RealEstateConsumerInfo.com: Illinois: Hoffman Estates

It's that time of the year again for the 'SPRING MARKET'. Sellers always seem more optimistic about listing their homes at this time of the year but will it really make a difference? What are the chances of their home selling?

It's not only the time of the year that makes a home sell or not sell as this post suggests. Trying the same thing over & over again hoping for a different result is just 'real estate madness'.

Maybe it was you - not the market?

Thanks to Sharon Tara for this great post.  I have featured her many times with her wonderful staging suggestions. 

The time to prepare you home for going on the market IS NOT after it is listed. Here's a good post on the reasons why after you list your home & things are not going well is a big mistake!

You should try for the biggest & best impact that your home can make! You should put your best foot forward in this market with all the added inventory and competition. Many people just don't care & it's shows. Make your home stand out with buyers.

Thanks to Kathy Streib in Florida for this well thought out advice. 

We often forget about the human side of foreclosure. I rarely think about forclosed homes as once being full of life and family anymore. They have become 'routine', just part of the normal market that I see everyday. This is a great story sharing the human side of foreclosure that I hope you will enjoy.

It's a sad part of our job & makes me sometimes wonder 'who really lived here?' Thanks to Linda Humphrey in Nevada for sharing this story. 

There's been much talk (chatter by the national talking heads) in the media about our Northwest Suburban and Hoffman Estates home values returning to a previous level. I read these reports constantly, day in and day out and wonder to myself 'How do they know this stuff when I don't even know it!'

Real estate is unique in that it is very local in nature. In fact, real estate is so unique it can even be broken down further to say that neighborhoods even in the same town will been effected differently. What happens in one subdivision doesn't necessary happen in another. What effects one subdivisions appeal doesn't effect another that's even similar. So 'painting with a broad brush' is not possible in our Hoffman Estates neighborhoods.

Any Hoffman Estates real estate professional I will challenge because they cannot say with absolute certainty that market prices have fallen 20% (you pick the number here). 'Painting with that broad brush' just cannot be done. Many variables have effected your home's values and each subdivision should be considered on it's own merit. 
 
How many short sales have been in the area?

How many foreclosures have decimated prices?

One constant that I will say with certainty is that the more homes for sale in a particular subdivision essentially effects the overall sales prices. The more sellers that compete for the smaller buyer pool effects the sales prices. Each seller is eager to obtain their own goals whether a transfer, death, birth or divorce. It's the economic market standard of supply and demand.

The graph that I present is for the average sales prices per year for Hoffman Estates homes. I've given you a 10 year sampling of prices (MLS closed only) so you can actually see the rise of the market and also the fall. According to this graph, 'prices have corrected themselves' to 2003 sales levels.

We need less homes on the market to create the equilibrium for prices to increase in the future.

Market Update

Disclaimer:  NAR (National Association of Realtors) does not provide these numbers to their members. MRED, the area MLS, does not provide this figures which I had to compile for this presentation. I feel confident in their accuracy to report to my readership.

Buying wins!  At least here in our Northwest Suburban Chicago Area. Hoffman Estates home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities. If you are a buyer why not take advantage of this opportunity?

Ok, you're skeptical, here is more ammo that purchasing is a great idea!

But the current Hoffman Estates market situations gives you as a buyer great opportunities that have never been seen before.  Homes that you could at one time not afford are now within reach!  

A few reasons to see if owning a home is a possibility:

1)  Let's face it 'sitting on the fence' leaves marks - ugly ones doing damage to your derriere and possibly your wallet too.

2)  Getting pre-qualified is not painful at all nor time consuming.  Explaining your financials to a qualified loan officer takes a short amount of time so you can see if it's even possible.  I work with many qualified and dedicated people that would love to help get you started.

3)  You might qualify for perks like a community grant for first time home buyers.

4)  Do you know what your credit report says? If some 'credit irregularities' or 'blemishes', as we like to call them, are found on your credit report you can begin to get those taken care of to make your path to ownership easier. This unfortunately takes time. A qualified loan officer can help you with a 'game plan' to work on increasing your overall credit score too.

