Bartlett, IL

Bartlett 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 Bartlett real estate statistics for the last 12 months as of January 15, 2010.

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 Bartlett, 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

Bartlett Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Property Type: Detached Single, Attached Single Area: Bartlett Months Back: 12 Months

Active Listings

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 227 $350,176 224 2 or Less 6 $195,750 235 3 87 $274,402 194 4 118 $401,368 251 5 or More 16 $442,559 178

Attached Single

Bedrooms # Active Avg. LP Avg. MT All 129 $209,617 222 2 or Less 85 $194,105 220 3 42 $236,473 231 4 2 $304,900 117

Off-Market Listings

Detached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 230 66% $324,950 $297,590 $283,199 95% 87% 174 $341,451 32% 2 or Less 1 100% $199,000 $199,000 $189,000 95% 95% 55 0% 3 109 69% $271,302 $250,309 $237,884 95% 88% 145 $270,744 28% 4 112 65% $366,860 $338,611 $322,897 95% 88% 199 $369,413 35% 5 or More 8 53% $484,907 $379,813 $356,625 94% 74% 225 $592,729 40%

Attached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 107 61% $213,180 $190,929 $179,159 94% 84% 162 $213,052 36% 2 or Less 68 60% $203,981 $187,409 $176,349 94% 86% 155 $199,797 38% 3 38 63% $228,283 $195,545 $182,481 93% 80% 167 $240,164 33% 4 1 100% $264,800 $254,900 $244,000 96% 92% 403 0%

Bartlett 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 Bartlett real estate statistics for the last 12 months as of January 22, 2010.

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 Bartlett, 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

Bartlett Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Property Type: Detached Single, Attached Single Area: Bartlett Months Back: 12 Months

Active Listings

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 219 $352,139 227 2 or Less 6 $195,750 228 3 78 $271,756 202 4 118 $400,137 251 5 or More 17 $442,991 181

Attached Single

Bedrooms # Active Avg. LP Avg. MT All 128 $210,290 224 2 or Less 83 $193,282 225 3 43 $238,718 226 4 2 $304,900 110

Off-Market Listings

Detached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 235 66% $326,135 $299,286 $284,575 95% 87% 174 $341,417 31% 2 or Less 1 100% $199,000 $199,000 $189,000 95% 95% 55 0% 3 112 69% $270,990 $249,843 $237,484 95% 88% 145 $270,927 28% 4 114 65% $370,286 $343,090 $326,622 95% 88% 200 $369,890 34% 5 or More 8 53% $484,907 $379,813 $356,625 94% 74% 225 $592,729 40%

Attached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 109 62% $213,041 $190,358 $178,259 94% 84% 164 $214,007 35% 2 or Less 69 61% $204,087 $186,572 $175,028 94% 86% 154 $200,929 37% 3 38 63% $228,283 $195,545 $182,481 93% 80% 167 $240,164 33% 4 2 100% $232,350 $222,400 $209,500 94% 90% 425 0%

Bartlett 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 Bartlett real estate statistics for the last 12 months as of January 15, 2010.

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 Bartlett, 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

Bartlett Real Estate Market Conditions

Market Statistics CriteriaStatus: Active, Back on Market, Contingent, New, Price Change, Re-activated, Temp Off Market, Pending, Closed, Expired Property Type: Detached Single, Attached Single Area: Bartlett Months Back: 12 Months

Active Listings

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 217 $352,172 231 2 or Less 6 $195,750 221 3 76 $268,704 208 4 117 $400,499 254 5 or More 18 $442,608 182

Attached Single

Bedrooms # Active Avg. LP Avg. MT All 129 $208,593 217 2 or Less 83 $193,625 226 3 44 $232,451 205 4 2 $304,900 103

Off-Market Listings

Detached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 234 66% $326,524 $299,007 $284,124 95% 87% 173 $341,730 32% 2 or Less 1 100% $199,000 $199,000 $189,000 95% 95% 55 0% 3 112 69% $271,589 $249,843 $237,484 95% 87% 145 $273,595 28% 4 113 65% $370,807 $342,901 $326,061 95% 88% 198 $370,392 34% 5 or More 8 57% $486,043 $379,813 $356,625 94% 73% 225 $613,350 43%

Attached Single

Bedrooms # Sold % Sold Avg OLP Avg LP (Sold) Avg SP SP:LP Ratio SP:OLP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 110 63% $216,984 $192,058 $179,943 94% 83% 168 $221,020 35% 2 or Less 69 62% $205,714 $186,572 $175,028 94% 85% 154 $204,346 37% 3 39 65% $236,136 $200,208 $187,122 93% 79% 179 $255,162 33% 4 2 100% $232,350 $222,400 $209,500 94% 90% 425 0%

Bartlett Illinois Median Home Prices

The graph displayed below is the median home prices in Bartlett from December 2007 to December 2009. The median price is the point at which half of all homes are sold for more and half are sold for less.

