The Blog Dog .net: March 2010

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Lyn Sims and the Blog Dog©

RE/MAX Suburban

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Streamwood IL Homes and Market Times - March 2010

There is a large amount of inventory thruout the Northwest Suburbs of Chicago which includes the Streamwood Area. Sellers are competing to make their home standout and enhance their marketability. Prices have held between 4 to 5% from the listing price over the last few months.

Here is the chart of ACTIVE Single Family Prices in Streamwood with the MARKET TIMES posted as 'average days on the market.' There currently are 195 single family homes available for sale with an average market time of 193 days.

The average list price is $239,599 and the highest listing price is $875,000. The largest selection of homes occurs in the $150,000 to $250,000 price range. The lowest price is $90,000 which would be considered a 'value price' at any time of the year. I always like to call these my 'Internet deal alerts'.

streamwood IL homes,streamwood townhomes,

To start your up to the minute search for homes available in Streamwood. I'm looking for townhomes in Streamwood.

Streamwood - Village Overview
Streamwood - What's the housing market like?

Streamwood - Who sells the most houses?
Market Update by Price - July to September 2009
Market Update by Price - April to June 2009
Chicago Agent Magazine Feature

How to improve your credit score BEFORE you buy a home

Please contact me Lyn, I need more information!

lyn sims,blog dog,

Lyn Sims and the Blog Dog
                                                         (847)230-7324
            RE/MAX Suburban
   Email: LynSims@msn.com




The Blog Dog© knows Streamwood!

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

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.

Streamwood IL Homes & Market Times ©2010 TheBlogDog.net and Lyn Sims

0 comments • Lyn Sims and the Blog Dog© • March 28 2010 03:44PM

How real estate agents pay the bills

Wonder how we get paid? Your new to the real estate game and you'd just like to know?

Do Buyers Brokers cost money? How do Sellers Agents get paid?

Here is a great post from Brittany Rollins in Indiana that just might clear up some questions. I'm afraid that the public just might not know how we put food on the table!

Only by closing on homes!

Via Brittany Rollins (Williams Carpenter Realtors):

I've been getting a lot of questions lately about how I get paid and who foots the bill. It never occurred to me that it was an area of confusion, and since it seems like it makes people a little uncomfortable to ask, I thought I'd just go ahead and straighten the issue out.

When a homeowner lists their property for sale with a real estate company, they agree to pay a certain percentage of the sale price as commission. This commission money is taken out of the seller's profit at closing and divided between the seller's and buyer's agents. The agents only get paid if and when a house is sold.

If you are shopping for a house, it doesn't cost you anything to use a real estate agent. If you are selling a house, you only have to pay the commission if the agent sells your home.

It sure seems like a good deal to me. We get paid based on our performance. It gives us a whole lot of reason to do a really good job for you and make sure you get exactly what you want.

Just imagine if mechanics only charged when they fixed your problem and if attorneys only charged when they won your case. What if doctors only charged you when they made you healthy, or if your dietician didn't get paid unless you lost weight... it'd be awful nice, wouldn't it?

0 comments • Lyn Sims and the Blog Dog© • March 28 2010 02:09PM

Bartlett IL - 10 Questions You and Your Buyers Must Ask Before Purchasing A Condominium Unit

Thinking of buying a townhome or condo? Here's a good post about doing your 'due diligence' and investigate the association and the rules. Now more than ever you want to be sure that the association is financially secure so you don't get involved in a nightmare! Don't worry, most associatons are well run but you want to know what the rules are before you purchase!

Enjoy this great advice from an attorney in MA, Robert Vetstein. Enjoy!

Via Richard Vetstein (Vetstein Law Group, P.C., TitleHub Closing Services LLC):

Buying a condominium unit can be more involved than buying a single family home. This is because you have to worry about both the unit itself and the condominium project as a whole.

10 Questions You Must Ask Before Purchasing A Condominium Unit

To borrow from a famous phrase, not all condominiums are created equally. Some condominiums are very well run; some are quite poorly run and underfunded. Buyers interested in purchasing a condominium unit must do their homework: not only about the condition of the individual unit they are interested in purchasing, but on the financial health and governance of the condominium as a whole. Remember, you are buying into the entire project as much as you are the unit, and your decision will impact your daily living and your ability to re-sell.

Here are the 10 questions buyers should ask when deciding to purchase a condominium unit:

What is the monthly condominium fee and what does it pay for? The monthly condominium fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it.

What are the condominium rules & regulations? Condominium rules can prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you carefully review the rules and regulations before buying. Needless to say, the buyer's attorney should review and approval all condominium documents, including the master deed, declaration of trust/by-laws, covenants, unit deed and floor plans to ensure compliance with state condominium laws as well as Fannie Mae and FHA guidelines, as necessary.

How much money is in the capital reserve account and how much is funded annually? The capital reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 10% of the annual revenue budget, and in the case of older projects, even more. If the capital reserve account is poorly funded, there is a higher risk of a special assessment. Get a copy of the last 2 years budget, the current reserve account funding level and any capital reserve study.

Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands, others like the Boston Harbor Towers $75 Million renovation project, in the millions. You need to be aware if you are buying a special assessment along with your unit. It's a good idea to ask for the last 2 years of condominium meeting minutes to check what's been going on with the condomininium.

Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.

Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys’ fees which are payable out of the condominium budget and could result in a special assessment. In most states, you can run a search of the condominium association in the court database to check if they've been involved in recent lawsuits.

How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. It can also raise re-sale and financing issues with the new Fannie Mae and FHA condominium regulations which limit owner-occupancy rates. If your buyer is using conventional financing, check if it is a Fannie Mae approved condo. If FHA financing, check if it's an FHA approved condo. (Thanks Lou Corcoran for the links)

What is the condominium fee delinquency rate? Again, a signal of financial trouble, and Fannie Mae and FHA want to see the rate at 15% or less.

Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? Condominiums differ as to how they structure the “ownership” of certain amenities such as roof decks, porches, storage spaces and parking spaces. Sometimes, they are truly “deeded” with the unit, so the unit owner has sole responsibility for maintenance and repairs. Sometimes, they are common areas in which the unit owner has the exclusive right to use, but the maintenance and repair is left with the association. Review the Master Deed and Unit Deed on this one.

What Does The Master Insurance Policy Cover? The condominium should have up to $1M or more in coverage under their master condominium policy. For buyer's own protection, they should always buy an individual HO-6 policy covering the interior and contents of the unit, because the master policy and condo by-laws may not cover all damage to their personal possessions and interior damage in case of a roof leak, water pipe burst or other problem arising from a common area element. Ask for a copy of the master insurance policy and don't forget to check the fine print of the by-laws. Sometimes, there's language that would hurt a unit owner in case of a common area casualty. Condominiums over 20 units should also have fidelity insurance to protect against embezzlement.

Often a standard condominium questionnaire will answer all or most of these questions. In Mass., where I practice, this isn't required by law, nor is a seller disclosure. If not, be prepared to generate this list and incorporate it into your Offer to Purchase or Purchase and Sale Agreement, as the case may be in your home state.

Either way, do not have your buyer put earnest money down until satisfactory answers are received. Good luck and happy condo hunting to you and your buyers!

0 comments • Lyn Sims and the Blog Dog© • March 28 2010 01:50PM

Illinois Northwest Suburban Housing Market

Whats going on in the Illinois Housing Market - February 2010

I wouldn't break out your party hats: “We are encouraged by illinois housing market,northwest suburbs, 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.

0 comments • Lyn Sims and the Blog Dog© • March 25 2010 12:54PM

Wildberry - Streamwood IL

Wildberry Townhome community located in Streamwood IL near Barrington and Bode Roads. Very popular area across the street from the Cook County Forest Preserve with wonderfully maintained walking, jogging and newly finished bike paths. Built by Lexington Builders in 1988 introducing a new concept style in these homes. The area is comprised of private entry 2-story or ranch styled townhomes with a 1 car garage.

View Wildberry - Streamwood IL in a larger map

The association has an outdoor pool and clubhouse available for all homeowners. Well manicured landscaping offers a walking/jogging path thru the subdivision. Wildberry is also in the popular Schaumburg School District 54 and 211. Prices range from $140,000 to $220,000 approximately

There are seven popular models in total all having a private entryway into the home and a private garage. Two models have 'ranch' styling with no stairs for seniors or dog lovers.

1BR 1BA Astor Model, 1 car garage (1st floor RANCH) $142,000

2BR 2BA Berkeley Model, 1 car garage (2nd floor ONLY)

2BR 1.5BA Claremont Model, 1 car garage (2story) $172,000

2BR 2BA Dorset Model, 1 car garage (1st floor RANCH) $140,000 (F)

2BR 2.5BA Essex Model, 1 car garage (2story)

3BR 2BA Fairfax Model, 1 car garage (2nd floor ONLY)

3BR 2.5BA Greenfield Model, 1 car garage (2story)

There have been only a total of 3 closed sales in the last 9 months.

Wildberry is also very popular with commuters to Chicago - they use the Hanover Park Train Station which has plenty of parking and is located less than a mile away (Milwaukee West Line).

Please let me know if I can help you with any more information on this great area that I specialize. There are a few homes on the market now that I would be able to show you now. I feel it's a great area that offers alot of space for the price!

Search for townhomes in Wildberry now!

Streamwood - Village Overview
Streamwood - What's the housing market like?

Streamwood - Who sells the most houses?
Market Update by Price - July to September 2009
Market Update by Price - April to June 2009

Chicago Agent Magazine Feature

Having someone in your corner with over 25 years experience will ensure every detail of your purchase or sale is handled smoothly!

Looking forward to working with you!

Please contact me Lyn, I need more information!

Lyn Sims and the Blog Dog©
         (847)230-7324
            RE/MAX Suburban
   Email: LynSims@msn.com




The Blog Dog© knows Streamwood!

This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Streamwood, Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, 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.

Resources: MRED 3/19/2010

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.

