Real Estate Consumer Info.com

Roselle Illinois Market Update by Price Range - July, August, September 2009

Diligently trying to keep both buyers and sellers educated on the local Roselle Illinois Home Sales and housing market has been my goal with these regular posts. This market update gives you the number of homes that have sold by price range so you get a feel for the current sales activity.  Which is up giving encouraging news!

35% over the last 3 months!

Isn't the $8000 Tax Credit making a difference?  Isn't the lower interest rates making a difference?  Maybe the great values in the area?

I honestly can't say the reason for this quarterly upswing but for once it's good news that sales are inching forward. Homes in Illinois have made a 3% increase not seen since March 2006!  Average days on the market for closed sales is at 184.  The listing price to selling price ratio is 5% which means the amount that a buyer gets off the list price of a house.

Now what I find interesting is a new figure called the 'Sales Price to Old List Price'.  This comes in at 89% which shows that sellers are still putting their homes on the market too high and then coming down and eventually selling.  This is not the market to test a price!  

Currently for the Roselle Illinois Home Sales from July to September 2009 you can clearly see that over 50% of the closed sales have been under the $250,000 price range.  The lowest sales price was $125,000 and the highest sales price was only $650,000.

How can you use this information if you are a buyer?  The price range that you are thinking of purchasing in, is it one of the more active price areas of the market?  It would be telling you that there are many other buyers also in your price range all looking for that 'deal.'  Hey that single family home that sold for $125,000 I would call a 'deal'.

How can this information help you if you are a seller?  If you are planning on selling your home soon, you can see which price ranges are most active.  Clearly the price range above $300,000 has been non-existent and rarely sales have occurred.  You might have to plan accordingly for extra market time, but Roselle has faired well with 5 homes selling over the $400,000 price point.    As a seller, you have to be sure that your homes curb appeal and presentation is 'spot on'. in a market like this.  Possibly some extra updates and staging might be required before you put your home on the market.  Do you know what the average market time is for your price range?

Hey Lyn, what about foreclosures?  Of those closed 33 total sales only 8 were foreclosures and 2 were short sales.   So much for the media telling you all about all those foreclosures out there.
  

Market Update April, May, June 2009

Townhome Update April, May, June 2009


Looking for a market expert to help you sell your home in the area?

Looking for a great home in the area?


 

          Lyn Sims                  (847)230-7324
                                         RE/MAX Suburban
                            Email:  LynSims@msn.com
                           





I sell 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.

Resources:  MRED MLS of Northern IL, my little calculator and golf pencil.

Roselle Illinois Market Update by Price  ©2009 www.RealEstateConsumerInfo.com - www.RealEstateBuyMe.com  - Lyn Sims

 

                       
    © 2010 Lyn Sims

       

Light at the end of the tunnel?  I hope so.  Here is some positive information and numbers from the 'egg heads' that crunch numbers for Illinois.

Illinois Home Sales Show First Increase in Over Three Years

Statewide Illinois home sales increased year-over-year in the month of September for the first time since March 2006 with first-time buyers driving the rebound in sales. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2009 reached 10,350 homes sold, up 3.3 percent from September 2008 sales of 10,018.

The Illinois median price in September 2009 was $160,000 down 9.3 percent from $176,450 in September 2008. The median is a typical market price where half the homes sold for more, half sold for less.

According to Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois: “There are signs that the housing market may be signaling a change in direction, although the prospect of continued large numbers of foreclosed properties will continue to exert downward pressure on prices in a market in which supply still significantly exceeds demand. The news on the sales front is encouraging and even the price declines seem to be moderating. However, the prospects of a jobless recovery from the recession will continue to exert restraint on a more robust recovery of the housing market. Illinois tends to enter recessions later than the U.S. and take longer to recover.”

Illinois’ official unemployment rate in September reached 10.5 percent and was above the 9.8 percent national unemployment rate.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.06 percent in September 2009, down 0.21 from the 5.27 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in September it averaged 6.05 percent.

