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Northwest Suburban Real Estate Market Report - April 2012

Real Estate Market Update - Northwest Suburbs - April 2012northwest suburbs,lyn sims,

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.
 northwest suburbs,lyn sims,remax suburban,

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!

 



northwest suburbs,lyn sims,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. 


 

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Sources:  MRED April Stats 2012

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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1 commentLyn Sims - Schaumburg Homes • May 18 2012 08:45AM

Rent vs. Buy - Do what's Economically Smart!

Why buying a home is just economically smart!

Notice that rentals are getting harder and harder to find?rent vs buy,lyn sims,northwest suburbs,

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!

rent vs buy,lyn sims,
 
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. 

rent vs buy,lyn sims,northwest suburbs, 

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!


 
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Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate,   the blog dog,lyn sims,   schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,

4 commentsLyn Sims - Schaumburg Homes • May 02 2012 09:59AM

There is a Difference Between Decorating and Home Staging

staging advice,selling advice,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.

 

 

Via Kathy Nielsen Atlanta Georgia Home Stager (Georgia Interior Solutions, LLC):

One of the biggest misnomers when it comes to preparing your home for the market is that staging is a lot like decorating. The truth of the matter is that while there are some things that are similar, there are some huge differences between the two.

Let's first review the similarities between decorating and staging:

  • Both require furniture and accessories
  • You shop for both (stagings and decorating) at the same stores.
  • Both aim for the home to look nice

Here are the differences:

  • When decorating, you're striving to achieve a look that YOU like. When staging, it's NOT about you. Instead, it's all about the potential buyer.
  • When staging, it's all about selling the "real estate" the home has to offer. For example, the extra chair in the living room, which may look great in a decorated home, may just be eating up too much space if the home is placed on the market.
  • Decorating is very personal. Staging is the exact opposite. In our Atlanta home stagings, we minimize the personal touches (e.g., family photos, mementos, etc.).

As you can see, the difference between decorating and home staging is huge. Here at AtlantaHomeStaging.net, we understand the differences and apply them when staging a vacant home. We focus on highlighting the features, maximizing the amount of visual real estate the home has to offer, and target the demographic of the buyer.

Here's a collage of some of our Atlanta home staging after pictures:

Atlanta House Stagger serving metro Atlanta

 Originally posted at AtlantaHomeStaging.net

 

Home Staging Atlanta - Kathy Nielsen - 678 522 8392

RESA Professional Stager of the Year - Southern Region 2011

Whether your home is vacant or occupied, this Atlanta Georgia Home Stager, Kathy Nielsen, understands what it takes to sell a home quickly. Her homes have graced the pages of several publications, appeared in TV commercials as well as on HGTV's hit program Sleep On it.

With years of experience and a massive inventory - Kathy makes the perfect choice.

 

Atlanta Home Stager Logo

 

 

 

Home Staging Website:  Home Staging Atlanta

Before and After Pictures: Atlanta Home Staging Portfolio:

Email:  Kathy@HomeStagingAtlanta.com  

Blog: Atlanta Home Staging

 

 

 

 

 

 

 

 

 

 

 

Kathy Nielsen Facebook IconKathy Nielsen Twitter ProfileKathy Nielsen on Linked InKathy Nielsen on Wordpress Icon

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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7 commentsLyn Sims - Schaumburg Homes • April 28 2012 11:41AM

Elk Grove IL Homes - Elk Grove IL Real Estate - Market Update April 2012

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


How to describe this market for Elk Grove IL Homes?   Weelk grove IL homes,elk grove IL real estate, 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!

Percentage of Listed Elk Grove Homes that go under contract each month.

 

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

 

Average Sold Prices for Elk Grove Homes

 

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.


elk grove IL homes,elk grove IL real estate,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.

Multi-Family Market - Elk Grove Homes that go under Contract each month

 

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

 

Multi-Family Market - Average Sold Prices for Elk Grove Homes

Jan 2012 Feb 2012 Mar 2012
55,000 $70,000 $77,000


elk grove IL homes,elk grove IL real estate,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!

If you are researching this update to possibly sell your Elk Grove IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


Search for Elk Grove IL Homes
Elk Grove IL Home Foreclosures
Elk Grove IL Townhomes
Elk Grove IL Townhome Foreclosures
Elk Grove Community Overview


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Sources:  MRED, Agent Metrics, my little pencil.
 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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2 commentsLyn Sims - Schaumburg Homes • April 27 2012 03:34PM

Hoffman Estates IL Real Estate - Market Update March 2012

Hoffman Estates IL Real Estate Market Update - March 2012

hoffman estates IL real estate,hoffman estates homes,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!

hoffman estates IL real estate,hoffman estates homes,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!

