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Streamwood, IL

Streamwood Real Estate Market Conditions

Dennis Toomey: Real Estate Agent in Schaumburg, IL

Streamwood Real Estate

Dennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends. Below, at the end of the page you will find Streamwood real estate statistics for the last 12 months as of January 5, 2009.

To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active


If you would like a free list of homes for sale in this area/neighborhood or would like more information about Streamwood, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active


Dennis Toomey

RE/MAX Territory

847-338-0180

http://www.housebyzip.com/

dtoomey@remax.net

Streamwood Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Area: Streamwood Property Type: Detached Single, Attached Single Months Back: 12 Months
Active Listings
Detached Single
Bedrooms # Active Avg. LP Avg. MT
All 259 $239,494 211
2 or Less 3 $186,267 140
3 165 $208,716 211
4 73 $286,257 214
5 or More 18 $340,850 211
Attached Single
Bedrooms # Active Avg. LP Avg. MT
All 185 $193,400 205
2 or Less 98 $164,814 181
3 85 $227,206 235
4 2 $157,400 138
Off-Market Listings
Detached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 216 61% $241,614 $230,903 96% 152 $269,635 36%
2 or Less 5 71% $179,610 $170,200 95% 171 $207,450 29%
3 133 60% $206,403 $197,331 96% 139 $228,004 37%
4 67 64% $295,904 $283,615 96% 181 $361,841 33%
5 or More 11 58% $364,855 $343,355 94% 125 $315,550 42%
Attached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 200 64% $191,152 $182,265 95% 131 $190,487 34%
None 0 0% $87,900 100%
2 or Less 108 64% $168,585 $161,204 96% 113 $167,672 34%
3 84 63% $218,662 $207,999 95% 154 $220,952 35%
4 8 89% $206,963 $196,375 95% 125 $161,500 11%

Streamwood Real Estate Market Conditions

Dennis Toomey: Real Estate Agent in Schaumburg, IL

Streamwood Real Estate

Dennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends. Below, at the end of the page you will find Streamwood real estate statistics for the last 12 months as of December 26, 2008.

To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active


If you would like a free list of homes for sale in this area/neighborhood or would like more information about Streamwood, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active


Dennis Toomey

RE/MAX Territory

847-338-0180

http://www.housebyzip.com/

dtoomey@remax.net

Streamwood Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Area: Streamwood Property Type: Detached Single, Attached Single Months Back: 12 Months
Active Listings
Detached Single
Bedrooms # Active Avg. LP Avg. MT
All 275 $242,976 204
2 or Less 3 $186,267 130
3 173 $209,288 205
4 79 $297,310 207
5 or More 20 $328,260 200
Attached Single
Bedrooms # Active Avg. LP Avg. MT
All 201 $194,395 203
None 1 $87,900 358
2 or Less 106 $167,308 182
3 92 $227,565 228
4 2 $157,400 128
Off-Market Listings
Detached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 214 60% $239,140 $229,091 96% 155 $275,603 37%
2 or Less 5 71% $179,610 $170,200 95% 171 $207,450 29%
3 131 60% $207,012 $198,432 96% 144 $231,215 37%
4 68 64% $290,309 $278,646 96% 177 $364,692 35%
5 or More 10 50% $341,840 $323,190 95% 132 $336,840 45%
Attached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 201 64% $191,950 $183,155 95% 131 $191,694 34%
2 or Less 108 65% $169,177 $161,694 96% 114 $170,449 33%
3 85 62% $219,473 $209,179 95% 152 $216,483 36%
4 8 80% $206,963 $196,375 95% 125 $161,500 20%

Streamwood Real Estate Market Conditions

Dennis Toomey: Real Estate Agent in Schaumburg, IL

Streamwood Real Estate

Dennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends. Below, at the end of the page you will find Streamwood real estate statistics for the last 12 months as of December 17, 2008.

To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active


If you would like a free list of homes for sale in this area/neighborhood or would like more information about Streamwood, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active


Dennis Toomey

RE/MAX Territory

847-338-0180

http://www.housebyzip.com/

dtoomey@remax.net

Streamwood Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Area: Streamwood Property Type: Detached Single, Attached Single Months Back: 12 Months
Active Listings
Detached Single
Bedrooms # Active Avg. LP Avg. MT
All 283 $243,262 199
2 or Less 2 $149,900 183
3 183 $210,292 193
4 79 $299,615 210
5 or More 19 $336,332 206
Attached Single
Bedrooms # Active Avg. LP Avg. MT
All 200 $194,556 198
None 1 $87,900 349
2 or Less 105 $166,485 177
3 92 $228,560 222
4 2 $157,400 119
Off-Market Listings
Detached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 214 61% $239,839 $229,843 96% 154 $279,623 37%
2 or Less 5 71% $179,610 $170,200 95% 171 $207,450 29%
3 131 60% $207,985 $199,436 96% 143 $235,013 37%
4 68 64% $290,632 $279,080 96% 177 $376,256 36%
5 or More 10 53% $341,840 $323,190 95% 132 $308,156 47%
Attached Single
Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd
All 202 64% $193,683 $185,104 96% 130 $190,571 33%
2 or Less 109 65% $169,354 $162,173 96% 114 $171,168 33%
3 85 61% $223,632 $213,449 95% 152 $212,442 34%
4 8 80% $206,963 $196,375 95% 125 $161,500 20%

