For more market reports and local real estate news, please visit my blog: http://activerain.com/blogs/debrakukulski
GREAT NEWS FOR HOME BUYERS AND HOME SELLERS!!: Tax Credit Extended and Expanded-NO LONGER FOR FIRST TIME BUYERS ONLY! What the past first-time buyer credit did was significantly positively impact the entry-level end of the market. By expanding it, we're going to see some move-up buyers take action since there is now an up to 6500. credit for qualified buyers that are not first time buyers, too. We hope this helps the move up and middle market as well. If you need details or help with this, please give me a call at 847-516-6760.
The expiration date for the new home buyers tax credit was extended to April 30, 2010. Home buyers wishing to take advantage of this great incentive to purchase a home must be under contract on their home purchase but the end of April and close by the end of June. For more information, visit my website: http://www.TheresNoPlaceLikeYourPlace.com or http://www.YourIllinoisHome.com.
There are still many people having trouble making their mortgage payments. If I may help you or someone you know facing this very difficult situation, please contact me so we can confidentially go over some options. Letting your home go all the way to foreclosure is not always necessary, so please reach out for some help.
Two excellent sites to check into are: https://www.hopenow.com/ http://makinghomeaffordable.gov/
Now...Cary and Oakwood Hills IL Real Estate Update:
Over the past 90 days, per MRED MLS, 62 single family homes in Cary IL have closed, with an average market time of 170 days. The number of successfully sold and closed homes in Cary has increased since the last report and market time has decreased, which is good news for home sellers in Cary IL! The average sales price in Cary IL was $248,295. and the average original list price on homes for sale in Cary IL was $294,102. Successful sellers in Cary IL, with the help of their Realtors, have been getting an average of 84% of their original list prices.
At this report date, per MRED MLS, there are 225 single family homes on the market in Cary IL, with an average days on market of 248 days and an average asking price of $334,952. The available inventory of homes for sale in Cary, Illinois has decreased slightly since last report.
Real Estate market time in Cary, IL has decreased very slightly in line with current market trends.
Cary is experiencing a a little more of a balanced market than some of the neighboring communities but it is still a buyer's market. Market time of available homes for sale is longer than in recent years, but Cary, overall, still has a very strong market and very good resale values.
I posted an updated article on my blog with very important information for you on the Housing Stimulus Package and details on the 8000. first time home buyer's tax incentive, so please check it out:
$8000. First Time Buyer's Tax Credit and Obama Foreclosure Plan!
GREAT news for all buyers, and especially first time buyers. We now have a $8000. First Time Buyer's Tax Credit!
The basics are that the stimulus package gives an $8000. tax credit to first time buyers and applies to principal residences purchased between 01/01/09 and 12/01/09.
The best thing about this tax credit over last year's 7500. first time buyer tax credit is that it does NOT have to be repaid.
The $7500. credit was more of a no interest loan and this is an actual credit if you stay in your home at least three years.
Another very important point to note is that the definition of a first time buyer is someone who has not owned (or spouse has not owned) a home in the past three years prior to the purchase.
The tax credit is for 10% of the homes purchase price, up to $8000. maximum.
Please see the links below to read all of the details of this housing stimulus plan and how this may apply to your personal situation. There are inclusions, exclusions, exceptions, income limits, etc., of course. I would also strongly advise that you consult your tax professionals for the details.
For all the details: http://activerain.com/blogsview/942228/NEW-8000-First-Time-Buyers-Tax-Credit-and-Obama-Foreclosure-Plan
Real Estate is ON SALE...which is GREAT news for ANY buyer!
