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Single Family
Active listings: 108
Under contract: 7
Sold & Closed: 36
Average days on market: 347
Condo/Towhomes
Active listings: 19
Under contract: 0
Sold & Closed: 9
Avg days on market: 268
It has been awhile, but we are back with an update for Inverness homes and Real Estate. It continues to be a strong buyer’s market in Inverness for homes and townhomes. On a positive note, there were 40 closings of Inverness single family homes last year and we are almost there already this year. If you have ever thought of purchasing a home in Inverness, now is the time to take advantage of prices that may never be seen again in Inverness. You may have thought it would never be possible to live there, it is now!
Data from MRED MLS from 1/1/09 – 10/31/09 for closed listings.
If you’re a first time buyer and in a position where you can purchase a place of your own, you have stumbled on one of the best times ever to buy! You’ll be able to take advantage of super low interest rate (the lowest in 37 yrs in fact!), and low prices at the same time. If that were not enough, you can also get a $8000 tax credit when you close by Nov 30 of this year. We have more information posted here. Several area towns also have grant programs that match money you come up with toward your down payment (up to $10,000 even!). Check them out here.
Despite what you see on the news, you can get a mortgage if you have decent credit and a miminal down payment (you could even borrow your down payment and pay the generous person right back when you get your tax credit!). The first step is getting pre-approved which is a painless process you can do over the phone. We can refer you to a great lender. That will tell you what you can afford and the amount of the monthly payments. Then you’ll be ready to start looking! Don’t miss your chance. Years from now you don’t want to be one of the many people who will say they wish they had bought a home in 2008 or 2009!
You don’t necessarily have to be a ‘first time’ buyer either. You also qualify for the $8,000 tax credit if you have not owned a home in 3 years!
Contact us for our First Time Buyer’s Guide that walks you through all the steps of your home purchase.
2008 Review for Inverness Homes and Real Estate:
Single Family
Active listings: 66
Under contract: 4
Sold & Closed: 40
Average days on market: 351
Condo/Towhomes
Active listings: 23
Under contract: 1
Sold & Closed: 18
Avg days on market: 156
The next few months will give us an idea of the overall attitude taking shape for 2009. With historically low interest rates and great prices, buyers should feel confident in making a move to Inverness – this is one of the best times ever to buy a home. If you want to sell, it is critical to price your home aggresively to have a shot at finding a buyer. People have sold, but they had to price accurately for the market.
Data from MRED MLS from 1/1/08 – 12/31/08 for closed listings.
Single Family
Active listings: 70
Under contract: 12
Sold & Closed: 17
Average days on market: 241
Condo/Towhomes
Active listings: 24
Under contract: 3
Sold & Closed: 9
Avg days on market: 175
We have passed the 1/2 way point for 2008, and the numbers above show how things went from 1/1/08 through 6/30/08 in Inverness property according to MRED MLS. Just 17 closings for single family homes so far, but there are 12 more under contract. Market time has risen, but is slightly less for the properties that are under contract. That shows the people who have contracts priced their homes well and found a buyer.
1st quarter ’08 update for Inverness homes and Real Estate:
Single Family Condo/Towhomes
Active listings: 74 Active listings: 26
Under contract: 7 Under contract: 2
Sold & Closed: 2 Sold & Closed: 2
Average days on market: 247 Avg days on market: 221
Selling is still slow going for Inverness homes, unless you price your property correctly. It is true in any market, and especially this one: when you are priced correctly you will sell. Buyers are looking for a good value and when they see it, they are willing to pay for it.
2007 saw 72 single family properties sell and close. They had an average price of $724,112 and took an average of 232 days to sell. There are 59 listings on the market right now with 6 of those under contract with buyers.
Take a look at the past 3 mos activity for Inverness single family homes as compiled from the Multiple Listing Service of Northern Illinois:
Total Listings: 90
Available: 78
Under Contract: 4
Closed: 8
The numbers continue to tell the story. And in higher priced markets the news is usually worse in this type of market. Average market times in Inverness are climbing. 387 days for the under contract listings. 202 for available.
