Laura, Other/Just Looking in Bolingbrook, IL

There are 5-6 bank owned homes in my subdivision and are priced very low. 3 of them are under contract. I want to put my house on the market but

Asked by Laura, Bolingbrook, IL Mon Feb 14, 2011

should I wait to put my house on the marketing until a few months AFTER the bank owned homes/foreclosures have hit the books? I know the sales of these homes will affect the value of my house, but by house much?

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Laura:

The perfect time to buy a car, to get married, to have children, to buy or sell a home... It would be wonderful if in life there really was 'a perfect time', but unfortunately it is difficult to say that there is. Sometimes we have just got to do the best that we can to become educated about what we are hoping to do, to be able to make the best decision possible, one that we know that we will be able to live with no matter what happens.

As Peter has said, the values of the other homes will matter. When doing a comparable market analysis ~ the price on closed homes is a consideration as well as on those currently under contract and for sale. Find a Realtor® that you like and can trust. They can then educate and advise you with what is statistically true in your exact neighborhood, being able to price your home with you. Advice is FREE.

Good Luck!
Linda Dressler, Realtor®
"Helping from the Heart"
SRES, SFR, ADPR
2 votes Thank Flag Link Mon Feb 14, 2011
Laura,

Find an agent you would like to work with and have them prepare a CMA on your property. Make sure they go and check out the foreclosed homes, (ask to tag along), and see what condition they are in. I'm noticing that a lot more people would rather have a move-in ready home, then have to go through the hassle of hiring contractors and performing rehab work. These homes will most likely bring your value down, but if they need significant amounts of work, it may not make a huge difference. Now is a great time to buy, so even if you lose out on your home, you can pick up a steal elsewhere. If you wait another year, chances are your home value won't change anyway and you never know if more of your neighbors might go into foreclosure as well.

Marcin Talaga
Marcin@conlonrealestate.com
1 vote Thank Flag Link Mon Feb 14, 2011
Laura, even if you wait a year, the prospective buyers will always use previous sales in your area as a benchmark to calculate the value of your home. There is only so much you can adjust for condition... Your hope is that there are buyers who would never purchase a bank-owned property for this reason or another. Still, you have to be very price conscious and should not dismiss foreclosed properties while evaluating your home.
1 vote Thank Flag Link Mon Feb 14, 2011
Laura -

No one has a crystal ball and it is difficult to time this market. If you wait, you could be passing up buyers and still have more for sale properties on the market the day after you list. All you can look at is what you know now.

The bank properties will affect your sales price, but sometimes buyers like to deal with a seller more if they don't want to fix up or want immediate move in or fast decisions. All things which bank-owned properties usually are not.

Plus, the likelihood is whatever you are moving into, you can get a better price now than later. More foreclosures are still expected - but it is great to give buyers an alternative. Their value will still remain for up to six months as a comparable, so waiting a month or two won't help the value comparison and you may miss buyers in the meantime.

I have sold in that area and I would be happy to give you some ideas on how you can better the foreclosed properties. Give me a call. I have lots of programs to help people sell for more than reasonable rates.
0 votes Thank Flag Link Mon Feb 14, 2011
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