northwest suburbs: Is it Unenforceable Nonsense from Bank of America? - 05/21/12 06:47 AM
I'm sure that many have noticed the 'extended language' that is on many Bank of America foreclosures. In addition to the 'must be pre-qualified by our BofA lender' we now have further addendums that must be added to our contracts. Our MLS currently has many listings that just started to use this warning verbiage:
"Grantee herein shall be prohibited from conveying captioned property for a sales price of greater than $_____ for a period of _____ month(s) from the date of this deed. Grantee shall also be prohibited from encumbering subject property with a security interest in the principle amount of greater … (15 comments)
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northwest suburbs: Northwest Suburban Real Estate Market Report - April 2012 - 05/18/12 08:45 AM
Real Estate Market Update - Northwest Suburbs - April 2012 Read this report if: 1) You are thinking of selling your Northwest Suburban home and want to see what's really up with our market. 2) You don't know what to believe because there are conflicting reports constantly in the media. 3) You're a future buyer that's beginning to get a feel for purchasing a larger home in the area but you're not sure what to expect. 4) You think your neighbor is lying when he tells you it will take at least a year to sell your home. 5) Your convinced your … (1 comments)
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northwest suburbs: Rent vs. Buy - Do what's Economically Smart! - 05/02/12 09:59 AM
Why buying a home is just economically smart! Notice that rentals are getting harder and harder to find? Notice that rents are increasing every year? And according to the housing statistics that I can see the forecast is going to get worse for the renting population! This year I have heard the same stories from calls on my CraigsList ads that rentals are hard to find in our Northwest Suburban area of Chicago. Then, if you do finally find a rental, the rent is outrageous for the condition of the place! Scarcity and slim pickens might make you think of … (4 comments)
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northwest suburbs: Northwest Suburban Real Estate Market Report - March 2012 - 04/11/12 06:00 AM
Real Estate Market Update - Northwest Suburbs - March 2012 Interest rates are low and housing affordability has been the best in decades and yes, the market is getting better! How much, where and all the particulars is what I'll be telling you!
The graphs below show that sales have been up for most towns in our area in both housing styles. Just within my office our showing appointments have increased a whopping 60%.
Another good indication that the market is improving is the number of homes that go under contract each month. Currently we are between 10 to 25%. This … (4 comments)
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northwest suburbs: Northwest Suburban Real Estate Market - Is it Spring yet? - 03/10/12 02:47 PM
Real Estate Market Update - Northwest Suburbs - February 2012 Interest rates are low and housing affordability has been the best in decades and yet I was hoping the market would be ending a little better. FHA buyers will be taking a hit to their pocketbooks in April with higher monthly mortgage insurance costs looming on the horizon. It seems that with each slight lowering of interest rates the banks are elevating the closing costs for buyers to offset that bonus. Makes you wonder who's side they are on? Obviously, their own and not the consumer.
The graphs show that February … (3 comments)
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northwest suburbs: Northwest Suburban Real Estate Market Update - January 2012 - 02/09/12 05:37 PM
Real Estate Market Update - Northwest Suburbs - January 2012 In the month of December I reported that I felt the market was slowing down but I was still quite optimistic for the end of the year sales. At the final tally, we did well over the 2010 sales year. I still feel that things are taking off too slowly with the great interest rates we currently have and the mild weather we have been experiencing.
My research shows that January sales have been down for most towns in our Northwest Suburban area. This is also validating my market feelings.
Another … (0 comments)
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northwest suburbs: High End Foreclosures in the Chicagoland Area for 2011 - 01/27/12 02:29 PM
High End Foreclosures in the Chicagoland Area for 2011
You'd have to admit that 2011 has been another unusual year for all of us in real estate. I've recently stumbled upon some interesting foreclosures in our area. Obviously, not your average foreclosures as you'll see.
Bannockburn $2,000,000
French Manor, 5BR's, 7.5BA's, 6 Fireplaces, 4 Car Garage. Built in 2008 on 3.5 Acres with 6624 square feet plus 3400 square feet basement. Don't forget the theater, exercise room and taxes of $44,100 per year.
Barrington Hills $800,000 … (3 comments)
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northwest suburbs: Northwest Suburban Real Estate Update - December 2011 - 01/14/12 12:14 PM
Real Estate Market Update - Northwest Suburbs - December 2011 Well last month I reported that I felt the market was slowing down but I was still quite optimistic for the end of the year sales. At the final tally, we did well over the 2010 sales year. Sales are above those levels and I think we can't be stopped from going forward!
The graphs show that December sales have been up for most towns in our area. And even with the towns that came in under 2010 sales levels, I feel it's just a matter of time before the … (3 comments)
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northwest suburbs: Schaumburg Homes - Average Home Prices over the last 10 years - 12/19/11 10:17 AM
There's been much talk (chatter by the national talking heads) in the media about our Northwest Suburban and Schaumburg home values returning to a previous level. I read these reports constantly, day in and day out and wonder to myself 'How do they know this stuff when I don't even know it!' Real estate is unique in that it is very local in nature. In fact, real estate is so unique it can even be broken down further to say that neighborhoods even in the same town will been effected differently. What happens in one subdivision doesn't necessary happen in another. … (2 comments)
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northwest suburbs: Northwest Suburban Real Estate Update - November 2011 - 12/07/11 10:23 AM
Real Estate Market Update - Northwest Suburbs - November 2011 Well, I'm still optimistic but the brakes have been slammed on! Let me set the picture for you - we're on the Eisenhower Expressway in the slow lane tootling along at the legal 55 mph (whistling ....) when suddenly we have to screech to an abrupt halt. It also seems that we've had to use two feet! But it's not that dismal because we're still in the slow lane and haven't crashed into the guard rail!
