RealEstateConsumerInfo.com

Real Estate Market Update - Northwest Suburbs - April 2012

Read this report if:

1)  You are thinking of selling your Northwest Suburban home and want to see what's really up with our market.
2)  You don't know what to believe because there are conflicting reports constantly in the media.
3)  You're a future buyer that's beginning to get a feel for purchasing a larger home in the area but you're not sure what to expect.
4)  You think your neighbor is lying when he tells you it will take at least a year to sell your home.
5)  Your convinced your neighbor is stupid and really never liked him!

So let's start with answering those questions that you might have and dish all the particulars! 

I'd like to report that April sales have been up in our area in both housing styles. The best indication that the market is improving is the number of homes that go under contract each month. Currently we are between 15 to 23%. This is terrific! That's a 5% increase in one month.
 

The inventory level (absorption rate) has decreased and it seems we have quickly rolled into the busier market months. The current inventory level has been low between 2.9 to 4.8 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 4 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.
 

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers will been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end but the trend is getting better every month.

Single Family Homes	April 2012 Total +/- over March	2012 YTD  Total	% YOY  Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	20 Even	68	+7%	$242,369	136	$434,000
Elk Grove Village	15 Down	48	+29%	$210,339	250	$332,500
Hanover Park	21 Up	62	+26%	$130,655	117	$276,000
Hoffman Estates	20 Down	85	+23%	$241,763	179	$467,500
Schaumburg	32 Up	99	+80%	$242,453	190	$640,000
Streamwood	30 Even	98	16%	$130,475	111	$307,500

Multi-Family Homes	April 2012  Total +/-  over March	2012 YTD  Total	% YOY  Change	Avg. Sales Price 2012	Avg. Days  on Market	Highest Sales Price
Bartlett	14 Up	36	+28%	$106,349	148	$225,500
Elk Grove Village	16 Up	41	+2%	$90,695	214	$195,000
Hanover Park	18 Up	49	0%	$73,064	123	$230,000
Hoffman Estates	18 Down	61	+5%	$88,977	108	$225,000
Schaumburg	49 Up	163	+59%	$104,801	199	$359,000
Streamwood	17 Up	58	+45%	$105,138	181	$192,000

 

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for sellers. Again, none of our market areas are lower than 3 months and for April have had little movement. 

I am optimistic that we are recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of 'pendings' (mentioned above at 15 to 23% of currently listed homes) has also increased but you can't guarantee on all of these sales making it always to a successful close!

 

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Looking for an agent that's really a market expert?  Let's get your Northwest Suburban home on the market and priced right to sell!

Is your current agent showing you any of this information? Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?

Looking for a home in the area? Please give me a call or email me (on the right) to talk about the possibilities. 

 

Sources:  MRED April Stats 2012

Why buying a home is just economically smart!

Notice that rentals are getting harder and harder to find?

Notice that rents are increasing every year?

And according to the housing statistics that I can see the forecast is going to get worse for the renting population!  This year I have heard the same stories from calls on my CraigsList ads that rentals are hard to find in our Northwest Suburban area of Chicago. Then, if you do finally find a rental, the rent is outrageous for the condition of the place!  

Scarcity and slim pickens might make you think of an alternative to making your landlord happy every month.  The answer is to buy yourself!  I know that might seem like a blatant sales pitch but see these charts on why it actually is economically smart!

 
The charts are pretty straight forward and won't make your brain ache with all kinds of numbers, percentages and Excel spread sheets.

They point out that after the 3rd year of home ownership you will be ahead of the renting game and be able to have the home just as you would like to have it. 

 

So there you have it.  A few numbers crunched in your calculator will be able to tell you whether you could be a homeownership candidate.  I bet that you thought you couldn't do it?  Let me show you how it can be possible.  There are also alternatives for down payments that I bet you didn't know about too.

Let's get a game plan going and see how we can make your wallet happy and your landlords not so much!

 

There definitely IS a difference between Decorating & Staging as this post points out!  Just because your home is wonderfully decorated doesn't mean it appeals to the most amount of buyers. It could actually be too personalized for the market.

Read on and get great advice from Kathy Nielsen a popular stager in Atlanta.

 

 

Elk Grove IL Homes - Elk Grove IL Real Estate - Housing Market for March 2012

How to describe this market for Elk Grove IL Homes?   We have actually been seeing an improvement for the last 10 months.  It still feels sluggish with extended market times, erratic, and unpredictable both for buyers and sellers.  Interest rates have never been lower with affordability being the best it's ever been.  But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!

