As this weekend draws to a close, I'm beginning to get the feeling that there's change in the air. Do you feel it? More activity. Double and triple offers. Yes, some on foreclosures, some on short sales, but yes, some on traditional transactions too!
In Chicago's western suburbs we're slowly depleting the existing inventory. Stagnant inventory is being overlooked. New inventory is slow coming to market as sellers are reluctant unless it's an absolute necessity that they move. It's not surprising then that homes priced correctly are selling quickly in double and triple offers. The multiple offers are a result of buyers being in the marketplace SO long, that they certainly realize a good value when they see one and jump all over it.
There is anxiety in the air. With less than 5 months left for 1st time homeowners to take advantage of the $8,000 tax credit that our government is offering, that leaves a little less than four months to find a home and write a contract in order to close before the deadline. This in addition to relocation renters who are on the sidelines, trying to decide what to do and are prepared to jump in as soon as they feel the bottom has been reached has created the current climate.
If you're thinking of selling your home, but holding off, you may want to think again. This just could be one of the best times in a long while to put your home on the market. Just remember - Declutter, clean, stage & price and then clean some more!
Oh, and two words to those that are part of the stagnant inventory that is being overlooked. Evaluate your home and listen to feedback. Remove wallpaper! Clean up your landscape. Get rid of any odors! Any job that you've been putting off because it's too much work to do - a buyer will look at and think it's too much work multiplied by 5. If you're not willing to do the work, then think - price reduction.
Time is running out to take advantage of the 1st Time Home Buyers Tax Credit. There are only 178 days left in which to purchase and close on a home in order to be eligible. Your opportunity to take advantage of the credit expires on December 1, 2009.
In order to be eligible you or your spouse must not have owned a principal (the home you actually live in) residence in the past three years prior to the date you close on a new home. So, what exactly does that mean you ask? Well, if you own a home, but have not been living in it, but renting it out and living elsewhere, you're still eligible. Check with your tax accountant or attorney to verify all information.
You must live in this new home a minimum of three years or you will have to pay back the credit when you sell the home.
You must file an income tax return in order to receive the credit. However, you can fill out an amended tax return to this year's taxes, and receive your credit this year.
The credit is a maximum of $8,000 or 10% of your purchase price. In and around Will, DuPage & Kane counties, it's pretty much $8,000 as it is extremely difficult to purchase something around here for less than $80,000.
Lenders are partnering with non-profits to offer monetized credits. Basically the lenders are providing bridge loans through private parties enabling borrowers to access the funds for down payment. When they receive the credit from the government they in turn pay back the loan.
Hurry, this won't last long - there may never be another opportunity like this one. Only 3.5% downpayment is required for FHA financing. As interest rates are poised to rise, this could be the absolute best and last time that housing is this affordable.
Call me for more information and assistance navigating the real estate marketplace.
For all the naysayers out there, take a listen to this utube video for all the details on the 1st time Home Buyers tax credit. Find out how you can benefit. YES, it IS FREE MONEY!
First Time Home Buyer's Tax Credit - Interview - Learn how you can get your $8,000.
If you still have questions, please feel free to give me a call and I'd be happy to explain any unanswered questions in further detail.
There truly is NO BETTER TIME TO BUY A HOME than NOW! With the lowest interest rates in history!!! Don't get caught sitting on the fence. It's time to jump in.
2008 goes down in the record books as the "Wettest Year" in the Chicago area since records have been kept.
Flood waters made some roads impassable during the most recent storm and thaw. All the more reason to work with a Realtor that knows the area and can assist you when making one of the most important decisions of your life.
Here's a picture of one of the most beautiful trees displaying fall foilage, the glorious Ash Tree:) For that very reason I would like to urge everyone to be cognizant about the hazards of transporting firewood! The Emeral Ash Borer is easily transported in Ash logs. To prevent movement of these nasty green guys
PLEASE buy your firewood locally from a recognized vendor (not from someone going door to door selling off the back of a truck) Make sure to USE all the wood you have delivered so that no hidden adults or larvae survive through the spring. Burn baby burn and SAVE OUR TREES.
In Naperville there has already been one confirmed case of EAB in Southwest Naperville, in Ashwood Creek, Will County. If you suspect Emerald Ash Borer damage - call 630 420-6095
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"Commitment to the Client - Making you feel comfortable every step of the way." Buying or selling in Naperville, DuPage or Will County? Let Ann's market knowledge & attention to detail work for you!
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