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Looking for a Bargain on a Home? How to Spot a Motivated Seller

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House hunters looking to purchase their first or next home are, undoubtedly, looking for a good deal on the home and a sales transaction void of big surprises or delays.  It can be exhausting to get into back and forth negotiations over price.  Not to mention potential discoveries in an inspection that need to be agreed upon before the sale moves forward.  It can appear, at times, that the home owner is not in any hurry to sell their home and is not willing to budge on their conditions.

In an article by Stephanie Booth, published by realtor.com, she provides seven signs that a homeowner is anxious to sell their home quickly and willing to work out a good deal with a prospective buyer.  For example, a home that is listed for sale by an estate might be a sign that the home can be purchased for a bargain price and be a candidate for a quick sale; the people who inherited the home might be out of town residents and/or looking to quickly liquidate the assets of the home.

Similarly, homes that appear to need some minor work such as landscaping and basic maintenance and are overall, just not spruced up to attract buyers, may indicate distress for the homeowner.  They may not have the means or resources to make minor repairs or updates to the home and are just looking to move on.  A home buyer might find an offer to be quickly accepted and be able to negotiate a quick close with a homeowner motivated to unload the burden of owning a home they can no longer afford to maintain.

Read the entire article for other signs that a home owner is desperate to sell their home.

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There are Twice as Many Vacant Foreclosures in the Chicago Area This Year, Find Out Why

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“A strong seller’s market along with political pressure has likely motivated lenders to complete the foreclosure process over the past year on many vacant properties that were lingering in foreclosure limbo for years,” Attom Senior Vice President Daren Blomquist said in a statement.3993310255_273389be94_o

As a result, the number of vacant bank-owned properties in the Chicago-land area has almost doubled since the third quarter of 2015; the number has increased from 1,245 in the third quarter of 2015 to 2,379 by the end of the second quarter of 2016.  The good news is, with an average market time of 92 days in the Chicago-land area, these foreclosures may not remain vacant for long.

According to an article written by Dennis Rodkin, published by Crain’s Chicago Business, another effect of the strong sellers’ market is a significant decrease in the number of “zombie foreclosures”.  Instead of delaying the foreclosure process longer, the banks are moving forward with seizing the property, and moving it through the pipeline.  Ultimately, a vacant foreclosure is more desirable than a zombie foreclosure.  “Assuming that the foreclosing lenders are maintaining these properties and paying the property taxes, they pose less of a threat to neighborhood quality than zombie foreclosures,” he said.

Read the entire article.

 

Photo Credit: BasicGov

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The Best Cities for Real Estate Investments

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With the median home price on existing homes predicted to rise 6 percent over the next year, investors are turning to real estate as a steady and tangible investment option.  HomeUnion evaluated the real estate market for both investors planning to sell or “flip” the properties as well as those looking to rent out the purchased properties.

To determine which cities made the list for investors looking to flip, HomeUnion looked for cities where prices have yet to return to levels reached before the recession, compared prices from early 2015 to early 2016 and took into account the local economics of the area.

According to an article published by Realtor.com by Peter Ortiz, the top ten cities for home price appreciation are:9682523008_55447863c2_o

  1. Jacksonville, FL
  2. Tampa, FL
  3. Orlando, FL
  4. Chicago, IL
  5. Detroit, MI
  6. Las Vegas, NV
  7. Cincinnati, OH
  8. Phoenix, AZ
  9. Cleveland, OH
  10. Minneapolis, MN

With more and more households holding off on the idea of owning their own home, deciding instead to rent, investors are looking to rental properties.  Prospective landlords may want to consider one of the cities HomeUnion found to have the highest returns for rental properties. The cities were evaluated based on the annual rent growth and local economies and those that ranked in the top ten are:

  1. Cleveland, OH
  2. Columbia, SC
  3. Birmingham, AL
  4. Pittsburgh, PA
  5. Milwaukee, WI
  6. Cincinnati, OH
  7. Memphis, TN
  8. Greenville, SC
  9. Tampa, FL
  10. Philadelphia, PA

Both studies evaluated only single family homes that fall within the range of $232,500 and lower.

Read the entire article.

 

Photo Credit:  Kerry Quinn

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Positive News about “Distressed” Home Sales

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FotoFlexer_PhotoForeclosures on homes in many U.S. cities lead to investors purchasing these “distressed” homes at deeply discounted prices.  Consequently, the value of the other homes in these cities declined as well.

However, some good news has been released about this sector of the real estate market.   According to an article published in DSNews.com by Brian Honea, there has recently been a decline in the number of distressed homes for sale.  More specifically, as of May 2016, the number of distressed homes for sale decreased by 4 percent over the year.  The lower inventory of foreclosed, REO and short sale homes has helped increase the demand for homes and, subsequently, increased the home values in those areas.

Honea quotes CoreLogic Chief Economist Frank Nothaft,  “Overall, the homes-for-sale inventory remains relatively lean, while demand to buy homes has increased because of an improving labor market, more optimistic levels of consumer confidence, and continuing low mortgage rates.”

To learn more, read the entire article.

 

Photo Credit:  Taber Andrew Bain

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