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Looking for a home in the Roselle IL area?  

Check out what's available in Roselle IL Homes now!  Interest rates are at a 40 year low so why not take advantage?

 

                       
    © 2007 - 2010 Lyn Sims

       

What's the results of the tax credit with Roselle Home Buyers?

I've been waiting to write this update now for quite sometime on Roselle Home Sales and to be honest, it sure is a let down!  

Yep, anti-climactic end to the Home Buyers Tax Credit.  

Like a sharp object aimed at a balloon, it's a total fizzle (or as Snoop Dogg would say 'a total furrrschnizzle').

The graph illustrates sales for single family and multi-family Roselle Homes from January to June 2010.  With all the media hype, I would have expected better numbers.  What I see here is the standard increases that we see every year at this time.  But, one caveat for Roselle Homes is that I believe the tax credit was more valuable to multi-family buyers.  Here we see a surge for the deadline but again this could also because of the time of year.  I really didn't get a feeling that the buyers were 'bustin' down the door to take advantage of the credit.  Ho-hum.

Foreclosures and 'better priced values' are being scooped up the fastest.  Short sales?  Well, they fell 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.




Looking to sell your Roselle home and work with an area expert?  

See who sells the most Roselle Homes?

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

Look for Roselle Homes now.
Look for Roselle Home Foreclosures now.

Look for Roselle Townhomes or Condos now.
Look for Roselle Townhome Foreclosures now.

I'd like you to contact me by email Lyn as soon as you can!

 

                       
    © 2007 - 2010 Lyn Sims

       

Schaumburg Homes Market Snapshot - June 2010

The graph illustrates sales for single family Schaumburg Homes from January to June 2010.  With all the media hype about the tax credit, I would have expected better numbers.  What I see here is the standard increases that we see every year at this time.  But, one caveat is that I believe the tax credit was much more valuable to multi-family buyers.  In that segment I saw a surge for the deadline (June 30th) but again this could also because of the time of year. 

Schaumburg foreclosures and 'better priced values' have been 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 & massive quantities of Tylenol.

Pricing your home correctly is more important than ever with the decreased activity and only a certain amount of buyers.  Over the last 6 months the 'listing price to sales price' average has been 94% or 6% off list price.  

What tells me that sellers still haven't priced their Schaumburg Homes correctly in the beginning is the next set of numbers which is 'old sales price to sales price' which came in at 91%.  This means that the listing prices had to come down 3% more in order to sell in today's market.  (94 - 91 = 3%)

Looking to sell your home and work with an area expert?  Let's work out a strategy to get your Schaumburg Home sold!

See who sells the most Schaumburg Homes?

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

Look for Schaumburg Homes now.
Look for Schaumburg Home Foreclosures now.

Look for Schaumburg Townhome or Condos now.
Look for Schaumburg Townhome Foreclosures now.

I'd like you to contact me by email as soon as you can!

 

                       
    © 2007 - 2010 Lyn Sims

       

What's the results of the tax credit with Schaumburg Home Buyers?

I've been waiting to write this update now for quite sometime on Schaumburg Home Sales and to be honest, it sure is a let down!  

Yep, anti-climactic end to the Home Buyers Tax Credit.  

Like a sharp object aimed at a balloon, it's a total fizzle (or as Snoop Dogg would say 'a total furrrschnizzle').

The graph illustrates sales for single family and multi-family Schaumburg Homes from January to June 2010.  With all the media hype, I would have expected better numbers.  What I see here is the standard increases that we see every year at this time.  But, one caveat is that I believe the tax credit was much more valuable to multi-family buyers.  Here we see a surge for the deadline but again this could also because of the time of year.  

Foreclosures and 'better priced values' have been scooped up the fastest.  Short sales?  Well, they fell 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.

Looking to sell your home and work with an area expert?  See who sells the most Schaumburg Homes?

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

Look for Schaumburg Homes now.
Look for Schaumburg Home Foreclosures now.

Look for Schaumburg Townhome or Condo now.
Look for Schaumburg Townhome Foreclosures now.

I'd like you to contact me by email as soon as you can! 

 

                       
    © 2007 - 2010 Lyn Sims

       

Foreclosed Homes - What's a 'Trash Out'?

A 'Trash Out' is often a gut wrenching clean out of a home where the owners have left their belongings behind.  Often valuables, cherished family items, important paperwork are just left where they are.  The people vanish and move quickly on to their new location.  Poof.

I think personally one of the most heart wrenching is when you find family photos that should have been taken.  Why not?  It would only take a minute to throw these into a pile for future memories.  The last 'Trash Out' I attended the owners left their daughters communion dress on the floor of her bedroom.  I asked the seller twice, 'you are going to take that right?'  Can you imagine me having to ask twice?

Here's a video from Lisa Ling.

 

                       
    © 2007 - 2010 Lyn Sims

       

Ever wonder how many short sales are REALLY on the market?

