RealEstateConsumerInfo.com: October 2008

Looking for your 1st home in either Schaumburg or Hoffman Estates?  Need a decent price?  Want a good area for future resale value?  Want a good area with good schools for the kids?

These places are great!  Call me for more information on how to start your home search and explain the whole process to you!

Lyn Sims (847)230-7324 RE/MAX Suburban

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Detached Single Status: PCHG MLS #: 07030416 List Price: $189,900 Address: 304 Wellesley Ct City: Schaumburg Zip: 60193 Subdivision: Weathersfield Area: 193 Bdrms: 3 Year Built: 1960 Baths: 1 Taxes: $1,259.08 Rms: 5 Approx SF:   Fplcs: 1 Master Bath: N Type: 1 Story Basement: N Lot Dimensions: 200X180X40 Park Type: Garage #Cars: 1

Detached Single Status: ACTV MLS #: 06985657 List Price: $230,000 Address: 480 Illinois Blvd City: Hoffman Estates Zip: 60169-3321 Subdivision:  Area: 194 Bdrms: 4 Year Built: 1958 Baths: 2 Taxes: $1,731.91 Rms: 8 Approx SF:   Fplcs: 1 Master Bath: Y Type: 1 Story Basement: N Lot Dimensions: 80X180X113.14X100 Park Type: Garage #Cars: 1

Under $230,000 in Schaumburg and Hoffman Estates IL©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use

I recently wrote a post regarding giving Sears special attention when it comes to Christmas Shopping this year because of all the great work they are doing for our men and ladies in the Military.

This is a companion article from Sears on the 'Heroes at Home' Wish Registry.  Another great program I think you should be made aware of:

HOFFMAN ESTATES, Ill., Oct. 24 /PRNewswire/ -- As part of its unwavering commitment to the men, women and families of the U.S. armed forces, Sears Holdings Corporation is pleased to extend the deadline of the Heroes at HomeWish Registry(sm) to Friday, October 31 and encourages all active military personnel to apply. In consultation with the U.S. Department of Defense, Sears is pleased to extend the popular program that enables America to fulfillwishes for up to 20,000 deserving military families and personnel this holiday season. Through this offering, Sears is continuing its long-standing tradition of support of the military whose sacrifices deserve much recognition.

The first 20,000 service members who apply and can be validated with an active duty military status can become part of the Wish Registry. Active service personnel who participate in the Heroes at Home Wish Registry willr emain anonymous to ensure compliance with the military's standards of conduct regulations. Ultimately, all 20,000 registrants will be granted Sears giftcards in equal amounts, which will be determined based on the number of entries and donations. The gift card denominations will not exceed $550.

"Since 1916, Sears has been committed to America's service men and women with programs to employ veterans and reserve pay differential and benefits for full-time associates called up for active duty," said Don Hamblen, Chief Marketing Officer, Sears. "Last year, Sears launched Heroes at Home to help military personnel renovate and rebuild their homes. Today, we are pleased to expand the Heroes at Home Wish Registry to incorporate elements to make the wishes of our military come true for the holidays and enable our customers to provide a direct 'thank you' to members of the military."

Sears created the Wish Registry specifically to help identify heroes both domestically and overseas to show thanks for their service this holiday season. Sears partnered with the USO to help communicate the Wish Registry to military members, and will be making a $250,000 donation to support USO programs and services around the world. Military personnel can log on to www.sears.com/wish through October 31 to apply for the Wish Registry. Between November 2 and December 25, 2008, Sears will invite America to help fulfill their wishes with a Sears Gift Card.

Bill Kiss, Divisional Vice President Program Development said, "The Heroes at Home Wish Registry allows us to connect with the military community on every personal level, and gives Americans the opportunity to fulfill thei rwishes. It's an extremely powerful program, with the potential to produce extremely meaningful results."

The Heroes at Home Wish Registry, one of Sears Holdings Corporations' multiple programs supporting the military and their families, enables Sears' customers to thank America's military heroes for the sacrifices they make for our country. However, the program starts with the Sears family, not just their customers. The first donations the registry received were from Sears associates, senior executives, and vendors featured at the retailer.

