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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. 

Boy, I just can't say some of these suggestions enough when it comes to staging your Schaumburg home for sale.

I'm going to keep at it until everyone gets the message on preparing their home for the market! YES, it's that important.

Thanks to Lindsey Hasford of Minnesota for this post.

What percentage of Schaumburg Homes are foreclosures?

When we look at foreclosure numbers that perhaps we have heard or seen on the news, often times they are for trends that are national in scope. We always have to sharpen our focus and whittle down those statistics to the state level, then by metro area, then finally by the town itself.  Don't pay attention to the media which is great for over dramatizing news especially when it comes to the housing market and foreclosures. Granted, there are some very hard hit areas of the country and we are fortunate here not to be one of those areas which I hope you realize. Real estate is local in nature so let's take a look at what is happening in Schaumburg:

Let's look at the total of Schaumburg Homes sold (249) and then what percentage of those closed were foreclosures. Our MLS has us report each foreclosure, short sale and court sale just for these purposes and these are accurate numbers from 2011.

The lowest foreclosure price was $100,000 and the highest was $441,000. Foreclosures were 14% of Schaumburg Homes that have closed. In an earlier report for the 1st quarter of 2011, they were at 20%. Townhome and condo sales were not done at that time but I have included them in this report.

So there are the results for our Schaumburg area.  Hope that makes you feel better and if you are thinking of selling your home in the near future, please don't hesitate in giving me a call.

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High End Foreclosures in the Chicagoland Area for 2011
Schaumburg Homes - Why pricing is more important than ever!
Short Sale Reform, Foreclosures and the naked guy
Staging is not Fraud!
Schaumburg - Average Home Prices over the last 10 years
Schaumburg - What type of financing did buyers use?
Northwest Suburban Real Estate Update - December 2011
Surviving the American Dream: The argument for 'Walking Away'
Schaumburg Homes - Is it better to rent or buy?
Foreclosure Surplus?

6 Worth-the-Price Fix-Ups

Simple and affordable do-it-yourself projects can greatly increase a home's resale value, according to HomeGain's annual home improvement and staging survey done in April 2011.

The company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.


1.    Cleaning and decluttering. Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean. ◦ $290 Cost ◦ $1,990 Return

2.    Brightening. Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows. ◦ $375 Cost ◦  $1,550 Return

3.   Smart staging. Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background. ◦ $550 Cost ◦ $2,194 Return

4.   Landscaping enhancements. Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured. ◦ $540 Cost ◦ $1,932 return

5.   Repairing electrical or plumbing. Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures. ◦ $535 Cost ◦ $1,505 Return

6.   Replacing or shampooing dirty carpets. Steam-clean carpets, replace any worn carpets, and repair any floor creaks. ◦ $647 Cost ◦ $1,739 Return




 
Excerpted from HomeGain’s 2011 Home Sale Maximizer Survey: www.homesalemaximizer.com.

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. 

High End Foreclosures in the Chicagoland Area for 2011

Schaumburg Homes - Why pricing is more important than ever!
Short Sale Reform, Foreclosures and the naked guy
Staging is not Fraud!
Schaumburg - Average Home Prices over the last 10 years
Schaumburg - What type of financing did buyers use?
Northwest Suburban Real Estate Update - December 2011
Surviving the American Dream: The argument for 'Walking Away'
Schaumburg Homes - Is it better to rent or buy?
Foreclosure Surplus?

Currently in the Schaumburg market with our elevated inventory you have to be ‘spot on’ with your homes price.  Too high and no one will take your home seriously and it will be passed over.  A fair price – what a seller is willing to accept and a buyer is willing to pay.  That’s what we normally strive for.

For Schaumburg IL homes here are some enlightening statistics that I've found.  Price your house right in the beginning and you'll make more money!  It's true and here's what I've found from current sold sales.

Schaumburg homes that have sold and closed in 2011 sold at 95% of the asking price.

Where it becomes distressing is the 'old sales price to selling price'.  That's another 6% off the original listing price.  So homes that have sold in the Schaumburg IL area were 6% off their correct price and needed to be adjusted downward in order to sell.

Let's show you in dollars what that might mean:

Price your Schaumburg IL home as aggressively as you can and it will command a higher sales price than languishing on the market 'hoping' for that higher number.

Looking for an agent that's really a market expert?  Let's get your Schaumburg IL home on the market and priced right to sell!

Staging is not Fraud!
Schaumburg - Average Home Prices over the last 10 years
Schaumburg - What type of financing did buyers use?
Northwest Suburban Real Estate Update - December 2011
Surviving the American Dream: The argument for 'Walking Away'
Schaumburg Homes - Is it better to rent or buy?
Foreclosure Surplus?

I would like to welcome back my guest blogger and short sale attorney, Gary Lundeen for another plea to Congress for Short Sale Reform. Soon Fannie & Freddie will begin the 'great sell off' of foreclosures to investors & what impact will it have on the currently limping housing market?

I am sure we all agree that we need a national policy on Short Sale Reform but when will it begin? When will Congress start to listen? This is Gary's perspective on what should be done to an exasperating problem facing all of us in the real estate industry.

Short sales, Foreclosures and a naked guy - an interesting analogy!

The Lundeen Plan - Short Sale Reform - Installment Fourteen

Positive Signs continue in our Schaumburg Real Estate Market for the last 9 months. We are moving ahead with recovery here and sales have successfully reached above the 2010 level of closings.  

The December totals for Schaumburg Single Family Homes are now 16% above 2010 closings and Schaumburg Multi-Family are now down 6% over 2010.  So our local market has totally flip flopped (again) between the single family and attached. Homes have taken an extreme slow down and the attached housing is selling steady and finished with a bang!

For Schaumburg there are still no price gains calculated with foreclosures still leading the way in current sales.  What is promising is that in a few different surrounding communities the average sales prices are now going up. 

If all goes well, our next trend is for prices to finally level off and slight increases to begin for Schaumburg.  The average sales price was $256,800 for December and following the closings you can see that move-up buyers are beginning to find the market more friendly.

Another market condition which is important to consider is how much inventory we have going into winter and we currently are holding near 7 months supply (decreasing).  We are at a dangerous teetering point here where we can continue to move ahead or have a stall out and slowdown that will continue through our winter.

My summary shows cautious growth and first time home buyers or investors have decided to jump in the market to snatch up all those townhouses and condos we've got. It's a good idea for investors as most sales prices will equal a positive cash flow. I've been in multiple offers for the low end price ranges.
  
 
Looking for an agent that knows this fluctuating market?  Give me a call to discuss your Schaumburg housing situation and needs.



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