The graph shows that October to November sales have been down for most towns … (0 comments)
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northwest suburbs: Northwest Suburban Real Estate Update - October 2011 - 11/12/11 12:02 PM
Real Estate Market Update - Northwest Suburban October 2011 It's good news and I'm market optimistic! That's for sales being on an upward trend for the last 7 months. The numbers are showing a distinct improvement for the 7th month in a row for the Northwest Suburban Market! The majority of towns sales are up. Even if the town is showing a negative (YOY Change), the sales are increasing each and every month overall. Most of the average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers … (0 comments)
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northwest suburbs: Northwest Suburban Real Estate Update - September 2011 - 10/14/11 01:01 PM
Real Estate Market Update - Northwest Suburban September 2011 It's good news and I'm market optimistic! That's for sales being on an upward trend for the last 6 months. The numbers are showing a distinct improvement for the 6th month in a row for the Northwest Suburban Market! The majority of towns sales are up. Even if the town is showing a negative (YOY Change), the sales are increasing each and every month overall. Most of the average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers … (2 comments)
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northwest suburbs: Moving with Pets - Schaumburg IL Area in the Northwest Suburbs - 10/13/11 02:00 PM
Moving to a new home can be stressful on your pets, but there are many things you can do to make the process as painless as possible. Experts offer these tips for easing the transition and keeping pets safe during the move. 1. Update your pet's tag. Make sure your pet is wearing a sturdy collar with an identification tag that is labeled with your current contact information. The tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move. Be sure to at least have a working phone number with … (24 comments)
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northwest suburbs: Northwest Suburban Real Estate Update - August 2011 - 09/14/11 11:12 AM
Real Estate Market Update - Northwest Suburban August 2011 It's good news so let's give the local market a high five! That's for sales being on an upward trend for the last 5 months. The numbers are showing a distinct improvement for the 5th month in a row for the Northwest Suburban Market! A few of the towns are down but for the majority sales are up. Most of the average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers or investors snatching up those deals. It will … (0 comments)
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northwest suburbs: Northwest Suburbs and Illinois Housing Market - July 2011 - 08/10/11 06:02 PM
Illinois Market Overview So there is lots and lots of media hype by the talking heads doing the nightly news. What's really happening in the real estate world? I'll give you a few factoids and throw in my perspective on the findings. So let's go for Illinois stats, market highlights and predictions ~ Affordability remains high. Illinois single family home prices are trending back to 2000 level prices. Lyn's Thoughts - Holy bejeezes! This makes me feel faint. I'm sorry but I cannot verify this statistic.
Sales volume in the 3rd Quarter of 2011 is expected to surpass the 3rd … (2 comments)
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northwest suburbs: Northwest Suburban Real Estate Market Update - July 2011 - 08/06/11 04:25 PM
Northwest Suburban Real Estate July 2011 - Dare I say 'Real Estate Recovery'? Good news but we are still playing a ping-pong game! First it's up, then it's down, then it's even.
But ..... the numbers are showing a distinct improvement for the 4th month in a row for the Northwest Suburban Market! A few of the towns are down but for the most part sales are up. Most of the average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers or investors getting a deal. It will take … (7 comments)
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northwest suburbs: Northwest Suburban Real Estate Market Update - June 2011 - 07/14/11 08:02 PM
Real Estate Market Update - Northwest Suburban June 2011 Good news but we are still riding the real estate roller coaster! Things are improving for the 3rd month in a row for the Northwest Suburban Market! A few of the towns are down but for the most part sales are up. Most average sales prices are still low but that is because most of the lower priced homes are being bought by first-time home buyers or investors getting a deal. It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers … (3 comments)
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northwest suburbs: Real Estate Market Update - Northwest Suburbs May 2011 - 06/13/11 06:11 PM
Real Estate Market Update - Northwest Suburban May 2011 I am psyched about the good news! Things are improving for the 2nd month in a row for the Northwest Suburban Market! A few of the towns are down but for the most part sales are up. Most of the average sales prices are still low but that is because most of the lower priced homes are being gobbled up first. It will take some time but once the lower price ranges begin to move at a decent pace the move up buyers will also begin their acquisition of that larger home. … (5 comments)
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northwest suburbs: Northwest Suburban Real Estate Update for April 2011 - What's going on? - 05/13/11 09:30 AM
What's going on in our Northwest Suburban Market for April 2011? These are just a handful of words that I am feeling about the April Housing Sales statistics after review:
blissful, delighted, happy, joyful, pleased, satisfied, thankful, tickled, beaming, blithe, buoyant, cheery, lighthearted, sunny, upbeat; gleeful, jocund, jolly, jovial, laughing, merry, mirthful, smiling; beatific, ecstatic, elated, enraptured, entranced, euphoric, exhilarated, intoxicated, rapturous, rhapsodic, exuberant, exultant, jubilant, rapt, rejoicing, thrilled; hopeful, optimistic, rosy, sanguine. There, I think that I've covered it don't you think! Yes .... things are looking up in a great way so I'll share the exciting numbers with you.
OK, … (3 comments)
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northwest suburbs: Illinois Real Estate Market Trends for 2010 - 02/24/11 02:40 PM
Illinois Real Estate Market Trends for 2010 The Chicagoland region ended 2010 nearly even with home sales in 2009.Home sales down -26.6% for year end 2010.Median price down -7.0% to $144,000 which trends back to 2000 levels.More than 53% of homebuyers in IL were first time buyers in 2010.Affordability conditions remain good for first-time buyers although credit-worthiness and lender documentation requirements have become hurdles for some would-be buyers. First-time buyers can look to help from the IHDA's SmartMove loan programs that provide up to $6,000 in down payment and closing cost assistance for those who qualify. Potential buyers who have resources … (1 comments)
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