scott afb il belleville il: What goes up...O'Fallon IL Real Estate Conditions Update August 2010 - 09/03/10 02:46 PM
What goes up...must come down. As numbers tumbled nationwide the (sharpest drop in history at 27%) after the tax credit original expiration of June 30, 2010 something odd was going on in O'Fallon IL. While it is true that numbers did go down slightly from June to July - they went back up (+15%) in August...actually it was the best August since 2006.
So while there are areas that continue to slide, O'Fallon IL seems to be holding on and in fact increasing despite the economic climate and depressed housing market. On a broader, but still local view, … (0 comments)
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scott afb il belleville il: O'Fallon IL Real Estate Update for July 2010 - 08/06/10 01:50 PM
First of all THANK YOU to all of you who came out to support Children's Miracle Network. Proceeds from every Blizzard sold on August 5th went to help Local Children's Miracle Network Hospitals. In 2009 over $4.6 Million was raised on Miracle Treat Day alone!
After the spike in June with the rush to get things closed prior to the tax credit deadline (it has been extended) things seem to have settled down. Based on the numbers for July it would appear at least locally that the extension had little effect. However estimates nationwide put the number of homeowners … (0 comments)
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scott afb il belleville il: Fantastic Ranch for sale in O'Fallon IL (and tax credit close extension) - 07/01/10 05:53 PM
Tax credit extension passes Congress: U.S. homebuyers who are eligible for a Homebuyer Tax Credit now have until Sept. 30 to close the transaction and receive the credit. Congress has extended the closing deadline, which had been June 30, by an additional three months. President Barack Obama is expected to sign the legislation soon. The action affects an estimated 180,000 homebuyers who, because of circumstances beyond their control, had been unable to close on their purchase by the original deadline. Short Sale and REO transactions are holding up many of these closings. Qualified first-time buyers can receive a credit of 10 … (2 comments)
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scott afb il belleville il: Tax credit and Road Work...Related? No but read on! - 06/28/10 10:20 AM
An amendment that would have extended the U.S. Homebuyer Tax Credit closing deadline from June 30 to Sept. 30 died with the American Jobs and Closing Tax Loopholes Act of 2010, which also would have extended U.S. jobless benefits. The Senate voted Thursday 57-41 against the legislation.
NAR estimates that as many as 180,000 buyers who went under contract before April 30 could miss out on the credit without an extension.
"Unfortunately, this piece of legislation ended up being very controversial," says Dave Liniger, RE/MAX Chairman and Co-Founder. "We were optimistic when the Senate approved the amendment adding … (0 comments)
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scott afb il belleville il: O'Fallon IL Real Estate Update for May 2010 - 06/10/10 07:21 AM
Real Estate market update for O'Fallon IL May 2010
NATIONWIDE:
The results are somewhat mixed on the effect of the Obama administration's program that allows homeowners to modify their current mortgages in an effort to keep them in the home and avoid foreclosure.
By the end of April 2010 roughly 1.2 million mortgages had been given a trial loan modification. Just over 25% of them have already been dropped from the program according to the Wall Street Journal. The two main reasons for being eliminated from the program were:
•1.) Failure to make payments
•2.) Failed to prove they met the requirements … (0 comments)
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scott afb il belleville il: Boston (NRR...Not Real Estate Related) - 04/19/10 07:01 AM
Welcome to Hopkinton!
Congratulations...you ran
You made it. All those cold mornings in the dark, the rain, snow and wind, you ran. While others slept or hit snooze you ran. You ran when you didn't want to, you ran when you felt terrible...you ran. 20 miles (or more) time that could be spent doing other things, you found a way. 4am is a tough wakeup call but you did it... and you ran. When others said "26 miles? I could never do that" you smiled and...ran. Injuries, aches and pains that sideline most people... you ran. You ran...reaching for something, seeking...today. … (2 comments)
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scott afb il belleville il: The State of Real Estate for the 1st Quarter 2010 O'Fallon IL - 04/12/10 06:34 PM
So far in 2010O'Fallon is averaging 20 homes a month closed. Numbers are fairly consistent with January seeing 20 homes close, February was at 18 and March was at 22.