5)  Did you know that your interest rate and other variables are now based on your FICO score?  Not knowing what your score is could be costing you money!

6)  It gives you peace of mind and financial stability. You know what your payments are going to be for the long haul rather than rents that increase every year.

Here is also a quick Rent or Buy Calculator that will help you get started now.

After you've done some of this preliminary homework and crunched some numbers, give me a call and we can proceed to the next step.  

I'd be happy to help you find your new Hoffman Estates home - large or tall, big or small.

Signs of life in our Hoffman Estates Real Estate Market recently.  We are moving ahead and sales have finally reached above the 2010 level of closings.  For the 3rd Quarter of 2011 Hoffman Estates Single Family Homes are 20% above 2010 closings and Hoffman Estates Multi-Family are an amazing 45% over 2010.

As of yet there are still no price gains that I can see with the foreclosures still leading the way in current sales. If all goes well, the next trend will be for prices to finally level off and slight increases to begin.  This also would depend on how much inventory we have going into the winter months ahead. Currently the number of properties for sale is also down from the 2010 levels.

Looking for an agent that knows this fluctuating market?  Give me a call to discuss your housing situation and needs.

Search Hoffman Estates Homes
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Moving to a new home can be stressful on your pets, but there are many things you can do to make the process as painless as possible. Experts offer these tips for easing the transition and keeping pets safe during the move.

1.  Update your pet's tag.   Make sure your pet is wearing a sturdy collar with an identification tag that is labeled with your current contact information. The tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move. Be sure to at least have a working phone number with your pets microchip registration company.

2.  Ask for veterinary records.   If you're moving far enough away that you'll need a new vet, you should ask for a current copy of your pet's vaccinations. You also can ask for your pet's medical history to give to your new vet, although that can normally be faxed directly to the new medical-care provider upon request. Depending on your destination, your pet may need additional vaccinations, medications, and health certificates. Have your current vet's phone number handy in case of an emergency, or in case your new vet would like more information about your pet.

3.  Keep medications and food on hand.   Keep at least one week's worth of food and medication with you in case of an emergency. Vets can't write a prescription without a prior doctor/patient relationship, which can cause delays if you need medication right away. You may want to ask for an extra prescription refill before you move. The same preparation should be taken with special therapeutic foods - purchase an extra supply in case you can't find the food right away in your new area.

4.  Seclude your pet from chaos.   Pets can feel vulnerable on moving day. Keep them in a safe, quiet, well-ventilated place, such as the bathroom, on moving day with a "Do Not Disturb! Pets Inside!" sign posted on the door. There are many light, collapsible travel crates on the market if you choose to buy one. However, make sure your pet is familiar with the new crate before moving day by gradually introducing him or her to the crate before your trip. Be sure the crate is well-ventilated and sturdy enough for stress-chewers; otherwise, a nervous pet could escape.

5.  Prepare a first aid kit.   First aid is not a substitute for emergency veterinary care, but being prepared and knowing basic first aid could save your pet's life. A few recommended supplies: Your veterinarian's phone number, gauze to wrap wounds or to muzzle your pet, adhesive tape for bandages, non-stick bandages, towels, and hydrogen peroxide (3 percent). You can use a door, board, blanket or floor mat as an emergency stretcher and a soft cloth, rope, necktie, leash, or nylon stocking for an emergency muzzle.

6.  Play it safe in the car.  It's best to travel with your dog in a crate; second-best is to use a restraining harness. When it comes to cats, it's always best for their safety and yours to use a well-ventilated carrier in the car. Secure the crate or carrier with a seat belt and provide your pet with familiar toys. Never keep your pet in the open bed of a truck or the storage area of a moving van. In any season, a pet left alone in a parked vehicle is vulnerable to injury and theft. If you'll be using overnight lodging, plan ahead by searching for pet-friendly hotels. Have plenty of kitty litter and plastic bags on hand, and keep your pet on its regular diet and eating schedule.

