The Plainfield IL home sales for the last 30 days from April 15th, 2009 through May 15th 2009 are now more than 50% short sales or foreclosure sales.
That's great news for buyers... but it's bad news for the economy and the real estate market in general. It means things aren't getting any better for homeowners in foreclosure, and homeowners who are current on their mortgages are losing the value of their homes at warp speed.
42 of the 82 homes sold were either foreclosed or bank owned homes, or short sales.
The price of homes sold in the last 30 days ranged in price from $119,000 to $430,255. Surprisingly the home that sold for $119,000 wasn't actually a distressed property. It was a small 2 bedroom ranch, sold by a motivated seller. The bulk of the short sale and bank owned properties that sold were definitely in the lower end of the price range, and the homes that sold in the higher price brackets were regular residential home sales, which makes sense.
Buyers have a great opportunity to purchase a lot of home for the money in Plainfield IL right now. The downside to making an offer on a bank owned home or a short sale listing is that there are often multiple offers on these homes, (especially the ones in great condition) and the wait time on a response for a short sale can take anywhere from 4-10 weeks to get approved.
There is definitely an upside to buying a foreclosure or short sale is priceless in a market like this. Buying below market value, while prices are still declining, offers a little more protection from depreciation than paying retail prices. The biggest difference will be in the amount of work you may need to put into the house to make it compare to some of the retail priced homes.
If you want to buy a home in Plainfield IL and are interested in purchasing a short sale or bank owned home, call me at 630-673-6233. It's important to work with an agent that not only has performed short sales, but understands the process involved.
Call me at 630-673-6233 and I can put you in touch with my mortgage broker who can help you determine what kind of a loan you qualify for.
Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233