In the city of Chicago, September total home sales (single-family and condominiums) were up 5.8 percent to 1,918 sales compared to 1,813 homes sold in September 2008. The city of Chicago median price in September 2009 was $225,000 down 16.2 percent compared to $268,600 a year ago in September 2008.  “While we see a significant increase of sales, we continue to see distressed properties moving the marketplace,” said Genie Birch, president of the Chicago Association of REALTORS®

According to the IAR report, total home sales (single-family and condominiums) comparing September 2009 to the same month in 2008 were up in 39 of 99 Illinois counties reporting including Champaign, up 15.7 percent; Cook, up 9.2 percent; DuPage, up 6.6 percent; Kankakee, up 2.9 percent; Lake, up 1.2 percent; Rock Island, up 3.6 percent; Sangamon, up 13.5 percent; and Will, up 4.6 percent.



Sources:  IL Assn of Realtors; Sales and price information is generated from a survey of Multiple Listing Service sales reported by 37 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

 

                       
    © 2010 Lyn Sims

       

Great advice in this post from Chantel Saucier on what NOT to do when you are looking for a home!  Sometimes first time home buyers decide on that new couch with catastrophic results.

 

                       
    © 2010 Lyn Sims

       

Chimney Pots

Do I need one?  Do I want one?  Should I get one?  It's the newest trend in spicing up the exterior of your home!

Personally, I love how they look!  Chimney pots were traditionally unglazed terracotta pots with a tapered shape, designed to increase the draft of a chimney while providing an ornamental cap to a building. Their use is first recorded in the thirteenth century, and they were an important aid to heating during the time when fireplaces were the main source of warmth.

Belying the name pot, chimney pots are available in a wide variety of sizes, shapes, styles -- important because they must fit the flue.  They are available in a range of colors and designs to suit and highlight various architectural styles on a home. Although one may purchase antique or reproduction chimney pots either to fit the house architecture, from an appreciation of history, or for beauty, the new array of patterns means that chimney pots are no longer associated exclusively with Tudor Architecture. Among the shapes available are chess pieces, octagonal columns, and those shaped like gun or cannon barrels.

Chimney pots fit around the outside of the flue, but inside the chimney, so proper measurement is important to getting a good fit. Securing a piece of wire mesh over the top of the chimney pot can keep both leaves and small animals out, as well as keeping sparks in. Local fire code determines the requirements for spark arrestors so checking with the village before installation is important.

Didn't know what a Chimney Pot was?  Now you do!  See you've learned something today!

The photo at the right is an incorrect way to use a Chimney Pot!  So don't even try it in my neighborhood!



Chimney Pots in This Old House Magazine

Chimney Pots made between 1840 and 1880

Copper Chimney Pots

Copper Chimney Pots

Extendaflue Chimney Styles

Please contact me Lyn, I need more information!     

 

  Lyn Sims                  (847)230-7324
                                             RE/MAX Suburban
                        Email:  LynSims@msn.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/

Chimney Pots ©2009  Lyn Sims - www.RealEstateConsumerInfo.com - www.RealEstateBuyMe.com

 

                       
    © 2010 Lyn Sims

       

I think that shopping for a mortgage lender is one of the hardest things to do but Bill Ladewig from San Diego gives you great advice and a few tricks.  Ask each lender for the same information so that you can shop them comparatively! 

Educate yourself before you begin shopping and don't forget to ask alot of questions if you don't understand.  And then keep asking questions until you do and feel comfortable with the process.   

 

                       
    © 2010 Lyn Sims

       

FHA Appraisal Requirements

Effective for all case numbers assigned on or after January 1, 2010, the validity period for all appraisals on existing and proposed and under construction properties will be 120 days.  This change aligns FHA’s requirements pertaining to the validity of an appraisal with current industry practices.
 
This is a change from the current validity periods of six months for an appraisal of an existing property that is complete, and 12 months for proposed and under construction properties.

How will this effect you as a buyer?

Not much, except in occurances where the property you purchase has an existing FHA appraisal.  That appraisal is valid and 'stays with that property' for the 4 month period.  Good news is, you won't need a new appraisal.  Consider it streamlining of the process.

How will this effect you as a seller?

Bad news is if you are investigating into this your property probably didn't appraise out at the contract price.  That appraisal 'stays with that property' for the 4 month period as mentioned with no exceptions. Now if the property values have declined in your area, you must still use that existing appraisal price and you'll come out ahead!  If values have increased you might consider only accepting conventional financing on your home which would then exclude a large percentage of the buyer pool.

