If ONLY I could have one dollar for each time I am asked that question…. if that were truly the case, I would be posting this blog on a Macbook, from a sunny room overlooking the shores of the Yellowstone River in Montana. However, that is NOT the case, so I have accepted that fact and moved on from a temporary (but ever so recurring) little dream.
Keeping track of the numbers this year has been very humbling. The volume is down, as are property values in many, many neighborhoods. By this point in 2010, there had been 87 closings for detached homes in Geneva. So far for 2011, we have had 65 closings in total in all of Geneva. Out of the 65 homes that have closed, 20% have been distressed sales (Realtor lingo for “foreclosed” or “short sales”) NOT GOOD!
The other interesting statistic that I pulled from the chart below is this: 82% of the closings that have occurred so far this year have been under the $417,000 limit. This is an important figure ($417,000) because it happens to be the maximum FHA loan that can be obtained in Kane County. FHA loans do not require 10% down, or 20% down, so they are still achievable for most buyers. SO…. that’s what many buyers will get. Not to overgeneralize, because there are still some buyers out there who will obtain conventional financing, but if I were to comb through the MLS and look at the financing code on every one of the closings for this year, I believe a vast majority of them would be FHA buyers.
I have included a table which breaks down the price ranges and statistics for you real-estate junkies out there. Please let me know if you have questions or concerns about anything in your neighborhood… I’d be happy to share my observations and my experiences. If you leave a question or comment below, I will be sure to respond!
As always, please email me if there is anyone you know who might be inclined to make a move to, or from, Geneva! Enjoy the day,