The months supply of inventory for Elk Grove IL Homes has been steadily decreasing and has kept our recovery on an even keel. We have 16% less in housing inventory then we did 12 months ago.  Too many homes on the market makes it more competitive and prices are forced downward.  Is balance coming soon?  Obviously some past sellers have decided not to move, given up or have become 'reluctant' landlords in order to continue with their plans. 

Another good indicator that the Elk Grove IL market is improving is the number of homes that go under contract each month. Currently we are between 7 to 14%. This is terrific!

 

Jan 2012	Feb 2012	Mar 2012
11%	12%	14.7%

 

 

Jan 2012	Feb 2012	Mar 2012
$202,000	$184,000	$206,000

What's positive about the market in Elk Grove?  It's been constantly improving from the number of homes that go under contract each month to the average sold prices.  In many surrounding towns there are extreme changes in the inventory, sales numbers, average prices each month.

Don't forget that during this past year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?  Banks are now giving two year home warranties and paying mortgage points too.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home. Same conditions for people that want to down size.

 

Jan 2012	Feb 2012	Mar 2012
7%	7%	14.5%

 

If you are thinking of buying a Elk Grove IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

Hoffman Estates IL Real Estate Market Update - March 2012

Interest rates are low and housing affordability has been the best in decades and yes, the Hoffman Estates market is getting better! How much, where and all the particulars is what I'll be telling you here in this report! 

The graphs below show that sales have been up for most towns in our area in both housing types.  Just within my office our showing appointments have increased a whopping 60% in March.

Another good indication that our market is improving is the number of homes that go under contract each month. Currently we are at 19% to 21.5%. This is terrific!

The inventory level (we call it the 'absorption rate') has decreased and it seems we have 'catapulted' into the busier spring months. The current inventory level has been low at 3.8 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 3 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end.

Single Family Homes	March 2012 Total +/- over February	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	20 UP	48	+17%	$237,611	145	$370,000
Elk Grove Village	17 UP	33	+37%	$206,621	103	$300,000
Hanover Park	14 Down	41	+28%	$129,813	155	$197,500
Hoffman Estates	29 UP	65	+47%	$234,284	186	$395,000
Schaumburg	31 UP	67	+50%	$231,165	129	$368,000
Streamwood	30 UP	68	-7%	$138,168	105	$380,000

Multi-Family Homes	March 2012 YTD Total +/- over February	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	9 UP	22	+15%	$97,845	207	$158,000
Elk Grove Village	9 UP	24	+4%	$80,687	143	$175,000
Hanover Park	11 Down	35	+9%	$67,619	72	$162,500
Hoffman Estates	19 UP	43	+16%	$84,651	90	$255,000
Schaumburg	38 Even	114	+60%	$104,146	124	$253,000
Streamwood	12 Down	40	+33%	$112,280	84	$187,990

 

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for Hoffman Estates sellers. Again, none of our market areas are lower than 3 months. What I have noticed this month is that market times have decreased an average of 25%. 

I am optimistic that the Hoffman Estates market is recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of Hoffman Estates 'pendings' (19% for homes, 21.5% for multi-family) has also increased but you can't count on all of these always making it to a successful close!

 

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Looking for an agent that's really a market expert?  Let's get your Hoffman Estates home on the market and priced right to sell!

Is your current agent showing you any of this information?

Do you feel your current agent can even answer these questions?

Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.

Sources:  MRED March Stats 2012

Real Estate Market Update - Northwest Suburbs - March 2012

Interest rates are low and housing affordability has been the best in decades and yes, the market is getting better! How much, where and all the particulars is what I'll be telling you! 

The graphs below show that sales have been up for most towns in our area in both housing styles.  Just within my office our showing appointments have increased a whopping 60%.

Another good indication that the market is improving is the number of homes that go under contract each month. Currently we are between 10 to 25%. This is terrific!

The inventory level (absorption rate) has decreased and it seems we have 'catapulted' into the busier spring months. The current inventory level has been low between 3 to 5 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 3 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end.

Single Family Homes	March 2012 Total +/- over February	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	20 UP	48	+17%	$237,611	145	$370,000
Elk Grove Village	17 UP	33	+37%	$206,621	103	$300,000
Hanover Park	14 Down	41	+28%	$129,813	155	$197,500
Hoffman Estates	29 UP	65	+47%	$234,284	186	$395,000
Schaumburg	31 UP	67	+50%	$231,165	129	$368,000
Streamwood	30 UP	68	-7%	$138,168	105	$380,000

Multi-Family Homes	March 2012 YTD Total +/- over February	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	9 UP	22	+15%	$97,845	207	$158,000
Elk Grove Village	9 UP	24	+4%	$80,687	143	$175,000
Hanover Park	11 Down	35	+9%	$67,619	72	$162,500
Hoffman Estates	19 UP	43	+16%	$84,651	90	$255,000
Schaumburg	38 Even	114	+60%	$104,146	124	$253,000
Streamwood	12 Down	40	+33%	$112,280	84	$187,990

 

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for sellers. Again, none of our market areas are lower than 3 months. What I have noticed this month is that market times have decreased an average of 25%. 

