When Coming in 2nd Is Worse than Last Place for IL

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

I just read an article that had the top 10 states where people are leaving and IL is number 2!  Right behind the Big Apple, Illinois is projected to lose 27,000 people per year.  That is almost as many people in my town of Oswego, iL.  Apparently this has been the average in the last 5 years.

The main reason they state people are leaving is the tax structure and loss of manufacturing jobs.  I can understand that.  With Cook County having a high sales tax and also a high real estate transfer tax if you are a home seller or home buyer you are going to get hit.

Sometimes agents forget to mention the cost of a real estate transfer fee to their sellers and/or buyers. Certain towns near me have rates almost as high as Cook county.  Bolingbrook IL has $7.50 per $1000 which is split between buyer and seller.  Larger towns like Aurora and Naperville are at $3.00 per $1000 so just by making a buying decision in a different town you are going to incur a higher cost.

Taxes definitely have an affect on a state's ability to hold on to its population especially when the weather is not conducive to year round activities. So Florida and Arizona will continue to receive an influx of people year after year despite economic conditions.

Oswego IL does not have a real estate transfer fee but like the majority of counties, Kendall has a .25 per $500 of purchase price. 

Hopefully some of those 27,000 people will call me so I can sell their home before they leave the state!

 

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Rainmaker
206,008
Pat Tasker
Shorewest Realtors - Germantown, WI
Your Milwaukee Metro Area Agent (WI)

wisconsin has a problem called brain drain...lots go to school here, but move out of state afterward....

Dec 12, 2010 08:42 AM #1
Rainmaker
2,579,366
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Well if you can get some of those leaving, you'll have a pretty good start for the New Year!

Dec 12, 2010 10:34 PM #2
Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Larry, Shelia and Pat:

Thanks for your comments.  Brain dran does not sound good - hopefully they will come to IL.  Hopefully, wherever they go they will be smart enough to use a Realtor(tm) for your housing needs.

 

 

Dec 13, 2010 07:15 AM #3
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Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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