About Lake County, IL

Here is some great infomation that will help out buyers when looking in Buffalo Grove or any Lake County Illinois Area. I was featured in Chicago Agent Magazine this month and was lucky enough to get some great answers about appraisals in the Buffalo Grove and Lake County Illinois Market and wanted to share it with everyone.

Q: SHARRON KELLEY CRS, CDPE, The Sharron Kelley Team, Coldwell Banker Buffalo Grove, 847.465.3638, sharron@northernillinoshomes.com

Q. How has the appraisal process changed and why are appraisals coming in low?

A: SHERYL ACKERSON, Vice President of Mortgage Lending, Guaranteed Rate, Inc., Skokie Branch, 847.972.5707, Sheryl.Ackerson@guaranteedrate.com

The prevalence of foreclosures in the current market is the major reason for the decline in appraised values. In the past 18 years, when there was a foreclosure an appraiser would typically be able to explain that this property was an uncommon exception to the market. In other words, both appraisers and lenders ignored this comparable. Now, nothing can be ignored and short sales and foreclosures are dominating the marketplace. Not only are appraisers using three sold comparables, but typically most also will show three current listings. If one of the new, current listings is a REO bank-owned property, it is there to serve as an indication of where the market is going.

In addition, in the past, upgrades or improvements to a home such as a finished basement or a new state-of-the art kitchen could easily add $35,000 to $50,000 to a home. Now upgrades seldom matter. In this manner, every house is affected.

Q. How do we get buyers to understand the appraisal process in today’s market?

When working with a potential buyer, we educate them that an appraisal is an independent, impartial evaluation. Only facts and figures matter; square footage and above grade bathroom counts have more to do with determining the appraised value than if there is a finished basement, new carpet and custom paint. Additionally — the timeliness of the sale — the closing date — is a principal, controlling factor. In today’s market, a comparable sale over 90 days is old news. In the past, lenders would allow comparables up to a six month period.

Another issue is the concept of “declining market.” An appraiser states that a house is in a declining market or in a market with an oversupply of inventory. In these instances, some investors are requiring an additional 5 percent down payment. This is happening more in the high-end market.

If you are looking to buy or sell a home in Buffalo Grove, Vernon Hills, Long Grove or anywhere else in the Lake County Illinois area please contact me, I would love to help you out.

Great news! There are real signs finally that the Vernon Hills real estate prices are on the upswing. The median Vernon Hills Sales Price in January was $247,500, up 11.2% from $222,500 in January of 2009 and up

3.1% from $240,000 last month. The average Vernon Hills Sales Price in January was $275,808, up 15.7% from $238,381 in January of 2009 and up 9.8% from $251,146 last month.

This is very reassuring news for Vernon Hills Sellers. If you are looking to put your home on the market this spring, it is best to do it now. As of today , there are only 81 days for a buyer to take advantage of the first time home buyer's credit and the repeat credit. Buyers- I think we have seen the bottom of the market for a while. Act now to get the Vernon Hills home of your dreams!

Whether you are in the market to buy a home or to sell your current home in Vernon hIlls it is important to keep abreast of the Vernon Hills market statistics (or at least to work with a Coldwell Banker Vernon Hills REALTOR who does

If you are interested in the Vernon Hills real estate market, you may want to read these previous blogs.

Vernon Hills Real Estate top 10 questions my real estate clients before relocating to Vernon Hills

Which Vernon Hills Realtor is right for you

The above article Vernon Hills Real Estate market is on the upswing was written by Judy Greenberg, Realtor from Coldwell Banker Buffalo Grove

If you would like more information about the Chicago Northwest Suburbs,including Wheeling Buffalo Grove, Lincolnshire, Long Grove, Vernon Hills, and Lake Zurich please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com.

My websites, www.movetoVernonhills.com , www.buffalogroveareahomes.com and my blog www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller!

Lake Zurich IL Homes - New Construction - Town-homes at Meadow Wood

Prior to 2004 Lake Zurich did not have many town homes to choose from. That changed with the new subdivision called Concord Village Lake Zurich which has more homes that you might expect by looking at it from either entrance.