 



hoffman estates IL real estate,hoffman estates homes,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

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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1 commentLyn Sims - Schaumburg Homes • April 18 2012 02:17PM

Northwest Suburban Real Estate Market Report - March 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 northwest suburbs,schaumburg IL real estate,lyn sims,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%. 

northwest suburbs,schaumburg IL real estate,lyn sims,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!

 



northwest suburbs,schaumburg IL real estate,lyn sims,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

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate,   the blog dog,lyn sims,   schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate,  schaumburg homes,schaumburg IL real estate, schaumburg homes,schaumburg IL real estate,

4 commentsLyn Sims - Schaumburg Homes • April 11 2012 06:00AM

Elgin IL Real Estate - 51 Gromer Rd, Elgin IL - $312,900

Lyn Sims | RE/MAX Suburban | (847) 230-7324
51 Gromer Rd, Elgin, IL
LOOKING FOR PRIVACY? LOOKING FOR GREAT WOODED LOT? 1 ACRE WITH
PLENTY OF ROOM!
4BR/2+1BA Single Family House
offered at $312,900
Year Built 1978
Sq Footage 2,510
Bedrooms 4
Bathrooms 2 full, 1 partial
Floors 2
Parking Unspecified
Lot Size 43,560 sqft
HOA/Maint $0 per month

DESCRIPTION

COUNTRY SETTING BUT CLOSE TO EVERYTHING IN THIS GREAT HOME! PRIVATE YARD, SCREENED PORCH, 6 PANEL DOORS, CORIAN COUNTERS IN KITCHEN. UPDATES INCLUDE NEUTRAL CARPET & PAINT, HARDWOOD FLOORS IN FOYER & DINRM. MASTER BATH UPDATED, GREAT BR SIZES! FINISHED BASEMENT HAS REC ROOM, LOTS OF STORAGE & WORKSHOP.

see additional photos below
PROPERTY FEATURES

- Central A/C - Central heat - Walk-in closet
- Hardwood floor - Family room - Living room
- Dining room - Basement - Washer
- Dryer

OTHER SPECIAL FEATURES

- Wooded Lot is 1 acre
- 6 Panel Doors
- Anderson Windows
- Finished basement

ADDITIONAL PHOTOS


Wooded 1 Acre

Livingroom

Diningroom

Kitchen

Kitchen

Familyroom

Master BR

Master BA

2nd BR has walk-in

3rd BR

Finished Basement

Screened Porch

Side yard

Backyard
Contact info:
Lyn Sims
RE/MAX Suburban
(847) 230-7324
For sale by agent/broker

Created at Postlets
Posted: Mar 29, 2012, 12:43pm PDT
 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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6 commentsLyn Sims - Schaumburg Homes • March 29 2012 02:50PM

Foreclosure Reviews - Will it really be good for consumers?

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 foreclosure reviews,loan modifications,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. 
 
foreclosure reviews,loan modifications,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

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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3 commentsLyn Sims - Schaumburg Homes • March 28 2012 11:20AM

What's an appraiser to do? According to this - plenty!

What's an appraiser to do?  There are always conflicts in a declining market on whether or not to use foreclosures as low appraisals,appraiser,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.

 


 

New Guide Helps Appraisers Choose Comparable Sales in Declining Markets
 
"The Appraisal Institute recently published guidance to help appraisers know when and how to use distressed sales, such as foreclosures, as comparable sales. Such knowledge is particularly crucial in the current market where distressed sales are common, creating complex valuation challenges.

The Appraisal Institute noted that appraisers often use comparable sales (or “comps”) to help develop an opinion of value. But in today’s distressed real estate market, many potential comparable sales represent foreclosed properties. Some owners have complained their home’s values have fallen because appraisers have used such sales as comps.

The Appraisal Institute’s “Guide Note 11: Comparable Selection in a Declining Market” notes that “transactions used in an appraisal assignment require adjustments for changes in market conditions.”

According to the Appraisal Institute, qualified and competent appraisers with local market knowledge are capable of using their experience and education to determine when—and how—to use distressed sales as comparables. These appraisers know what adjustments to make, if any, when using distressed sales as comparables, for such methods are taught in basic coursework and updated seminar materials available to professional appraisers.

The Appraisal Institute’s Guide Note says: “A declining market will likely exhibit very little sales activity. When the sales comparison approach is necessary, but there are virtually no current sales in the market area to analyze as comps, the appraiser must: 1. Expand the geographic area for comp search, then adjust for location as appropriate, and/or 2. Use less recent sales, then adjust for market conditions as appropriate.”

