Hi Neighbor!
The Free money from the government stopped on April 30th. First time home buyers received$8,000, home sellers who bought another home ? $6,500. With the money now gone, we have seen a real slowdown in home selling activity. Woodridge had 19 homes come under contract in March; 18 in April.May had 13, June ? 8, and July ? only 7. There are presently over 160 homes for sale in Woodridge. DownersGrove had 61 homes come under contract in April3;May and June combined had 60 total. July ? only 22.Naperville had 180 homes come under contract in April3;110 in May3;120 in June3;99 in July. This hangover effect has lasted 3 months now.
Buyers should realize that it is a Great buyers market! All kinds of homes are for sale with Great selling prices. Interest rates are around 4.5%...the lowest they have ever been! You only need 3.5% down to purchase any home with an FHA loan. Good credit and decent income and thehome is yours. The same guidelines we always used before lenders started giving home loans to people whocould not qualify for a credit card. What are you waiting for? Eventually interest rates will rise. Now is the perfect time to buy.
Some recent home sales3;2 Adams Raised ranches sold for $227k and $225k. A Concord for $275,0003;top dollar3;2 other Concords for $245k and $246,000. The last Essex ranch sold for $225,000. Kranz Real Estate sold 4 of these 6 homes.
The market has slowed down for everybody, but we sell homes other agents can´t. We have been in business over 34 years. We sold homes when interest rates were 18%! There is no substitute for experience and knowledge, especially in times like this. We give Free Market appraisals and our commission rate is 3%. Senior citizens receive another discount. Sell and Buy with us andwe will give you $1,000. Our creative and innovative Marketing earned us a review on the front page of The Wall Street Journal. A Family owned business too. We have also lived in Woodridge for almost 26 years.
Give us a call3;anytime.
Until next time, your neighbor in Winston Hills.
Cordially,
Steve, Mark and Mary Kranz