This shows a 7 home increase over the first quarter of 2009.
Additionally average sales price is on the rise over 2009. Average price for homes closed in O'Fallon for 2010 was $178,010 while 2009 was $176,819. Not a huge jump but forward progress.
Price range continues to be dominated by the below $300,000 group.
Of the 60 homes closed … (0 comments)
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scott afb il belleville il: April 30th is around the corner! - 03/10/10 06:58 AM
And with that date the tax credit expires...sort of. You need to have a home under contract by then in order to qualify. The rules have been expanded and you no longer need to be a "First Time" home buyer in order to capitalize. O'Fallon IL and the surrounding areas have a terrific amount of Real Estate inventory and rates are still very attractive, so now is the time to take advantage of this! … (0 comments)
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scott afb il belleville il: Running with the Irish - 03/08/10 12:24 PM
On Sunday March 7th over 1000 people showed to run in the AOH (Ancient Order of Hibernians) 5K run hosted by
Toolen's Running Start in Shiloh IL. Special thanks to all the volunteers who helped to make this another success! Below is some video from the start of the race along with some of the finishers Enjoy! … (0 comments)
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scott afb il belleville il: O'Fallon IL Jan 2010 Real Estate Market Update - 02/08/10 10:21 AM
Good news!
19 homes closed in January in O'Fallon IL. Even better, this is up 6 from the January 2009 total of 13.
Of the 19 , all were re-sale. Average market time was 181 days.
Bad news!
Prices are down. Average sales price for Jan 2010 was $136,000 down from $157,000 for Jan 2009.
As I mentioned above 19 homes closed in Jan 2010, this is up from 2009 and in line with 2008 numbers.
Price still continues to dictate what is selling. This trend should hold steady thru the first quarter of 2010.
… (0 comments)
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scott afb il belleville il: O'Fallon IL Real Estate Market Update December 2009 - 01/08/10 09:53 AM
Real Estate Market Update O'Fallon IL December 2009:
After a mild summer winter has arrived. As I write this it is 8 whole degrees.
December was a brisk month for Real Estate in O'Fallon. 27 homes closed so a lot of folks got a new home for the holidays.
Of the 27 that closed:
25 were pre-owned; these had an average sales price of $156,922 and an average market time of 177 days.
2 were new construction, with an average sales price of $237,907 and 166 days on the market.
Activity has been consistent from 2007-2009 for the month … (1 comments)
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scott afb il belleville il: $8,000 Tax Credit..what would you do? - 08/14/09 02:45 PM
So what what would you do with/for $8,000???
Most of you are familiar with this program by now but if you need more information please visit us at
OFallonRealEstate.com
Have a great weekend!
Don't let the water run while brushing your teeth!
… (2 comments)
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scott afb il belleville il: O'Fallon IL Real Estate Market Update for JULY 2009 - 08/05/09 01:16 PM
July Market Update for O'Fallon IL
Things are down slightly(10%) from last month, but there are still many under contract so no cause for alarm just yet.
$300,000 still seems to be a ceiling for home sales. Of the 43 homes that closed in July, 91% of them were below $300K. The bulk of the closed homes (34) fell between $100,000-$299,999.
Your re-cap of the last 30 days for O'Fallon IL Real Estate
July 2009
Closed 43 Homes
New Construction: 1 @ $268,348 with a market time of 91 days.
Re-sale: 42 with an average sales price … (0 comments)
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scott afb il belleville il: What's HOT in the O'Fallon IL Real Estate Market? - 07/06/09 09:36 AM
And more importantly...where should I price my home to SELL?
For those sitting on the fence about market value and what homes are actually selling for... read on!