According to the Guide Note, “Appraisers cannot categorically discount foreclosures and short sales as potential comps in the sales comparison approach.” However, due to differences between their conditions of sale and the conditions outlined in the market value definition, they might not be usable as comps, the Guide Notes emphasizes.

Further, foreclosures and short sales usually do not meet the conditions outlined in the definition of market value, the Guide Note says. A short sale or a sale of a property that occurred prior to a foreclosure might have involved atypical seller motivations (e.g., a highly motivated seller.) A sale of a bank-owned property might have involved typical motivations, so the fact that it was a foreclosed property would not render it ineligible as a comp. However, the Guide Note also points out, if the foreclosed property was sold without a typical marketing program, or if it had become stigmatized as a foreclosure, it might need to be adjusted if used as a comp. Also, some foreclosed properties are in inferior condition, so adjustments for physical condition may be needed."


Source:  Cherry Creek Mortgage
 

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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5 commentsLyn Sims - Schaumburg Homes • March 25 2012 01:21PM

Let's put a bottle cap on property taxes!

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


Legislators are trying to keep your property taxes from getting out ofproperty tax cap, 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!

"A new bill approved by the Illinois House would prohibit cities, counties and other local government bodies from raising property taxes on homeowners for years when the assessed value of their home declines.

Passing by a 74-39 margin, the bill would only allow such property tax increases if voters approved the measure in a special referendum.

The bill, which legislators say is supposed to protect the finances of middle-class taxpayers, was backed by Jack Franks, a Democratic state representative from Marengo who originally presented the bill in November, when it was swiftly defeated in a 34-73 vote.

“This wouldn't take any money away from local governments and schools,” Franks said about the bill. “They would get the same amount of money they got last year. If they need more money, they can ask the voters.”

The bill, however, is still not law – it must now make its way through the Illinois Senate, where it could face strong opposition from school districts, firefighters, police officers and teachers, all segments of the local public sector that count on property taxes for their funding and salaries.

Such budgetary hysterics regarding the House bill may be overblown, though, considering the aforementioned uphill battle it faces in the Senate. In fact, Terry Link, a Democratic Illinois State Senator from Waukegan, said to the Illinois Municipal League last week that “the measure is dead on arrival” in the Senate."


Chicago Agent Magazine
 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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1 commentLyn Sims - Schaumburg Homes • March 23 2012 12:35PM

Need Help with a Down Payment?

Need help with a Down Payment?


Here is a new program that I found that can helpdpp,downpayment plus,down payment assistance,first time buyer, 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 

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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0 commentsLyn Sims - Schaumburg Homes • March 22 2012 10:29AM

What's your Homeowners Association's Policy?

DO YOU KNOW HOW YOUR ASSOCIATION STANDS ON THIS TOPIC?  You should becausemanagement company,association fees, 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.

Via Dave Halpern - Louisville Short Sale Expert (Short Sales Professionals of Louisville (502) 664-7827):

Homeowners should make a point to understand what their Home Owners Association (HOA) is doing, especially in arena of dealing with salvaging fees from homeowners in foreclosure.

ZERO Recovery Forever Instead Of Thousands Now

Some Homeowner Associations prefer to get ZERO dollars if the house goes to foreclosure rather than thousands of dollars NOW in a short sale.

As a short sale Realtor, I have gotten foreclosing lenders to pay thousands of dollars to cover settlements on large delinquent HOA balances. However, some HOA's have all-or-nothing "no-settlement" policies. The HOA wants every cent including legal fees or let the house go to foreclosure where they get ZERO.

In addition, a successful short sale gets a new paying resident in the house NOW. A foreclosure can cause a house to sit vacant for a year or longer.

Push Your Neighbors Over The Cliff Then Slip And Fall Over With Them

By refusing to accept multi-thousand dollar settlements, HOA's are putting the final nail in the foreclosure coffin of houses in their subdivision.

These HOA "no-settlement" policies cause;

  1. More vacant houses in the subdivision, thereby diminishing property values even more.
  2. Hurts the reputation of the subdivision because of higher frequency of foreclosure.
  3. The HOA and the other homeowners recoup ZERO instead of thousands, thereby denying extra funds to the HOA treasury that could help lower dues for the other homeowners or increase services.
  4. More foreclosures in the subdivision, which usually sell for far less than short sales, thereby further lowering property values for the remaining residents. This also hurts the board members who make the no-settlement rules. Board members eventually have to sell, too, unless they are outsiders that somehow are appointed to the job.
  5. Keeping the foreclosure process alive often causes the HOA to run up avoidable additional attorneys fees that result in ZERO recovery.

