Over the past several months we have had a surge in home sales in Buffalo Grove.  Many of the Buffalo Grove buyers were first time home buyers and were taking advantage of the Tax Credit that was offered. 

In checking with the lenders and other Buffalo Grove Realtors, home sales in Buffalo Grove have fallen off quite a bit due to the end of the credit.   Over the next several weeks, we also have the Memorial Day Weekend and School graduations so that is also a quiet time in the Buffalo Grove Real Estate market.

The Good News to Buffalo Grove Home Owners is that the morning news just said that due to the European Financial Crisis,  investors are now putting money back into our markets and interest rates are expected to go down to 4.5% over the summer.   If you are thinking of Selling your home in Buffalo Grove, now is the time to get it on the market and make sure you are priced to sell.  If you are looking to buy a Buffalo Grove Home, now is a great time to take advantage of low interest rates.  I have a great lender that you can talk to about your financial needs. 

As a Buffalo Grove Real Estate Agent out of Coldwell Banker, I can help buyers and sellers with Homes in Buffalo Grove. If you need a real estate expert, look no further. The Sharron Kelley Team can help you with all of your needs. Contact me, Sharron Kelley at 847-465-3638 or email me at Sharron@NorthernIllinoisHomes.com. Visit my website www.northernillinoishomes.com for all of your real estate needs.

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According to the chief economist at Fannie Mae, Doug Duncan, “Consumers are still committed to owning a home, but are showing increased cautiousness.” People are rethinking and adopting a more realistic approach. They are not willing to take on big risks. Flipping is becoming a thing of the past.

More than 30%-40% felt personal safety and the quality of schools to be most important in their home search. Other results from the telephone survey of 3,451 people over the age of 18 were:

65% felt there is still value in owning a home
66% believe NOW is a good time to buy a home
70% believe home ownership is the safest investment
15% felt is was acceptable to stop making payment is they are financially distressed or “underwater”

People still want to own a home and many are still in a financial position to purchase. There are so many good home values available today and with interest rates still under 6% it is really a great time to be a buyer.

If you are looking to purchase a home in Northern Illinois visit our website at www.NorthernIllinoisHomes.com and sign up for our Free MLS Search Program.

If you are looking to purchase a Short Sale or Foreclosure property visit our website at www.NorthernillinoisBankowned.com and sign up for our Free Short Sale Search Program.

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Today I can honestly say it is about greed and I now have a perfect example as to what our banking system is doing to all of us.

I have a wonderful townhome listed in Buffalo Grove that is a Short Sale and has been beautifully updated. When I look at the comparable sold properties in this subdivision as of today they are all priced in the low $200,000 range with only one sale in the past 12 months. So the realistic selling price is questionable as are most sales today. We have a very good offer and this is a Real Cash Offer.

The lender on this property is Bank of America.

The truth of the matter is that there is Mortgage Insurance on this property so Bank of America has no motorization to sell it, as guess what, they are going to get paid off Big Bucks. Then they will foreclose and dump the property in the market and reduce the price of everyone’s home that lives in this Buffalo Grove Subdivision.

What is going on today with the banks is sickening and they are getting away with destroying our industry and the values of homes in this country. Did we the American People not bail out AIG? We are sitting by and watching the Banking Institutions of this country determine our home values and they are just running the show.

This needs to stop!

Does anyone have any suggestions?

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It’s time again for that annual right of passage when we all file our income taxes. It’s predicted that almost 70% of taxpayers will get a refund this year. That means that over the next 60 days about $230 billion in tax refunds will start hitting households in our area. It seems appropriate that this week we would discuss a few ways to leverage this annual phenomena to help you to sell more real estate and for me to make more mortgages.

Timing is everything:

It’s a buyer’s market out there. Prices are at the lowest levels that we’ve seen in some time. The supply currently exceeds the demand so there is a lot of inventory available giving a buyer a vast array of selections to choose. Couple that with my incredibly low interest rates and you have a winning combination. But wait there’s more. If your buyers act quickly and ratify a contract as late as April 30th, 2010 first time buyers can receive up to $8000 and move up buyers can still take advantage of up to $6,500. I have some wonderful flyers that explain the tax credit in easy to understand language.

Sphere of Influence:

Start by mailing or emailing your sphere of influence to tell them about the advantages of purchasing now.  Ask your friends to forward your information on to their friends and leverage the people that know you.

2009 Buyers and Sellers:

Mail every person that closed with you last year a copy of their closing statement to assist them in completing their taxes. Many of the costs associated with buying a house are tax deductible, so a copy of the closing statement is a must. Include a letter asking for more referrals. You might even get a local accountant to defray some of the cost of your mailing if you also include their contact information in the letter.

Past Buyers and Sellers:

It’s easy to watch the news and believe that real estate has screeched to a halt, but that simply isn’t the case. Educate your past consumers that now is the perfect time to take advantage of tax credits for moving-up, refinancing with lower interest rates or buying that 2nd home or investment property that they have always talked about. Even if they want to buy in another market you can place a referral with your relocation department and get paid when they buy in another market.

Renters:

A lot of people who rent simply don’t know that they can buy. I still have programs with low to no down payment options and programs for people with credit scores as low as 600. In case you were curious myfico.com reports that only 15% of Americans have a score below 600. I would be happy to work with you to create some mailing pieces that show the difference between renting and buying and how someone could leverage their tax refund.

Go high-tech:

Do you Blog, Twitter, or participate on Facebook? If you do, use this as a forum to get the word out about the great opportunities that they have buying and selling real estate with you. Talk about leveraging a tax refund to buy and the advantages of creating wealth in real estate.

Are you looking for more ideas or help implementing some of the ones above? I’m here to help!!! I would love to partner with you in getting the word out that people need to work with us. Individually we are great but together we are unstoppable. Henry Ford said it best, “Coming together is a beginning. Keeping together is progress. Working together is success.”

The Sharron Kelley Team received this great from our in house lender at Coldwell Banker in Buffalo Grove. She always provides us with great information that is useful for everyone. If you have any questions she is always available to talk.

Cindy Hinchman
Mortgage Advisor
847 571-1773
856 917-1226 Fax
cindy.hinchman@mortgagefamily.com

Please feel free to contact us with any questions as well 847-465-3638 or email us at sharron@northernillinoishomes.com. You can visit our website at www.NorthernIllinoisHomes.com

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TAX CREDIT UPDATE: The U.S. Senate and House have passed the bill that includes an extension and expansion of the home buyer tax credit. It now moves to President Obama for signature, which could happen as early as tomorrow.

Home Buyer Tax Credit Changes [PDF]

Frequently Asked Questions

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