Current Market Conditions

Wednesday June 20th, 2007

Where are the buyers?

In the Lincoln-Way School, District 210
Single Family Homes & Attached Single Family Homes
920 Active Homes On the Market
Frankfort: 423 Active Homes
Mokena: 224 Active Homes
New Lenox: 236 Active Homes
Manhattan: 83 Active Homes
Tinley Park: 49 Active Homes

Number of closed homes properties in the last 6 months in the Lincoln-Way School District...
461 Closed Detached & Attached Single Family Homes

What does this mean for the market?
There is definitely a dip in the market and this is leaving the buyers questioning what to do. Some are sitting on the fence and waiting to see what happens.

So what do you do in a market like this? I can say there is only one type of person that will be hurt in this market. That would be the seller that is not buying. While it is apparent this is a buyer's market, it doesn't mean the sellers are going to suffer. You may not get the price and terms that you would have recieved a couple of years ago on the sale of your property but when you go to purchase you will benefit on that end. So in the end everything evens out.

Real Estate Advice For Current Market Condition:

The Seller:
Put your home on the market first. In a "Sellers Market" you could find a home and go contingent on sale but the current conditions make this a bigger gamble. Get your home on the market and than find a home. You will have to see what type of arrangements you can make as far as temporarily renting if you sell quickly. Don't count on a quick sale due to a shift in market time. Depending on the area you may be looking at market times have shifted upwards at about 100+ days on average.

And of course one last tip. Get a full-time, full service real estate professional to service you. You may pay more commission on your home but based off national statistics you will net 16% more with a Realtor. You also don't want a "Jack Of All Trades". What I mean by this is a loan officer with a real estate license. Beware of gimmicks, if it sounds to good to be true, it probably is.

The Buyer With No House To Sell:
If you don't have a place to sell my suggestion would be to BUY, BUY BUY!!! It is a buyer's market but that could change very soon. We are still in a very hot market given all the up and coming developments. This is your market and you should take advantage of it before it changes or the interest rates go up.

I will be updating this from time to time. Call me with any further questions.

Sincerely,
Raymond Kennedy
Real Estate Consultant
815-301-7007
info@SayRay.net
www.SayRay.net