Another alternative negotiation would be for the buyer to come up with extra down payment dollars to cover the difference between the appraisal and the purchase price.  This can be a problem because, let's face it, most FHA buyers have the minimum 3.5% down payment and rarely any extra cash.  OR

The seller can adjust the sales price to the appraisal price of the home thus allowing the buyer to proceed with the minimum down payment.

Please contact me Lyn, I need more information!     

 

 

   Lyn Sims                   (847)230-7324
                                              RE/MAX Suburban
                         Email:  LynSims@msn.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.

FHA Appraisal Requirements  ©2009  Lyn Sims - www.RealEstateConsumerInfo.com - www.RealEstateBuyMe.com

 

                       
    © 2010 Lyn Sims

       

Watch on Sunday, Oct. 25, at 9 p.m. ET as brothers Bill Brady, Ed Brady and Bob Brady of Brady Homes build a house in a week for a deserving Illinois family on ABC's "Extreme Makeover Home Edition."

Bill Brady, Broker/Owner of RE/MAX Choice in Champaign and Bloomington, IL co-owns two RE/MAX offices with his brothers. They led a massive effort in rebuilding a deserving family's Philo, IL home for the show that was taped in August.

ABC chose the Montgomery family from among five finalists in Central Illinois. Nathan Montgomery gave up a lucrative engineering career to start Salt and Light Ministries, a food bank that feeds hundreds of hungry families in the community. Montgomery and his wife, Jenny, a middle school aide who works with special-needs children, have four children and earn modest salaries. As a result, they were unable to afford much-needed repairs to the family's crumbling 100-year-old home.

With the help of ABC and the show's design team led by Ty Pennington, Brady Homes and its employees came to the family's aid. The company galvanized more than 2,500 volunteers - including about 70 from RE/MAX offices - to do the seemingly impossible: raze the old, dilapidated house and build a new one from scratch in under one week. But they made it happen.

"It's an emotional experience to help a family who has given so much of themselves to others," said Bill Brady during a rare break from the build in August. "What we're doing for the family will help them continue to serve the people who need help at the food pantry. As Realtors and builders, we earn our livelihood by finding or selling homes for people who pay us to provide them a quality service. There's nothing more rewarding than doing it for free for a truly deserving family."

The family's new 2,800-square-foot home, which was unveiled on Aug. 25, was practically designed to accommodate the large family, Bill Brady says. While it's not as extreme as other projects the show has created, the prairie-style structure is a place where the Montgomerys won't have to worry about a collapsing roof or an unstable foundation. As a bonus, the Bradys' wives spearheaded major improvements to the Salt and Light building, with the community pitching in to stock the pantry's shelves.

To read more about the project, view photos and more, visit www.extremebradyhomes.com.

Photo of the team effort: Brady Homes is co-owned and operated by (from left) Bill Brady, Bob Brady and Ed Brady. The brothers also co-own two RE/MAX Choice offices in Central Illinois. They are pictured with their mother, Nancy Brady, a Realtor at one of their offices.

 

                       
    © 2010 Lyn Sims

       

Well here's another hit over the head Sellers on decluttering your home and removing the #1 eyesore source of clutter - the refrigerator stuff!  Yes, it's cute your kids did that dinosaur freehand in charcoal but you don't need it when selling your home! Uncle Bob with that photoshopped fish he caught in Minnesota can also be put away. 

As this post from stager Jennifer Grant in South Carolina points out, buyers look everywhere and expect everything to be clean especially in the kithen!  Words like 'Sparkle and Shine' should be the norm not the exception!

Here's another post I did on the same subject 'It better Shine'.

 

                       
    © 2010 Lyn Sims

       

Don't Use CFLs in Garage Door Openers

There have been several warnings concerning the use of compact fluorescent light (CFL) bulbs in garage door openers. Most garage door openers use electronic switching similar to a dimmer switch to operate the light bulbs and it is not compatible with CFLs, even CFLs that are supposed to be "ruggedized" or dimmable. This switching incompatibility coupled with the inherent vibration of a garage door opener can damage the electronic circuits and can cause the electric motor to overheat to a potentially dangerous level. Neither the Genie Company, a company which makes door openers (call them at 800-354-3643), nor the General Electric Company, a CFL manufacturer, recommend the use of CFLs in garage door openers.