Wildberry - Streamwood IL ©2010 TheBlogDog.net and Lyn Sims

0 comments • Lyn Sims and the Blog Dog© • March 20 2010 02:17PM

Surrey Woods - Streamwood IL Townhomes

Surrey Woods Townhomes

Sales summary for the Surrey Woods Townhome community in Streamwood IL near 59 and Bode Rds. Very popular area surrounded by the Cook County Forest Preserve with wonderfully maintained walking, jogging and bike paths. Not to mention the great old oak trees in the area. There is also a pond and play area that is maintained by the Streamwood Park District too. The area is comprised of private entry 2-story styled townhomes with either a 1 or 2 car garage. Some basements are available but rarely go on the market. Square footage is approximately between 1100 to 1700 sq ft and prices between $165,000 to $230,000. Alot of great square footage for your money here!

2BR 1.5BA Brimfield Model, 1 car garage. One sale $150,000

2BR 1.5BA Cantebury Model, 1 car garage.

2BR 2.5BA, Den, Ashford Model, 2 car garage. One sale $160,000

There have been a total of 2 closed sales for the last 6 months. The average days on the market is 75 with some units taking longer. Both sales above were distressed.

Please let me know if I can help you with any more information on this great area that I specialize. There surrey woods,streamwood IL, are a few homes on the market now that I would be able to show you now. I feel it's a great area that offers alot of space for the price!

Search Surrey Woods now!

Streamwood - Village Overview
Streamwood - What's the housing market like?

Streamwood - Who sells the most houses?
Market Update by Price - July to September 2009
Market Update by Price - April to June 2009

Chicago Agent Magazine Feature

Having someone in your corner with over 25 years experience will ensure every detail of your purchase or sale is handled smoothly!

Looking forward to working with you!

Please contact me Lyn, I need more information!

lyn sims,blog dog,

Lyn Sims and the Blog Dog©
                                                         (847)230-7324
            RE/MAX Suburban
    Email: LynSims@msn.com




The Blog Dog© knows Streamwood!

This darn dog and I proudly sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Streamwood, Bartlett, Elk Grove Village, Hoffman Estates, Schaumburg, 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.

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. Market Data MRED 3/8/2010

Elgin Illinois Home Sale - Who sold the most homes in Elgin?

RE/MAX is twice as effective than the next competing real estate company in Elgin for 2009! That's alot of real estate!

Looking to get your home sold in this tougher market? I'd love the get the job done!

Looking to buy a home and want someone experienced to help you avert the potential potholes?

Give me a call or email me so we can get started today!

Elgin IL Market Share 2009

South Elgin IL - Who had the most home sales?

RE/MAX is three times as effective than the next competing real estate company in South Elgin for 2009! That's alot of real estate!

Streamwood IL - Pet Rescue holds Lou Malnati's Fundraiser

YUMMMMM ....... Fundraiser at Lou Malnati's March 31st

The Almost Home Foundation ARF team has cooked up a delicious fundraiser at Lou Malnati's on March 31, 2010! Just print out the attached flyer and have dinner at Lou's and a portion of the sale will benefit AHF animals.

Dine-in, carryout or delivery at Lou's in Elk Grove Village, Schaumburg or Bloomingdale...as long as you mention the flyer when placing the order and present the flyer when paying, AHF animals benefit.

Please make copies of the flyer & pass them on to your family and friends. Enjoy dinner out on March 31, 2010 and help the animals at the same time.

Take me to their website to see all the cats & dogs available!

This is where 'The Blog Dog' was adopted from BTW!

Almost Home Foundation Fund Raiser 3/31/2010

Carol Stream IL - Who sells the most houses in Carol Stream?

RE/MAX is twice as effective as the next competing real estate company in Carol Stream for 2009! That's alot of real estate!

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Blog Archives

Streamwood IL Homes and Market Times - March 2010

How real estate agents pay the bills

Bartlett IL - 10 Questions You and Your Buyers Must Ask Before Purchasing A Condominium Unit

Illinois Northwest Suburban Housing Market

Whats going on in the Illinois Housing Market - February 2010

Wildberry - Streamwood IL

Having someone in your corner with over 25 years experience will ensure every detail of your purchase or sale is handled smoothly!

Looking forward to working with you!

Wildberry - Streamwood IL ©2010 TheBlogDog.net and Lyn Sims

Surrey Woods - Streamwood IL Townhomes

Surrey Woods Townhomes

Having someone in your corner with over 25 years experience will ensure every detail of your purchase or sale is handled smoothly!

Looking forward to working with you!

Surrey Woods - Streamwood IL ©2010 TheBlogDog.net and Lyn Sims

Elgin Illinois Home Sale - Who sold the most homes in Elgin?

RE/MAX is twice as effective than the next competing real estate company in Elgin for 2009! That's alot of real estate!

South Elgin IL - Who had the most home sales?

RE/MAX is three times as effective than the next competing real estate company in South Elgin for 2009! That's alot of real estate!

Streamwood IL - Pet Rescue holds Lou Malnati's Fundraiser

Carol Stream IL - Who sells the most houses in Carol Stream?

RE/MAX is twice as effective as the next competing real estate company in Carol Stream for 2009! That's alot of real estate!