2011 has come and gone and from some in the Buffalo Grove real estate market it was a good year and for others it was not.

The year end market reports for the Buffalo Grove Real Estate market are mixed. Existing detached sales were down 4.3% in 2011 from 2010, but existing attached homes sales were up 6.7%. While these number are nothing too drastic, the numbers that are, are the average sales amounts. The average sales amount of a detached single family Buffalo Grove home in 2011 was $305,990 down 12.5% from $349,804. The number for the attached housing market reads similar, at an average of $141,052 per home down 15% from $165,910.

We have been saying it all year in each and every market report blog we write. NOW IS THE TIME TO BUY! Prices are low, interests rates are low, and there is a surplus of homes on the market, so there are a lot of choices when shopping for a home in the Buffalo Grove real estate market.

If you are a seller we know it is tough. We deal with this hectic environment each and every day. What we can tell you is that statistically prices have been dropping for a few years now. Unfortunately, the end is not near with what analysts are saying is record numbers of inventory siting in the wings waiting to be released by the banks as foreclosure properties. What we are advising is that if you want to sell and purchase and new home you should do it now. Yes, you are possibly losing money on your sale, but that your loss is likely to get larger over the next couple years. When you buy you must consider that you will be making up part of the loss by purchasing low and at record low interests rates.

Please visit the links for this years 2011 Buffalo Grove Real Estate Market Reports.

View Full Year To Date Attached Buffalo Grove December 2011 Market Report

View Full Year To Date Detached Buffalo Grove December 2011 Market Report

View Full Month To Date Attached Buffalo Grove December 2011 Market Report

View Full Month To Date Detached Buffalo Grove December 2011 Market Report

Please contact me, Sharron Kelley, today at 847-465-3638, for the latest updates on Buffalo Grove real estate. Click here for free access to the Buffalo Grove MLS, to view all available Buffalo Grove Real Estate, Long Grove Real Estate, Vernon Hills Real Estate and Palatine Illinois Real Estate.

Are you looking for some holiday activities to do with your family in and around Buffalo Grove this weekend? If so, here is a list of this weekends events.

Stevenson High School Winter Dance Concert

The Stevenson High School Fine Arts Division will present the 2011 Winter Dance Concert Friday through Sunday, December 2-4 in the Performing Arts Center. Performances begin at 7:30 p.m. Friday and Saturday, December 2-3, and at 2 p.m. Sunday, December 4.

Hawthorn Woods Tree Lighting Ceremony

Friday 12/2 – 6pm Kick off the holiday season with the Annual Hawthorn Woods Tree Lighting at Village Hall, and then come meet Santa in the Barn.

Location:

Hawthorn Woods Village Barn
2 Lagoon Dr.
Hawthorne Woods, IL

Piano Performance

Friday 12/2 – 6:30 p.m. – 7:30 p.m.Indian Trails Public Library355 S. Schoenbeck Rd., Wheeling

European and American compositions of classical and modern style will be performed by children ages 6-13. Registration required.

It’s “Snow” Much Fun to Read

Saturday 12/3 – All DayIndian Trails Public Library355 S. Schoenbeck Rd., Wheeling

Do you or someone you know owe more on your Buffalo Grove or Vernon Hills real estate than what it’s worth and don’t know what to do? Have you ever thought about a short sale? Most people don’t know what a short sale is and if they do they have numerous misconceptions. We will list off the top 7 short sale myths for you below.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution. With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

If you or someone you know find yourself in this situation it is important that you get help and understand that you’re not alone. Sharron Kelley has her CDPE® designation meaning she is certified and trained in all aspects of the short sale process, and knows how to deal with the parties involved in short sales and foreclosures.Call Sharron today, 847-465-3638, and she can explain what options you have, and get you on the path to recovery.

Please contact me, Sharron Kelley, today at 847-465-3638, for the latest updates on Buffalo Grove real estate. Click here for free access to the Buffalo Grove MLS, to view all available Buffalo Grove Real Estate, Long Grove Real Estate, Vernon Hills Real Estate and Palatine Illinois Real Estate.

Today is the second day of the 53rd annual Buffalo Grove Days. The food tent open at 5pm, carnival rides at 6pm, and live entertainment is at 6pm also. Make sure to plan ahead for attending Buffalo Grove Days tomorrow as there is going to be an arts and crafts fair, a BBQ challenge cook off, and blood drive to give back to the community.

Buffalo Grove Days 2011 is jam packed with events for the whole family and what a better way to close out the summer than spending it together. The Village of Buffalo Grove has done an incredible job planning this event and is just another reason why it makes sense to call Buffalo Grove, IL home.

Don’t forget get to check back the The Sharron Kelley Team blog for daily schedule update of Buffalo Grove Days 2011. We keep you in the loop on all of the area events and happenings. You can also visit us on Facebook or Twitter.

Please contact me, Sharron Kelley, today at 847-465-3638, for the latest updates on Buffalo Grove real estate. Click here for free access to the Buffalo Grove MLS, to view all available Buffalo Grove Real Estate, Long Grove Real Estate, Vernon Hills Real Estate and Palatine Illinois Real Estate.

Today is September 1st and that means it’s kick off day for Buffalo Grove Days 2011 which will be held at Village Hall Campus at 50 Raupp Blvd in Buffalo Grove. The Village of Buffalo Grove works hard all year to put together this incredible 5 day event that includes:

• Carnival Rides
• Fireworks
• Parade
• Main Stage Music Acts
• Arts & Crafts Fair
• BBQ Challenge
• Numerous Food Vendors

Today’s schedule of events for Buffalo Grove Days 2011 Can been seen below.

You can view the festival grounds map here. There will be shuttles running daily at the following times:

• Thursday 6:30 pm – Midnight
• Friday 6:30 pm – Midnight
• Saturday 10:00 am – Midnight
• Sunday 7:00 am – Midnight
• Monday 10:00 am – Midnight

Make sure to support your community by attending this wonderful family event sponsored by The Village of Buffalo Grove.

We at the Sharron Kelley Team at Coldwell Banker in Buffalo Grove work hard everyday to keep you not only keep you up to date on the Buffalo Grove real estate market, but on all events happening in and around the Buffalo Grove area. We will be blogging daily about Buffalo Grove Days 2011 and the schedule of event each day. You can either;

• check back at www.northernillinoishomes.com
• Friend us on Facebook
• Follow our Twitter Feed
• Follow Our Buffalo Grove Blog at www.BuffaloGroveIlAreaHomes.com

We update these sites regularly with the latest information on Buffalo Grove to keep you up to date. If you have an event in or around Buffalo Grove please contact us at 847-465-3638 or at sharron@northernillinoishomes.com and we will be sure to add your event to all of our Buffalo Grove websites.

Remember to check back for updates and have a fun and safe Labor Day weekend with your family!