The links to the details of this bill are all posted on my blog for your convenience. Here is a direct link to my blog: http://activerain.com/blogs/debrakukulski
Search over 120,000 listings at: http://TheresNoPlaceLikeYourPlace.com http://www.debrakukulski.com http://www.McHenryCountyProperties.com http://www.FoxRiverProperties.com
"FOR IMMEDIATE RELEASE October 23, 2009 Illinois Home Sales Show First Increase in Over Three Years Statewide Median Price at $160,000
SPRINGFIELD, Ill. — Statewide Illinois home sales increased year-over-year in the month of September for the first time since March 2006 with first-time buyers driving the rebound in sales. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in September 2009 reached 10,350 homes sold, up 3.3 percent from September 2008 sales of 10,018. The Illinois median price in September 2009 was $160,000 down 9.3 percent from $176,450 in September 2008. The median is a typical market price where half the homes sold for more, half sold for less.
"Buyers taking advantage of the first-time homebuyer tax credit were clearly out in force in most regions statewide in September and thus building momentum for a recovery in the housing market," said REALTOR® Mike Onorato, president of the Illinois Association of REALTORS®. "Home sale gains this month show the tax credit is working and should be extended through 2010 as it is helping to stabilize home prices and creating thousands of jobs that rely on housing. Today's lower prices and interest rates are very appealing to consumers, but it's the tax credit that is attracting people to homeownership. Not renewing the tax credit could potentially jeopardize a full recovery needed to get the economy back on track."
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the third consecutive month, up 5.9 percent to 6,862 total home sales (single-family and condominiums) sold in September 2009 compared to 6,477 homes sold in September 2008. The median home sale price for the Chicagoland PMSA was $199,000 in September 2009, down 10.8 percent from $223,000 in September 2008.
"For sellers it is very important to set the right price to produce a sale in this market, which has two distinct levels of pricing—traditional sales and sales of distressed properties," said Onorato, broker-owner of Onorato Real Estate in Coal City.
According to Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois: "There are signs that the housing market may be signaling a change in direction, although the prospect of continued large numbers of foreclosed properties will continue to exert downward pressure on prices in a market in which supply still significantly exceeds demand. The news on the sales front is encouraging and even the price declines seem to be moderating. However, the prospects of a jobless recovery from the recession will continue to exert restraint on a more robust recovery of the housing market. Illinois tends to enter recessions later than the U.S. and take longer to recover."
Illinois' official unemployment rate in September reached 10.5 percent and was above the 9.8 percent national unemployment rate.
The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.06 percent in September 2009, down 0.21 from the 5.27 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in September it averaged 6.05 percent.
In the city of Chicago, September total home sales (single-family and condominiums) were up 5.8 percent to 1,918 sales compared to 1,813 homes sold in September 2008. The city of Chicago median price in September 2009 was $225,000 down 16.2 percent compared to $268,600 a year ago in September 2008.
"While we see a significant increase of sales, we continue to see distressed properties moving the marketplace," said Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. "The decrease in the median home price is also reflective of this trend as investors purchase short sale and foreclosure inventory in the city. It is more imperative than ever before that legislators extend and expand the homebuyer tax credit, not only to encourage more buyers in the market, but to afford those who are looking to buy in Chicago a tax credit feasible for the urban condo market."
According to the IAR report, total home sales (single-family and condominiums) comparing September 2009 to the same month in 2008 were up in 39 of 99 Illinois counties reporting including Champaign, up 15.7 percent; Cook, up 9.2 percent; DuPage, up 6.6 percent; Kankakee, up 2.9 percent; Lake, up 1.2 percent; Rock Island, up 3.6 percent; Sangamon, up 13.5 percent; and Will, up 4.6 percent.
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."
Source: The Illinois Association of REALTORS®
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"This time may be your best opportunity market in years. Mortgage interest rates are low and prices in Illinois are still holding strong. Over time no investment comes close to real estate so now is a great time to buy, sell or invest.
All real estate is local. What's happening in your local market is all that matters. Ask your local REALTOR what's going on in your market. They are the experts in pricing, buying and selling patterns, and demand.
Don't be scared off by stories about a "credit crunch." Conventional loans are available for credit-worthy buyers seeking these types of mortgages. And mortgage interest rates remain at historically low levels.
Is it a good time to buy? People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or expand.
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.
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 1980s. People bought homes then and they can buy them now.
