Ken's Naperville Real Estate Blog : THE FORECLOSURE MARKET IS HEATING UP

THE FORECLOSURE MARKET IS HEATING UP

I have noticed recently that the foreclosure market is starting to heat up.

The banks are starting to price their homes properly and they are selling.  

In the last week alone, two new foreclosures were taken off the market by bargain hunters in subdivisions I watch closely.

One was in River Bend, Lisle.  Ok model price at 229k.  Great neighborhood.

The other was in Orchard Valley.  West side of Aurora.  Cool neighborhood with some units on a higher end golf course.

My client was bidding on the Orchard Valley unit.  Overlooking the eigth green.  I would have liked this one.  The home sold for above asking price of $149k.

Our bid was solid, but not good enough.

These homes were probably both good opportunities in todays market.  Both sold quickly.

The banks are not giving them away.

But, for the right buyer, they do present opportunities.

Ken

To find your next home, go to my website anytime.

Comment balloon 12 commentsKen Tracy • July 29 2008 08:37PM

Comments

It's good to hear that banks are able to sell the homes quickly in your area Ken. Thanks are pretty good here in Philadelphia area.

Posted by Josh and Jenn McKnight Team (Keller Williams Real Estate) over 9 years ago

They're definitely picking up in my area as well. In fact, most foreclosures sell within 1.5 months in the areas in which I work and the banks are now involving people in bid wars.

Posted by Vanessa Calhoun, Your Greater Atlanta Marketing Guru!! (PalmerHouse Properties Realty) over 9 years ago

Ken

It just seems that things are pretty slow here in So Cal. Banks seem to take a long time to unload these homes. Lots of offers that no one seems in a hurry to accept. Maybe it is because we have been hit so hard, the banks are just inundated. The quicker the foreclosures are sold the quicker the market will rebound. **fingers crossed**

Posted by DEBORAH STONE (PACIFIC HOME BROKERS, San Diego, CA) over 9 years ago

Hi Deborah, Vanessa, and Joshua.  Thanks for stopping by.

Any activity is good activity!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Ken,

You are right the banks are not giving their REO's away but there are some good buys out there as you have indicated.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) over 9 years ago

Morning Ken,

Bank owned property is starting to sell faster here in Flrida as well. The powers to be have finally started taking care of business . Now the sales process is taking much less time then it had earlier in the year.

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) over 9 years ago

Hi Don and Hal.  Thanks for stopping by.

I think them cleaning up their books will help us all out!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Just had one yesterday that the borrowers had the same thing....not even listed and buyer came into snatch it up....Have we bottomed out yet?

Posted by Larry Bettag, Regional Vice-President (Larry Bettag - Cherry Creek Mortgage) over 9 years ago

Hi Larry.  Not bottomed yet.  But buyers are picking the well priced homes.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Banks are trying to make sure they are the most compettively priced home in the market.  Ultimately it leads to a cycle that hurts resale values for real homeowners as more foreclosures hit the market.  The banks try to outdo each other to be competitive and move their properties and home owners have to compete with banks who are able to take losses that home owners are not.  It's  vicious cycle...

Posted by Ron Tarvin, Broker, Katy, Houston, Cypress 77450,77494,77095 (Luxury and New Construction in Katy & Cypress TX) over 9 years ago

Hi Ron. Welcome back.  Unfortunate, yes.  But they need to come to market and be sold.

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 9 years ago

Buyer's have to be educated to make these decisions. If they lose a couple they really like they will fall into line soon enough. You're right there are bargains out there.

Posted by Robert L. Brown, Grand Rapids Real Estate Bellabay Realty, West Mic (www.mrbrownsellsgr.com) over 9 years ago

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