Meadow Wood is a new development bringing yet more town homes to Lake Zurich IL from Pulte Builders. This is easy to find being right off Route 12 just north of Miller Road and opposite Wynstone Subdivision.



Town Homes at Meadow Wood are available as new construction with prices starting $264,000. You can choose from 2 or 3 bedroom units.

Townhomes are on 3 levels with lower level having garden windows at the front and the 2 car garages at the back.

The Town-homes in Meadow Wood are found on:

• Bailey Lane
• Jordan Circle
• Chelsea Drive
• Arcadia Lane
  

There are limited end units.

Meadow Wood is a great place to start your home ownership, very close to shopping, Route 12 or 22 and children attend Lake Zurich IL School District 95.

You can search all Lake Zurich IL homes or contact me for information on available homes in Meadow Wood on 847-363-3686.

Lake Zurich IL Homes - Concord Village - Townhomes - Mews Town Homes - Ranch Villa Homes - Courtyard Single Family

Prior to 2004 Lake Zurich did not have many town homes to choose from. That changed with the new subdivision called Concord Village which is located off Route 22 or accessed from June Terrace off Rand Rd by the Home Depot and Costco. Concord Village Lake Zurich has more homes that you might expect by looking at it from either entrance.



Single Family Homes in Concord Village Lake Zurich IL

These can be found on:

• Seaton Court
• Savoy Ct
• Hanbury Drive

and account for 43 of the properties here. You'll be able to choose from 3 or 4 bedroom homes if you decide this is the place to buy a new Lake Zurich home, after all they are like new. They are all located on the East side of the subdivision and some of the homes have a nature preserve behind them - looks much nicer in the spring and summer. In the distance you can see the local radio and cell tower.

Current prices are $366,000 to $400,000 and of the 5 current listings 3 are under contract.

On the west side of Concord Village Lake Zurich IL - Homes are town homes and ranch villas. I remember showing these units when I first started in real estate and it was awful trying to locate a unit as there was no numbering signs - today it is much easier.

The Town-homes in Concord Village are 2 or 3 bedroom homes on 2 levels with a partial basement or lower level and garages around the back. The end units are styled like raised ranch homes with garages in the front and private drives. Prices currently start at $220,000 and go up to $299,000.

Properties are found on:

• June Terrace
• Rosehall Drive

The ranch style villas at Concord Village are homes on 1 level either main or second, there are no basements and the garages are tucked into the side of the buildings making the curb appeal of the units look great. Prices start at $188,000.

Properties are found on:

• June Terrace
• Rosehall Drive

There have been a few foreclosures in the subdivision but sale prices of foreclosed units were not much less than market value. Concord Village is a great place to start your home ownership, very close to shopping, Route 12 or 22 and children attend Lake Zurich IL School District 95.

You can search all Lake Zurich IL homes or contact me for information on available homes in Concord Village on 847-363-3686.

Meadow Wood is a new developement bringing yet more town homes to Lake Zurich IL from Pulte Builders.

Information on Buffalo Grove in house loans for Coldwell Banker

The National Association of Realtors reports that 14% of home sales were sold directly by the owner. Would you like to have a list of every qualified buyer that looks at a FSBO? Would you like to be the first the agent that a FSBO talks to when they are finally ready to list?

Historically we've asked you to tell your BUYERS to call me your local Mortgage Advisor. You know the routine...Your customer calls me and we render a lending decision in minutes and immediately let you if your customer is approved. And as always the service is FREE.

Imagine if you went to a FSBO and told them that you didn't want to list their house today. You were simply stopping by to provide some free literature. Most FSBOs have no way to ascertain if a customer is a legitimate buyer or not. Simply have the seller provide our mortgage information to every prospective customer. The seller gets a piece of mind that potential showings have been screened and that only qualified candidates are seeing their house!

You get the information on every customer that comes through the seller's house. If the seller is going to purchase another homes encourage them to get themselves approved as well and we'll start branding them Coldwell Banker and Coldwell Banker Loans so you can sell them a house or place a national referral.

This information has been provided by Cindy Hinchman our in house lender.

For more information you can contact her at 847-571-1773 or at Cindy.Hinchman@mortagefamily.com

For information on Buying of Selling a home in Buffalo Grove, Vernon Hills or Long Grove please feel free to contact me.