O'Fallon IL so far in 2009:
90% of the homes closed for less than $300,000. These homes averaged about 141 days on the market or about 4.5 months.
The days on market for those homes over $300,000 soars to 208 days or about 7 months.
The Real Estate Market for June 2009 showed much the same as above.
85% of homes closed in O'Fallon IL in June 2009 closed under $300,000 … (0 comments)
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scott afb il belleville il: First Time home buyer $8,000 tax credit options! - 06/22/09 08:43 AM
Much has been said and changed as of late regarding the $8,000 tax credit and the ability to use it for down payment purposes. For some clarification and insight, Ryan Luechtefeld has written a very informative article outlining some options. To read click here Enjoy!
And in other news, if you have noticed an absence of wood sculpture in downtown O'Fallon it is due to the fact the local artist Dave Perez has departed. I hope you had the opportunity to stop by and visit or pick up a piece of truly unique art.
… (1 comments)
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scott afb il belleville il: April 2009 Market update for O'Fallon IL - 05/05/09 01:04 PM
O'Fallon IL currently has 271 homes for sale in a wide variety of price ranges and locations. Inventory is high, prices are reasonable and interest rates are still holding around 5% so now is a fantastic time to buy. Throw in the $8,000 first time home buyer tax credit and things look good.
April turned out to be a very strong month (all things considered) with a total of 26 homes closing, this compares to 23 homes last month.
Of the 26, 22 were Re-Sale homes with an average sales price of $156,573 and average days on the market of 110.
… (0 comments)
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scott afb il belleville il: Stimulus Money in the Metro East - 05/01/09 06:13 AM
Stimulus money headed this way!
The Metro East will be receiving more money from the American Recovery and Reinvestment Act. The bulk of this new money will be used for water control and flood prevention. This leads us to what O'Fallon is considering regarding drainage improvements for storm water. Under the proposed plan residents will pay a flat fee bases on the size of the area they occupy. Not a bad idea at about $4.00 a month. The other side of this is that the retailers (auto dealers, box stores) could be hit very hard as they cover substantially more ground than your … (0 comments)
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scott afb il belleville il: Taxes too high? How to combat it! - 04/06/09 02:25 PM
Got your attention?
Much has been written and discussed about this issue. For that reason I shall keep this short and sweet.
As most of you know property/Real Estate taxes in O'Fallon IL (actually all of St. Clair County IL) are a bit convoluted. We constantly get email and phone calls with questions requesting assistance in appealing property taxes. So let's take a look first at why/if you might have a legitimate appeal. Below are the two most common issues we have been seeing.
•1.) Is the assessor's value higher than the actual market value of your home? Or, does the … (2 comments)
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scott afb il belleville il: O'Fallon IL First Quarter 2009 Real Estate Market Report - 04/01/09 05:50 PM
First quarter Real Estate Market Conditions Update for O'Fallon IL 2009.
50 homes closed in the first quarter of 2009 in O'Fallon IL. Of these 41 were pre-owned or re-sale homes and 9 of them were new construction.
Re-sale (41) homes averaged a $159,468 sales price and were on the market an average of 122 days. New Construction (9) homes had an average sales price of $239,412 and were on the market an average of 153 days.
A look back over the last 4 years paints the picture:
The good news:
There is a fantastic inventory (266) of … (0 comments)
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scott afb il belleville il: O'Fallon IL Real Estate and Art Update! - 03/27/09 06:02 AM
So after a few weeks of driving by my curiosity got the better of me. What is this giant wooden horse and who is the guy on the ladder with a chainsaw? After driving by for days my curiosity got the better of me and I stopped. It seems Art is making a return to downtown O’Fallon IL ! David Perez is an artist (among other things) who has recently moved back here from Mississippi. His work is truly amazing and his ability to see a piece prior to carving is hard to grasp. As we spoke he pointed to a … (0 comments)
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