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Overview of the Bartlett 2008 Housing Market

Currently the local real estate market may be your 'best opportunity' market in years!  Are you ready to take advantage of it?

Mortgage interest rates are low and prices in Northwest Suburban Illinois are still holding fairly well, generally area prices are flat.  NOT EVERYWHERE IN EVERY NEIGHBORHOOD ARE PRICES FALLING.  

That's why I'm saying the real estate market is local - it even makes a difference from subdivision to subdivision in every single town!  But, over time and the long haul, no investment comes close to real estate so now is a great time to buy, sell or invest.

So again, 'All real estate is local'.  What's happening in your local market is all that matters.  You actually have to ask a great local REALTOR, like Lyn Sims at RE/MAX Suburban what's going on in your market.  She is an expert in pricing, buying, demand and selling patterns.  You can't google it and find out what your market place is doing.  You shouldn't rely on Yahoo, Zillow or other erroneous sites to even give you a SWAG (sophisticated wild a*% guess remember!).   You actually have to work with someone that knows the market inside and out and knows your subdivision.

So let's take a look at what is generally happening in Bartlett - Notice in the sales graph prices are not spiraling downward like the media would have you believe.  The median house value in Illinois for 2007 was $272,600 which is UP from the survey done in 2000 of $178,200.  So that's a pretty good return on your investment!

"Does it seem like the real estate market is tanking?"    NO.

"OK Lyn, tell me something I don't know."  Well, I bet you didn't realize the market slow down was happening earlier than what you thought. It actually started in January 2006 and since then gradually month by month market demand has declined!

The average 2008 sales price for Bartlett is actually $309,152.   The total single family sales for 2008 were 250.

The typical first time home buyer is actually trying to spur our local market forward.  The sales are mostly from the lowest pricing in the area (July's average was $282,000).  Therefore the average prices sold during that time will be lowered.   First time home buyers do not normally buy a home in the $310,000 and above range as a first home so obviously our average sales price will be lowered from that activity. Foreclosures and short sales are also selling first and fast with multiple offers.

And don't be scared off by stories about a 'credit crunch' either.  Conventional and FHA loans are available for credit-worthy buyers seeking these types of mortgages.  And mortgage interest rates remain at historically low levels.  Don't be scared off by forecasts that encompass the entire United States either!  Think how ridiculous that is!

"Is it a good time to buy?"  I'm saying YES!

"So, people who have just went thru foreclosure are not probably going to get a loan?"    YES, and in Illinois that is just a small percentage of the homes owned that are in trouble and headed for foreclosure.

People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or your family is expanding.

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.  Lyn Sims still has 100% financing available to those that qualify!  There are still programs that offer down payment assistance to buyers - but you have to know the right people to get the help!

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 early 1980s.  People bought homes then and they can buy them now!   HEY I know 'cause I was sellin' em way back then!

But again, you need to get hooked up with the right people which I can help you with!  There are lenders out there that promise and don't deliver!  There are lenders out there that only offer one type of financing - they won't tell you about all the programs they don't have will they?

"Is housing still your best long-term investment?"    I'm saying YES again!

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.

Why wait?  It's a good time to buy and grab your piece of that Bartlett real estate pie!              

 

Lyn Sims of Re/Max Suburban (847)230-7324 works in the Northwest Suburban Chicago areas of Schaumburg, Roselle, Streamwood, Bloomingdale, Elk Grove Village, Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, and yes Bartlett.  

Offering local real estate advice for 25 years!

My little buddy the 'Blog Dog' knows Bartlett!

You're not familiar with Bartlett?  Here's a town overview.

Bartlett Illinois Local Market for 2008 ©2009 Lyn Sims - TheBlogDog.net

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Sources: National Association of REALTORS®, MRED MLS, Agent Metrics Marketing, my little pencil and calculator.

 

Overview of the Streamwood 2008 Housing Market

Currently the local real estate market may be your 'best opportunity' market in years!  Are you ready to take advantage of it?

Mortgage interest rates are low and prices in Northwest Suburban Illinois are still holding fairly well, generally area prices are flat.  NOT EVERYWHERE IN EVERY NEIGHBORHOOD ARE PRICES FALLING.  

That's why I'm saying the real estate market is local - it even makes a difference from subdivision to subdivision in every single town!  But, over time and the long haul, no investment comes close to real estate so now is a great time to buy, sell or invest.

So again, 'All real estate is local'.  What's happening in your local market is all that matters.  You actually have to ask a great local REALTOR, like Lyn Sims at RE/MAX Suburban what's going on in your market.  She is an expert in pricing, buying, demand and selling patterns.  You can't google it and find out what your market place is doing.  You shouldn't rely on Yahoo, Zillow or other erroneous sites to even give you a SWAG (sophisticated wild a*% guess remember!).   You actually have to work with someone that knows the market inside and out and knows your subdivision.

