What is the next glitch in the changing home sale market for Chicago and the Suburban Market?
What also affects those property owners who want to refinance their property or do a mortgage modification?
Its the Appraisal....
Since May 1, home appraisals must be ordered at arm's length, often through a national management company. Gone are the days when a mortgage broker or lender could hire a familiar appraiser to close a deal. Now, communication between the appraiser and real estate agents is discouraged.
The new rules were proposed by New York Attorney General Andrew Cuomo, who pushed for the standards after spending more than a year investigating industry appraisal practices. They govern only loans that will be sold to Fannie Mae and Freddie Mac, government-run mortgage companies that buy most of the nation's home loans, and not loans guaranteed by the FHA or VA.
One problem, real estate agents and mortgage brokers say, is that the management companies assign appraisers who don't know the area and lose experienced appraisers by taking a large percentage of the fees.
Another common complaint: appraisers value properties on the low end to appease lenders, which are scrutinizing appraisals now after suffering large loan losses in recent years
Appraisals are coming in very low right now. .. To make matters worse it's no longer OK for the lender's loan officer to actually talk to their own appraiser about the values of these properties. It's a knee jerk reaction to the mortgage meltdown. Whatever the appraiser says, goes... even if they don't have the foggiest notion of values in a given area.
So what is a person to do?
Request a second appraisal. This time around make sure to have recent sales from your Realtor to provide to the appraiser. Recent sales are preferably less than 120 days old from the closed date. Also, give the appraiser a list of property highlights and improvements.
Finally, let your voice be heard by calling your elected officials!
Need Recent SOLD comparables? Call or email us for the most recent data in your neighborhood. (for Chicago and surrounding Counties)
Did you know that homes ARE selling in Arlington Heights? As of June 10, 2009, 14% of the single family homes that are listed for sale in MRED (our area multiple listing service) are under contract! This has held steady since my last market statistic blog on May 5, 2009. This is still a relatively low number compared to statistics during the peak real estate years. However, it does mean there are buyers out there that are buying homes! In the past month, there also have been 19 homes that have closed. Hopefully we'll see this number increase in the coming weeks.
Here are the rest of the market statistics as of June 10, 2009:
Currently, the average list price for single family homes in Arlington Heights is $480,518. The average list price for the homes currently under contract is $403,256. (LP refers to listing price and SP refers to selling price).
Now lets look at "attached single family properties" which includes condominiums and townhouses.
The attached homes range in list price from $34,650 to $799,900 with an average list price of $207,509. There are currently 13% of the attached homes that are under contract. This percentage has increased from 9% to 13% in the past 30 days! Nineteen properties closed in the past month. In the coming weeks, hopefully we'll see a significant increase in the amount of properties that have actually closed.
Look for another update on or about June 24th.
Please contact me directly if you have any questions on the above information.
Dana Hybl
REALTY EXECUTIVES Prestige
Direct: 630-975-9001
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and the suburbs
Contemporary 3 BR & 2 full bath Townhome with finished basement, cathdral ceilings, and beautiful decor walking distance to parks, C. S. Recreation Center & Pool, and Shopping at Heritage Plaza w/Jewel. Blockbuster & Other stores. Quality built Cambridge home with extra wide driveway, deck, all appliances, many updates, and 1 year Home Warranty. This townhome has the feel and size of a single family home!
Did you know that homes ARE selling in Arlington Heights? As of May 5, 2009, 14% of the single family homes that are listed for sale in MRED (our area multiple listing service) are under contract! This is a 7% increase in since April 23, 2009! This is still a relatively low number compared to statistics during the peak real estate years. However, it does mean there are buyers out there that are buying homes! In the past month, there also have been 19 homes that have closed. Hopefully we'll see this number increase in the coming weeks.
Here are the rest of the market statistics as of May 5, 2009:
Currently, the median list price for single family homes in Arlington Heights is $419,900. The average list price for the homes currently under contract is $421,199. (LP refers to listing price and SP refers to selling price).
Now lets look at "attached single family properties" which includes condominiums and townhouses.
The attached homes range in list price from $39,900 to $849,000 with a median list price of $174,900. There are currently 9% of the attached homes that are under contract. This percentage has decreased slightly since April 23, 2009. Nineteen properties closed in the past month. In the coming weeks, hopefully we'll see a significant increase in the amount of properties that have actually closed.
Look for another update on or about May 19th.
Please contact me directly if you have any questions on the above information.
Dana Hybl
REALTY EXECUTIVES Prestige
Direct: 630-975-9001
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and the suburbs
This desirable cape cod attached single-family home features a first floor bedroom and full bath! Upstairs there are two additional bedrooms, full bath, and large loft area that is perfect for home office or play area. Spacious eat-in kitchen with hardwood floors and vaulted ceiling in bedroom. Recent updates in last 7 years include roof, hot water heater, furnace and windows! Low annual association fee for common areas! Don't pass this one by!
This home is subject to a short sale so it does require some patience from prospective buyers but it will be well worth the investment! Convenient location close to the tollway, shopping areas, and forest preserve.
Contact me for more information or to schedule a private showing of this spectacular home!