As a short sale Realtor, I can only help those who are willing to be helped. I have helped HOA's and their constituent residents recover thousands. I cannot help HOA's that refuse to be helped and who turn down thousands of dollars.

Do you think the other residents in the subdivision know that their HOA Board or management company is turning down thousands of dollars in their name?

 

 

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827

************************************************************************************

Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert Realtors, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances.

I will provide you detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn't sellable. Put an expert real estate agent on your side. Many testimonials available.

Dave also trains other Realtors how to perform successful short sales.

IMPORTANT NOTICE: LouisvilleShortSaleExpert.com is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. We do not provide legal advice, you are encouraged to seek legal counsel. We cannot and will not charge upfront fees.

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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0 commentsLyn Sims - Schaumburg Homes • March 18 2012 09:18AM

I'm sorry to inform you the 'Spring Market' has been called off!

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 withschaumburg IL real estate,schaumburg homes, 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 ~

  • What you have in it.
  • What you need out of it.
  • What you want.
  • What you heard your neighbor’s house sold for.
  • How much it is insured for.
  • Based on memories and treasures.
  • Based on prices of homes where you are moving.

 
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

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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8 commentsLyn Sims - Schaumburg Homes • March 14 2012 10:17AM

Schaumburg Townhomes - Search for homes here!

Schaumburg Townhomes - Find your new home right schaumburg townhomes,schaumburg IL real estate,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


 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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3 commentsLyn Sims - Schaumburg Homes • March 12 2012 12:31PM

What do you mean, you need a letter from my Lender?

Pre-Qualification AND Pre-Approval - in other words buyers have contacted a lender to see what they can afford.  In myloan prequalification,FHA loan, 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.

Via Tish Lloyd Real Estate Agent Wrightsville Beach, NC (Wilmington Real Estate 4U 910.547.1446):

What do you mean, you need a letter from my Lender?

Picture of pen Fair question.  In days of old, Real Estate Agents would show homes to anyone who wanted to look.  We'd put prospective Buyers in our cars, grab our trusty MLS book and drive all over town for days, just looking at homes.  Often a prospective Buyer would fall in love with a home and we'd write an offer, only to find out, AFTER they had applied for the loan, they didn't qualify for that amount.

So, we Loan Officers and Real Estate Agents got smart.  We started suggesting Buyers get pre-approved or pre-qualified (in my opinion they are different, though many agents use the terms interchangeably).  Like most anything new, it took awhile for everyone to see the benefit of doing this.  Once it was realized how much more productive that information made everyone's lives, it became an industry norm.

You may very well have $500,000. cash just sitting in the bank for you to use in the purchase of a home.  You may have a credit score in the 800's and the ability to get any loan for which you apply. 

The Sellers have no way of knowing that.  I have no way of knowing that.  Frankly, I don't need all of your financial information.  I simply need a letter from your Lender or Bank, stating that you have the ablility, the qualifications and funds to purchase a home.  If you are only able to secure a loan for $300,000, there's no reason to look at homes in the $500,000 range.  Even if they are over-priced, chances are good they're not THAT over-priced and it's a waste of everyone's time and energy to look at homes which are out of your price range.  Did I mention the cost of gas?

You would be surprised at the number of people who think they have more buying power than they actually do.  Regulations are tight, banks are making it more difficult to obtain loans.  Even people with excellent credit and cash on-hand are finding they are unable to obtain loans, as in days-gone-by.  It's just so muchPicture of house and keys better when we know up-front, how much home you can comfortably afford.

Now when it comes time to submit an offer, we'll want a letter from your Lender or Bank which is tailored to the property on which you have chosen to make an offer.   No generic," Mr. & Mrs. Buyer can buy up to $XXX,XXX".  That's the type of letter which is going to hurt your negotiating power.  We'll want one that says you are ready, willing and ABLE to purchase XYZ Maple Street for $XXX,XXX.

When I ask for a letter from your Lender or Bank, I'm not trying to be difficult or nosy;  I'm trying to keep all of us from wasting time and energy.  Did I mention the cost of gas?  Buying a new home should be fun and exciting -- it quickly stops being that when a Buyer falls in love with a home, only to discover it's out of their reach . . .

 ***********************************

   Copyright © 2010 - 2011 All Rights Reserved

When you're ready to buy, sell or rent a home in Wilmington, Wrightsville Beach, Carolina Beach or Kure Beach NC, give me a call.  Lets work together to achieve your goals!

Tish Lloyd, REALTOR®

Broker

NC Real Estate Lic. 269076

Wilmington Real Estate 4U

5041 New Centre Drive Suite 108

Wilmington, NC  28403

910.547.1446

 
  
 
 

 
 
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Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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0 commentsLyn Sims - Schaumburg Homes • March 12 2012 07:02AM

It's a Loan Officer, Not a Serial Killer!

