Economic News
Selling Your Buffalo Grove Home? Helpful Hints if Your Appraisal is Too Low!
June 17, 2010 by Sharron · Leave a Comment
Many potential home buyers in Buffalo Grove are not qualifying for a loan due to the fact that the home value is not there. Bank foreclosures are putting more distressed inventory on the market and making it harder for appraisers to justify the Sold home comparables in Buffalo Grove. If the appraisal is too low, the buyers may not be able to borrow enough money to close on their Buffalo Grove Home purchase. Here are several steps to consider:
Check the Appraisal for Mistakes:
Make sure the property dimensions are correct and be sure to attach a plat of survey and a floor plan if available for the Appraiser. Look at the comparable properties that the appraiser used and make sure that they are correct. If the appraisal indicates that one of the comparables has a finished basement and it does not, that could significantly change you property value.
Supply a list of Comparable Sales:
Have your agent put together a recent list of Sold Buffalo Grove Homes that justify the sale’s price of your home. These properties should be of similar style, size and age to your home. This list should be submitted to the underwriter and ask for a review of the current appraisal. If there are not enough properties that have closed in Buffalo Grove, we can request that the underwriter look at the pending sales in the area. While a pending sale does not submit for a closed sale, it is possible to wait until that property closes and have the appraiser do a reconsideration of value with a date after the pending Buffalo Grove Home has closed.
Increase the Buyer’s Down Payment:
There are several ways a great lender can absorb some of the closing costs that can help the buyer put more money down.
Last but not least it is Sometimes Necessary to…….
Renegotiate the Sales Price:
This recently happened to me with a Buffalo Grove Home Sale and we did take all of the above steps and did get a second appraisal. We were able to increase the appraisal price however we were still $5000.00 apart. The buyer wanted the home and the seller wanted to move so the buyer came up $2500.00 and the seller came down $2500.00. We were able to make this work and closed the Buffalo Grove property.
There are many parts to Selling you Home in Buffalo Grove today and working with a qualified agent that goes the extra mile to solve all of the problems that can happen is critical in this market. Make sure to get a list of referrals from the agent that you are speaking with and check them out. This maybe one of the most important decisions that you make.
If you are looking to buy or sell a Buffalo Grove Home, call your local Buffalo Grove Realtor, Sharron Kelley out of Buffalo Grove Coldwell Banker at 350 Half Day Road 847-465-3638 or email me at sharron@northernillinoishomes.com. You can also visit my website www.NorthernIllinoisHomes.com for all of your real estate needs. Click here to search Homes in Buffalo Grove.
8,000 Tax Credit: 6 Days and Counting- How will this effect Buffalo Grove and Vernon Hills Homes for Sale?
April 26, 2010 by Sharron · Leave a Comment
Well we find ourselves 5 days from April 30, 2010. It was not long ago that we were near the deadline for the first time buyer tax credit of November 2009. There is a new extension for military and those serving overseas. Do you think we will see another extension for the general public? Will the economy be better if we do get the extension?
I DO NOT believe they will extend again and here are 3 good reasons:
1. Cry Wolf Syndrome – The US Government and President Obama already extended the deadline once. The current extension will end at the end of April. “The Boy Who Cried Wolf”, one of Aesop’s Stories can shed light on the outcome if the extension was extended again. “Wolf, Wolf” could be translated today to “Deadline, Deadline”. If the Government extends it AGAIN the buying public will no longer believe there is a true deadline and it could have a negative impact on the positive upswing the National Real Estate Market has seen with sales in the last 3 months.
2. Economy’s Running Cycle – With the economy we have used the band-aid approach up to this point and we have tried to soothe the aching economy. But at this point we must allow it to run its course. The economy is cyclical and at this point we must let it “run”. Many of my contemporaries have stated that “the economy has recovered and so has the Real Estate market!” I do not know if I hold the same enthusiasm or insight.
3. Interest Rates are KING - I don’t believe the TAX CREDIT ultimately shapes the entire Real Estate market. I have seen it engage first time buyers and buyers that could not move without it. Interest Rates and Sales Prices are typically an inverse relationship. The lower the interest rates, the higher the sales prices and vice versa. When interest rates increase it dramatically affects buying power and ultimately the seller’s bottom line. There are many people buying homes and refinancing right now because rates are SO LOW. That will not change when the credit goes away.
So where does that leave us in the current economy and reviewing the Real Estate Market?
The tax credit and move-up/down buyer credit is a great tool that you should use if you are already looking for a home. It should NOT be the main basis for your decision to purchase a home.
I do believe the interest rates will increase in 2011 so if you are thinking about purchasing you may want to do it while interest rates are low and you have a higher buying power.
With all markets it can be cyclical. The true winners in any industry/investment are those that can control when they buy and when they sell. For more information on timing, rates and the best investments contact Sharron Kelley at Coldwell Banker 847-465-3638 or email me at Sharron@northernillinoishomes.com.
8,000 Tax Credit: 6 Days and Counting- How will this effect Homes for Sale in Buffalo Grove and Vernon Hills?
Written by James Nellis and Edited by Sharron Kelley
If you are looking to buy or sell a Buffalo Grove home, visit our website NorthernIllinoisHomes.com. You can view all of the current Buffalo Grove Homes on the market in your neighborhood and the surrounding subdivisions.
Vernon Hills Real Estate Housing Market Statistics for February 2010!
