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Schaumburg Homes - Market Conditions - Schaumburg Illinois

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Real Estate Agent

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?  

Schaumburg IL real estateThis 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 Schaumburg - Notice the four graphs are not spiraling downward like the media would have you believe.  The median house/condo value in 2007 was $272,600 which is UP from the survey done in 2000 of $178,200.  Does it seem like the real estate market is tanking?    NO.

Schaumburg IL Real Estate

Continuing with the four graphs you will notice that the total number of home sales is lowering steadily since actually the 1st 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?   Wow, January 2006?    YES, and since then market demand has been down.

The median sales price for 60193 is actually near $230,000.   The median sales price for 60194 is $235,000.  The median sales price for 60195 is the lowest with $180,000 The median sales price for 60173 is $330,000.

60195 - This can be explained as the typical first time homeowner is actually trying to spur our local market forward.  The sales are mostly from condo conversion projects in the area.  Therefore the average prices sold during that time will be lowered.   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.  I have no explanation for the 'blip' up to $500,000 in the 4th quarter of 2006.

Schaumburg IL Real Estate

So it looks like Schaumburg 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.

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!  There are lenders out there that promise and don't deliver!  There are lenders out there that only offer one type of financing - they won't tell you about all the programs they don't have will they?

Schaumburg IL Real EstateIs 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!              

 Schaumburg IL real estate

Schaumburg IL real estate

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

Offering local real estate advice for 25 years!

Top Selling Schaumburg Subdivisions by price - Single Family

Top 5 Selling Schaumburg Subdivisions - Multi-Family

Schaumburg 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.

Schaumburg IL Real Estate

 

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  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)962-7104
 
 
©2007-2022 

Comments (5)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Lyn, your post greatly illustrates how real estate is so completely local and I tell people it is local within the local as well. Great charts and figures my friend.

Nov 04, 2008 08:47 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Gary:  Some markets up, some down, can't make a blanket statement like the media likes to do.

Nov 04, 2008 10:07 AM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Lyn... Again, I agree with Gary and I also thank you for the polite mention. Again, I truly believe we not only need to drill this into the general publics ears, but we need to get a hold of the media and do the same. Someone out there should be willing to listen, but we need to find them.  thanks

jeff belonger

Nov 04, 2008 12:31 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Jeff:  Let's start with our local media and get the word out! 

Nov 05, 2008 03:05 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Sorry Marilyn - have a policy to delete all folks who don't follow the rules & put links into comments. Thanks for stopping by.

Nov 05, 2008 06:14 AM