Overview of the Streamwood 2008
Housing Market
Currently
the local real estate
market may be your 'best opportunity' market in
years! Are
you ready to take advantage of it?
Mortgage interest
rates are low
and prices in Northwest Suburban
Illinois are still holding fairly well, generally area prices are
flat. NOT
EVERYWHERE IN EVERY NEIGHBORHOOD
ARE PRICES FALLING.
That's why I'm
saying the
real estate market is local - it even makes a difference from
subdivision to subdivision in every single town! But, over
time and the long haul, no investment comes close to real estate so now
is a great time to buy, sell or invest.
So
again,
'All real estate is local'. What's happening
in your local market is all that matters. You actually have
to ask a
great local REALTOR, like Lyn Sims
at RE/MAX Suburban what's going on in your market.
She is an expert in pricing, buying, demand and
selling patterns. You can't google it and find out what your
market place is doing. You shouldn't rely on Yahoo, Zillow or
other erroneous sites to even give you a SWAG (sophisticated
wild a*% guess remember!). You actually have to
work with someone that knows the market inside and out and knows your
subdivision.
So let's take a look at what
is generally happening in Streamwood
- Notice
in the sales graph prices are not spiraling downward like the
media would have
you believe. The median house value in Illinois for 2007 was
$272,600
which is UP from the survey done in 2000 of
$178,200. So that's a pretty good return on your investment!
"Does it seem
like the real estate market is tanking?" NO.
"OK Lyn,
tell me something I don't know." Well, I bet you didn't
realize the market slow down was happening earlier than
what you thought. It actually started in January 2006 and since then
gradually month by month market demand has declined!
The average 2008 sales price for
60107 is
actually $227,500.
The total single family sales for 2008 were 219.
The
typical first
time home buyer is
actually trying to spur our local market forward. The sales
are
mostly from the lowest pricing in the area (November's average was
$184,000). Therefore
the
average prices sold during that time will be lowered. First
time
home buyers do
not normally buy a home in the $300,000 and above range as a first home
so obviously our average sales price will be lowered from that
activity. Foreclosures and short sales are also selling first
and fast with multiple offers.
"So
it looks like Streamwood
is still a solid investment - a great
Midwestern town to raise your family
with great schools?" YEP!
"Can
I buy a house and still sell it 2 years later if I have to move?"
YES,
but you
really wouldn't want to - you have to
change your previous thinking a little bit.
You're probably not going to come out with money in your
hand!
You're going to have to think a little bit more
conservatively
for the future years. 'Flipping'
except in rare instances is not going to work no matter how many HGTV
shows you watch!
And don't be
scared off by
stories about a 'credit crunch' either. Conventional and FHA
loans are available for credit-worthy buyers seeking these types of
mortgages. And mortgage interest rates remain
at historically low levels. Don't be scared off
by forecasts
that encompass the entire United States either! Think how
ridiculous
that is!
"Is
it a good
time to buy?" I'm saying YES!
"So,
people
who
have just went thru foreclosure are not probably going to get a loan?"
YES, and
in Illinois that is just
a small percentage of the homes owned that are in trouble and
headed
for foreclosure.
People will always need to buy or
sell a home whether a move is job-related or you are ready to downsize
or your family is expanding.
The national
housing market
has received a lot of negative press lately with stories of mortgage
market tightening and increasing foreclosures. But for the
average person with good credit, traditional financing is readily
available. Lyn Sims still
has 100% financing available to those that
qualify! There are still programs that offer
down payment assistance to buyers - but you have to know
the right people to get the help!
It's important
to do some
homework before you buy to see what you can afford and what your
financing options are. Today, mortgage interest rates are well below
their all-time high of over 18 percent in the early 1980s.
People bought homes then and they can buy them now! HEY I know 'cause I was sellin'
em way back then!
But again, you need to get hooked
up with the right people which I can help you with! There are
lenders out there that promise and don't
deliver! There are lenders out there that only offer one type
of
financing - they won't tell you about all the programs they don't have
will they?
"Is housing still your best
long-term investment?" I'm
saying YES
again!
Homeowners who
are in it
for the long-term are
coming out well ahead. Here's why. Because of the power of leveraging,
a $10,000 down payment on a typically priced home in the United States
at a typical home price appreciation of 5 percent will return $110,000
after 10 years. The same $10,000 invested in the stock market
appreciating at 10 percent annual increases will result in $23,600.
Why wait?
It's a good time to buy and grab your piece of that
Streamwood
pie!
Lyn Sims of Re/Max Suburban
(847)230-7324 works in the Northwest Suburban
Chicago areas
of Schaumburg, Roselle, Bartlett, Bloomingdale, Elk Grove
Village,
Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream,
Medinah, Palatine, and yes Streamwood.
Offering
local real estate advice for 25 years!
The
'Blog Dog' knows Streamwood!
Streamwood
Illinois Local Market for 2008 ©2009 Lyn Sims -
TheBlogDog.net
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.
Sources:
National Association of REALTORS®,
MRED MLS, Agent Metrics Marketing, my little pencil
and calculator.
