Now that the weather has changed for the season, only serious buyers are looking. If your home is currently on the market you may see a dip in your showings, don't be alarmed, the people looking at your house from now until the end of the year are usually better prospects. My listings under $200,000 are experiencing an unusual amount of activity for the season, probably due to the fact the first time home buyer tax credit is coming to an end.
There's nothing "short" about a short-sale! If you're in the market to purchase a home there are many good deals to choose from. Find out if the seller is trying to sell the home for less than what they owe on it. If that is the case be prepared to be patient. All offers are going to be subject to the banks final approval. I've had a recent client that put an offer in on a property $30,000 above the asking price and we waited over three months for a response from the bank. Luckily the bank had accepted our offer and wanted to close in thirty days. As a buyer you must be very flexible, because the bank has most of the leverage. I've had good experiences as well as bad ones with short-sales so be prepared. Over the past two years roughly 65% of my business has been with short-sales or foreclosed properties.
I've been asked repeatedly by potential first time buyers if I think the government will extend the $8,000 tax credit beyond the end of this November. As the deadline nears I must remind buyers that your new home must actually close by November 30th, not just be under contract. Not knowing what the future holds, I don't want to speculate what actions the government might or might not take. Having said that I recently returned from a seminar featuring an economist for Freddie Mac. Her response to the same question was that it depends how long American tax payers are going to put up with all of the recent handouts. Her feelings were it's better to act now than to get greedy, because it may not last.
The Naperville Sun interviewed me regarding the University Heights Subdivision in Naperville. The two page article was in the "My Neighbors" section. Living in the area provides me with more insight on what is happening in the local market. In addition to keeping up with what's going on, I also try and improve the community by picking up roadside debris every couple of months.
Will an open house sell your home? Some clients insist I provide them with open houses while others refuse for me to do one. In my experience most Realtors enjoy doing open houses because it affords them the opportunity to meet new potential buyers. I would think there is a relatively small chance of selling your home through an open house (maybe 5%), although I have done it. My feelings are even if there's only a slight chance, every bit you can do certainly helps.
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