The Heroes at Home program also provides support to service members, veterans and their families through joint efforts with various nonprofit organizations, including Rebuilding Together, Inc. Sears Holdings has spearheaded nationwide fundraising efforts in the spring and holiday seasons over the past year and has raised more than $5 million through the Heroes at Home program for Rebuilding Together.

Sears has actively supported this country's servicemen and women with pride and respect since the company was founded more than a century ago. Each year Sears matches reservists pay and benefits while they are serving. In 2005, Sears Holdings received the Secretary of Defense Employer Support Freedom Award, which publicly recognizes American employers who provide exceptional support to their employees who voluntarily serve the nation in the National Guard and Reserve. In 2006, Sears Holdings also was honored with the Military Officers Association of America's Distinguished Service Award, inr ecognition of the company's support of associates in the Guard and Reserve and military families nationwide.

To find out more about the Heroes at Home program, or to refer a military family or veteran to the home renovation program through Rebuilding Together, visit www.sears.com or call 1-800-473-4229. Sears Holdings' ongoing commitment to assisting troops and their families includes several recruiting and employment programs, as well as a military pay differential to Sear sassociates employed (full time) who are reservists serving on active duty. Reservists who are employed full-time are allowed to continue participating in life insurance, medical and dental programs.

As you know Sears is based in Hoffman Estates IL an area in which I serve.  Please pass it on.

Lyn Sims (847)230-7324 RE/MAX Suburban

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Hoffman Estates, Schaumburg, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Heroes at Home Wish Registry©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

You know what makes me crazy?  Market graphs that don't tell you what is really going on in the real estate market.  Let me tell you what I've noticed from the local media and alot of my own real estate compadres recently - graphs that point to the past!  Yes we are down from 2006 and 2007 but do you really care if you have to sell your home now?  I am thinking you are reading this post because you want to sell your house NOW - TODAY - OR SOON!

BUT CAN YOU?  WHAT CAN YOU EXPECT?  So I've decided to talk about what has happened RECENTLY, in the last 6 months of the market.  That is the best 'current time' that I can do.  No sense talking about the past or what market increases you are not experiencing NOW.

Remember that old song by the Grass Roots?  Sha-la-la-la-la-la live for today! 

This graph represents all the single family homes for sale in Schaumburg at the current time.  What the graph depicts is a steady decline in homes on the market since the 2nd week of August.  Currently there are 17% less homes on the market since the beginning of May 2008.

That is good, in order for the market to correct itself and prices to stabilize we need less homes on the market.  For September 2008 - 12 months supply of homes on the market.  In a 'good' market there is an average of around 6 months supply.  So obviously we have twice that amount over a healthy market place in times past.

Are people taking their homes off the market with the holidays approaching?  YES

Are people renting their homes instead of selling them if they can afford it?   YES

Should people take their home off the market if they don't have to sell it?   YES - PROBABLY - I bet you didn't expect me to say that!

Are people making bad financial decisions regarding their home because they are scared of current market conditions on Wall Street?   YES

Is it a good time to buy a home?   YES - there is alot of 'good' houses at great prices. 

Are there alot of 'deals' to be had?   YES - so get going and get one.  Please call me so we can get started today!

Are there alot of foreclosures in the area?   YES and NO - The media has definitely brought your attention to the situation hasn't it?  There are only a small percentage of homes in Illinois currently in default, 95% of people are not in foreclosure according to statistics.

This is a whole 'new ball game' for 2008!  Care to join me on the field?  I can help you figure out what is happening with your local market and help you decide what would be the best financial decision FOR YOU!

Lyn Sims (847)230-7324 RE/MAX Suburban            Email her at:  LynSims@remax.net 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Schaumburg IL Market Conditions©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Sears - Christmas shopping this year. 

I know I needed this reminder, since Sears isn't always my first choice. It's amazing when you think of how long the war has lasted and Sears hasn't withdrawn from their commitment. Could we each buy at least one thing at Sears this year?

How does Sears treat its employees who are called up for military duty? By law, they are required to hold their jobs open and available, but nothing more. Usually, people take a big pay cut and lose benefits as a result of being called up for active duty.

Sears is voluntarily paying the difference in salaries and maintaining all benefits, including medical insurance and bonus programs, for all called up reservist employees for up to two years.