7.  Get ready for takeoff.   When traveling by air, check with the airline about any pet requirements or restrictions to be sure you've prepared your pet for a safe trip. Some airlines will allow pets in the cabin, depending on the animal's size, but you'll need to purchase a special airline crate that fits under the seat in front of you. Give yourself plenty of time to work out any arrangements necessary including consulting with your veterinarian. If traveling is stressful for your pet, consult your veterinarian about ways that might lessen the stress of travel.

8.  Find a new veterinary clinic and emergency hospital.   Before you move, ask your vet to recommend a doctor in your new locale. Talk to other pet owners when visiting the new community, and call the state veterinary medical association (VMA) for veterinarians in your location. When choosing a new veterinary hospital, ask for an impromptu tour; kennels should be kept clean at all times, not just when a client's expected. You may also want to schedule an appointment to meet the vets. Now ask yourself: Are the receptionists, doctors, technicians, and assistants friendly, professional and knowledgeable? Are the office hours and location convenient? Does the clinic offer emergency or specialty services or boarding? If the hospital doesn't meet your criteria, keep looking until you're assured that your pet will receive the best possible care.

9.  Prep your new home for pets.   Pets may be frightened and confused in new surroundings. Upon your arrival at your new home, immediately set out all the familiar and necessary things your pet will need: food, water, medications, bed, litter box, toys, etc. Pack these items in a handy spot so they can be unpacked right away. Keep all external windows and doors closed when your pet is unsupervised, and be cautious of narrow gaps behind or between appliances where nervous pets may try to hide. If your old home is nearby, your pet may try to find a way back there. To be safe, give the new home owners or your former neighbors your phone number and a photo of your pet, and ask them to contact you if your pet is found nearby.

10.  Learn more about your new area.   Once you find a new veterinarian, ask if there are any local health concerns such as heartworm or Lyme disease, or any vaccinations or medications your pet may require. Also, be aware of any unique laws. For example, there are restrictive breed laws in some cities. Homeowner associations also may have restrictions - perhaps requiring that all dogs are kept on leashes. If you will be moving to a new country, carry an updated rabies vaccination and health certificate. It is very important to contact the Agriculture Department or embassy of the country or state to which you're traveling to obtain specific information on special documents, quarantine, or costs to bring the animal into the country.

LOOKING FOR A PET FRIENDLY REALTOR?   That would be me!

Northwest Suburbs - Market Areas of Schaumburg, Hoffman Estates, Elk Grove Village, Medinah, Roselle, Itasca, Bloomingdale, Bartlett, Streamwood, Hanover Park, Carol Stream, Elgin, and South Elgin.

Illinois Launches the 'Hardest Hit' Program. Please pass this information along to all that might be in need of mortgage assistance due to unemployment, health issues, and the overall economy.

The new Illinois Hardest Hit program aims to help working Illinois families who are having trouble making mortgage payments due to unemployment or under-employment stay in their homes. The Illinois Housing Development Authority (IHDA) has partnered with the U.S. Department of Treasury to offer temporary mortgage payment assistance. Qualified homeowners can receive up to $25,000 over 18 months as a 10-year loan to keep mortgages current and make ongoing payments, including fees and penalties.

Do I qualify?   What steps do I need to take?

You will have to write and submit a 'Hardship Letter' stating what happened to create your current situation.

Go to www.illinoishardesthit.org to learn more and get your questions answered. There is an online application.

 
This is the ONLY site offering information on this program.


 

Staging advice .... Presenting your home in a positive light .... You only have 10 seconds to make a good first impression.  We've all heard these phrases if we are looking to sell our home currently.  This is an important feature of presenting your home to buyers.  This is really good advice from the buyers perspective.  Think on how buyers shop?  One, 2, 3, click and they are gone if they don't like what they see.

Great advice from Liz & Bill Spears near Cincinnatti, OH.

Stop right there and start looking for your new home here!

Hoffman Estates townhome and condo foreclosures are 'better priced values' and are being scooped up the fastest.  Thinking that now is the time to make a move?  

Interest rates are now the lowest they've ever been.  I know you're saying to yourself 'but you guys told us that last year?'  Well, the interest rates were low then and now they are even LOWER.  Just a few months ago we were quoting an interest rate of 5.125% and now we can say the rate is now at 4.125% which is a full percent less!  What does that mean to you and your wallet?  About a $120 a month savings.  That's your cable bill, maybe gas for the month and just one ticket (sorry) to a Bears Game!

