Real time facts to consider:
- Housing inventory has dropped considerably.
- The number of foreclosure homes in our local market has decreased.
- There are great buying opportunities for “sweat equity” investors.
- Interest rates are extremely low, and rates for jumbo mortgages have declined.
- The government home-buying tax credit is still available, requiring a binding contract by April 30 with a closing by June 30.
- The $8,000 tax credit for first-time buyers and the $6,500 tax credit for qualified repeat buyers still applies.
- People still want and need to buy and sell real estate.
In this writer’s opinion, 2010 will be a healthy year for the real estate market in this area. Prices will stabilize, perhaps increasing somewhat. There will be an increase in sales in the higher end market ($450k and up) due to better interest rates and government incentives. For the value shopper, there will still be a few low-quality homes available at a steal. But you won’t be able to steal a good house—other people will want it.
Since Jan. 1, Warrenville has sold and closed the following:
29w572 S Winchester #4 $69,000 foreclosure; 2s056 Dogwood Ct. $82,501 foreclosure; 29w412 Tanglewood Ln. $129,000 foreclosure; 2s734