I know I have.  We hear in the media day in and day out about the short sale epidemic.  Short sale this, short sale that.  I decided to find out for you what is really going on.  So much hype but what is the real story?  How many?

With Schaumburg IL Homes that closed within the last 6 months there has been virtually a small percentage of homes going short sale.  Also a small number of foreclosures which my graph will represent.  'Arms Length' transaction is a regular sale between a seller and buyer.

If you are looking for an experienced agent that knows the local market inside and out?  I'd be happy to discuss your buying or selling possibilities with you!

 

                       
    © 2007 - 2010 Lyn Sims

       

Northwest Suburbs Housing Market May 2010

If you're in the negative, anything is a gain!  That's how I would like to start off this post.  You'll be hearing all these 'gain' statistics and numbers getting posted but let's be honest - if you're suddenly making any kind of ground it's a positive note.  But .... we were so far down that we are no where close to the levels of 2008.  


"The Illinois Housing Market saw positive indicators nearly across the board in April with upward momentum in home prices and sales jumping 34.4 percent on the heels of the home buyer tax credit deadline. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include both single-family and condominiums) in April 2010 were up 34.4 percent, totaling 10,323 homes sold compared to April 2009 sales of 7,683 homes."

Lyn's Thoughts - Sales are up but then any increase from zero looks great!  We will see next month how the tax credit has made any type of difference in home sales.

“Home prices made sizable gains statewide, up five percent for the month of April, with nearly half of Illinois counties reporting home price gains including Cook and Lake counties in Chicagoland."

Lyn's Thoughts - OK, we'll take it.  I am not seeing ANY price increase at all for the Northwest Suburban area.  We are just trying to make sales at this point and not seeing any increase.  I will add that higher priced homes have been selling better which might adjust the median sales prices upward.  Six months ago, we did not see any sales over the $400,000 market for quite some time.  This is a sign of buyer confidence.

“Mortgage interest rates remain at record lows. With affordable prices and new listings coming on the market, buyers will find good opportunities even after the tax credit.”

Lyn's Thoughts - True.  The interest rates are at rock bottom now.  The anticipation that rates would increase after the expiration of the tax credit hasn't happened.  Surprise!  Nothing is working right and even the economic guru's can't get a handle on things for a future trend.  Time for a new 'Magic 8 Ball'.  

"According to the IAR report, total home sales (both single-family and condominiums) comparing April 2010 to April 2009 were up in 57 of 99 Illinois counties reporting with 47 of 99 counties posting median price increases. The following Illinois counties reported both sales and median price increases for the month: Champaign sales up 47.9 percent, median price up 7.3 percent to $142,750; Cook sales up 45.5 percent, median price up 1.8 percent to $195,000; Lake sales up 44.0 percent, median price up 11.2 percent to $200,000; McLean sales up 29.5 percent, median price up 12.2 percent to $152,000; Peoria, sales up 21.4 percent, median price up 4.4 percent to $107,000; and Sangamon sales up 23.9 percent, median price up 11.3 percent to $120,100."

Lyn's Thoughts - I don't mean to be a party pooper here but any increase from zero is a plus!  These guys sure know how to spin the numbers into a 'whisp of wonderfulness!' (new word I just coined!)

Sales have been tough and there is still aggressive pricing vs. regular sellers and foreclosures.  The foreclosures are pulling ahead in the race with sales.  Short sales have been left in the dust (kind of like riding a 3 legged horse).  Why should buyers bother with the hassle?  Unless the price is adjusted for the 'hassle factor' as I've come to call it.  Not enough short sellers have figured this out or banks for that matter.

Appraisals are still coming in lower than the sales prices which makes it almost impossible for the sales prices to increase despite what these figures state.  Sellers are fighting for every $1000 they can get from the buyers lender.



January 2010 Housing Market
November 2009 Housing Market


Resources:  Illinois Association of Realtors (IAR) report 05/24/10; Sales and price information is generated from a survey of Multiple Listing Service sales reported by 37 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

 

                       
    © 2007 - 2010 Lyn Sims

       

Updating your Kitchen?  Need help with what to do?

I recently picked up Consumer Reports Kitchen Planning & Buying Guide 2010 that really gives a good broad range of suggestions and things not to miss.  

Lately with the down market I've been seeing many homeowners installing lots of upgrades that they won't be getting their money out of.  Granite counters are the most popular and best example.  If you live in a small home, quad or average townhome - let's face it you've been sold a bill of goods by Home Depot and Lowes. Every consumer forgets they are in the business of selling building materials and home improvements NOT real estate.  

This guide will give you examples of how much things cost so you can plan and total your entire project and see if you will be getting any return.  'Return' might not mean dollars per se but just the fact that your home will sell in this competitive marketplace.  

If you were a realistic buyer their #1 choice would be the house with the least amount of remodeling work for the price.   Let me tell you a little secret, if you don't want to change your countertops from that old and crusty harvest gold from the 70's, no buyer is going to either.  Stop thinking that the buyer can do it like 'they like it'.  Another hallucination on your part.  They will walk and purchase a home that will have the least amount of work to do.