I am still optimistic that we are recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of 'pendings' (mentioned above at 10 to 25% of currently listed homes) has also increased but you can't count on all of these making it to a successful close!

 

---

Looking for an agent that's really a market expert?  Let's get your Northwest Suburban home on the market and priced right to sell!

Is your current agent showing you any of this information?

Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?

Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.


Sources:  MRED March Stats 2012

Independent Foreclosure Reviews Underway - Will it really get to bottom of things?

Will it really be good for consumers?

John Walsh, acting Comptroller of the Currency, offered an update and clarification on the foreclosure reviews taking place at 14 major lenders as part of the consent orders established last year. Independent foreclosure reviews are being instigated in two ways: Consultants are identifying borrowers they believe may have incurred financial harm as a result of improper processing, and borrowers themselves may request a review if they believe they were wronged by their servicers (lenders).

Consultants are starting with the review of about a quarter-million loans, but they may increase the volume if they feel it is necessary based on their findings. The OCC is also attempting to reach about 4.3 million borrowers whose loans are eligible for review through direct mail and advertising.  In November and December 2011, 4.3 million letters were sent to these individual borrowers to inform them that their loans are eligible for review and to let them know how to request a review.

According to Walsh, several tracking methods were employed to find displaced borrowers, and about 5.6 percent of the letters were undeliverable. Please help in an effort to reach all eligible borrowers with this information.

IndependentForeclosureReview.com has received about 400,000 visits, and more than 175,000 individuals have requested information. 
 
In total, about 121,000 borrowers have requested reviews, expressing grievances such as they received improper fees, their servicer incorrectly calculated their mortgage balance, their payments were improperly processed, or they encountered issues with a loan modification. 
 
When consultants do find that a borrower suffered financial harm because of actions by his or her servicer, the servicer will be required to provide remediation, which may range from reimbursement of lost equity, repayment for expenses plus interest, or repealing a foreclosure.

“There are no caps or limits to the amount of compensation that will be paid out or remediation actions that will be offered,” Walsh stated.

Please pass along this information to anyone that you know that has gone through the foreclosure process or loan modification and feel they have been incorrectly treated or fraudulently treated by their lenders.  The only way for this to stop is to shine the light on the lenders and their actions.


Source:  DS News.com, Krista Franks-Brock

What's an appraiser to do?  There are always conflicts in a declining market on whether or not to use foreclosures as comparables.  I plan on putting this guide notice in my 'little tool pouch' for an unfortunate occasion when my listing does not appraise.  I just feel that buyer agent feedback cannot be truly honest as regards to the price.  After all, who does he work for? The buyers objective is to get a good price.  

Is everything overpriced?  Surely that cannot be as many sales are currently happening in my area and am sure in yours.

I believe that we need to reinforce to appraisers the need to follow some of their own guidelines regarding a declining market and comps.  Sometimes there just isn't any 'perfect' comps due to the low number of sales or for size differences.

Case in point in my own recent experience with one of the largest homes in the subdivision.  My listing had been expanded from a ranch to a cape cod and was at least 50% larger than any neighborhood comparable sale. Many homes had also done this but none were recently sold. Many agents tried to argue about the 800 additonal square feet involved.

As the market improves I believe we will still have the downward pull of the foreclosures even in future time sales.  Each appraiser still applies adjustments based on personal judgements. As more and more regular sales happen in our area we can only hope that this problem begins to lessen as overall market conditions improve.  Price stability must happen before we will see market increases again for sellers.

 

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Source:  Cherry Creek Mortgage
 

IL House having a hard time putting that bottle cap on taxes!

Legislators are trying to keep your property taxes from getting out of control but they are having a tough time against opposition from within their own ranks.  If you feel that your taxes have gotten 'out of control', please send a message with your opinion.  In fact, I think that Senator Link needs to hear the opinions of area constituents on his opposition to this issue!

Need help with a Down Payment?

Here is a new program that I found that can help some households become homeowners! Here's how this works - as a buyer needing help with downpayment or closing costs you must get pre-qualified by a lender that is participating.  Not all lenders do this program!  Then once you are pre-qualified from the lender and have your approval in hand we begin to look for houses that you like.  So there is 'homework' that must be completed before you can start looking at homes!