This is such a great & timely post with the spring market upon us! Many buyers hear all the great news about afforabilityloan officer,lyn sims, & 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.

Via Eric Michael, CDPE -Real Estate & Short Sale Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI):

It's a Loan Officer, Not a Serial Killer!

Scenario #1. You call a real estate agent because you saw a house online and would like more info. Agent describes the house and you get excited, it sounds exactly like what you're looking for. You say, "I gotta see this house! When can we go?" Agent's response, "Have you been in contact with a Loan Officer?"

Scenario #2. You and your spouse have been driving around the city, looking for "for sale" signs in front of houses that you're interested in. This is one of the areas you've always wished you could buy your first house in. House looks great. There's even some young kids playing basketball next door. They seem to be right about the same ages as your kids. Your wife dials the number on the sign. "Hi, this is Eric. How can I help you?" "Um, hi. We were wondering if you could tell us more about the house at 123 Perfect Lane?" After hearing all about the house, you've just gotta see the inside! When you ask, the response is "Do you have a pre-qualification letter from a lender yet?"

Scenario #3. You just got a raise at your job. The lease is just about up on your apartment, and a few of your friends have purchased homes recently. It's your turn. You sign up for lists of homes from a dozen real estate sites. They're all the same lists, but whatever. You thought there might be something special out there and you didn't want to miss it. You find a few that you want to look at. That's when you call your friend, who's been in the business for a while. You tell him that it'll be cool to hang out and look at some homes, maybe get a few beers afterward. Friend agrees and says, "Before we hook up, have you talk to a lender yet? If not, I have a few that I've worked with in the past that I could recommend, because we need to make sure you get pre-approved before we start looking at homes."

See the pattern here?

There's a reason that we want you to talk to a Loan Officer before we go out to look at homes. A few reasons, actually.

  • You need to take a look at your credit history. Lenders have minimum credit scores that need to be met before lending money for a house.
  • You might think that you can afford a certain amount, only to learn you have to look at homes that are a lot lower than you thought. Conversely, maybe you can qualify for more than you thought, and your dream house just got a lot nicer. Looking at homes that you could never qualify for is depressing. Trust me.
  • We run a business. We don't get paid unless you purchase a house. If you can't purchase, we can't waste our time, money or resources. It doesn't make business sense.

Debt to income ratios, time on your job and amount needed are a few more things that they Loan Officer will have to figure out before determining how much, and IF you can qualify for a mortgage loan.

Sometimes it's scary to find out what your credit is, or what you can truly afford. Sometimes it's even better to continue renting for a while to save up more money for that down payment or to pay off a few credit cards. The Loan Officer will help determine the best strategy for you.

Ultimately, a trustworthy Loan Officer is an integral part in the house/condo buying process. They can be an ally. As long as you remember, It's a Loan Officer, Not a Serial Killer!


Eric Michael, Real Estate Professional
Remerica Integrity, Realtors
41000 W. 7 Mile #105
Northville, MI 48167

Cell: 734.564.1519

Fax: 248.912.9996

www.ShortSaleInfoMI.com

www.EricMichaelOnline.com

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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3 commentsLyn Sims - Schaumburg Homes • March 11 2012 10:08AM

Northwest Suburban Real Estate Market - Is it Spring yet?

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 northwest suburbs,lyn sims,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!

 



northwest suburbs,lyn sims,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.

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Sources:  MRED February Stats 2012

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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3 commentsLyn Sims - Schaumburg Homes • March 10 2012 02:47PM

FHA Increases on the horizon for Buyers!

FHA Loans,first time home buyer,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

 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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4 commentsLyn Sims - Schaumburg Homes • March 06 2012 04:50PM

Hoffman Estates IL Real Estate - Search for homes here!

Hoffman Estates IL Home Search - Find your new home right here!


There are many great Hoffman Estates selections to choose from as the map shows!  Easily see how many homes are in your type - either Single Family or Townhomes (includes condos).

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


Home Search by Hoffman Estates Subdivisions


 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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0 commentsLyn Sims - Schaumburg Homes • March 02 2012 01:44PM

Schaumburg Homes - Search for a new home right here!

Schaumburg IL Home Search - Find your new home right here!


There are many great selections to choose from as the graphsschaumburg homes,schaumburg IL real estate,lyn sims, show!  Easily see how many homes are in your price range!

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


Home Search by Subdivision
 
 

Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324

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1 commentLyn Sims - Schaumburg Homes • March 02 2012 10:40AM