EVERY REAL ESTATE MARKET IS LOCAL.  ASK A SEASONED REALTOR, LIKE LYN SIMS, WHAT'S GOING ON LOCALLY!

What if 2008 was the best year to buy real estate and you didn't do it?  

This time may be your "best opportunity" market in years!  Mortgage interest rates are low and prices in Northwest Suburban Illinois are still holding fairly well, generally area prices are flat.  The median price home sale in Illinois is actually UP at $198,768*.  The Chicago Median Price for a home is $264,271* which is also UP. 

NOT EVERYWHERE IN EVERY NEIGHBORHOOD ARE PRICES FALLING.  That's why I'm saying the real estate market is local - it even makes a difference from subdivision to subdivision in every single town!  But, over time and the long haul, no investment comes close to real estate so now is a great time to buy, sell or invest.

So again, "All real estate is local."  What's happening in your local market is all that matters.  Ask a great local REALTOR, like Lyn Sims at RE/MAX Suburban what's going on in your market.  She is an expert in pricing, buying, demand and selling patterns.

So let's take a look at what is happening in Hoffman Estates - this area is divided in half according to zip codes.  The new zip code of 60169 would entail the older part of Hoffman Estates that used to be 60194 and the 60192 graph is for the newer section off Shoe Factory Road.  Notice the graphs are not spiraling downward like the media would have you believe.  The median house/condo value in 2007 was $331,800 which is up from the survey done in 2000 of $181,700.  The median price for 60169 is $220,000 and the median price for 60192 is $375,000.

Does it seem like the real estate market is tanking?    NO.

Continuing with the graph you will notice that the total number of homes on the market is up/down in 60169 since the 4th Quarter of 2007.   The market on the other hand for 60192 is steadily declining since the 3rd quarter of 2007.     There are always more buyers in the lower price ranges.

The average sales price is actually UP in 60169 from $190,000, will you look at that!    UP as in not downwardly crashing to the center of the earth.   The average sales price has fallen in the 60192 area from the all time high of $500,000.  Again I am going to state that there are always more buyers in the lower price ranges AND it just could be that a larger amount of lower priced homes sold during the past year in 60192.

So it looks like Hoffman Estates is still a solid investment - a great Midwestern town to raise your family with great schools!   YEP.

Can I buy a house and still sell it 2 years later if I have to move?   YES - but you have to change your transient thinking a little bit.  You're probably not going to come out with money in your hand!  You're going to have to think a little bit more conservatively for the future years.  'Flipping' except in rare instances is not going to work no matter how many HGTV shows you watch!  

So don't be scared off by stories about a "credit crunch" either.  Conventional and FHA loans are available for credit-worthy buyers seeking these types of mortgages.  And mortgage interest rates remain at historically low levels.  Don't be scared off by forecasts that encompass the entire United States!  Think how ridiculous that is!

Is it a good time to buy?  I'm saying YES!

People who have just went thru foreclosure are not probably going to get a loan?    YEP, and in Illinois that is just a small percentage of the homes owned that are in trouble and headed for foreclosure.

People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or expand.  What happens if you are blessed with twins!

The national housing market has received a lot of negative press lately with stories of mortgage market tightening and increasing foreclosures.  But for the average person with good credit, traditional financing is readily available. Lyn Sims still has 100% financing available to those that qualify!  There are still programs that offer down payment assistance to buyers - but you have to know the right people to get the help!

It's important to do some homework before you buy to see what you can afford and what your financing options are. Today, mortgage interest rates are well below their all-time high of over 18 percent in the early 1980s.  People bought homes then and they can buy them now!   HEY I know 'cause I was sellin' em!

Is housing still your best long-term investment.  I'm saying YES again!

Homeowners who are in it for the long-term are coming out well ahead. Here's why. Because of the power of leveraging, a $10,000 down payment on a typically priced home in the United States at a typical home price appreciation of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating at 10 percent annual increases will result in $23,600.

Why wait?  It's a good time to buy and grab your piece of the pie!              

Lyn Sims of Re/Max Suburban (847)230-7324 works in the Northwest Suburban Chicago areas of Bartlett, Roselle, Bloomingdale, Schaumburg, Elk Grove Village, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, and yes Hoffman Estates.  

Offering local real estate advice for 25 years!

Hoffman Estates Local Market - What if 2008 was the best year to buy real estate and you didn't do it?©2008 Lyn Sims - RealEstateConsumerInfo.com  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.

Sources: National Association of REALTORS®,2008 Housing Price Forecast from the University of IL,City-data.com,MRED MLS,my little pencil and calculator.