A total of 58 homes closed in the fourth quarter. This is 12 more homes than were reported in 2007. It took  a longer time to sell 141 days in 2008 versus 78 days in 2007.  The average price during the final quarter was $568,028 down 14% ($655,000) when compared to 2007 sale prices.

2008 Year Sales for Single Family:

A total of 333 homes closed in 2008. This is 35 less (368) homes than reported in 2007. The average market time  for the year was 134 days (20 more days than 2007),  while the average price  for the year was $618,724. This represents a  6% decline in price when compared to 2007. Total Sales volume in 2008 was $206,034,960

Fourth Quarter Attached Sales:

A total of 72 attached single family sold in the fourth quarter. This is 18 less  from (90) that were reported in 2007. It took 174 days to sell a condo in 2008 up from 137 days in 2007. The average price of attached declined in value was 14% $298,000 / 2008 from $346,000 / 2007.

2008 Year Attached Sales:

A total of 420 attached single family sold in 2008 this is significantly  down from 670 sales in 2007.This represents a 35% decline in sales for attached single family homes. The average market time was 175 days up from 143 days in 2007. The average price of an attached single family home declined in value was 9% w ith the average price being $300,000 in 2008 versus $325,000 in 2007.  Total Sales Volume in 2008 was $126,145,678. This also is significantly less than $206,034,960 sales in 2007.

1. Make your money on the Buy.. Asking Price does not mean sale price. Oh really, I thought the asking price was the final price and only price for the property. You mean you can negotiate at purchase price?

2. Get pre-approved for a loan..Follow the same advise you give your clients and get pre-approved. You mean Realtors have to abide by the same rules as other buyers. Oh my, do I have to show how much income I make to qualify? I did not know that…

3. Don’t buy more than you can manage.. Did you know that owning more than 10 properties would make you so busy that it will take time away from your selling career.

I could go on but I think you get the point. This article is full of useless information.

Let’s face it, today’s  market does give opportunities to buy real estate but it is not as much of a slam dunk as you think it should be. Investors should think about what motivates them to buy, how much money they have to risk, what type of property they think they want to buy, do they want to self manage or hire a management company, what kind of return do they want,  how do they base their analysis -Cash-on-Cash Return, Internal Rate of Return, Gross Rent Multipliers, Net Rent Multipliers, Cap Rates, and how long do they want to own. If I were to give my own advise on buying real estate today it would be to think of real estate as a long term investment. Buy and hold for a minimum 5 years because it will take that long before we see any appreciation, and second make sure the investment has a positive cash flow. If you do not show  positive cash flow reject the investment.

Energy- ” It is better to put energy toward something that you can control” and that is exactly what I intend to do with you. Let’s focus together on options that are right for you.

Lift- By focusing on those things that you have control it will surely “lift your spirts“.

Peace- “ Peace of Mind” is my goal for you.

Are You Ready for some HELP?

1-888-307- 7311 Extension 20

Call Today!! 24/7 Free Hotline

In Evanston there are 26 Single Family Homes listed as Short Sales and another 14 listed as Bank Owned.  This  number of both Short Sales and Bank Owned Real Estate represents  14%  (40 out of 289) of all Active Single Family Listings in Evanston. The Average Number of days a Short Sale is on the market is 147 days and 167 days for Bank Owned property.

In Evanston there are 26 Attached Family Homes listed as Short Sales and another 4 listed as Bank Owned. This number of both Short Sales and Bank Owned Real Estate represent 5% (30 out of 548) of all Active Attached Family Listings in Evanston. The Average number of days a Short Sale is on the market is 105 days and 48 days for Bank Owned property.

I decided to put the Average number of days on the market because many people are discouraged to writing offers on these properties because of the length of time it takes to close. As one can see from the numbers it does take on average 4 to 5 months to close these transactions.

With Wednesdays news by Treasury Secretary Paulson  stating that the Fed does not intend to use the TARP money to buy risky  mortgage assets it is the opinion of this writer that the housing market will continue to suffer until a new administration can come in with a new plan.

Bats

Monkeys

and Sloths

While other things don’t like it

like Homes

and People

Are you Upside Down with Your Mortgage? Do You Owe More than what Your Home is Worth?

Why Be Upside Down when You Can Be Back On Your Feet?

A “Short Sale” is Better than a ” Foreclosure”

Why Ride the Roller Coaster when you Don’t Have To.

Find out if a “Short Sale”is Right For You

1-888=307-7311

Best Kept “Secret” About Foreclosures       …………………….. Extension 1

All About “Short Sales” ………………………………………………….. Extension 8

Because they Hate to wear silly tights and capes…

Because they hate being in a position of authority…

Because they hate magic…

Because they hate vampires…

Because all they want is to be loved. This last picture is my dog Bailey…