I submit that Sears is an exemplary corporate citizen and should be recognized for its contribution. I suggest we all shop at Sears at least once, and be sure to find a manager to tell them why we are there so the company gets the positive reinforcement & feedback it well deserves.

Pass it on.  I decided to check this before I sent it forward. So I sent the following e-mail to the Sears Customer Service Department:

I received this e-mail and I would like to know if it is true. If it is, the internet may have just become one very good source of advertisement for your company. I know I would go out of my way to buy products from Sears instead of another store for a like item, even if it's cheaper at that store.

This is their answer to my e-mail:

Dear Customer:

Thank you for contacting Sears.The information is factual.  We appreciate your positive feedback.

Sears regards service to our country as one of greatest sacrifices our young men and women can make. We are happy to do our part to lessen the burden they bear at this time.

Bill Thorn
Sears Customer Care
webcenter@sears.com
1-800-349-4358 

Please pass this on to all your friends.  Sears needs to be recognized for this outstanding contribution and we need to show them as Americans, we do appreciate what they are doing for our military!!!

It's verified ! By Snopes.com at:
http://www.snopes.com/politics/military/sears.asp

As you know Sears is based in Hoffman Estates IL an area in which I serve.  Please pass it on.

Lyn Sims (847)230-7324 RE/MAX Suburban

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Sears - Christmas Gifts and our Military Personnel©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

This is another post from a tax protest in Barrington which is also in Lake County.  Basically states that the appeal must be used until the next quadrenial assessment.

These guys are tricky if you let them get away with it.  Only be sure to pay your fair share!

SO WHAT'S UP WITH THE REAL ESTATE MARKET?

Interested in getting a copy of the best overall market information and real estate sales conditions that I could find recently?  It’s an article from Chicago Magazine’s October Issue "What's your House Worth" that just came out and offers extensive data on each town and neighborhood in the Chicagoland area.   What makes this article important is that it is compiled from the local MLS (MRED) not some of these other hallucinating websites like zillow, yahoo real estate, etc. where they never seem to actually know where their numbers come from.  Accuracy is important to me, it should also be important to you regarding your largest investment - your home.

You're probably curious about what is going on in the area marketplace regarding your homes value or you wouldn't be here.  The ‘talking heads’ tell you everyday the doom and gloom of either the mortgage crisis or another corporate meltdown taking place.   I think when you read the article you will be pleased that your homes value hasn’t tanked but there is a definite glut of homes on the market for sale. 

Prices do not increase when competition to sell is a fierce as it is.  Here are some examples of the 'absorption rates' for our area.  This is fancy sales speak for 'Hey - how many homes are on the market and how long with it take to sell on the average'.  A 'good market' is normally in the 5-6 month range.  (This is what Realtors go to church on Sunday and pray for!)

Single Family Homes Only

Schaumburg -  9.9 months supply, highest was in 12/2007 at 32.3 months.

Hoffman Estates -   11 months supply, highest was in 12/2007 at 15.5 months.

Elk Grove Village -  12.1 months supply, highest was in 12/2007 at 23.2 months.

Bartlett -   9.8 months supply, highest was in 12/2007 at 22.8 months.

Roselle -  15.6 months supply, highest was in 3/2007 at 26.2 months.

Bloomingdale -  15.1 months supply, down from highest of all in 1/2008 of 86 months.

Streamwood -  11.9 months supply, highest was in 2/2008 of 20.6 months.

Hanover Park -  10.2 months supply, highest was in 10/2007 of 20.8 months.

Elgin -  14.5 months supply, highest was in 12/2007 at 27.6 months.

South Elgin -  10.5 months supply, highest was in 12/2007 at 24.8 months.

Itasca -  13.4 months supply, highest was in 6/2008 at 79 months.  

Carol Stream -  9.3 months supply, highest was in 11/2007 at 21 months.

St. Charles -  14 months supply, highest was in 1/2008 at 28.9 months.

I hope you find this periodic information valuable.  If you need the complete article which also includes the Chicago neighborhoods it will be posted in PDF format on my website.  Go there now please.  

If you have any questions, please feel free to give me a call as I want you to feel you can call me for advice regarding your home and real estate in general.

Lyn Sims (847)230-7324 at RE/MAX Suburban

Real Estate Experience is a necessity in this market!