Consensus from Robert Nogan, Inside Out Home Inspections 10/2009 Home Hints Newsletter

 

                       
    © 2010 Lyn Sims

       

2009 Schaumburg Township Assessment Information (Due and payable in 2010)

This summer the Cook County Board passed new assessment levels on the entire county.  Residential went from 16% to 10%; Commercial from 38% to 25%; and Industrial from 36% to 25%.  Every property in Cook county will receive an assessment notice this year regarding the new assessment levels.  Schaumburg Township should expect to received the new assessment information by late 2009.

When you receive your new assessment, please review it and if you do not think it is fair or in error contact the Assessor to file an appeal.

Don't forget that we have not received our 2nd and final installment of the 2008 taxes as of this posting.  This notice is for your future assessed value for 2009 payable in 2010.

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.

Schaumburg Township Assessment Information ©2009  Lyn Sims - www.RealEstateConsumerInfo.com - www.RealEstateBuyMe.com

 

                       
    © 2010 Lyn Sims

       

Well I've made it official!  

The ugliest exterior paint color that you can put on a home exterior goes to Sherwin Williams Blueblood #6966.  I've gone over it again and again and I'm absolutely sure of it.  All the votes have been tallied, officiated and certified. In fact, I'm so sure that I've renamed Blueblood #6966 to 'Butt Ugly Blue' in my Sherwin Williams Visualizer for paint colors.

Yes, yes, it's true.  Here's a sample of a house in Elgin with the offending 'Blueblood slash Butt Ugly Blue' glaring in the afternoon sun.  Need your shades?  You bet!  Without even giving out the address I'm sure that people know where this house is at!  

I bet that NASA knows where this house is located!

Google Earth the words 'Butt Ugly Blue' and this house comes into view!

Guard your retinas!

 

                       
    © 2010 Lyn Sims

       

Dreading the day

Did you ever have one of those days when you knew something bad was going to happen for your client and you had no control?  Couldn't help them thru the situation?  Your hands were tied because of the 'rules'?  

My intuition was correct one day last week!  $33,000 under appraisal recently on a townhome listing that I have.  The appraiser said he was stuck because the only recent sales were those of short sales right in that subdivision. This is playing out that way all over my area and let me tell you I'm sick of it!

The people that lost their homes to foreclosure or short sales are setting a market price that is undervalued and the appraisal industry is complacent and are being pressured by the banking industry.  

Now according to appraisal industry standards:

"Appraisers technically shouldn’t consider neighborhood foreclosures when valuing a home, since foreclosures don’t meet the Appraisal Institute’s definition of a property reasonably exposed in a competitive market."

Marketing 101 made simple: short sales and foreclosures are always priced at or less than the 30 day price.  

Why must all appraisals suddenly come out low?  Why are 2nd rate underwriters in Utah reviewing appraisals and asking appraisers to clarify issues on a home 1000 miles away?  The banks are now pressuring the appraisers under the guise of the new HVCC regulations and no one is standing up to them.

How can the market get any better in my area if I can't sell anything and get it to close?  So even sellers that are transferred and not in financial duress are held hostage and financially bloodied by foreclosures and short sales.  There were other traditional sales in the area within the 1 mile radius but they were dismissed and not considered.

The seller has already threw in her pound of flesh with the deal because she paid $305,000 for this house and sold it for $280,000.   This was all her equity gone just so that she could be competitive in the market place and take a transfer.  She wasn't unreasonable!  She priced the home to be competitive!  In fact, she was the largest model with the lowest price and still she couldn't win.

Houses in our area do not drop $50,000 in price in less than a year!

 

                       
    © 2010 Lyn Sims

       

You should always do a home inspection both with existing homes and with new construction!  Never give up your rights to an inspection to move along a sale without thoroughly thinking of the consequences.  For REO's and foreclosures you can do the inspection before making that offer. 

But Lyn ...... that will cost me money and I don't have the house yet?  Yes, and if the house turns out to be a bad choice, it will be the best money you could have spent!  NO SURPRISES, that's my mantra! 

Don't hire your brother-in-law to do the inspection or your friend's buddy without them being a licensed professional.  Don't pick one out of the phone book with your index finger!  Ask for references or get a referral from someone that used that professional recently.