Streamwood Homes Avoid Foreclosure-SLMP-Streamlined Loan Modification Program

12-16-08
Bob Brandt
Bob Brandt: Real Estate Agent in Schaumburg, IL

QUESTIONS AND ANSWERS ON THE STREAMLINED MODIFICATION PROGRAM

Q: What is a modification?

A: A modification is a change to the original mortgage terms. It may include a change to the product (an ARM to a fixed rate mortgage), interest rate, amortization term and maturity date, and/or unpaid principal balance. The change/s is made to create a more affordable payment for the borrower.

Q: What is a streamlined modification?

A: A streamlined modification is a modification that requires less documentation and less processing. In this case, the streamlined modification seeks to create a monthly mortgage payment that is sustainable for troubled borrowers by targeting a benchmark ratio of housing payment to monthly gross household income.

Q: What is the benchmark ratio?

A: This is the first time the industry has agreed on an industry standard. The benchmark ratio for calculating the affordable payment is 38 percent of monthly gross household income. Once the affordable payment is determined, there are several steps the servicer can take to create that payment - extending the term, reducing the interest rate, and forbearing interest. In the event that the affordable payment is still beyond the borrower's means, the borrower's situation will be reviewed on a case-by-case basis using a cash flow budget.

Q: Who participated in creating the Streamlined Modification Program? Is this identical to the FDIC's IndyMac protocol?

A: This program resulted from a unified effort among the Enterprises, Hope Now and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and FHFA. In addition, we've drawn on the FDIC's experience and assistance from developing the IndyMac streamlined approach and have greatly benefited from the FDIC's input and example. To accommodate the need for more flexibility among a larger number of servicers, the Streamlined Modification Program does differ from the IndyMac model in a few areas. However, it uses the same fundamental tools to achieve the same affordability target.

1

Q: How is this different from Citi's announcement today?

A: This effort compliments efforts of those banks that have mortgage portfolios and can reach out directly to borrowers for loans they own and service. This is a significant announcement in that Fannie Mae, Freddie Mac and FHFA have mutually agreed as major investors to a single streamlined modification program with a common affordability standard. The majority of HOPE NOW banks who own portfolio mortgages will adopt or offer programs as or more aggressive then what's being announced.

Q: What is the role of HOPE NOW?

A: HOPE NOW has the leading servicers as members. HOPE NOW collaborated with Fannie Mae, Freddie Mac and FHFA on arriving at a standard that is consistent and addresses the capacity challenge for servicers dealing with increased delinquencies. This will take on-going work to implement for servicers. We anticipate this being implemented by December 15th.

Q: Why is there not a foreclosure moratorium?

A: Any borrower who qualifies and responds to the servicer will be given the opportunity to provide the required information for consideration. If necessary, the scheduling of a foreclosure sale will be suspended. A suspension requires that the borrower maintain contact, desires to keep his or her home, has the ability to make the affordable payment offered, and promptly respond to requests for information and signed documents.

Q: Why is it necessary?

A: With the rise in serious delinquencies and increasing number of loans in foreclosure, this program will help borrowers who have missed three or more payments, but want to keep their homes. Because the eligibility requirements and process are streamlined and consistent, the program will allow servicers to reach more borrowers more quickly.

Q: Who is eligible?

A: The highest risk borrower, who has missed three payments or more, owns and occupies the property as a primary residence, and has not filed bankruptcy. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification.

2

Q: Why must the borrower be 90 days delinquent? Why not earlier in the delinquency cycle?

A: This is a streamlined solution targeted to reach the most at risk borrower. For borrowers who do not qualify, other solutions are available. This in no way substitutes for the meaningful efforts by all servicers and investors that are currently in place. The 212,000 workouts reported by HOPE NOIW in September are testimony to that fact. We will continue to see those efforts produce meaningful results.

Q: How many people will this help?

A: While difficult to assess, it is clear delinquencies are predicted to continue well into 2009. Foreclosure estimates are significant. Having a streamlined approach will assist many borrowers who default and more quickly. We estimate this will ultimately help thousands of borrowers.

Q: What if a borrower is not eligible but still wants to save his/her home?

A: If the servicer is unable to create an affordable payment with this streamlined program, it will further evaluate the borrower's situation via the standard process. The standard modification program requires a personal cash-flow budget customized to the borrower's situation.

Q: How do borrowers apply?

A: To be considered for the program, a seriously delinquent borrower should contact his or her servicer and provide the requested information - monthly gross household income, association dues and fees, and a hardship statement.

