RealEstateBuyMe.com: Lyn Sims - Schaumburg Homes (Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban)

Real Estate Market Update - Northwest Suburbs - April 2012

Read this report if:

1)  You are thinking of selling your Northwest Suburban home and want to see what's really up with our market.
2)  You don't know what to believe because there are conflicting reports constantly in the media.
3)  You're a future buyer that's beginning to get a feel for purchasing a larger home in the area but you're not sure what to expect.
4)  You think your neighbor is lying when he tells you it will take at least a year to sell your home.
5)  Your convinced your neighbor is stupid and really never liked him!

So let's start with answering those questions that you might have and dish all the particulars! 

I'd like to report that April sales have been up in our area in both housing styles. The best indication that the market is improving is the number of homes that go under contract each month. Currently we are between 15 to 23%. This is terrific! That's a 5% increase in one month.
 

The inventory level (absorption rate) has decreased and it seems we have quickly rolled into the busier market months. The current inventory level has been low between 2.9 to 4.8 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 4 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.
 

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers will been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end but the trend is getting better every month.

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for sellers. Again, none of our market areas are lower than 3 months and for April have had little movement. 

I am optimistic that we are recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of 'pendings' (mentioned above at 15 to 23% of currently listed homes) has also increased but you can't guarantee on all of these sales making it always to a successful close!

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!

Is your current agent showing you any of this information? Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?

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

 

Sources:  MRED April Stats 2012

Why buying a home is just economically smart!

Notice that rentals are getting harder and harder to find?

Notice that rents are increasing every year?

And according to the housing statistics that I can see the forecast is going to get worse for the renting population!  This year I have heard the same stories from calls on my CraigsList ads that rentals are hard to find in our Northwest Suburban area of Chicago. Then, if you do finally find a rental, the rent is outrageous for the condition of the place!  

Scarcity and slim pickens might make you think of an alternative to making your landlord happy every month.  The answer is to buy yourself!  I know that might seem like a blatant sales pitch but see these charts on why it actually is economically smart!

 
The charts are pretty straight forward and won't make your brain ache with all kinds of numbers, percentages and Excel spread sheets.

They point out that after the 3rd year of home ownership you will be ahead of the renting game and be able to have the home just as you would like to have it. 

So there you have it.  A few numbers crunched in your calculator will be able to tell you whether you could be a homeownership candidate.  I bet that you thought you couldn't do it?  Let me show you how it can be possible.  There are also alternatives for down payments that I bet you didn't know about too.

Let's get a game plan going and see how we can make your wallet happy and your landlords not so much!

Elk Grove IL Homes - Elk Grove IL Real Estate - Housing Market for March 2012

How to describe this market for Elk Grove IL Homes?   We have actually been seeing an improvement for the last 10 months.  It still feels sluggish with extended market times, erratic, and unpredictable both for buyers and sellers.  Interest rates have never been lower with affordability being the best it's ever been.  But buyers are still pensive and definitely not pulling the trigger very fast which then frustrates sellers!

The months supply of inventory for Elk Grove IL Homes has been steadily decreasing and has kept our recovery on an even keel. We have 16% less in housing inventory then we did 12 months ago.  Too many homes on the market makes it more competitive and prices are forced downward.  Is balance coming soon?  Obviously some past sellers have decided not to move, given up or have become 'reluctant' landlords in order to continue with their plans. 

Another good indicator that the Elk Grove IL market is improving is the number of homes that go under contract each month. Currently we are between 7 to 14%. This is terrific!

What's positive about the market in Elk Grove?  It's been constantly improving from the number of homes that go under contract each month to the average sold prices.  In many surrounding towns there are extreme changes in the inventory, sales numbers, average prices each month.

Don't forget that during this past year the lower end homes are selling first which brings down the average prices for the whole market.  The more foreclosures entering with the lower prices makes the cycle continue.  Buyers are being 'enticed' by all the REO's and foreclosures because why should they buy the same home for $30,000 more?  Banks are now giving two year home warranties and paying mortgage points too.

Move-up buyers have been wanting to move up to a larger home and also take advantage of the interest rates and great prices.  Just one problem - they can't sell their current home. Same conditions for people that want to down size.

If you are thinking of buying a Elk Grove IL Home, please consider me as a 'buyers agent' for your purchase. An experienced veteran, like myself, can steer you through the 'mine field' on your way to your first or tenth home!

If you are researching this update to possibly sell your Elk Grove IL Home, please email or call to discuss the advantages of my marketing abilities and getting your home turned to 'SOLD'.


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Sources:  MRED, Agent Metrics, my little pencil.

Hoffman Estates IL Real Estate Market Update - March 2012

Interest rates are low and housing affordability has been the best in decades and yes, the Hoffman Estates market is getting better! How much, where and all the particulars is what I'll be telling you here in this report! 

