Hoffman Estates, IL

Congress has passed new legislation that extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. Also expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is the basic information and guidelines about how the Extended Home Buyer Tax Credit can help you purchase a home. If you have specific questions or need additional information, always seek out a tax professional or the Internal Revenue Service at 800-829-1040. But here are the basics:


Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010. To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.


Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Credit is Available?

The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors - The price of the home and the buyer's income.

What is the maximum price I can purchase?

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

What is the maximum Buyer Income?

Under the Extended Home Buyer Tax Credit effective on November 7th 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.

If your income exceeds these limits, can you still get a credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

As long as a written binding contract to purchase is in effect on April 30th 2010, the purchaser will have until July 1st, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No and Maybe. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount of the credit will be recouped on the sale.

The 3 Things you should know about Condition ~

This is a series regarding the most popular question that I receive from people about real estate? What’s the #1 tip that I could pass along?

Well there’s actually 3 things that are enmeshed together – Condition, location and price. All 3 actually make your home either sell or be rejected by prospective buyers. Here's how to have your home be in the buyers favorites!

Condition -

Avoiding Home Preparation Mistakes

Getting your house ready for market goes beyond making the beds and washing dirty dishes. Although I've seen plenty of homes with toys scattered throughout and dishes piled in the sink; buyers can't get out of those homes fast enough. Read up on the essential steps to be taken on preparing the home for sale. Some homes need updating and quick fixes. Doing repairs before resale can boost chances of quickly selling. If items are broken or buyers see deferred maintenance, they wonder what else is wrong. It's more expensive, actually, not to fix the house.

Phrase to remember: Buyers only know what they see - not the way it's gonna be!

Another phrase to remember: "Facts do not cease to exist because they are ignored" ~ Aldous Huxley

Dressing your home for showings is called 'staging a home'. Think of the process like arranging flowers in an attractive vase. If you or your agent lack the vision or ability to stage, consider hiring a professional home stager. It is absolutely worth the effort and the price because your home will sell faster in any marketplace!

Common Marketing Mistakes

Whenever I see badly shot photographs in the MLS, or it's the only photo, I want to scream at the agent, 'What are you thinking?' But agents and sellers make plenty of marketing mistakes beside bad photos. Do you realize that there are sites and blogs that actually post these photos under 'worst photos of the week' and 'how not to take a photo like this'. And my personal favorite 'cave of the week'.

If photography isn't your strong point or your agents - hire a professional. Marketing now begins on the internet, before the buyer even gets near your home. My advice is to get samples of what and how the agent is going to present your home with virtual tours, widgets, and online ads. If the agent can't show you or provide that info - run the other way and get another agent!

Some sellers loudly lament: 'Why isn't my home selling?' These are likely sellers who are not employing marketing strategies designed to expose a home to the largest pool of buyers or are avoiding the preparation tips before the home went on the market. Buyers have a lot of choices - think why should they choose yours?

Once a buyer has entered a home, the marketing continues. A strong listing agent plays up the good features of a home and downplays the negative - that's selling. Make sure your agent provides as much information to the buyer as possible so they can make a good, informed decision. I can't tell you how many times I've shown a home and it takes up to 3 days to find out the age of the roof or other vitals that should be readily available to the buyers. It's basic questions that most buyers want to know - age of roof, age of furnace, age of AC, age of appliances.

Hiring the Wrong Agent

You can hire a good listing agent or a mediocre agent. They all cost the same. You don't have to hire your brother-in-law that 'dibbles and dabbles' in real estate or your daughters friend that 'just started in the business'. This is the largest personal investment that you have - interview agents and hire a full-time professional with a minimum of experience that you feel comfortable with. Think of it this way - do you want a new agent practicing on you?

If you want full-service, then hire a full service agent. Also, learn the difference between Realtors® and real estate agents, they are not the same. Ask an agent why they are not a Realtor®? Think of it as a 'professional labor union with a code of conduct and ethics'. What would be a benefit for them not to join?

Carefully read the listing agreement to make sure the agent who brings a buyer is fairly compensated because one surefire way to make sure an agent won't show your home is to offer a silly commission percentage. In a competitive market like now, often buyer agents are paid a 'bonus' commission percentage. It is an additional 'incentive' to show your home first before the others in the same price range.

Be sure your home is in top marketing condition. Be sure that your home is getting all the expose it deserves.

Remember that ‘3’.

Lyn Sims (847)230-7324

RE/MAX Suburban

Selling Advice on Price
Selling Advice on Location

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 Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

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.

