Distressed property

Will County has homes for sale. Lots. Taking a look at the non-new construction homes available (resales, or existing homes), this is the breakdown we see. Of 3,502 properties available,  60.37% are traditional sales, 12.99% are foreclosures and 26.64% are short sales.  That means about 60% (or 3 out of every 5 properties) of the market is traditional and 40% is distressed. Of course, real estate is local guy says not to necessarily think that’s where you’re at. More on this tomorrow!

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Distressed properties are foreclosures and short sales. Yesterday we looked at a national chart compared to local data. We’ll do it again today and again the numbers will show Will County is consistent with the graph, but Grundy is not. Months supply is an indicator of how many properties are available compared to the rate people are buying them. Smaller numbers show buyers are gobbling them up (seller’s market) and higher months mean they are not (buyer’s market). 6 months is generally thought to be the line in between.

The nationally provided graph shows that the months supply of distressed homes is between 6 and 8.9 months. That holds true for Will County at 8.8 months, but not Grundy which is at 11.2. Good to know if you’re in the market for distressed property.

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