There are many great Hoffman Estates values to be had on the market right now and I'm looking for buyers that want to get in the game.  The average list price in Hoffman Estates is $133,271 and there are many homes available in the most popular price range of $50,000 to $100,000.  The lowest price for sale right now is $30,900 and the highest is $299,000. Variety, styles and selections in each price range.

Looking to buy a Hoffman Estates Townhome or Condo and want to work with a buyers agent that's familiar with the area like the back of her hand?

Search for Hoffman Estates Townhomes or Condos here.
Search for Hoffman Estates Foreclosures here.


Lyn, I'd like you to contact me by email as soon as you can!  I'd like to get started right away!

Looking to sell your Hoffman Estates Townhome or Condo and work with an area expert? Let's work out a strategy to get your Hoffman Estates Townhome sold!

Hoffman Estates IL Demographics
Hoffman Estates Village Profile
See who sells the most Hoffman Estates Homes?

Disclaimer:  Your interest rate will vary depending on your FICO score and other variables. This was for informational purposes only to show you an example of monthly savings.

Illinois Market Overview

So there is lots and lots of media hype by the talking heads doing the nightly news.  What's really happening in the real estate world?  I'll give you a few factoids and throw in my perspective on the findings.  So let's go for Illinois stats, market highlights and predictions ~

Affordability remains high. Illinois single family home prices are trending back to 2000 level prices.

Lyn's Thoughts - Holy bejeezes! This makes me feel faint.  I'm sorry but I cannot verify this statistic.

Sales volume in the 3rd Quarter of 2011 is expected to surpass the 3rd Q of 2010 by 30%.

Lyn's Thoughts - In my estimation 2010 has been the worst year that I can remember and I've been doing this since 1983.  I sincerely hope this comes to pass.

Illinois Statewide Stats

• Home sales up 12.7% with this being the 5th consecutive month to month sales gain. (My posts have indicated month over month increases also).
• The sale of just one home in IL produces $28,581 in expenditures made by buyers and sellers in the transaction.  Ripple effect is clear from real estate - how money spent in one industry goes to another industry and so forth.
• Rents are rising and squeezing renters.  Some financially well off renters will be hammering away at calculators to see if owning a home makes more sense. (I can help with that!)
• In May 2011, Illinois remained in the top 10 for foreclosures rates:  Utah, Georgia, Idaho, Michigan, Florida, Colorado and of course Illinois.
• Many markets have two levels of pricing - distressed sales and traditional sales.  Foreclosures and short sales tend to carry prices as much as 20% below traditional sales in the same area.

According to the Natl. Assoc. of Realtors 2011 National Housing Pulse Survey 82% of respondents said not having enough money for the down payment and closing costs are amoung the chief obstacles in buying a home, followed by job security.

Lyn Sims and RE/MAX Suburban in Schaumburg are proud to announce the results of the J.D. Power & Associates Survey for 2011. The 2011 Home Buyer/Seller Study includes more than 4,200 evaluations from more than 3,680 respondents who bought or sold a home between March 2010 and April 2011. The study was fielded between March and May 2011.

The study, now in its fourth year, measures customer satisfaction of home buyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services.  

Four factors are examined for the home-selling experience: agent/salesperson; marketing; office; and variety of additional services.

In the home-buyer segment, RE/MAX ranks highest with a score of 805 for 2011.

Among home sellers, RE/MAX ranks highest with a score of 791 and performs particularly well in the agent/salesperson and office factors in this survey.

In years where other companies are cutting back on marketing materials and other promotional offerings, Lyn Sims is proud to align herself with the top producing RE/MAX real estate company in the Schaumburg and Hoffman Estates IL area.  

Welcome to the roller coaster ride for Hoffman Estates Homes!  In this gyrating edition of June's market update I'm going to decipher for you the current market trends (cause that's what I do) and tell you about time on market.  A more complex word that some use might be 'absorption rate'.  So how long will it take your Hoffman Estates home to sell?