**MRED MLS of Northern Illinois, Data Compiled on 9/25/08, Agent Metrics, Chicago Magazine.

So what's up with the Real Estate Market?©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

If you are currently in the market for a new home, you may be interested in how a real estate agent can help you.  You are about to make a great investment of both money and time.  I have a wealth of experience helping buyers of all categories like you make sound, informed decisions.

Did you also know that we don't cost you a thing?  That's right - zip, nada, zilch!

Here are some ways that a Buyers Agent can help you:

• Agents can help establish a plan for a home that fits your needs. Style, size, amenities, and other preferences will help determine what kind of home is best suited for you. They are familiar with all the floor plans and styles.
  
• They will help you to determine realistic spending limits. They can often explain alternative financing options or introduce you to a mortgage counselor. Agents can arrange to have you "pre-approved", which can help improve your positioning in negotiations.
  
• Access to all home listings all in one place within the MLS enables them to evaluate homes based on your affordability and the qualities you desire.  You can also have custom searches of multiple areas on my website until you make a final choice on a particular town.  Not all companies offer this service!
  
• They have access to information on taxes, real estate values, and municipal services, all of which can aid you in your decision to buy.
  
• They can 'work for you' as a buyer's agent, helping to negotiate the best terms and price for you.
  
• They can make you comfortable with the closing process and they will obtain closing figures in advance for your review.
  

The median list price for Itasca is $469,900 with the average market time of 263 days.  The lowest priced home available is $239,900 and the highest is $2,940,000 for custom construction.  The best supply of homes available is in the $300,000 to $400,000 price range this year.

Area Market Survey CriteriaStatus: Active        Property Type: Detached Single        Area: Itasca

Lyn Sims at RE/MAX Suburban (847)230-7324                                                       10/13/2008

Single Family Homes Available in Itasca IL

List Price Range # Listings Avg. Days on Mkt $200,000 - $249,999 1 167 $250,000 - $299,999 5 247 $300,000 - $349,999 14 278 $350,000 - $399,999 10 121 $400,000 - $449,999 7 307 $450,000 - $499,999 5 188 $500,000 - $549,999 3 159 $550,000 - $599,999 1 349 $600,000 - $699,999 6 177 $700,000 - $799,999 12 454 $800,000 - $899,999 6 274 $900,000 - $999,999 2 618 $1,000,000 - $1,999,999 4 49 $2,000,000 - $2,999,999 1 221

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 77 263 $469,900 $597,947 $2,940,000 $239,900

The above are just a few ways that a veteran buyers agent, like myself Lyn Sims, can help you in your journey towards buying your new home.  More information to preparebuyers can be found on my website or by calling me directly. I'm confident that I can provide the kind of exceptional service that will make this process an exciting one. Please don't hesitate to call or e-mail me with any questions you may have.

Lyn Sims RE/MAX Suburban (847) 230-7324   OR  Email her:   LynSims@remax.net

Having someone in your corner with over 20 years experience will ensure every detail of your purchase is handled smoothly!  Looking forward to hearing from you!

Lyn Sims at (847)230-7324

Northwest Suburbs of Chicago - Schaumburg, Hoffman Estates, Palatine, Elk Grove Village, Itasca, Medinah, Roselle, Bartlett, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles.

Homes for Sale in Itasca IL©2008 Lyn Sims - RealEstateConsumerInfo.com All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Looking for a home in the Medinah IL area?   This is a great time to get your first home, move to a smaller home, or move to a larger home.  Interest rates are stable and recently lowered despite all the media hype and is available to all with fairly decent credit.  

These are the current market numbers and availability for single family homes in Medinah IL.  A few selections below the $400,000 range and we've got great custom construction for price ranges above that!  The median listing price for Medinah is $454,950.  Some "handyman specials, foreclosures and fixer uppers" are available for buyers trying to get "instant equity" in the market by doing the work themselves!  There probably is a deal out there waiting for you!

Lowest Price is $278,900 and the Highest Price is $1,425,000 with the Average Days on Market of 227.

To search for homes currently available in the surrounding Medinah area, please go directly to my homesearch page to get started.  Other interesting articles for sellers or buyers are also available at www.LynSims.net to make you market "savvy" before you start your home search!

