EVERY REAL ESTATE MARKET IS LOCAL. ASK A SEASONED REALTOR, LIKE LYN SIMS, WHAT'S GOING ON IN YOUR AREA.
Currently
the local real estate
market may be your 'best opportunity' market in
years! Are
you ready to take advantage of it?
Mortgage interest rates are low and prices in Northwest Suburban Illinois are still holding fairly well, generally area prices are flat. NOT EVERYWHERE IN EVERY NEIGHBORHOOD ARE PRICES FALLING.
That's why I'm saying the real estate market is local - it even makes a difference from subdivision to subdivision in every single town! But, over time and the long haul, no investment comes close to real estate so now is a great time to buy, sell or invest.
So again, 'All real estate is local'. What's happening in your local market is all that matters. You actually have to ask a great local REALTOR, like Lyn Sims at RE/MAX Suburban what's going on in your market. She is an expert in pricing, buying, demand and selling patterns. You can't google it and find out what your market place is doing. You shouldn't rely on Yahoo, Zillow or other erroneous sites to even give you a SWAG (sophisticated wild a*% guess remember!). You actually have to work with someone that knows the market inside and out and knows your subdivision.
So let's take a look at what is generally happening in Schaumburg - Notice the three sales graphs are not spiraling downward like the media would have you believe. The median house value in 2007 was $272,600 which is UP from the survey done in 2000 of $178,200. So that's a pretty good return on your investment!"Does it seem like the real estate market is tanking?" NO.
"OK Lyn,
tell me something I don't know." Well, I bet you didn't
realize the market slow down was happening sooner than
what you thought. It actually started in January 2006?
YES,
and since then gradually month by month market demand began to wane!
The average 2008 sales price for 60193 is actually $312,000. The average sales price for 60194 and 60195 is $309,166. The average sales price for 60173 is $510,787.
The typical first time home buyer is actually trying to spur our local market forward. The sales are mostly from the lowest pricing in the area. Therefore the average prices sold during that time will be lowered. First time home buyers do not normally buy a home in the $320,000 and above range as a first home so obviously our average sales price will be lowered from that activity. Foreclosures and short sales are also selling first and fast with multiple offers.
"So
it looks like Schaumburg
is still a solid investment - a great
Midwestern
town to raise your family
with great schools?" YEP!
"Can I buy a house and still sell it 2 years later if I have to move?"
YES, but you really wouldn't want to - you have to change your previous thinking a little bit. You're probably not going to come out with money in your hand! You're going to have to think a little bit more conservatively for the future years. 'Flipping' except in rare instances is not going to work no matter how many HGTV shows you watch!
And don't be scared off by stories about a 'credit crunch' either. Conventional and FHA loans are available for credit-worthy buyers seeking these types of mortgages. And mortgage interest rates remain at historically low levels. Don't be scared off by forecasts that encompass the entire United States either! Think how ridiculous that is!
"Is it a good time to buy?" I'm saying YES!
"So, people who have just went thru foreclosure are not probably going to get a loan?"
YES,
and
in Illinois that is just
a small percentage of the homes
owned that are in trouble and
headed
for foreclosure.
People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or your family is expanding.
The national housing market has received a lot of negative press lately with stories of mortgage market tightening and increasing foreclosures. But for the average person with good credit, traditional financing is readily available. Lyn Sims still has 100% financing available to those that qualify! There are still programs that offer down payment assistance to buyers - but you have to know the right people to get the help!
It's important to do some homework before you buy to see what you can afford and what your financing options are. Today, mortgage interest rates are well below their all-time high of over 18 percent in the early 1980s. People bought homes then and they can buy them now! HEY I know 'cause I was sellin' em way back then!
But again, you need to get hooked up with the right people which I can help you with! There are lenders out there that promise and don't deliver! There are lenders out there that only offer one type of financing - they won't tell you about all the programs they don't have will they?
"Is housing still your best
long-term investment?" I'm
saying YES
again!
Homeowners who are in it for the long-term are coming out well ahead. Here's why. Because of the power of leveraging, a $10,000 down payment on a typically priced home in the United States at a typical home price appreciation of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating at 10 percent annual increases will result in $23,600.
Why wait? It's a good time to buy and grab your piece of the Schaumburg pie!
Lyn Sims of Re/Max Suburban (847)230-7324 works in the Northwest Suburban Chicago areas of Roselle, Bartlett, Elk Grove Village, Bloomingdale, Streamwood, Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, and yes Schaumburg.
Offering local real estate advice for 25 years!
Top Selling Schaumburg Subdivisions by price - Single Family
Top 5 Selling Schaumburg Subdivisions - Multi-Family
Schaumburg IL Local Market for 2008 ©2009 Lyn Sims - RealEstateConsumerInfo.com
Disclaimer: 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.Sources: National Association of REALTORS®, MRED MLS, Agent Metrics Market Stats, my little pencil and calculator.
© 2010 Lyn Sims
It sounds like a great place to live.
Jenette, it's a great town to live in. I've always enjoyed it.