Home Selling Advice on Condition ©2009 Lyn Sims - RealEstateConsumerInfo.com - RealEstateBuyMe.com

Hoffman Estates 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 Hoffman Estates real estate statistics for the last 12 months as of November 6, 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 Hoffman Estates, 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

Hoffman Estates 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: Hoffman Estates Months Back: 12 Months

Active Listings

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 228 $355,590 214 2 or Less 5 $316,918 288 3 87 $267,547 203 4 111 $410,420 231 5 or More 25 $426,268 161

Attached Single

Bedrooms # Active Avg. LP Avg. MT All 213 $167,629 206 None 3 $46,900 24 2 or Less 133 $146,683 220 3 73 $209,942 184 4 4 $182,425 278

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 67% $338,785 $302,015 $286,115 95% 84% 161 $378,789 31% 2 or Less 5 83% $396,705 $370,877 $349,188 94% 88% 214 $364,900 17% 3 111 72% $275,287 $252,970 $240,166 95% 87% 158 $284,548 27% 4 102 63% $392,956 $345,539 $326,341 94% 83% 154 $429,412 33% 5 or More 12 50% $441,562 $357,040 $342,950 96% 78% 219 $468,750 50%

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 165 62% $166,247 $154,881 $145,532 94% 88% 166 $158,410 32% 2 or Less 115 61% $155,230 $144,193 $134,616 93% 87% 163 $146,101 32% 3 49 64% $190,445 $178,331 $169,325 95% 89% 164 $189,327 30% 4 1 50% $247,450 $235,000 $235,000 100% 95% 593 $209,900 50%

I received my 'Paw Prints' newsletter from the shelter, Almost Home Foundation where we adopted my dog 1.5 years ago now. The top article was something that I didn't know and wanted to share with you.

Black dogs or black cats are the hardest to get adopted! I couldn't believe it and here is the article:

"That is really all it is. The negative myths that are associated with black cats and dogs have no truth to them yet the stereotypes still persist, which is why black cats and dogs have the highest euthanasia rate in high-kill shelters, but have the lowest adoption rate."

"They watch their lighter-colored foster siblings come and go while they are repeatedly overlooked by adopters. At the adoption shows, the black cats sit patiently in their cages while people pass right by them so they can admire the non-black kitties sitting nearby. The black dogs sit at the end of their leash, wishing someone would inquire about their personalities too."

"And they start to wonder why no one wants them. They try twice as hard to prove their worthiness. This is why black cats and dogs are the biggest love bugs of all. They're just bursting to share their affection with some lucky person! They are exceptionally loyal companions, because they know that their owner gave them a chance when no one else would. They've got charisma and an endless enthusiasm for life, seeing to it that every day counts."

"Due to their tough beginnings, these black pets are loaded with compassion and determination, all the while maintaining a humble outlook. They are very intuitive and always know when their owner needs comforting or a good laugh. True to their giving nature, they'll be first to provide snuggles or entertaining antics. They are amazing gems, but they are completely unaware of it!"

"We currently have dozens of black cats and dogs at Almost Home Foundation. Please give them a chance."

How about it?

Please raise awareness! Get the word out and tell everyone you know about Black Dog or Black Cat Syndrome.

Hoffman Estates 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 Hoffman Estates real estate statistics for the last 12 months as of October 23, 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 Hoffman Estates, 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

Hoffman Estates 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: Hoffman Estates Months Back: 12 Months

Active Listings

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 232 $360,473 214 2 or Less 4 $336,173 271 3 86 $266,442 212 4 118 $416,607 225 5 or More 24 $425,475 155

Attached Single

Bedrooms # Active Avg. LP Avg. MT All 216 $164,810 215 None 3 $52,433 10 2 or Less 137 $146,758 233 3 72 $202,864 187 4 4 $182,425 264

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 227 66% $337,628 $303,185 $286,976 95% 85% 161 $373,643 31% 2 or Less 5 83% $396,705 $370,877 $349,188 94% 88% 214 $364,900 17% 3 110 71% $277,045 $255,847 $242,926 95% 88% 158 $282,854 27% 4 101 63% $390,091 $344,713 $325,043 94% 83% 155 $425,168 34% 5 or More 11 48% $434,900 $364,498 $349,673 96% 80% 231 $453,933 52%

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 162 61% $168,038 $156,861 $147,628 94% 88% 153 $159,531 33% 2 or Less 114 61% $156,888 $145,098 $135,762 94% 87% 152 $148,101 33% 3 46 62% $191,675 $181,530 $172,474 95% 90% 150 $187,530 32% 4 2 67% $259,933 $259,950 $252,500 97% 97% 301 $209,900 33%