Area Market Survey CriteriaStatus: Active                                                                                                    October 13, 2008

Lyn Sims at RE/MAX Suburban (847)230-7324

Active Listings for Medinah IL

List Price Range # Listings Avg. Days on Mkt $250,000 - $299,999 3 202 $300,000 - $349,999 9 258 $350,000 - $399,999 6 219 $400,000 - $449,999 2 73 $450,000 - $499,999 5 336 $500,000 - $549,999 2 94 $550,000 - $599,999 2 96 $600,000 - $699,999 5 262 $700,000 - $799,999 5 186 $900,000 - $999,999 2 277 $1,000,000 - $1,999,999 1 306

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 42 227 $454,950 $527,400 $1,425,000 $278,900

If you are looking to buy or sell a home in the Medinah/Roselle/Itasca area, please feel free to contact me, Lyn Sims of RE/MAX Suburban at (847)230-7324.  I can provide you with any information on many of the area communites and show you the latest homes that are available on the market!

 Lyn Sims (847)230-7324 RE/MAX Suburban

Selling in the NW Chicagoland Suburbs of Medinah, Roselle, Itasca, Elk Grove Village, Schaumburg, Hoffman Estates, Bloomingdale, Elgin, South Elgin, Hanover Park, Bartlett, Carol Stream, St. Charles Illinois areas.

Homes for Sale in Medinah IL©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Looking for a home in the Elk Grove Village area?   This is a great time to get your first home, move to a smaller home, or move to a larger home.  Interest rates are stable and recently lowered despite all the media hype and is available to all with fairly decent credit.  

These are the current market numbers and availability for single family homes in Elk Grove Village, IL.  Lots of great selections below the $300,000 range and we've got great custom construction for price ranges above that!  The median listing price for Elk Grove is $319,900.  Some "handyman specials, foreclosures and fixer uppers" are available for buyers trying to get "instant equity" in the market by doing the work themselves!  There probably is a deal out there waiting for you!

Lowest Price is $199,800 and the Highest Price is $999,000 with the Average Days on Market of 197.

To search for homes currently available in the surrounding Elk Grove area, please go directly to my homesearch page to get started.  Other interesting articles for sellers or buyers are also available at www.LynSims.net to make you market "savvy" before you start your home search!

Area Market Survey CriteriaStatus: Active       Property Type: Detached Single   Area: Elk Grove Village

Active Listings for Elk Grove Village IL                            Lyn Sims (847)230-7324 RE/MAX

List Price Range # Listings Avg. Days on Mkt $150,000 - $199,999 2 286 $200,000 - $249,999 15 173 $250,000 - $299,999 41 183 $300,000 - $349,999 47 216 $350,000 - $399,999 19 214 $400,000 - $449,999 7 72 $450,000 - $499,999 4 123 $500,000 - $549,999 2 263 $550,000 - $599,999 1 516 $700,000 - $799,999 2 405 $800,000 - $899,999 1 172 $900,000 - $999,999 1 13

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 142 197 $319,900 $338,200 $999,000 $199,800

If you are looking to buy or sell a home in the Elk Grove/Schaumburg IL area, please feel free to contact me, Lyn Sims of RE/MAX Suburban at (847)230-7324.  I can provide you with information on many of the areas communites and show you the latest homes that are available!

 Lyn Sims (847)230-7324 RE/MAX Suburban

Selling in the NW Chicagoland Suburbs of Elk Grove Village, Schaumburg, Hoffman Estates, Roselle, Medinah, Itasca, Bloomingdale, Elgin, South Elgin, Hanover Park, Carol Stream, St. Charles Illinois areas.

Homes for Sale in Elk Grove Village IL©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Now is a Smart Time to Buy!  Here's what's Available by Price Range in Hoffman Estates and Schaumburg!

Now is a great time to buy a home, say the financial gurus at the Wall Street Journal, so GET OFF THAT FENCE!   (Not to mention is just huuuurtsssssssss your keester after awhile!)

The Journal calls it a buyers market and offers these suggestions for first-timers getting their feet wet. While their advice is solid, it's not revolutionary, but some potential customers might find it reassuring.

Remember this is a place to live not a stock market investment, they say. Lenders want buyers to spend no more than 28 percent of their gross monthly income on mortgage payments, real estate taxes, and home insurance. Buyers shouldn't count on stretching further because lenders won't approve their loans.

