RealEstateConsumerInfo.com: Smart to Buy in Schaumburg or Hoffman Estates! Lyn Sims (847)230-7324 RE/MAX Suburban

Why Now is a Smart Time to Buy!

Now is a great time to buy a home, say the financial gurus at the Wall Street Journal, so GET OFF THAT FENCE!

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 $275,000 range and you would like to start looking for a single family home.  There are currently 112 home selections in that range in both Schaumburg and Hoffman Estates.  OR

You are looking for a townhouse or something similiar in the $250,000 to $275,000 price range and your current selections are 73 shown in the lower graph for Multi-family homes.

Area Market Survey CriteriaActive Single Family Homes for Schaumburg & Hoffman Estates IL              7/9/2008 Lyn Sims at RE/MAX Suburban (847)230-7324

Active Listings

List Price Range # Listings Avg. Days on Mkt $150,000 - $199,999 3 18 $200,000 - $249,999 25 176 $250,000 - $299,999 112 154 $300,000 - $349,999 109 152 $350,000 - $399,999 74 130 $400,000 - $449,999 41 169 $450,000 - $499,999 58 136 $500,000 - $549,999 32 101 $550,000 - $599,999 14 138 $600,000 - $699,999 28 148 $700,000 - $799,999 12 238 $800,000 - $899,999 6 228 $900,000 - $999,999 7 131 $1,000,000 - $1,999,999 2 144 $2,000,000 - $2,999,999 1 151

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 524 148 $359,000 $413,177 $2,495,000 $175,000

Area Market Survey CriteriaActive MULTI-FAMILY Listings in Schaumburg & Hoffman Estates             7/9/2008 Townhomes, Condos, Duplexes, Coach Homes, Manor Homes, etc.

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

List Price Range # Listings Avg. Days on Mkt Less than $149,999 143 151 $150,000 - $199,999 241 126 $200,000 - $249,999 190 132 $250,000 - $299,999 73 113 $300,000 - $349,999 30 127 $350,000 - $399,999 13 156 $400,000 - $449,999 7 163 $450,000 - $499,999 4 141 $500,000 - $549,999 5 199 $550,000 - $599,999 4 194 $600,000 - $699,999 1 197

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 711 133 $195,000 $209,918 $674,900 $76,999

Like the 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 Schaumburg, Hoffman Estates, 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