So, back to the guide.  It will give you lots of tips on the newest trends and how much they will cost.  Appliances were also in here and tested with ratings.  So less gas and hassles because you can shop and dream prior to going to the store for purchases.

But Lyn, I'm on a R - E - A - L tight budget, what can I do?

Here's a couple of great places that I've found:   Hobo's  - variety of things from flooring, furniture, lighting and REAL cheap granite or marble vanity tops for remodeling your bathroom.  It's a hit or miss situation there and turnover is pretty fast.  You will need to have a handyman or installer in mind if you can't do it yourself.  If you can - cha ching for your wallet!

Sears Outlet in Elgin on Golf Rd. - all kinds of great appliances, not only Kenmore brands, are there.  Some 'bruised' that are priced to move out of the store!  If a refrigerator has a small ding on the left side and that is the side in your kitchen facing the wall which no one will see - cha ching again for your wallet!

Small changes can make a big difference!  So get the Consumers Reports Guide (on sale til June 15th, 2010) and start your plans.  

Not sure what would be the best things to do for your future move?  Give me a call so I can counsel you on what updates would get your home sold in this market!

 

                       
    © 2007 - 2010 Lyn Sims

       

What areas are 'jumpin' and which areas are not ......

These are the latest figures for Detached Home Sales for April 2010 in the entire MLS region of Northern Illinois and I wanted to share them with you to give you an idea of current market conditions.  These numbers do include the buyer tax credit incentive so next month it will interesting to see if the numbers are stable or have declined.  We shall see what the crystal ball has to say!

I've just picked areas of interest either peaks or valleys in the market.


Arlington Heights    UP   49 homes sold vs 2009 of 23        113% increase
        Avg Sales Price $342,952   -10.4%

Elk Grove                SAME   9 homes sold vs 2009 of 7        28.6% increase
       Avg Sales Price $210,989   -20%
    
Hoffman Estates     UP    31 homes sold vs 2009 of 8         287% increase
        Avg Sales Price $301,606   +10.3%

Niles                        UP    19 homes sold vs 2009 of 10         90% increase
        Avg. Sales Price of $270,279   -18.7%
    
Palatine                  UP    32 homes sold vs 2009 of 20         60% increase
        Avg. Sales Price of $332,967   -15.8%

Park Ridge              UP     33 homes sold vs 2009 of 24        37.5% increase
        Avg. Sales Price of $446,274   +6.3%

Schaumburg          DOWN    17 homes sold vs 2009 of 21    -19% decrease
        Avg. Sales Price of $295,153   +5.7%

Bartlett                 SAME    14 homes sold vs 2009 of 13       7.7% increase
        Avg. Sales Price of $248,488   -9.8%


Thinking of selling your home?  I try and keep my sellers in the Northwest Suburbs informed with the latest numbers and trends in the market.  If that would be something you would be interested in, please give me a call.


Sources:  RANWC Mo to Date April 2010

 

                       
    © 2007 - 2010 Lyn Sims

       

I wouldn't break out your party hats:  “We are encouraged by more signs of improvement in the Illinois housing market spurred by the tremendous buyer market conditions with sales increases for six months in a row statewide and eight months running in the Chicagoland nine-county region.”  (IAR, 3/22/10)

Is the Tax Credit Helping:  Households aren’t leaping to take advantage of the housing opportunities they perceive in today’s market because they are still concerned about job prospects and the state of the economy and not because of any negative concerns about the housing market.

Translation:  People are not jumping after the tax credit like we'd hoped.

First-time buyers:  Survey shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

Translation:  First-time buyers ARE the market.

FHA:  39 percent of recent buyers purchased a home with a FHA insured loan. “FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market.”

Translation:  You better expect FHA financing as a seller and if you have a coach home, townhome, etc. your complex better be FHA approved.  Not all complexes are approved.

Distressed homes:  Distressed property accounted for 32 percent of fourth quarter 2009 transactions, down from 37 percent a year earlier. For all of 2009, distressed homes accounted for 36 percent of total sales last year. (NAR)

Foreclosures:  California’s foreclosure rate ranked fourth highest among the states, with one in every 195 housing units receiving a foreclosure filing during the month, and Michigan’s foreclosure rate ranked fifth highest among the states, with one in every 226 housing units receiving a foreclosure filing. Other states with foreclosure rates among the nation’s 10 highest were Utah (one in every 275 housing units), Idaho (one in 296), Illinois (one in 305), Georgia (one in 331) and Maryland (one in 407). (RealtyTrac, 3/10/10)

Two Levels of Pricing:  Many markets have two levels of pricing – distressed sales and traditional sales. Foreclosures and short-sales tend to carry prices as much as of 20 percent below traditional homes in the same area.

Translation:  There are still many distressed sales pulling down market prices.  Good for buyers, bad for sellers right now.

January 2010 Summary

 

                       
    © 2007 - 2010 Lyn Sims