• Cash is king.  Having enough money in the bank to pay closing costs that are typically an additional 2 percent to 3 percent of the price of the home is necessary.
• Location, Location, Location.  As any good real estate professional knows, homes in good school districts where the crime is low are much more likely to hold or increase their value.
• Compare.   Besides just looking at the comps(houses that sold), buyers should examine what it would cost to rent a similar house in the same area and they might consider what it would cost to buy land and build a comparable home.
• Think long haul.  It will probably take at least six or seven years of living in the house to be able to sell and come out ahead.

So this is how the my market graphs work.  Let's say that your pre-approved purchase price is in the $250,000 to $300,000 range and you would like to start looking for a single family home.  There are currently 86 home selections in that range in both Hoffman Estates and Schaumburg 

OR

You are looking for a townhouse or something similiar in the $250,000 to $299,000 price range and your current selections are 86 shown in the lower graph for Multi-family homes.

Area Market Survey CriteriaStatus: Active   Property Type: Detached Single   Area: Schaumburg, Hoffman Estates

Lyn Sims RE/MAX Suburban (847)230-7324

List Price Range # Listings Avg. Days on Mkt $150,000 - $199,999 3 87 $200,000 - $249,999 40 165 $250,000 - $299,999 86 202 $300,000 - $349,999 72 152 $350,000 - $399,999 82 157 $400,000 - $449,999 36 181 $450,000 - $499,999 54 167 $500,000 - $549,999 23 164 $550,000 - $599,999 15 142 $600,000 - $699,999 35 196 $700,000 - $799,999 24 124 $800,000 - $899,999 3 183 $900,000 - $999,999 4 178 $1,000,000 - $1,999,999 2 237 $2,000,000 - $2,999,999 1 244

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 480 169 $374,900 $424,680 $2,495,000 $167,900

Area Market Survey CriteriaStatus: Active  Property Type: Attached Single   Area: Schaumburg, Hoffman Estates

Attached Homes - Condos, Duplexes, Townhomes, etc.

Lyn Sims RE/MAX Suburban (847)230-7324

List Price Range # Listings Avg. Days on Mkt Less than $149,999 174 164 $150,000 - $199,999 274 146 $200,000 - $249,999 174 142 $250,000 - $299,999 71 130 $300,000 - $349,999 28 112 $350,000 - $399,999 12 168 $400,000 - $449,999 7 173 $450,000 - $499,999 4 137 $500,000 - $549,999 3 68 $550,000 - $599,999 3 217 $600,000 - $699,999 2 170

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 752 147 $189,900 $202,905 $674,900 $69,900

Like the Wall Street Journal article said, this is a great time to start looking for a new home, purchase a larger home, or retire to something more manageable!  Interest rates are expected to be lowered once again which makes it even more affordable!

My homesearch website makes it easy to get started finding your new home!  My site offers purchasing advice, selling advice, mortgage calculators, mortgage advice and dictionary, home inspection advice, school district info, METRA info, community and town info too!  No need to jump from site to site - all the homes listed in the MLS for sale are in this site! 

Having someone in your corner with over 20 years experience will ensure every detail of your purchase is handled smoothly!  Looking forward to hearing from you!

Lyn Sims at RE/MAX Suburban (847)230-7324          www.LynSims.net

Northwest Suburban Chicago IL homes for sale in Hoffman Estates, Schaumburg, Elk Grove Village, Bartlett, Roselle, Medinah, Itasca, Carol Stream, Bloomingdale, Palatine, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles.

Lyn's Email:  LynSims@remax.net

Homes for Sale in Schaumburg and Hoffman Estates IL©2008 Lyn Sims - RealEstateConsumerInfo.com  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Understanding Agency or 'Who works for who' in a real estate transaction.

It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction.   Ask your salesperson to explain what type of agency relationship you have with him or her and with the brokerage company.

Disclosed dual agent.  Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction.  Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent.  In many states and in Illinois, this consent must be in writing.  Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them, is legal in most states.

Lyn Sims at RE/MAX Suburban (847)230-7324

Northwest Suburban Areas of Elk Grove Village, Schaumburg, Hoffman Estates, Roselle, Medinah, Itasca, Palatine, Bloomingdale, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles.

 All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use