Housing is your best long-term investment 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." Source: National Association of REALTORS®
Why wait? It's a GREAT time to buy and grab your piece of the American Dream.
POSITIVE OUTLOOK :Right now may actually be one of the best times to buy a home. Consider these facts:
INTEREST RATES NEAR RECORD LOWS
Today's interest rates are GREAT, offering homebuyers a once-in-a-lifetime opportunity.
LARGE INVENTORY WON'T LAST
We have a large inventory of well priced homes on the market now, offering buyers the greatest choice in decades!
REAL ESTATE IS A GREAT INVESTMENT
DON'T DELAY
Now is a great time to buy a home. Call your REALTOR® Debra Kukulski at 847-516-6760 :)
About Debra:
Full Service and Full-Time Realtor Serving Northern Illinois -Extensive knowledge and experience in market area. Specialties include first-time as well as move-up buyers, waterfront properties, new construction!
BUYING A HOUSE? NOW...FREE HOME FINDING SERVICE! You can search available homes from here, or please feel free to give me a call or email me for more personal service.
Thinking of Buying a Home.. but "not quite" ready??? Here's a new way to find the home you want - direct, fast, and easy! This report works for both people buying now, and people who are buying later, but want to be aware of ALL of the new listings as they come on the market.
The Home Buyers Scouting Report is a free service emailed directly to you including your personal web site of all listings from all agents that match your personal criteria, complete with pictures, prices, addresses, and directions the properties!! It's like having your own private MLS! Please call or email me for details on how to sign up!
QUALIFICATIONS:
CDPE-Certified Distressed Property Expert Trained in distressed, REO's, Foreclosures and Short Sales
ABR-Accredited Buyers Represenative When purchasing a home, you want an agent who will look out for YOUR best interests!
e-PRO Certified I am an e-PRO Certified Real Estate Professional, providing both buyers and sellers with high quality,timely information using the resources of the Internet. e-PRO Internet Professionals maximize your ability to leverage the enormous power of the Internet when you are buying and selling property. I have completed extensive training using the Web. e-PRO Certification means as your Realtor, I am prepared to employ the latest techniques and services for your benefit!
RECS Real Estate Cyberspace Specialist-Charter Member.
GRI-Graduate Realtor Institute Advanced Training through the National Association of Realtors in listing and selling residential properties.
Awarded Top 10% in the Nation for Consumer Satisfaction by the Internet Consumer Group
Debra Kukulski, ABR, GRI,RECS,ePRO RE/MAX Unlimited Northwest CARY GROVE CRYSTAL LAKE OFFICE 7107 Pingree Crystal Lake, IL 60014 Direct: 847-516-6760
ZIP Code: 60013 Approximate Location Boundaries: Cary is located Southeast of Crystal Lake, West of Barrington, and Northeast of Algonquin.
Location Characteristics: Cary is a fairly small community with a variety of housing styles and price ranges. Cary also has it's own Metra station in the quaint downtown area. Cary features subdivision type living, country type properties, estate and luxury homes, waterfront and riverfront homes. This great suburb really has a quaint, small-town feel and Cary is very proud of it's schools! I live in Cary and love it!
Search over 120,000 listings at: http://www.debrakukulski.com http://www.McHenryCountyProperties.com http://FoxRiverProperties.com
About Debra Kukulski:
If you are seeking a top professional who will listen, coach and help you work through your transaction so that you can relax and enjoy the fun and rewarding part of buying/selling, call me directly at 847-516-6760 or visit my website for area, community, and school info and references from past clients.
You can also search (FREE!) all current homes for sale from my website, at your leisure: http://www.McHenryCountyProperties.com When you need some assistance, please contact me and I would be hppy to help you!
Search over 100,000 listings at: http://www.debrakukulski.com http://www.McHenryCountyProperties.com
Ask me about my exclusive 'Sellers Marketing Plan', or my 'Preferred Buyers Program', where you will recieve regular notifications of new listings that match your criteria!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
