In My Neighborhood in Mokena>Question Details

Sherrie, Both Buyer and Seller in Mokena, IL

Will townhome sales in Will County, IL improve this year?

Asked by Sherrie, Mokena, IL Tue Mar 13, 2012

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Sherrie: As a local mortgage lender, I can tell you what I am seeing in the market right now. Interest in buying is up. My telephone is ringing much more often with those inquiring about financing, since the beginning of this New Year. My clients' general outlook seems to be more positive. They are aware that interest rates are .. and should remain .. low for financing. That said, it is almost impossible to predict the housing market future in the short term. My opinion is that there will be some ups and downs. Pockets of prices improving and pockets/regions where prices hold or dip further. Real estate, as mortgage financing, has become increasingly local. And that can mean as small an area as a subdivision or portion of a development.
The thing you have to remember currently, is that should you have the capability to sell your present home, you will most likely discover a reduced cost on the buying side as well. Only your personal financial scenario and housing situation will dictate whether the timing is right for a move ... or possible. With that in mind, my suggestion would be to talk to a mortgage lender to see the options you have available for you right now .. and for the future. By doing so, the right decision will become more clear to you.
Best of luck, no matter your decision. If I can answer any questions or be of assistance, do not hesitate to write me here ... contact me.
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0 votes Thank Flag Link Tue Mar 13, 2012
My Magic 8-Ball's response: "Don't count on it"

In all seriousness, any question where the answer depends on predicting the is not going to get a lot of good answers.

Will there be more sales in general? I think that's a strong possibility because right now people think the economy is getting better and so they are more tempted to buy. I'm not so optimistic about the economy; I think the government outright lies to us and the news media spins. But it doesn't matter as much what the actual economy does as far it's effect on home sales are concerned as long as people in general believe it's improving now and don't figure out that it's not until at least later in the year, if ever.

Will sales prices rise. I doubt it. The banks have come off 2 years of decreased foreclosure activity due to internal and government audits examining the robo-signing issues. Now that those issues are put to bed (for the moment anyways), the banks have a lot of foreclosing to catch up on, and that will add more bank owned properties onto the market. I don't know for sure about Mokena, but in the areas I work (Channahon, Joliet, Plainfield) the majority of sales are distressed (short sales and bank owned). The traditional resellers have all but left the market. The logic: Why take 100K hit on your home if you can just sit on it and pay your mortgage with rental income? Because such a large percentage of property is distressed, relocations, and investor flips, the market prices are severely depressed.
0 votes Thank Flag Link Tue Mar 13, 2012
Sherrie -

People are buying. There has been increased buyer activity all over the place and some buyers are experiencing multiple offer situations. Price is the key and the availability to have FHA financing. Interest rates are still ridiculously low and prices are favorable, so a lot of first time buyers are in the market. But you are competing against foreclosures and short sales. That can be a good and a bad thing. Keeping this in mind, price and presentation are the keys. I would be happy to provide you with more specific information on your area. Feel free to contact me.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
0 votes Thank Flag Link Tue Mar 13, 2012
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