Springhill, Naperville on a winter day...

-a sunny day in early fall at Springhill, Naperville...

Activity in 2011

Homes Sold: 11

Average Sales Price: $209,545

Homes Currently for sale: 6

Average Asking Price: $196,800

Springhill, Naperville is on Facebook.

Springhill Third Quarter 2011 Market Report
Springhill Second Quarter 2011 Market Report
Springhill First Quarter 2011 Market Report
2010 Springhill Market Report
2009 Springhill Market Report

Are you interested in Naperville real estate? Call me anytime at 630-697-0536, or send me an email to Ken@KensFeaturedHomes.com.

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Lakewood Crossing 2011 Market Report - Naperville Illinois Real Estate

01-11-12

Ken Tracy Naperville Illinois Real Estate

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Mobile: (630) 697-0536

Lakewood Crossing 2011 Market Report - Naperville Illinois Real Estate

-a warm summer day at Lakewood Crossing, Naperville...

The Lakewood Crossing subdivision in Naperville is a neighborhood with moderately priced homes in a nice location. The homes have 3 or 4 bedrooms and two car garages. Most have basements...

Lakewood Crossing is in Indian Prairie School District 204...

-a sunny fall day in Lakewood Crossing, Naperville...