Looks like the market has picked up some from it's year over year being 12 months. IL is still upside down as a whole, the North West Chicago area including Lake County and Dupage County had units sold of 297775 compared to previous 12 months of is fairing much better with sales in the last 12 months up from the previous 12 months of 41399. A significant increase signaling the bottom is near.The good news is that the price drops are slowing way down from last year. The normal winter cycle is now in affect. Even with the cold weather, President Obamas Tax credit of 10% of the purchase price up to $8,000 is expected to keep the real estate housing market robust for home buyers for a second time in the last 12 months.Foreclosed homes aren't what they were 3 years ago. Most people assume that they are trashed out handyman specials or worst.
Hud is will raise the minimum down payment required to 5% due to skyrocketing foreclosure rates and they are also expected to raise the interest rate well above 5.5%. With FHA limits raised to $410,000 in Cook County all you need to have is a qualifing income and at least a 620 credit score and no bankrupcy in the last 7 years.
Today they come is all shapes, sizes and many are in spectacular shape, the following is an example of one.
Sunday, January 31, 2010
Monday, August 10, 2009
Real Estate Market Update July 2009
More Americans signed sales contracts to buy homes in June than in May, the fifth consecutive month of increases, according to a report released Tuesday.
The National Association of Realtors said its Pending Home Sales Index rose 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003.
The report followed several other recent pieces of good news for the housing industry, rise in new home sales, a rise in existing home sales and the first home price increase of 1.4%. That doesn't sound like much, however to put it in prospective home prices dropped by 18% the same time 12 months earlier.
Industry experts were predicting only a .7% increase.
Low interest rates and more affordable housing choices are fueling the activity.
Affordable housing sales have been the driving force of the market, an indication that the Obama stimulus tax credit, worth up to $8,000, is helping perpetuate this increase in market activity. TIME IS RUNNING OUT for you to take advantage of this once in a life time opportunity.
It will take as long as two months to close on a home after signing a contract, Buyers must take action now to take advantage of the $8,000 tax credit because they must close on the sale by Nov. 30."
To find out how you can get in on the action call Art now at 847-847-8964 or to email me.
The National Association of Realtors said its Pending Home Sales Index rose 3.6% during the month. That was 6.7% higher than June 2008. It was the fifth straight month of increases, the first time that has happened since July 2003.
The report followed several other recent pieces of good news for the housing industry, rise in new home sales, a rise in existing home sales and the first home price increase of 1.4%. That doesn't sound like much, however to put it in prospective home prices dropped by 18% the same time 12 months earlier.
Industry experts were predicting only a .7% increase.
Low interest rates and more affordable housing choices are fueling the activity.
Affordable housing sales have been the driving force of the market, an indication that the Obama stimulus tax credit, worth up to $8,000, is helping perpetuate this increase in market activity. TIME IS RUNNING OUT for you to take advantage of this once in a life time opportunity.
It will take as long as two months to close on a home after signing a contract, Buyers must take action now to take advantage of the $8,000 tax credit because they must close on the sale by Nov. 30."
To find out how you can get in on the action call Art now at 847-847-8964 or to email me.
Thursday, July 02, 2009
Wednesday, June 17, 2009
Chicago Real Estate Market is Making a slow come back.
The news is finally positive for a change according to CNN new housing starts were up by 17.2% over last year.
1st time home buyers appear to be leading the way. Existing home sales rose 2.9% while the median sales price fell 15.4% to $170,200. It appears the decline is near the bottom, however some experts are saying that it's not over yet.
If the wave of foreclosures will stop we may see a slight return to a more sane buyers market. It is amazing the deals that are to be had out there. There is currently a ranch home in Schaumburg that was selling for $300,000 in 2007, a similar home is currently for sale as a foreclosure for only $180,000.
There are many good bargains in real estate right now if you have the guts to hold on to properties for at least 5 years. Curious about the Chicago real estate market? You may search homes Barrington IL Homes for sale online 24/7 for free.
1st time home buyers appear to be leading the way. Existing home sales rose 2.9% while the median sales price fell 15.4% to $170,200. It appears the decline is near the bottom, however some experts are saying that it's not over yet.
If the wave of foreclosures will stop we may see a slight return to a more sane buyers market. It is amazing the deals that are to be had out there. There is currently a ranch home in Schaumburg that was selling for $300,000 in 2007, a similar home is currently for sale as a foreclosure for only $180,000.
There are many good bargains in real estate right now if you have the guts to hold on to properties for at least 5 years. Curious about the Chicago real estate market? You may search homes Barrington IL Homes for sale online 24/7 for free.
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