Darien Real Estate Market Trends – Illinois

Real Estate News for Darien, IL - February 8th, 2012 9:38am
Real estate statistics for 2011 have been released by the Mainstreet Organization of Realtors. For Burr Ridge, IL (close neighbor to Darien, IL): Detached single family home sales rose 7.2% over 2010 with 104 sales (97 in 2010). The average price of a Burr Ridge home dropped 13.4% - 721,632 from 833,187. The median Burr Ridge home price also dropped - 606,000 vs. 683,500.

News for Darien, IL - January 26th, 2012 8:21am
Real estate statistics for 2011 have been released by the Mainstreet Organization of Realtors. For Darien, IL: Detached single family home sales rose 20.4% over 2010 with 118 homes sold (98 in 2010). The average price of a Darien home dropped 4.5% year over year - 296,980 for 2011 vs, 310,986 for 2010. The median price also dropped - 269,500 vs. 292,500.

Real Estate Short Sale News for Darien, IL - November 9th, 2011 8:40am
Distressed properties, including short sales, can be a way to get a "good deal" in Darien real estate. Previously the purchase of a short sale property was an iffy proposition - over 80% of short sale contracts never got to closing. That situation is changing for the better. I recently completed a short sale for a listing client in La Grange. We had the property under contract in 30 days. Approval from the short sale investor (lender) came 31 days later. Closing - 25 days after approval. The entire process didn't take much longer than a conventional purchase. Of course, this time frame is not always possible and is dependent on several variables including motivated sellers (lots of paper work to complete), prepared buyers, a motivated lender, and skilled Realtors and attorneys.

Real Estate Short Sales Darien, IL - October 26th, 2011 8:33pm
Perhaps you've heard that short sale properties can be great deals and you're interested in buying a short sale property in Darien, IL. Before you jump in, answer these questions about yourself to see if you are a good candidate to purchase a short sale property. First, do you have patience, at least relative to this deal? A short sale "best case scenerio" is 60-90 days contract to closing, while 6 to 9 months is not impossible. Secondly, do you have solid financing with a lender that understands the short sale process? Everything has to be in place with your lender so that when the seller's lender approves the contract, you can be ready to close in a short amount of time. Third, do you have a willingness to spend "up front" on an inspection...not after the short sale contract is approved by the investor? This is because the price cannot be renegotiated after the short selling bank approves the contract - even if major deficiencies are uncovered by the inspection. You must spend first and risk not getting the contract approved by the investing lender. Remember...there are essentially three parties to this contract. The seller AND his lender, and the buyer. If you have more questions on short sales, just call me, Cindy Mottl, Platinum Partners Realtors 630.272.3636