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 Hanover Park - Notice the graph is not spiraling downward like the media would have you believe. The median house/condo value in 2007 was $245,400 which is UP from the survey done in 2000 of $208,800. 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 3rd Quarter of 2006. OK, tell me something we don't know - but wait, it actually happened sooner than what you thought didn't it? YES, market demand is inching downward toward the 1st Quarter of 2006!
The median sales price is actually near $190,000. This can be explained as the typical first time buyer is actually trying to spur our local market forward. Therefore the average prices sold at that time will be lower. First time home buyers do not normally buy a home in the $350,000 plus range so obviously our average sales price will be lowered from that activity. Lots of lower priced homes are selling bringing the average prices down.
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! If you buy a car and turn around and sell it are you going to net a profit?
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 Roselle, Elk Grove Village, Bloomingdale, Schaumburg, Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, and yes Bartlett.
Offering local real estate advice for 25 years!
The 'Blog Dog' knows Hanover Park!
Hanover Park IL Local
Market - What if 2008 was the best year to buy real estate and
you didn't do it?©2008 Lyn Sims www.TheBlogDog.net
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.
Comments (0)Subscribe to CommentsComment