Economic News

Buffalo Grove Real Estate Market Data Report for January 2010

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

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Buffalo Grove, Long Grove, Palatine & Vernon Hills Real Estate: What You Need to Know About Short Sales!

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!

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Long Grove Real Estate Market Housing and Action Report

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.

View Full Long Grove Housing Market Report (PDF)

View Full Buffalo Grove Housing Market Report (PDF)

View Full Vernon Hills Housing Market Report (PDF)

View Full Hawthorn Woods Housing Market Report (PDF)

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Latest Home Sale Statistics through November in Buffalo Grove, Vernon Hills, Long Grove Area, Libertyville and Mundelein

Every month we get a report from the Realtor Association of Northwest Chicagoland and it shows an overview of what is going on in our market and also compares the closed sales year to date with a comparison of last year. One of the biggest issues we currently have is the banking and appraisal industry.

Northern Illinois Home Sales

The majority of our towns are stated a declining market which in fact reduces the appraisal by an additional 5%. Out of the last five homes we have put under contract only one appraisal came in at purchase price. Basically the banks do not want to lend money and are reducing the value of everyones home and who created this horrible mess? I am suggesting to all my clients that they have an appraisal prior to putting the home on the market so they can see how the banks are looking at the value of property.

Please read the Northern Illinois Home Sales Report [PDF] and call me with any questions.

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Good News for Buffalo Grove Real Estate

RANWC Stats – Sep09 While many of the communities surrounding Buffalo Grove are experiencing quite a bit of depreciation the medium price range home sales in Buffalo Grove for the month of September 2008 to September 2009 are only down 0.7%. Please click on the link above and check out this chart to see the averages and sales in our surrounding towns. Please do remember to follow us on the web. I am always available for any questions. Have a Great Thanksgiving Holiday and I look forward to seeing those of you that ordered Pies this year on the 25h at our office.

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New Tax Credit and Restrictions that Apply

By now most of you know that the extension of the tax credit was signed by the President last week.

I have posted information several times on the bill however the tax credit will only apply to purchases prior to April 30, 2010 and it is my belief that it will not be extended after that. My reasoning is this, we are going through the holiday season and winter months. That is usually the slowest time of the year, and since our economy is not great the government is trying to keep real estate sales going.

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