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 Streamwood - Notice
the graph is not spiraling downward like the media would have you
believe. The median house/condo value in 2007 was $262,100
which is UP
from the survey done in 2000 of $143,500. Does it seem like the real estate
market is tanking? NO.
Continuing with the graph
you will notice that the total number of
home sales is lowering steadily since actually the 2nd Quarter of 2006.
OK,
tell me something we don't know - but wait - it's actually sooner than
what you would think isn't it? YES,
market demand is down.
The average sales
price is actually near $200,000. This can be
explained as the typical first time homeowner is actually trying to
spur our local market forward. Therefore the prices sold at
that time will be lower. First time home buyers do not
normally buy a home in the $300,000 and above range as a first home so
obviously our average sales price will be lowered from that activity.
So
it looks like
Streamwood
is still a solid investment - a great
Midwestern town to raise your family with great schools!
YEP.
Village
Bio
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.
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!
See this post by 'Jeff
Belonger, the FHA Expert' on how the media is not telling you
the truth about the mortgage business!
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, Elk Grove Village, Bloomingdale, Schaumburg, Hoffman
Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah,
Palatine, and yes Roselle..
Offering
local real estate advice for 25 years!
Streamwood IL 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.
;)
;)