So let's take a look at what is generally happening in Streamwood - Notice in the sales graph prices are not spiraling downward like the media would have you believe.  The median house value in Illinois for 2007 was $272,600 which is UP from the survey done in 2000 of $178,200.  So that's a pretty good return on your investment!

"Does it seem like the real estate market is tanking?"    NO.

"OK Lyn, tell me something I don't know."  Well, I bet you didn't realize the market slow down was happening earlier than what you thought. It actually started in January 2006 and since then gradually month by month market demand has declined!

The average 2008 sales price for 60107 is actually $227,500.   The total single family sales for 2008 were 219.

The typical first time home buyer is actually trying to spur our local market forward.  The sales are mostly from the lowest pricing in the area (November's average was $184,000).  Therefore the average prices sold during that time will be lowered.   First time home buyers do not normally buy a home in the $300,000 and above range as a first home so obviously our average sales price will be lowered from that activity.  Foreclosures and short sales are also selling first and fast with multiple offers.

And don't be scared off by stories about a 'credit crunch' either.  Conventional and FHA loans are available for credit-worthy buyers seeking these types of mortgages.  And mortgage interest rates remain at historically low levels.  Don't be scared off by forecasts that encompass the entire United States either!  Think how ridiculous that is!

"Is it a good time to buy?"  I'm saying YES!

"So, people who have just went thru foreclosure are not probably going to get a loan?"    YES, and in Illinois that is just a small percentage of the homes owned that are in trouble and headed for foreclosure.

People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or your family is expanding.

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.  Lyn Sims still has 100% financing available to those that qualify!  There are still programs that offer down payment assistance to buyers - but you have to know the right people to get the help!

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 early 1980s.  People bought homes then and they can buy them now!   HEY I know 'cause I was sellin' em way back then!

But again, you need to get hooked up with the right people which I can help you with!  There are lenders out there that promise and don't deliver!  There are lenders out there that only offer one type of financing - they won't tell you about all the programs they don't have will they?

"Is housing still your best long-term investment?"    I'm saying YES again!

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.

Why wait?  It's a good time to buy and grab your piece of that Streamwood pie!              

 

Lyn Sims of Re/Max Suburban (847)230-7324 works in the Northwest Suburban Chicago areas of Schaumburg, Roselle, Bartlett, Bloomingdale, Elk Grove Village, Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, and yes Streamwood.  

Offering local real estate advice for 25 years!

The 'Blog Dog' knows Streamwood!

Streamwood Illinois Local Market  for 2008 ©2009 Lyn Sims - TheBlogDog.net

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Sources: National Association of REALTORS®, MRED MLS, Agent Metrics Marketing, my little pencil and calculator.

 

Bartlett Illinois Homes - $450,000 and up - Is anything selling?  Update for the Luxury Home Market

Well, to answer your question, YES!  There have been 14 sales so far this 2008 year for the $450,000 and up single family market.  What are some marketing tips that you might want to know about if you are planning on selling your home?

Out of the total 14 sales, only 1 home was built before 1992.  

Out of the 14 sales, 13 homes were built after 2000.  They are considered 'newer' homes offering most of today's features that buyers request.  Hardwood floors, stainless steel appliances, open floor plans with 'Greatrooms', fireplaces, crown molding, basements, remodeled kitchens, remodeled baths, 3 car garages, brick and stone facades.

The top selling price has been $1,100,600 and the average days on the market for this group is 224. There are a few sales that have been only on the market for 7 to 30 days which is EXCELLENT considering all the bad market press that we've gotten recently.

List price to sales price ratio has been from 92% to 98%.  That equates to 2% to 8% off the stated list price.  The normal ratio used to be around 3% during the 'good old days' with a fast paced market.  One property did have a 21% sales price ratio which is very unusual and another instance of a foreclosure sale where that ratio was only 3%.  Go figure!

My advice to sellers after offering this research is buyers do not want to do any work!  As I reported previously in other posts, buyers are going to pick the best house for the lowest price with the least amount of work involved!  Newer is selling - newer features are selling!

NO WORK involved.  NONE being zero.  No wallpaper removal, no painting, and for heavens sake no kitchen remodel!  I’ve also noticed that buyers are becoming 'overwhelmed' with the process remodeling entails even in their heads.  So a warning to all sellers reading this – your agent is not making this stuff up!  Buyers do not want to remodel your house!  They don’t want to change the 80’s wallpaper that you don’t even like any more!

Wanna see the RE/MAX Market Share in Bartlett?

Lyn Sims (847)230-7324 at RE/MAX Suburban

The Blog Dog knows Bartlett!

Email her at:  LynSims@remax.net

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Bartlett, Streamwood, Elk Grove Village, Schaumburg, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Hanover Park, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

Sources:  MRED MLS Northern IL, January-December 2008 Closed Sales in coop with MRED.

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Bartlett Illinois Homes 450,000+ and up - Is Anything Selling? - 2008 Lyn Sims www.RealEstateConsumerInfo.com