Let's begin with the use of the economic basic of supply and demand. Obviously in this market we have too much supply. When that happens the time it takes to sell your Hoffman Estates home also goes up. Buyers have a tremendous amount to choose from on the market but don't be fooled they are 'ready to pull the trigger' if they see something they want!

Pricing your home correctly in the beginning has many advantages as these graphs will illustrate to you. The best sales time is in the first 30 days of your townhomes listing life. Price is the dominate factor in getting your home sold, then condition for that price.

Twenty seven (27) Hoffman Estates homes or 26.5% of the market sold in the first 30 days. That's terrific for our area! Success percentages become less as the market times become higher (time to check the graph). At 150 days on the market, your Hoffman Estates home is basically dead in the water.  At 200+ days on the market your for sale sign now says 'rest in peace'.

In fact to drive this point 'home', there are Hoffman Estates homes that finally sold after being 940 or more days on the market. Yes, I rechecked all these market times (that's 2 years 7 months) because I thought it couldn't be possibly correct. My calculator unfortunately was not wrong! Many of these homes had 20%, 30% or MORE in price reductions off original list before they finally sold. Don't be one of these sellers that just didn't get it right!

Days 1 to 30 - No price reductions and sales prices were 2% to 10% off list price. A few sales were at list or OVER list price on foreclosures up to 3%.

Days 31 to 60 - Many townhomes had reductions of at least 5% but a majority reduced from 15% to 25% off their original price.

Days 61 to 90 - All homes had reductions in this category also from 2% to 20% off their original price.  After 60 days on the market a price reduction is warranted no matter what the market's like.

From 90 to 120 - All reduction percentages are in the high teens and twenty's. At this stage of marketing time, sellers begin to wonder what is wrong with their home.

From 121 to 150 - Sellers seem to be in a fog about what to do about their price. All reduction percentages are in the high teens and twenty's. This is the smallest segment of the graph which is troubling. This is where sellers start to 'chase the market' downward. Instead of being 'in' the buying mix with a correct price, sellers are continuing to change the price downward while other sellers also change their price. Talk about a slippery slope!

From 151 to 180 -  This is where the real roller coaster ride begins for sellers. What to do? Price changes over 20% as buyers are just saying 'no' to the sellers price.

So based on this information if your Hoffman Estates home is priced correctly from the start there is a 42% chance of your home selling within the first 120 days like these other sellers did.

The Price-Time Graph shows that over-pricing your Hoffman Estates home initially can have a serious impact, not only for time on the market but also on your bottom line. Your sales net is tremendously effected in lost time and lost value.

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!

Looking for a home in Hoffman Estates? Please give me a call or email me to talk about the possibilities.


Market Update for Northwest Suburbs



Sources:
Debe Maxwell, Charlotte NC Contributor and Top Agent 
MRED June Stats 2011

Hoffman Estates   has a quiet suburban setting, an abundance of open space and a wide variety of recreational and educational opportunities that make it a great place to live.  Some 35% (approximately 4,000 acres) of land is in forest preserves, parks and golf courses, so open places abound.  So that's 1/3 of the community land dedicated to the preservation of natural ecology and trees. The Forest Preserves are also complemented by the 585 acres of land in uses as parks and recreational areas. Recreational facilities, from racquetball to archery, horseback riding to handball, tennis, golf, boating and fishing are all easily found nearby. 

There are also 30 playgrounds; 29 baseball/softball fields; 23 basketball courts; 14 outdoor tennis courts; 10 soccer fields; 3 football fields; and 1 outdoor track in the community. The Hoffman Estates and Palatine Park Districts conduct a variety of programs for residents of all ages and interests. 

The network of major highways like the Northwest Tollway, 355 North, provides easy access to surrounding areas.

Northern Illinois University has a satellite campus located nears Sears in the Prairie Stone Business Park and offers programs in graduate studies.  William Rainey Harper College, just minutes away, offers everything from degree programs to special interest seminars.  The local public library facilities here are among the best in the state.

