Joe Heffernan-Residential & Commercial RE

Foreclosed and Bank owned more and more...Lake Zurich Homes we see these continue to surface despite what some press reports as an improving housing environment. I met a couple over the weekend that has been driving around viewing homes from the street, walking around the exterior, trying to find the best home to start their investment flipping business. It appears they are settling on a condo in another town...price driven? Mabye, yet when we discussed the advantages of single family vs condo/town house investing, its like they didnt hear. They had made up their minds. Yet, stats show that good neighborhoods are critical to the overall value of the property. So what do you do when your condo neighbor or neighbors decide to let the place go to auction, or decides to bring in a friend to share the expense and they like loud music, or the building goes into default for failure to have enough dues paying owners into the home owners fund? Sure there are similar concerns with single family, yet, you have more control. There are many good solid homes for sale, good values, and many bank owned, that could make outstanding projects for the flippers. Consider all the facts before making a purchase and this is where your local full-time Agent can help, so hire one today, and have them do the research so you make a smart decision.

First time buyers in Lake Zurich and all over Chicagoland will feel the pinch...

What is your opinion view the video below and lets hear, does it make sense to put another $50,000 into those who are unemployed to make house payements, yet, the small business owners who could be hiring are struggling to keep their doors open, and many others with no form of help. Forget bailouts, how about the ability to offer small businesses funding so they can weather this economic storm, as most banks will not touch a small struggling business today...whats your feeling. View the Clip.

Short Sales are they worth the wait? Wow more than ever buyers are latching onto the thought of "I am going to get a great deal and go after nothing but short sales!" In fact, just had one buyer say they were willing to submit an offer, wait the 4-6 months it usually takes, 4 mos being considered fast and unusual, submit earnest money in certified funds, and then wait it out. When we discussed all the other potential property on the market that also represent good deals, they were not interested and actually said lets not look at any others until we find out about this one. Does the public not believe these will take as long as they do? Even if we wait it out, there is no guarantee they will get the property unless it is within reason of the real market value 80-90%, so you could be left with nothing after 6 months? It just seems short sales have become more of an attraction for buyers, yet, there must be some way to educate them as to the fact that most of these are not closing. There are plenty of good buys on the market in most of the same neighborhoods as the short sales, so if rates go up by summers end, and the short sale you are waiting on falls through, what have you gained? 1 point of increase in rates could knock the pre-approved buyer down $25-50K in what they would then qualify to purchase. Prices are down, rates at all time lows, now is the buying time...

Lake Zurich Village Meetings and website is a great place to check out the area if you are considering moving into town. Here you can see actual clips of various sections of the meetings without having to spend hours viewing the entire session. For instance this past meeting there was discussion of the new Super Walmart that is coming to the Village. The existing one will be enhanced to include all the grocery and expanded lines of Super Walmarts, but not the giant 200K sf, but closer to 150K/sf. Walmart appears to be a good neighbor as they presented weeks ago preliminary plans to locals to get a feel for what they might have missed to assure being Lake Zurich friendly. Why dont more companies approach a village with this type of attitude, or, are all Villages Company friendly???

Lake Zurich Sales Up Year to date...so far we are up 30% over the same time last year in single family closed homes in Lake Zurich proper. Now that the tax credits are gone will see how we fair over the summer months, so far lots of renters out looking and still buyers who want to take advantage of this combination low rates and low prices. It wont last forever so now is the the time. If priced right will sell as just had one go under contract in less than 2 weeks, cash buyer and will close in 30 days.