Q: How do borrowers complete the modification process?

A: Upon receiving the Modification Agreement from the servicer, the borrower signs it and returns it with the 1st payment at the modified terms along with income verification. Once the borrower makes three payments at the modified terms and the account is current as of day 90 of the modified plan, the modification is complete.

Q: What are the goals of the program?

First, we hope that other industry participants -- portfolio lenders and representatives of private label security investors - readily and rapidly adopt this program as the industry standard. Second, the program could increase the number of modifications significantly. Third, broad acceptance and effective implementation could stabilize communities and property values.

3

Q: When will servicers start offering this program?

A: We expect that by December 15th, servicers will be positioned to work with eligible borrowers.

Q: Will servicers get more details on this program?

A: Both Fannie Mae and Freddie Mac will be communicating directly with their approved servicers through an announcement, letter or bulletin.

Links:

Hope Now http://www.hopenow.com/

HUD http://www.hud.gov/foreclosure/

4

Streamwood Illinois Buyers - Great tip for peace of mind - Lyn Sims (847)230-7324 - Streamwood Illinois Real Estate

Lyn Sims and the Blog Dog: Real Estate Agent in Bartlett, IL

WHAT IS A HOME WARRANTY AND HOW DOES IT WORK?

WHAT WILL IT DO FOR ME AS A BUYER?

buyers agent,home warranty,A home warranty can give a purchaser peace of mind.  If anything catastrophic happens in the house, you are only financially liable for the deductible.  So if the furnace goes out one evening and you just can't get it going (as long as it is maintained and not abused) you would call the warranty company and they would send out a technician to fix/repair/replace the furnace depending on the problem.  So yes, if the furnace did indeed blow up (heat exchanger) you would get a new furnace of comparable quality.  You cannot choose the technician or company involved but for years my clients have used these warranties with no problems.  You just have to give up a little control with that extra peace of mind.

What if the house is a disaster?  Foreclosure?  You can only guess from the home inspection how the systems and appliances were previously treated.  In some homes it is completely obvious that they haven't been maintained at all!  The particular system or appliance must be in working order as of the closing for the warranty to cover that particular item.  So if you purchase a home where the dishwasher is not working or cannot be fully tested, the dishwasher would be excluded.

WHAT WILL IT DO FOR ME AS A SELLER?

It can offer the buyer peace of mind and bolster their faith that all the appliances and systems in the house can be repaired if anything does go wrong.  The nominal deductible seems very reasonable when a service charge alone is usually double the deductible.buyers agent,home warranty,  Normally I wouldn't suggest this if you have a new furnace or this is a newer home.  The perfect selling solution for a home and a warranty is where the furnace is around 10 years old and all the appliances have been well maintained and cared for but varied ages.

As a seller, your home would be covered as of the listing day thru the closing day.  Then the warranty would transfer on to the buyer at closing and then continue for that full year.  The warranty is paid for at the closing.

Currently these two companies are RE/MAX Benefits Partners which lets me offer you a reduced price on warranty policies given thru my company for listing or buying a home thru me.  Depending on the sized home and features covered this can be up to a $750 value.

Possible Savings:    AC or Heating System   $1250 to $5000

                                Washer or Dryer   $200 to $1000

                                Stove   $500 to $1400

                                Refrigerator   $600 to $1200

                                Water Heater   $375 to $800

Home Component Life Expectancy Article

A home warranty is a service contract, normally for one year, which helps protect home owners/home buyers against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear.buyers agent,home warranty, Coverage is for systems and appliances in good working order at the start of the contract.

Check each home warranty policy from each company to see which of the following items are covered and which company you prefer.  Also find out if the policy covers the full replacement cost of an item.

  • Plumbing
  • Electrical systems
  • Furnace
  • Water heater
  • Heating ducts
  • Water pump
  • Dishwasher
  • Garbage disposal
  • Stove/cooktop/ovens
  • Microwave
  • Refrigerator
  • Washer/dryer
  • Swimming pool (may be optional)

buyers agent,home warranty   Deductibles are usually $55 - $75 - $100 depending on what plan you select for 'EACH' occurance.

HERE ARE TWO RELIABLE COMPANIES THAT OFFER POPULAR PLANS FOR YOU TO CHOOSE.


buyers agent,home warranty,

Show me what Home Warranty of America Offers




Globe Warranty Coupon






buyers agent,home warranty,

Lyn Sims (847)230-7324 at RE/MAX Suburban

The 'Blog Dog' knows Streamwood!

 



I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Streamwood, Bartlett, Hanover Park, Elgin, South Elgin, St. Charles, Elk Grove Village, Schaumburg, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream and more importantly, want to work with a local area expert, contact me immediately.

buyers agent,home warranty,

Disclaimer:  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.

Buyers - Great Tip for peace of mind©2008 Lyn Sims - TheBlogDog.net