The graphs below show that sales have been up for most towns in our area in both housing types.  Just within my office our showing appointments have increased a whopping 60% in March.

Another good indication that our market is improving is the number of homes that go under contract each month. Currently we are at 19% to 21.5%. This is terrific!

The inventory level (we call it the 'absorption rate') has decreased and it seems we have 'catapulted' into the busier spring months. The current inventory level has been low at 3.8 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 3 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end.

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for Hoffman Estates sellers. Again, none of our market areas are lower than 3 months. What I have noticed this month is that market times have decreased an average of 25%. 

I am optimistic that the Hoffman Estates market is recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of Hoffman Estates 'pendings' (19% for homes, 21.5% for multi-family) has also increased but you can't count on all of these always making it to a successful close!

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!

Is your current agent showing you any of this information?

Do you feel your current agent can even answer these questions?

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

Sources:  MRED March Stats 2012

Real Estate Market Update - Northwest Suburbs - March 2012

Interest rates are low and housing affordability has been the best in decades and yes, the market is getting better! How much, where and all the particulars is what I'll be telling you! 

The graphs below show that sales have been up for most towns in our area in both housing styles.  Just within my office our showing appointments have increased a whopping 60%.

Another good indication that the market is improving is the number of homes that go under contract each month. Currently we are between 10 to 25%. This is terrific!

The inventory level (absorption rate) has decreased and it seems we have 'catapulted' into the busier spring months. The current inventory level has been low between 3 to 5 months. This would have been considered a sellers market 'in the good ole' days' of years past. Inventory level has decreased for the last 3 months in a row. This indicates that there are more buyers in the market than housing inventory but is that really the case? I have only experienced multiple bids on lower end foreclosures during this time.

I have been including the highest sales prices in each category for the month so we can watch for the 2nd tier home sales increase. The market will always recover from the 'bottom up' with the lower sales prices showing the largest number of sales until the 2nd tier breaks free. This will be an indication that the 'move up' buyers have finally been able to take advantage of today's prices and the low interest rates. This will be the next trend in the recovery. So far, not much activity in that upper end.

Average Days on the Market needs no explanation and you can clearly see the extended times are still agonizing for sellers. Again, none of our market areas are lower than 3 months. What I have noticed this month is that market times have decreased an average of 25%. 

I am still optimistic that we are recovering here now for a solid year.  Month over month we have seen an increase in closings. One of the reasons I show the 'month over month' totals is to show you we truly are having sales increases - it's not just sales hype!

The number of 'pendings' (mentioned above at 10 to 25% of currently listed homes) has also increased but you can't count on all of these making it to a successful close!

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!

Is your current agent showing you any of this information?

Do you feel your current agent is 'flying by the seat' of his pants when answering these questions?

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


Sources:  MRED March Stats 2012

Independent Foreclosure Reviews Underway - Will it really get to bottom of things?

Will it really be good for consumers?

John Walsh, acting Comptroller of the Currency, offered an update and clarification on the foreclosure reviews taking place at 14 major lenders as part of the consent orders established last year. Independent foreclosure reviews are being instigated in two ways: Consultants are identifying borrowers they believe may have incurred financial harm as a result of improper processing, and borrowers themselves may request a review if they believe they were wronged by their servicers (lenders).

Consultants are starting with the review of about a quarter-million loans, but they may increase the volume if they feel it is necessary based on their findings. The OCC is also attempting to reach about 4.3 million borrowers whose loans are eligible for review through direct mail and advertising.  In November and December 2011, 4.3 million letters were sent to these individual borrowers to inform them that their loans are eligible for review and to let them know how to request a review.

According to Walsh, several tracking methods were employed to find displaced borrowers, and about 5.6 percent of the letters were undeliverable. Please help in an effort to reach all eligible borrowers with this information.

IndependentForeclosureReview.com has received about 400,000 visits, and more than 175,000 individuals have requested information. 
 
In total, about 121,000 borrowers have requested reviews, expressing grievances such as they received improper fees, their servicer incorrectly calculated their mortgage balance, their payments were improperly processed, or they encountered issues with a loan modification. 
 
When consultants do find that a borrower suffered financial harm because of actions by his or her servicer, the servicer will be required to provide remediation, which may range from reimbursement of lost equity, repayment for expenses plus interest, or repealing a foreclosure.

“There are no caps or limits to the amount of compensation that will be paid out or remediation actions that will be offered,” Walsh stated.

Please pass along this information to anyone that you know that has gone through the foreclosure process or loan modification and feel they have been incorrectly treated or fraudulently treated by their lenders.  The only way for this to stop is to shine the light on the lenders and their actions.


Source:  DS News.com, Krista Franks-Brock