About Huntley's Sun City

This is an online version of a real estate newsletter I send to residents of Sun City Huntley. The print version resembles a newspaper and will be distributed within the next few weeks, so here it is in advance.

Rich's Real Estate Report

No Recipes, No Sports Schedules, Just Real Estate Information
Issue 8

Existing home sales up 2.9% in February

According to a March 24 report by the National Association of REALTORS® (NAR), sales of existing homes were up 2.9% nationally in February. NAR says that, although they do not expect a notable gain until the middle of the year, the February increase is a sign that the market is stabilizing. The national median home price was down 8.2% from the previous year.

Statistics from the Multiple Listing Service of Northern Illinois (MLSNI) shows the following for Huntley, zip code 60142:

From March 1, 2006 to Feb. 28, 2007:

From March 1 2007 to Feb. 29, 2008:

The above tables show that Huntley's average market time increased and the average sales price decreased during the last year, but not as significantly as the national figure. Average sales price was down 3.5%, and average market time up 28%.

Homes on the market in Sun City Huntley

As of April 4, 2008 there were 142 Sun City Huntley resale homes listed in the MLS. The average market time of active listings was 154 days and the maximum was 884 days on market, for these homes.

If you are interested in a detailed market analysis of your home, please contact me.

What is happening in new construction?

Pulte is currently completing neighborhood 37, the last neighborhood of Classic and Premier series homes. The next neighborhood to open, neighborhood 35, will contain manor homes, which are the familiar club home models situated on larger lots. Pulte anticipates completion of all new home sales in 2009. As a broker and Sun City homeowner I keep abreast this market. The market is constantly changing, so please contact me for current prices and incentives.

Buyers and sellers both need agents

If you have any friends who are interested in purchasing a home in the area, I can help with new construction as well as existing homes. I have represented both buyers and sellers and have earned the Accredited Buyer Representative (ABR) designation. Remember, the people at the sales centers are nice, but they work for the developer, not the buyer. Also keep in mind that, typically, there is no cost to the buyer for professional representation.

What do designations mean?

The purpose of earning designations is to gain more knowledge and expertise. Every agent must take continuing education, but the majority do not go beyond this minimum requirement. The Certified Residential Specialist (CRS) designation was the most difficult of my designations to earn. From the CRS website: "The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education." It is held by fewer than 4% of all REALTORS® .