Dana Hybl
REALTY EXECUTIVES Prestige
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and Suburbs
Del Webb's Edgewater is an active adult community for 55+ adults. Edgewater offers the Del Webb lifestyle in a smaller alternative to nearby Sun City Huntley. Edgewater's location off of Randall Road in Elgin means retail shopping and restaurants are close to home. With 1,040 homes, Edgewater is one of the largest active adult communities in Chicago and offers a vast array of amenities and social clubs. Residents of Edgewater have chosen to make it their home because it offers the Del Webb lifestyle in a more intimate community than Sun City Huntley and it is also close to everyday conveniences and shopping along Randall Road.
Edgewater features a 24,000 square foot clubhouse with an indoor pool, spa, fitness center, billiard room, aerobics studio, library, hobby rooms and meeting rooms. Outside, residents can enjoy an outdoor pool, two tennis courts, bocce ball courts, and a series of walking and biking trails. Edgewater is quickly establishing charter clubs and interest groups. Residents of Edgewater will find they can join any of the nearly two-dozen (and growing) clubs in the community.
2648 Venetian Lane - This almost NEW, never lived in ranch features many upgrades including a Garden Room, master bedroom with luxury bath and walk-in closet, fully applianced kitchen with 42" oak cabinets and crown moldings, high efficiency furnace, central air, ceiling fans in all bedrooms, custom window treatments, bay window, beautiful brick front, inground lawn sprinkler system, premium lot with open area in front and back of home, and so much more! Priced at $270,000.
Contact me for more information or to schedule a private showing of this spectacular home!
Dana Hybl
REALTY EXECUTIVES Prestige
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and Suburbs
* The National Association of Realtors (NAR) affordability index is at it's highest in history!
* Homepath Lending program for Fannie Mae properties! Qualify for a loan with as little as 3% down for owner occupied properties or 10% down for an investent properties!
* Bank of America Buyer's Protection Plan! Lose your job or become hospitalized and your mortgage can be paid for up to 12 months!
* New home sales skyrocketed in February!
* Home prices increased in January/February in 22 of 25 cities Nationwide!
According to the National Association of Realtors 2008 Profile of Home Buyers and Sellers, the median age of a first time homebuyer is 30 years old with a median income of $60,000.
First time homebuyers are in a unique position in the current real estate market because they are not constrained by the necessity to dispose of their current residence. In addition, there are many financial incentives from federal and state programs that are only available to first time homebuyers. Even individuals that have not owned a home in the last three years may be considered a first time homebuyer!
Take advantage of the many available incentive programs including the tax credit that offers a maximum credit of $8,000. But hurry! This credit expires December 1, 2009! Also, unlike last year's tax credit, the 2009 program doesn't have to be repaid!
For more information about the available first time homebuyer incentive programs, please give me a call!
Dana Hybl
REALTY EXECUTIVES Prestige
(630) 975-9001
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and Suburbs
Did you know that homes ARE selling in Arlington Heights? As of April 23, 2009, 13.1% of the single family homes that are listed for sale in MRED (our area multiple listing service) are under contract! This is a 15% increase in the past three weeks! This is still a relatively low number compared to statistics during the peak real estate years. However, it does mean there are buyers out there that are buying homes! In the past month, there also have been 21 homes that have closed. Hopefully we'll see this number increase in the coming weeks.
Here are the rest of the market statistics as of April 23, 2009:
Currently, the median list price for single family homes in Arlington Heights is $419,900. The average list price for the homes currently under contract is $482,366.
Now lets look at "attached single family properties" which includes condominiums and townhouses.
The attached homes range in list price from $39,000 to $849,000 with a median list price of $174,900. There are currently 10.4% of the attached homes that are under contract. This percentage has increased by 18% in the past three weeks. Nineteen properties closed in the past month. In the coming weeks, hopefully we'll see a significant increase in the amount of properties that have actually closed.
Look for another update on or about May 12th.
Please contact me directly if you have any questions on the above information.
Dana Hybl
REALTY EXECUTIVES Prestige
Direct: 630-975-9001
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and the suburbs
Did you know that homes ARE selling in Arlington Heights? As of March 30, 2009, 11.4% of the single family homes that are listed for sale in MRED (our area multiple listing service) are under contract! This is a 16% increase in the past two weeks! This is still a relatively low number compared to statistics during the peak real estate years. However, it does mean there are buyers out there that are buying homes! In the past month, there also have been 16 homes that have closed. Hopefully we'll see this number increase in the coming weeks.
Here are the rest of the market statistics as of March 30, 2009:
Currently, the median list price for single family homes in Arlington Heights is $420,000. The average list price for the homes currently under contract is $400,635.
Now lets look at "attached single family properties" which includes condominiums and townhouses.
The attached homes range in list price from $39,000 to $849,000 with a median list price of $174,350. There are currently 8.8% of the attached homes that are under contract. This percentage has increased by 33% in the past two weeks. Thirteen properties closed in the past month. In the coming weeks, hopefully we'll see a significant increase in the amount of properties that have actually closed.
Look for another update on or about April 8th.
Please contact me directly if you have any questions on the above information.
Dana Hybl
REALTY EXECUTIVES Prestige
Direct: 630-975-9001
Offices in Arlington Heights and Bloomingdale, Servicing Chicago and the suburbs
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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