March 15, 2010 by Sharron · Leave a Comment
Vernon Hills Housing Market Through February 2010
This is the latest Market Data Report for Vernon Hills Homes from RANWC Year to Date:
11 homes were sold through February 2010 verses 9 homes in 2009 which is a 22.5% increase
The Average sale price through February 2010 is $430,827 verses $362,567 which is
up 18.8%.
The Medium sale price through February 2010 is $377,000 verses $346,000 in 2009 which is up 9.0%
The attached chart shows the market statistics for detached homes and highlights the surrounding towns closest to Buffalo Grove.
The great news in that Vernon Hills is that homes are selling and the pricing is moving up from 2009. The first time buyer is leading the market and is serious about purchasing as we do not for see the tax credit being extended again. The move up buyer is the market that is hardest hit and will take longer to recover. Much of that will of course depend on the job market.
In the next several weeks The Sharron Kelley Team will be introducing a new program that will help our clients attract new buyers to their homes and will be exclusive to our team. For more information please contact me at 847-465-3638. Until next time have a great month.
To View The Full Year to Date Market Report for Detached Homes
To View The Full Year to Date Market Report for Attached Homes
To View The Full Month to Date Market Report for Detached Homes
To View The Full Month to Date Market Report for Attached Homes
Buffalo Grove Real Estate Market Data Report for January 2010
February 18, 2010 by Sharron · Leave a Comment
The Market Data Report for Buffalo Grove Homes from RANWC shows as follows:
12 Homes were sold in January 2010 verses 6 Homes in 2009.
The Medium sale price in January 2010 is $312,583 verses $351,067 in 2009 and is down 6.7%.
The chart below shows the market statistics for detached homes and highlights the surrounding towns closest to Buffalo Grove.
Is the Market Going to Turn Around in Lake County Illinois?
The good news is that Vernon Hills, Kildeer, Long Grove, Hawthorn Woods, and Libertyville pricing has gone up in January. This is very good news for everyone, I know it is early in the year, however homes are selling.
We just sold another home in the Buffalo Grove Rolling Hills subdivision www.1923Sheridan.com
As 2010 continues we can look forward to an upswing in real estate. I know that from last year this time, business is already picking up for me. Although last year was one of the worst for me in a long time, I was still able to top off as the #1 Agent at Coldwell Banker in Buffalo Grove and #3 in the Northwest Region.
As we see a small turn in the market, I am looking forward to a great year from myself, my fellow real estate agents, home buyers and home sellers.
Full Market Report Lake County Illinois Suburbs Detached (PDF)
Full Market Report Lake County Illinois Suburbs Attached (PDF)
I you are looking for more information about the Northwest Suburbs of Illinois including Long Grove, Buffalo Grove, Vernon Hills, Libertyville, Hawthorn Woods or Palatine give The Sharron Kelley Team a call at 847-980-0426 or email me at sharron@northernillinoishomes.com
Buffalo Grove, Long Grove, Palatine & Vernon Hills Real Estate: What You Need to Know About Short Sales!
February 10, 2010 by Sharron · Leave a Comment
There are many questions today regarding the length of time it takes to get a short sale approved. Many of our clients in Buffalo Grove, Long Grove, Palatine and Vernon Hills are not aware as to how this will affect them even if they are not upside down in their homes. Please watch this video. It is a real eye opener for all of us.
Here are some great questions to ask:
What Does is Take to get a Loan Modification?
How Do Short Sales Affect the Current Housing Market?
This Information Below was provided to us by a fellow Cyber Star Member (Zac Pasmanick)
Do you wonder sometimes why it can be so difficult for home owners to refinance and why so many end up in up with approved short sales instead? Apparently, one bank has turned their short sales into a cash cow, and with so much money to be made in short sales, why refinance any loans?
Watch this video for more on this government loophole!
Long Grove Real Estate Market Housing and Action Report
February 4, 2010 by Sharron · Leave a Comment
I have some great information for you on the Long Grove Housing Market. It is very important for sellers to grasp the effect the economy is having on listings nowadays. It is also important for buyers to realize there are many great deals out there because of the economy.
I am going to give my Jekyll and Hyde synopsis on the ins and outs of the market now; it’s good for buyers and not so great for sellers, but sellers have to realize what they are dealing with when putting their house on the market.
Buying or Selling in Long Grove!
When representing sellers in Long Grove, as the 2009 number one agent and team of Coldwell Banker in Buffalo Grove, we market your home to the hilt. Any and every angle including print advertising, virtual tours, online newspapers, feeder websites, Google, Yahoo and so much more. This is important for the exposure of your property so we can find a buyer that is interested in your home. Ninety percent of buyers start looking on the internet first before they contact an agent.
When representing buyers in Long Grove, we pride ourselves in having the knowledge to find what people are looking for. With buyers purchasing in a market that has a high inventory and with homes not selling for asking price unless priced right, we know the ins and outs of negotiating a deal so everyone is happy in end.
Long Grove Market Action Report
I am attaching some useful information about Long Grove; it goes over the Market Time, Selling Price per Square Foot, Selling Price vs. Original Listing Price, New Listings, Market Trends, Property Sales, Median Prices and Total Inventory in Long Grove.
I hope you find this information useful. If you are looking to buy or sell a home in Long Grove or any Lake County Illinois area please contact The Sharron Kelley Team. Remember knowledge is power, so chose an agent who can get the job done.
