Welcome to the official website of Jones Real Estate.  Be sure to check it out frequently for all the latest news in the Peotone and Manteno area real estate market.  Information will inclde what houses have sold and for how much, which homes are GREAT deals, and things to watch out for when purchasing a short sale or foreclosure.  If you have any questions regarding the real estate market in the Peotone and Manteno area, just leave a comment in the box, call me at 708-258-1234 or email me at adam@jones1234.com.

Real estate market overview so far through 2010 in the Peotone and Manteno area as of June 2,2010

     So far for 2010 the real estate market in Peotone and Manteno has been very strong for homes under $200,000.  The main reason for this was the extension of the first time buyer's credit for $8,000.  From January through April 30th the inventory of these homes pretty much got completley eaten up if the home was clean and priced corectly.  Although it seems like a lot of houses are available for sale, this is not necessarly true.  Mainly because a great deal of the homes fall into one of the following categories:

                                 Overpriced:  Could be for several reasons.  The first being that the sellers are upside down on the home and owe more than its worth.  Another obvious reason a home could be overpriced is that the seller believes its worth more than it actually is.  Home prices are down approximatley 20% over the past year.

                                  Dated:  Most of these are because of an estate where the person has lived in the home for anywhere from 20-60 years and never did any updating.  This isn't a problem, except they are asking for full retail price, which can be a $10,000 - $50,000 differnce!

                                 New Construction: Some builders are still refusing to lower the prices of new construction homes, while others have started slashing their prices as much as $70,000.  There is a huge inventory of these homes, and if somebody is going to purchase a brand new home, why would they pay the same amount as they can build one for. 

                               Foreclosures:  The number of forclosures in Peotone and Manteno is minimal compared to other areas.  These homes are all over the board as far as condition and pricing.  There are some great opportunities to steal some homes for really good prices.  The thing buyers have to be prepared for is that if a home is SUPER good deal, ther will be investors lined up with cash to purchase these places the day it comes on the market.  Another thing that has happened with several of these homes, is that the bank that owns them has them overpriced initially.  I know of one example where a bank overpriced a forclosure and turned down very good offers (more than I thought  the home was worth) only to let the market pass them up and ended up taking $30,000 less than the initial offers!

                                Shortales:  AKA the nightmare of all real estate transactions.  Well I shouldn't say that.  not all shortsales are nightmares.  I've had several that have gone very smooth and quick.  I've had others that drug out for over 7 months and still haven't gotten a firm answer from the bank.  If you don't know exactly what a shortsale is:  Its basically when a seller owes more than the house is worth and is no longer able to afford it or is in a much sell situation and the bank agrees to accept less money for the house than what is owed.  Thats a very basic explanation, there are many more layers to this type of real estate transaction. 

     The rental market in this area is as strong as ever.  Prices for rental homes has skyrocketed over the past 6 months.  Last year at this time the highest priced rental that I was aware of brought $1,350 a month whereas most were in the $850-$1,000 range.  Over the past 6 months I've rented homes ranging in price from $900 for a 2 bedroom 1 bath 900 sq. ft. ranch up to $1,750 for a new construction $335,000 house.  If you are looking to rent a home you can figure probably $950 and up.  The inventory of these homes is very minimal and timing is more important as anything.  The demand is huge and even having the option of finding a house for rent is minimal.  As always a steady income with good job history is of upmost importance.  Credit score is also important, but most landlords understand the difficult situations a lot of people are in.  Most of the homes do not allow pets, especially big dogs.  Apartment rentals are stong as always.  A 1 bedroom apartment should range from $575-$600 and a two bedroom $675-$700.  There are some more expensive apartments in Manteno that offer laundry within the unit as well as a garage.  I think these are in the $800-$850 range.  If you are looking for a place to rent, call me first.  Nobody has better knowledge of whats available and what fair market rent is within this area.

Overall if you are looking to purchase or sell a home in this area, give me a call.  I'll give you a straightforward answer on what i feel  your home is worth, what it will take to sell it, and what needs to be done to make it the best it possibly can be.  So far for 2010, I'm having my best year ever.  Jones Real Estate is #1 in the number of sales in Peotone and Manteno so far this year.  I'm also #1 in sales volume in Peotone over the past 2 years.  Along with this Jones Real Estate is a 1 man operation and these numbers are competing against offices with up to 40 agents.  Feel free to call me anytime, I'm available 24/7.  708-258-1234

 Rent $1,450 Security Deposit $2,175, No Pets. 

Call for further details.