School District 54 - Nine (9) elementary schools; one (1) junior high school, two (2) high schools; and one special education school provide each student with a comprehensive, individualized education.

Gotta have Golf!  This village has lots of it - with three golf courses.  We've got the privately held Hilldale Golf Club and the Highland Woods Golf course which is surrounded by forest preserve. 

The Hoffman Estates Park District maintains the Poplar Creek Country Club and also features a lighted driving range in summer and indoor driving range in winter (these folks are serious). Clubhouse and banquet facilities available too.  

Demographics - Population of 54,00 from 2010 Census Report.  Workers within 30 minutes of the Village - 880,000 

Chamber of Commerce Stats

Business Directory

Top Hoffman Estates Employers

Hoffman Estates 'Welcome Packet' for new residents

School Listings with District Information

Sears Center Arena

Hoffman Estates Dog Park

If you are looking to find or sell a home in the Hoffman Estates Area, please feel free to contact Lyn Sims of RE/MAX Suburban at 847-230-7324.  I can provide tons of customized information for you to make your search easier.

My homesearch website provides you with ALL the listings -  One stop shopping right on my site!  Foreclosures too!

Home Search/Home Education Website:  www.LynSims.net

Hoffman Estates Official Video Channel

FHA has recently imposed some rules for both sellers and buyers when reselling their properties within 90 days of the previous acquisition.  This regulation might interfere with a sale on either side of the transaction so here's what you need to know:

Sellers need to know what rules to follow in order to sell to new buyers after the rehab work is completed.  The rule is applicable to all single family properties being resold with 90 days of prior acquisition.  (Effective from February 1st to December 31st, 2011).
 
Property 'flipping' refers to a property recently resold for a considerable profit with an artificially inflated value (HUD's words here, not mine), often resulting with a lenders collusion with the appraiser.  This is considered a predatory lending practice.

Here's what's still OK to do:  Investor purchases property and rehabs it with today's choices of updates that could include cabinets, windows, remodeling, carpeting, etc. and sells it to another buyer who chooses not to do the work.  Investor does make a profit on his work.  Investor happy = buyer happy with newly rehabbed home.  'Flipping' can also mean this example where an investor/owner transforms the property quickly to sell it to another buyer at a profit.  This is totally legal and is done all the time.  

Seller conditions and eligibility:

• The purchase is arms length in nature (no relatives, parties involved currently with the home).
• The property was fairly and openly marketed for sale through the MLS.  No previous flipping activity prior to 12 months evidenced by multiple title transfers.
• The mortgagee (seller) must justify and document any sales price that exceeds the seller's acquisition price by 20% or more.  This would included legitimate renovation, repair, rehab work done to the property.
• Seller must provide a 2nd appraisal on the property explaining the increase in property value since purchase.  An FHA approved appraiser must perform this appraisal and the buyer is not to pay for this cost.  So we'll need two FHA appraisals done in this situation, one the buyer will pay for, the seller will pay for the other.
  
• Orders a property inspection and provides the report to the purchaser before closing.  The inspector can have no relationship with the seller or interest in the property.

These added conditions could cost the seller/mortgagee an additional total of $1000.  It might be advantageous in order to sell the rehabbed property quickly and obviously to an FHA buyer.   Most first time home buyers are currently using this type of financing in our Northwest Suburban marketplace.

Not Knowing is Not Better - this is for buyers thinking of purchasing a home. This post really 'hits home' as most buyers really don't know what mortgage financing entails or if there are some 'bumps in the road' how to get them fixed quickly. 

A case in point about my own recent buyers - One said there will be NO problems with financing BUT it took 3 weeks for him to get preapproved.  If you are looking in a fast moving price range do you think the seller is going to wait for you?  I'm afraid your mistaken if you do.

Great advice here from from David Burrows in Virginia.

Real Estate Market Update - Northwest Suburban May 2011

I am psyched about the good news!  Things are improving for the 2nd month in a row for the Northwest Suburban Market!  A few of the towns are down but for the most part sales are up.  Most of the average sales prices are still low but that is because most of the lower priced homes are being gobbled up first.  It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers will also begin their acquisition of that larger home.  Interest rates are at an all time low making affordability the highest it's ever been.  Get out there and take advantage of these great prices!