So here are the particulars of this program:
 
The Federal Home Loan Bank of Chicago’s Downpayment Plus Programs (DPP®)
 
The program allows financial institutions in Illinois and Wisconsin that are members of the Federal Home Loan Bank of Chicago and participate in the DPP programs to provide up to $8,000 in subsidies to eligible households. The money can be used for down payment and closing cost assistance, home-buyer counseling and eligible rehabilitation costs that come with buying a home.
 
Downpayment Plus programs provide eligible borrowers with good credit and a steady income the helping hand they might need with the down payment for a home. Funds will be provided on a first-come, first-served basis until the money runs out.
 
Potential homebuyers must meet eligibility requirements such as:
 

• Occupy the home as their primary residence

• Contribute at least $1,000 to the purchase of the home

• Participate in homebuyer and financial literacy counseling

• Grants are forgiven on a monthly basis over a five-year retention period.

• There are income guidelines for this program.  It seems for our area of Cook, DuPage & Kane counties the maximum income would be $59,840.

Income guidelines
Participating Lenders
Overall Program Q&A


Interest rates are at an all time low coupled with great prices and values, buyers should be out there taking advantage of this opportunity.  If you are thinking of buying a home in the Northwest Suburbs, please consider me as a buyers agent for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

Search for Homes 

DO YOU KNOW HOW YOUR ASSOCIATION STANDS ON THIS TOPIC?  You should because it could be costing you money personally!  The way your association is run & the rules it enforces has a direct impact on your wallet!  FIND OUT WHERE THEY STAND ON THIS!

This is really an interesting point of view. With the management companies having an 'all or nothing' approach with struggling homeowners or foreclosures, they are in effect hurting the other homeowners in that subdivision.

In IL the association has the right to 6 months dues in arrears plus the attorney's fees to collect those dues after a foreclosure.  So in IL we have rights on how to collect more than possibly other states would, BUT .... would it be better to negotiate instead of taking that hard line approach? Would the association recover more?

Thanks to Dave Helpern on this in Louisville, KY.

The 'Spring Market' has been called off - permanently!

Yes, Ms. Seller it's true and perhaps you didn't hear the official news.  The 'Spring Market' was called off in 2008 with the official kick-off of the real estate down turn.  I'm sorry that you didn't get the memo but houses have not been selling like they used to in 'the good old days' of real estate.  

We no longer can add 5% to the normal market just because we can or because we 'used to'.  Buyers will not be knocking down the doors to buy your over priced home.  There are plenty of options for them, but then, you missed that email also.

You also must have missed all the media attention bombarding your senses daily that the real estate market has changed.  Prices are not increasing but have decreased depending on the area.  No, I cannot use a comparable sale in the next town to elevate your price.  Nope, I can't use the sold townhouses down the street which are actually bigger than your single family home!

I can only sell your home for what it is worth 'now'.  Today's price and certainly not the 'Spring Market' price of 2008.  The market has evolved and this is the price that your home will sell for today.  The buyers that will be viewing your home did get the memo that the market has changed.  I believe they even carry it with them!

What your home is 'worth' is not determined by ~

 
I'm sorry that you feel the home I sold you 9 years ago turned out to be a 'bad investment'. (I can't even get what I paid for it!)  I'm sorry that you feel you had to 'spend all this money on repairs'.  I will add that any home you buy must be maintained throughout it's lifetime and you might not get every dime you put into the house in repairs.  After all, it's a repair not an improvement.  

Speaking of which, I see your Mercedes in the driveway when I pulled up and I hope that you receive all those 'mechanical improvements' back when you sell the car.  It's the least a buyer could do for you because you've changed the oil on a regular basis and got new tires.  Do cars have a 'Spring Market'?  I bet your car does!
 
Yes, I also miss the holiday called the 'Spring Market'.  Wish I still had the t-shirt.

 

The Mistake Sellers Make by Re-Listing in the Spring

Schaumburg Townhomes - Find your new home right here!

There are many great Schaumburg Townhome selections to choose from as the map shows!  Mouse over each home to see a brief description! 

Need a buyers agent?
Are you pre-qualified by a lender?


Townhome Search by Schaumburg Subdivisions

Pre-Qualification AND Pre-Approval - in other words buyers have contacted a lender to see what they can afford.  In my estimatation, there are too many buyers that are out 'shopping' with no means to 'purchase'.  Getting a loan is totally different than it was a few years ago, where if you had a heart beat and fogged a mirror, you were considered a great buyer!

