Not only is the real estate market flush with inventory, the mortgage rates will not be getting any lower. The moment the rates begin to tick upwards, you’ll know that the market prices will be following as well.
Ready to buy a short sale or REO? Make sure you don’t get in over your head. You won’t get as good a deal on a short sale, but odds are better that the property will be in decent condition vs. an REO. If you’re super handy or work in the trades and “got people” then REO’s can save you a huge amount of money. Be ready to work around investors that have the power to run with cash, especially if you’re looking at the entry level homes in your market area. Then again, if you’re bidding on a property that no investor will touch, beware! There could be a major issue with the property. There is no reason not to use a Buyer’s Agent (they don’t cost you, the buyer anything because the seller pays the commission) when making a purchase and it just may save you extra run around time and money.
South Elgin and Elgin have homes for rent, for investors, for new home buyers and for those ready to downsize/upsize. Don’t miss out on a great market! Email me at Jennifer@ElginFoxValley.com for details on properties in your area today.