Positive Signs .... things are looking up in a great way so I'll share the exciting numbers with you.

OK, so these numbers aren't making you do cartwheels if your home is on the market but it is showing that we are having slight recovery here in our area for the 2nd month in a row.  Single family homes are doing better than the condos and townhouses at this point.  As usual there are some anomalies, the high request areas that normally do well are not and the others are.  Who's to say but is that housing ball beginning to roll finally?  I say it is!

Overall Illinois Statistics -

Nearly 70 percent (68.5%) of Illinois homes sold in the first quarter were priced below $200,000 as first time buyers took advantage of the low prices in the Illinois
housing market.  I have been saying this for months!  The lowest prices are the ones selling first!

Campbell Survey reports 37.5% of buyers in April were first-time buyers, investors 23%.

Affordabilty Index for Buyers: NAR’s housing affordability index shows the typical monthly mortgage payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970. (NAR, 4/20/11)  With this lower number buying a home should be more enticing to buyers that are currently on the fence with indecision.

The sale of just one home in Illinois produces $28,581 in expenditures made by buyers and sellers in the transaction (with a total annual impact of $7.9 billion in direct and indirect expenditures) across the Illinois economy.  This 'ripple' effect spurs along other related industries through out the local economy.  When a new home is purchased there are expenditures for the buyer to make the home theirs - carpet, paint, wallpaper, hardware, furniture, lawn mowers, etc.  When a seller begins to sell their home there is pre-listing marketing to consider which includes trips to Home Depot, Lowes and Menards.  I think many more things revolve around your 'home' or the housing industry than you might realize!

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!

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

Hoffman Estates Townhome foreclosures and 'better priced values' are being scooped up the fastest.  Short sales?  Well, they fell terribly 'short' for our area.  From working with my own buyers, short sales offer too many hassles and not enough price rewards for dealing with the banks as a seller.  Dealing with a bank = headaches and massive quantities of Tylenol.

There are many great values to be had on the market right now.  The average list price in Hoffman Estates is $133,612 and there are many homes available in the most popular price range of $50,000 to $99,900.  The lowest price for sale right now is $37,100 and the highest is $319,900. Variety, styles and selections in each price range.


Looking to buy a Hoffman Estates Townhome and want to work with a buyers agent that's familiar with the area like the back of her hand?

Search for Hoffman Estates Townhomes and Condos here.

Search for Hoffman Estates Foreclosures here.

Looking to sell your Hoffman Estates Townhome and work with an area expert?  Let's work out a strategy to get your Hoffman Estates Townhome sold!

See who sells the most Hoffman Estates Homes?

Another edition from my guest blogger Gary Lundeen a short sale attorney in our area.  Today in my 'inbox' came a hilarious request from Bank of America to Gary.  In short, it was a 'tell us how we're doing survey'.  Really?  The form is not big enough for what Gary has to tell them!  The form is not wide enough to fill in all of what really needs to be said to them!

Here's another Short Sale Letter that Gary has written trying to get the much needed word out on Short Sale Reform.

I've come across an interesting article pointing out that the big banks (let's call them 'da Banksters) have no 'financial' benefit to Short Sale or Loan Modifications of any kind.  It's an interesting read but a little complicated.  Follow the money (or making of it) in this story 'The Servicing Fraud Settlement'.

There has also been recent 'blog chatter' about banks already being in the real estate business through the Short Sale Process.  I'm not so sure as of yet but I do know that behind the scenes they are 'manipulating' every real estate transaction that's either a Short Sale or Foreclosure.  This is an interesting perspective from Judy Chapman, 'The Banking Monopoly wants to get in the Real Estate Business'.

The Lundeen Plan

New is not always better it would seem. It's a shame because I think the new Tankless Water Heaters are a good thing that take up less space in an already tight utility room or closet. 

Jay Markanich, a home inspector in Northern Virginia, has done the math for you on the Tankless vs. Regular Water Heater.  It's great information that I always wondered about but didn't know how to quite figure out.

Enjoy this post and see who wins!