This post was written by John Mulkey from Waleska Georgia who gives his great advice on Home Inspection Issues.  I couldn't have said it any better or given any better advice.  Enjoy.

 

                       
    © 2010 Lyn Sims

       

FHA GUIDELINES FOR ASSOCIATIONS

I see a problem coming on the horizon and I don't have to be a clairvoyant to know that it's going to be bad.  In fact, I've started to see little bits and pieces of the problem over the last 6 months or so.  Some problems were created a long time ago, others created more recently.  Did you know that what your Association decides with your FHA approval and required submission can impact the sale of your home?  

Most sellers don't know this has a HUGE IMPACT.

With all the new lending guidelines and restrictions just laid out this year, more and more people will be using FHA financing.  It is normally more lenient with credit dings and dents. No major crashes or penalties, but a few minor bumps in the road.  Also, you only need a small down payment of 3.5%.  

What if your condo management decided not to renew their FHA approval to save a few dollars?

What if your condo management just said 'Nawww, we don't need no stinkin' FHA! That's for losers isn't it?'  Well, no it's not.  You being a homeowner in that complex is going to make you the big looser.  Here's how!

If 60% of people looking for homes are going FHA financing and your complex isn't approved that means that 60% of the buyers won't see your house!  Got that?

So that leaves conventional financing and cash - good luck with that cash buyer, not many of those hanging around in the bushes these days!  You've got a better chance of winning the lotto, getting a hole in one or getting struck by lightning than someone buying your home with cash!

So while I'm at it, let's talk about other association blunders that I've recently come across:  

• Owners suing the association - will make the complex loose their FHA standing.
• Tax liens against the association or common property will make the complex loose their FHA standing.
• Not enough owner occupants in the association creating a huge renter vs. owner mix within the complex.  Yep, you'll loose your FHA standing.
• Too many people not paying their assessments  - due to foreclosures or just bad collection practices by the association.  See ya ..... FHA approval.

This is just another reason to get involved and stay involved with your association. Keeping and eye on your investment (your home) shouldn't be looked at as a problem or a hassle.  Just like you lock your car and protect your valuables, attend a homeowners meeting to see what's going on with your budget and management.

FHA APPROVAL LIST BY STATE

 

                       
    © 2010 Lyn Sims

       

Water supply pipe information - Have you gotten this in the mail recently?

The letter arrives in the mail stating that "your water service line that brings fresh water into the home might need some maintenance.  Have you considered what you would do if you were to suffer a burst or break in your water service line?"

Well first off if you received this letter don't panic!  It's a completely unnecessary service says the Village of Schaumburg for most homeowners.  You see, your water pipe going into your home has a useful life expectancy of 100 years.  How old is your home?  Well, subtract that and that's how many years you don't have to worry about it.  

Now if you come home from work someday and see a geyser coming up from your front lawn, well, that's an immediate problem.  Except in extreme cases, chances are this coverage is not necessary for you and your home.

Now another client in Streamwood received a similar letter from a different company that said her drinking water might be effected.  Well, that would make anyone pay attention wouldn't it?  According to the water dept. at the village your water line (in) and your sewer line (out) are not connected at all.  Another scam making you feel that if you don't get your water tested you are drinking pond scum with your morning coffee.  Yuck.

So these services seem to cost between $59.88 to $110.00 depending on which company you received the letter from.  Call the village to verify that this service is not required.  Keep your money in your own pocket!

Money saving good deed for me today.  So I'll go back to watching the geyser in my neighbors yard!

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.

 

                       
    © 2010 Lyn Sims

       

To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire project (subdivision). Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process.

No More Spot Approvals (Effective November 2, 2009)

Under the new guidelines, the popular spot approval process will no longer be available and will be replaced with something called a Direct Endorsement Lender Review and Approval Process (DELRA). FHA claims the DELRA process is more uniform and streamlined that the former spot loan approval process. Also, full project approvals expire every two years, so condominiums will have to re-certify every 2 years.

