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 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.
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.
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?
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 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.
;)
;)
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.