The real estate industry & it's sister mortgage industry have changed & it is even more important that you speak to a loan officer about what you can afford.

Just makes sense doesn't it?

 

My thanks to Tish Lloyd in this post.

This is such a great & timely post with the spring market upon us! Many buyers hear all the great news about afforability & the great interest rates which is all 100% TRUE!  Problem is, all that looking on line & buyers still don't know what they can afford!

Don't put the 'cart before the horse' or should that be house! Talk to a reputable loan officer (NOT online!) about your finances & goals.  They are there to help you through the maze of financing options. They really are your ally in the home purchase process.

Notice what all 3 scenarios have in common? Have you been in contact with a loan officer?  Well have ya?

 

Thanks to Eric Michael for this great advice.

Real Estate Market Update - Northwest Suburbs - February 2012

Interest rates are low and housing affordability has been the best in decades and yet I was hoping the market would be ending a little better. FHA buyers will be taking a hit to their pocketbooks in April with higher monthly mortgage insurance costs looming on the horizon.  It seems that with each slight lowering of interest rates the banks are elevating the closing costs for buyers to offset that bonus. Makes you wonder who's side they are on? Obviously, their own and not the consumer.

The graphs show that February sales have been up for most towns in our area.
 

Another good statistic is when the market is steady (or going up) with the number of homes that go under contract each month. Currently we are between 10 to 17%. This is terrific!

The inventory level (absorption rate) has also decreased even through the slower winter months. The current inventory level has been low between 4 to 7 months. This would have been considered a sellers market 'in the good ole' days' of years past.

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end.

Single Family Homes	February 2012 Total +/- over January	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	12 Down	28	+27%	$238,676	229	$320,000
Elk Grove Village	7 Down	16	+6%	$203,237	117	$222,000
Hanover Park	16 UP	27	+58%	$124,747	173	$203,000
Hoffman Estates	20 UP	36	+56%	$249,194	171	$465,000
Schaumburg	20 UP	36	+50%	$237,208	182	$450,000
Streamwood	20 UP	38	-7%	$138,637	125	$364,900

Multi-Family Homes	February 2012 YTD Total +/- over January	2012 YTD Total	% YOY Change	Avg. Sales Price 2012	Avg. Days on Market	Highest Sales Price
Bartlett	7 UP	13	+18%	$105,276	134	$250,000
Elk Grove Village	7 UP	15	+36%	$72,660	290	$185,000
Hanover Park	12 UP	24	+60%	$67,359	115	$150,000
Hoffman Estates	8 Down	24	+20%	$75,567	152	$215,000
Schaumburg	39 UP	76	+85%	$99,863	158	$280,000
Streamwood	16 UP	28	+64%	$116,908	146	$214,990

 

Average Days on the Market needs no explanation and you can clearly see the extended times are agonizing for sellers. None of our market areas are lower than 3 months. Hopefully we will move out of this now that the winter weather has broken.

I am still optimistic that we are recovering here in our area for 11 months in a row.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of 'pendings' (mentioned above at 10 to 17% of currently listed homes) has also increased but you can't count on all of these making it to a successful close!

 

---

Looking for an agent that's really a market expert?  Let's get your Northwest Suburban home on the market and priced right to sell!

Is your current agent showing you any of this information?

Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?

Looking for a home in the area? Please give me a call or email me on the right to talk about the possibilities.


Sources:  MRED February Stats 2012

Homebuyers will be paying higher fees on mortgages backed by the FHA after the agency announced last week that it is hiking fees in an effort to bolster its reserves and encourage the return of private capital to the housing market.

Since when is increasing fees a 'bolster' to the economy? Personally I feel this is not the time to penalize buyers for trying to buy a home despite the FHA's loses! Here is what is going to happen:

Starting April 1, 2012 the FHA will increase its annual mortgage insurance premium for loans under $625,500,  from 1.15 percent of the loan amount to 1.25 percent. Starting June 1, 2012 larger loan premiums will increase 0.35 percent of a percentage point, bringing the total premium costs up to 1.5 percent of the loan amount. FHA also will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75 percent of the loan amount.

What will that mean for you the buyer?

At $150,000 - the mortgage payment will increase approximately $18 per month. That's an extra $216 per year.

At $200,000 - the mortgage payment will increase approximately $24 per month.  This is an extra $288 per year.

As long as you start the loan process prior to April 1st, you're will be grandfathered so to speak. You do NOT have to close on a house prior to this April 1st deadline.

I think you'd better get going!






Source:  REALTOR® Magazine

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