Archive for February, 2008

Monday Morning Market…..


Wouldn’t it be a treat right now to be out strolling along the Fox River, enjoying the outdoors? Instead, here we are, waiting for another one of Mother Nature’s winter dustings to fall? While I admit it is very fun to watch the snow from the comfort of a cozy Geneva family room, with a roaring fire in the fireplace, it’s not too fun to be out schlepping around on a Saturday, in that same snow, showing vacant properties ( vacant, here, meaning "un-snowplowed and un-shoveled!). While I was out showing properties to the nicest buyers on Saturday, I was amazed again at the staggering amount of vacant homes we have on the market.

The amount of vacant properties on the market is surely an indicator that the foreclosure market is alive in our own little community. While I know that a few of these vacant homes are instances where a seller has moved up to another home locally, or has been transferred, that still leaves many bank-owned and pre-foreclosures to sell.I have clients/friends/acquaintances ask me about the foreclosures all the time! It’s really a buzz-word right now. The truth is that there are many, many great values in our area RIGHT THIS MINUTE…. and they are NOT all foreclosures. I showed a BRAND new home on Saturday, with 4 bedrooms and 2 1/2 baths, den on main floor, laundry on the 2nd floor,for $329,900!BRAND NEW! In Geneva!

It is my hope that many of the consumers who are waiting for the perfect storm will decide that there are just too many opportunities to pass on this year! It’s such a great time to invest in real estate. Inventory is high, interest rates are low…. perfect opportunity! For now, here is my take on the last 7 days of wild real-estate dealings in Geneva…..

  • 220 active listings, from $173,900 to $1,850,000
  • 5 listings have gone under contract (3 of them were priced under $240,000)
  • 8 new listings, ranging from $234,000 to $969,000
  • 10 price reductions, with the greatest one being a drop of $100,000!
  • 1 price increase!! Now there’s a  strategy I have not tried yet!!!
  • 7 closings last week! YEAH!! all of them under $450,000

These statistics only apply to our single family homes. I didn’t include the townhome/condo market only because I am jammed up for time today. The townhome/condo market is a great opportunity right now in my mind’s eye. These make great rentals, as they are for the most part, maintenance free for the yard/exteriors, and they are great price points for purchasing and for renting. It is my humble opinion that the rental market is about to boom due to the mortgage market. Many of those consumers who can afford a relatively large monthly payment won’t have enough downpayment to qualify for the tighter programs now offered. So, they need SOMEWHERE to go…. why not make it a rental that you own? The tax write-offs are great, you can get some good appreciation, and there is so much to choose from right now! Let me know if this is of any interest to you, I would be happy to show you the ropes!

As always, thanks for the continued support~


Teresa Keenan


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