New Project Eligibility Guidelines

Under the new project eligibility requirements, all condominiums (consisting of 2 or more units) must meet the following requirements:

• At least 50% of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 % of the number of presold units (the minimum presale requirement of 50 percent still applies).
• Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.
• At least 50% of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.
• No more than 15% of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.
• No more than 25% of the property’s total floor area in a project can be used for commercial purposes.  The commercial portion of the project must be of a nature that is homogeneous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.
• Reserve Study - a current reserve study must be performed to assure that adequate funds are available for the funding of capital expenditures and maintenance. A current reserve study must be no more than 12 months old – if recent events or market conditions have affected the finished condition of the property that information must be included. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed. The regulations don't definition of what is "adequate," however. Guidance may be found in the new Fannie Mae guidelines which mandate at least 10% of annual operating budget in reserves.
• No more than 10% of the units may be owned by one investor.  This will apply to developers/builders that subsequently rent vacant and unsold units.  For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100% complete; and only one unit can be conveyed to non-owner occupants.
• Rights of first refusal are permitted unless they violate discriminatory conduct under the Fair Housing Act.

Project List for FHA Financing - Is my subdivision approved?  This is the HUD listing of all subdivisions by state that lenders use.

Just to clarify that some Schaumburg subdivisions can look like townhomes (up and down floorplans) and are actually condominiums.  How can that be?  When the builder first set up the subdivision there were convenants that either said you owned the land or you didn't.  Some builders did the 'own the land' approach, others did not.  There is no hard and fast rule here.  It is entirely on a subdivision by subdivision basis only.  

Choose a good, knowledgeable Realtor® who can find you a home and know which areas are FHA approved so you can move ahead with your financing.  Not all subdivisions and projects are FHA approved.

 

                       
    © 2010 Lyn Sims

       

Analysis: $8000 Tax Credit Adds 357,000 Buyers

A study estimates that 357,000 buyers have been motivated so far by the $8,000 First-Time Homebuyer Tax Credit.

Source: HousingWire.com, Austin Kilgore (09/22/2009)

 

                       
    © 2010 Lyn Sims

       

U.S. Census Bureau:  homeownership dips to 66.6 percent in 2008. The U.S. Census Bureau recently released its American Community Survey and nationally, homeownership dropped to its lowest level in six years.

In Illinois, homeownership rates were at 69.3 percent for 2008.

Housing:  California homeowners with mortgages ($2,384) had the highest median housing costs in the nation. New Jersey had the second highest median housing cost ($2,360).  Hawaii ($2,265) and the District of Columbia ($2,218) followed, but were not significantly different from each other.  Rounding out the top six were Connecticut ($2,108) and Massachusetts ($2,105), which also were not significantly different from each other.

In Illinois, the most popular price bracket for homes is $200,000 to $299,000.





Sources: IL Housing Statistics 2008, Census

 

                       
    © 2010 Lyn Sims

       

Priciest ZIP Codes Down, Not Out

This year, home prices fell in the nation's most exclusive neighborhoods (duh, ya think?).  But this post is really not about the writer at Forbes lack of mental capacity.

In Alpine, New Jersey, which tops Forbes' magazine's list of America's 500 Most Expensive ZIP Codes, home prices declined 23 percent in the last year.

Overall, asking prices in the ZIP codes on Forbes' list dropped an average of 7 percent. Prices are only rising in a few areas. For instance, on New York's Upper West Side, ZIP code 10023, prices rose 4 percent in the last year.

Forbes' list was compiled by Altos Research, a real estate data collection and research firm that tracks about 90 percent of all real estate transactions.

Based on Altos' figures, here are the country's 10 most-expensive ZIP codes and the median home prices there:

1. 07620, Alpine, New Jersey, Median Home Price: $4,139,041
2. 94027, Atherton, California: $3,849,133
3. 10014, New York, New York: $3,521,514
4. 91008, Duarte, California: $3,444,773
5. 90210, Beverly Hills, California: $3,367,167
6. 92067, Rancho Santa Fe, California: $3,362,493
7. 93108, Santa Barbara, California: $3,284,652
8. 94024, Los Altos Hills, California: (median unavailable - Gee, I bet less than 3.2 million though)
9. 10065, New York, New York: $3,176,534
10. 07926, Brookside, New Jersey: $3,121,115

Actually there are quite a few zip codes that actually make the list every year in the Chicago Area.  I did a post on it last year called the Five Richest Zip Codes in Illinois.  It's always fun to check these places out!

Source: Forbes, Francesca Levy (08/27/2009) and Daily Real Estate News (9/1/09)  

 

                       
    © 2010 Lyn Sims