It gives you an idea of what prices properties are selling for in that community. When the median price is on the lower end, more reasonably priced homes are selling vs. the higher end homes. In the current market since May 2009, you can see that the median priced home was $251,547 and then rebounded for December 2009 with a price of $289,002.

This is also following the trend that I have personally seen with first time home buyers moving along the market. Foreclosures are traditionally priced below market and are also adjusting the prices downward. There have been very few sales (2) in the upper bracket homes (above $500,000) for quite some time and indicates really no move-up sellers over the last year.

The market slowdown actually began to occur for Bartlett and the overall Northwest Suburbs in October 2007 which is a surprise for some people. The market did not just stop overnight! Currently we've had a rebound of prices in November 2009 from $250,500 and then ending at $289,002 for December's numbers. Just like the stock market, it's subject to the markets normal ups and downs.

Bartlett has been extraordinarily stable next to it's existing neighbors. Prices really have not fluctuated wildly as in some communities that I have seen. Steady as she goes! The median prices were unchanged from December 2008 which is great. Weird? Odd? You bet, but I just report the facts here.

Number of homes on the market is down 15% from December 2008. There is currently 16.3 months supply of inventory for December 2009 (called the Absorption Rate) which is down from November's 21.3. Where did those sellers go? Did they take their homes off the market and are waiting until spring?

Homes under contract increased to 11 sales for December 2009 vs. 9 in November 2009.

For the last 6 months of 2009 the highest sales price has been $487,000 and the lowest sales price was $125,000 - ouch! Someone sure got a sweet deal with that 3BR house. Who said all the deals were gone?

If you are thinking of purchasing or selling in Bartlett, please consider me your neighborhood expert. I would welcome the opportunity to meet with you and discuss your options in today's marketplace.

Bartlett Market Update by Price - October 2009
Down Payment Assistance for Cook County in Bartlett
Bartlett Market Overview 2Q 2009
Market Overview for 2008
Bartlett Village Profile

Average Closing Costs in Illinois
REO's and Foreclosures - Think they might be for you?
203K Loan - Know what it is?
Illinois Home Sales - I'm seeing an improvement.

Please contact me Lyn, I need more information!

Lyn Sims and the Blog Dog©
(847)230-7324
RE/MAX Suburban
Email: LynSims@msn.com




Get the Blog Dog© Pawspective on Bartlett!



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




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.

Bartlett IL Median Home Prices ©2010 TheBlogDog.net and Lyn Sims

Short Sale Sellers beware of what the banks are telling you! I recently had a prominent bank with a 'stage coach' in the logo (got it now?) tell one of my sellers - no, I'll take that back - try and scare the hell out of my seller that she would have to pay taxes on the additional income from her pending short sale. Frozen in fear, she did nothing until I found this law recently enacted for just these situations.

Are the banks trying to scare you? You bet they are! Are they telling you about financial decisions that are beneficial to you? I doubt it! The purpose of this post is so that you can go into a short sale situation with your eyes wide open and know what the outcome will be for your credit and your tax situation.

Is Cancellation of Debt on a Short Sale always taxable? The good news is NO.

Here's why - it's called the Mortgage Forgiveness & Debt Relief Act enacted on 12/20/2007. Why haven't we known about this? I've just heard of it and I'm thrilled for some of my seller clients that are currently selling or thinking of selling on a short sale. As if their situations weren't bad enough, the short sale differences we were told by the lenders would be a tax liability. Now I find out that in most instances that is not the case!

The most common situations when cancellation of debt income is not taxable involve:

• Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
• Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
• Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
• Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
• Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

So ..... Short sale sellers take the full loan balance and subtract the sales price. This is a positive number and is treated as 'ordinary income'.

Here are the conditions and requirements that the seller not be taxed on this income for federal income tax purposes (note, not necessarily state taxes) if the following conditions are met:

• You lived in the home - primary/principal residence
• The loan was used to buy, construct or improve that home referenced in #1
• The income not taxed is capped at $1 million for a married person filing separate and $2 million otherwise
• The short sale has to take place after Jan 1, 2007 and before January 1, 2013 (any guess as to how long the government thought this might be an issue?)

Questions I've snatched for further clarification: If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?

Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or cancelled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt cancelled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See IRS Form 982 for details.


More frequently asked questions here.
Publication 4681
Release IR-2008-17




Note and Disclaimer: This is a very complex situation and should be verified by your accountant or the IRS. I am in no way giving tax advice only passing along information that I have been made aware of recently. I am in no way an attorney or tax advisor so please verify all these statements in their entirety. It seems in California, this income is still taxable so please verify with your state of residence.


Resources: IRS, Dr. Danielle Babb, Landlord Protection Agency