Chicago Area Median Home Prices Notch Up vs. State

According to the Illinois Association of Realtors, the Chicago area median home sale price in November was $247,000, up 0.8 percent from $245,000 in November 2006. Statewide, the median sale price was $193,000 for the month, down 3 percent from a year ago.

In Illinois overall the association report states that there were 9,021 total home sales of single-family homes and condos in November, down 20.4 percent from November 2006. Year-to-date, sales were down 16.3 percent to 131,497 homes sold January through November, compared to the same period a year ago. In the Chicago area, home sales totaled 5,772 in November 2007, down 23.9 percent from the same month last year. Year-to-date, sales were down 19.6 percent to 87,624.

For more useful infornmation visit http://www.heldtrealty.com/consulting.htm

National Associational of Realtors Releases Latest Buyers/Sellers Survey

The National Association of Realtors recent survey of home buyers and sellers indicates more consumers than ever are using professional agents to assist in their transactions. According to the trade association's Profile of Homes Buyers and Sellers, 79% of consumers use a real estate professional, up from 77% over the past three years, and 9 out of 10 are "very satisfied" with their agent's knowledge of the process. More than 9 of 10 sellers and 9 of 10 buyers said they would "definitely" or "probably" use the same agent again or recommend him or her to others. Also, 41% of sellers found their agent as a result of a referral -- 23% used the same agent they had in a previous purchase -- 43% of buyers relied on referrals to find an agent, and finally, 17% of repeat buyers used an agent from a previous transaction.

This certainly makes a case for professional representation when it comes to buying or selling your home. As a member of the Nat'l Association of Realtors, I stand ready to assist you. Please visit Heldt Realty at www.heldtrealty.com.

Other Affiliations:

• Member REALTOR® Lawyer Committee, REALTOR® Association of Northwest Chicagoland www.ranwc.com
• Member Affiliate Committee, REALTOR® Association of Northwest Chicagoland http://www.ranwc.com/affiliates.htm
• President Northwest Suburban ABATE www.abate-il-nws.com
• Board Representative Northwest Suburban ABATE www.abate-il-nws.com
• Member www.rescueriders.org

Illinois Bucks the Foreclosure Trend

The number of U.S. homes now in foreclosure has more than doubled in the third quarter according to an Associated Press article published on November 2nd. Illinois foreclosure filings however, have declined in the through the same period. Illinois claimed 20,008 foreclosure filings in the third quarter on 19,128 properties, bucking the trend with a 4.2 percent decrease from the previous quarter and a slight 3.4 percent increase over the same period last year.

The lead story regarding foreclosures nationally paints a bleak picture but not necessarily for Illinois. For more information regarding foreclosure data and general real estate questions, please visit my consulting page at Heldt Realty.

Illinois Median Home Price Holds Steady

For those of you intersted in learning more about the Illinois real estate market, you may find the following reports of interest. The Illinois Association of Realtors recently released their September 2007 Illinois Housing Sstatistics. the report states that the Illinois median price held steady in the second quarter of 2007 while total home sales were off 16.1 percent from a year ago.

Read the entire report >>

For stress-free real estate transactions visit http://www.heldtrealty.com/

Top 10 Reasons It's a Great Time to Buy Real Estate

Just wanted to pass along some food for thought as it relates to the realities of today’s market.

The Top Ten Reasons It's a Great Time to Buy Real Estate!

1. Selection, selection, selection. There are about 62,000 resale homes on the market in Chicago and the northern Illinois area. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory dropped below 15,000 units. A buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. There are plenty of options in this market.
2. No Bidding Wars. In the previous harried market we had one client that made an offer on eight homes. They lost the first seven to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is little or no competitive bidding in today’s buyer's market.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ratio is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In the past many buyers waived these contingencies in order gain an advantage with multiple offers.
6. There are plenty of spec houses. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. Today it is estimated that builders have thousands of spec houses ready for immediate occupancy.
7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location. Today's buyers can find homes closer to work. In the past buyers flocked to the outlying areas in order to find affordable homes. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It's a great time to buy real estate!

Please click on over to Healdt Realty if you find this information useful.

Pending Home Sales Fall 12.2%

The National Association of Realtors reported today that contract signings on existing homes fell by 12.2% in July. That's the steepest decline since the pending home sales index was initiated in 2001. The decrease in pending home sales occurred in all four regions of the U.S.

For tips on selling your home in a buyer's market, visit my consulting page.

Foreclosure Activity Down in June

Here's some invaluable foreclosure information from RealtyTrac. They publish the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

Inventory of Previously Owned Homes For Sale on the Rise

The National Association of Realtors today report that inventories of homes on the market rose by 5% to a record 4.43 million, representing an 8.9-month supply at the May sales pace. That's the biggest overhang of inventory since June 1992, at the tail end of the last housing bust. You can read the full report on MarketWatch.

If you are buying or selling a home in these uncertain economic times, and you need a bit of advise, be sure to check into my Real Estate Consulting services.

First-Time Homebuyers; Get Your Ducks in a Row!

It's a great time to buy a house. Sellers are pricing their homes competitively and mortgage rate rate are still at historic lows. But though it's a buyer's market, it doesn't mean you're finiacially prepared to leave renting behind.

Kara McGuire, writing for McClatchy Newspapers, gives these suggestions to help you get you "ducks in a row" before purchasing your first home.

• Save your documents. Keep your most recent pay stub, W-2 bank and retirement-account statements for the loan approval process. The mortgage company will run you latest credit report to provide a snapshot of you outstanding debts.


• Play house. Before searching for your new house, bank at least $2,000 per month to give you a taste of what the expenses of owning a home are.


• Don't buy too much house. First-time homebuyers can be tempted to take on a mortgage that's out of their reach and risk becoming stretched by a large obligation against the financial return of ownership.


• Be realistic about profit margin. No matter what you see on TV, don't expect to flip your house and make a substantial profit after owning it a short time.

As a real estate professional, it's my job to help you get your proverbial ducks in a row before buying a home. Call me any time at Heldt Realty.

New Wave of Foreclosures with Lower Price Tags

An article published today on MSN entitled Foreclosures: Will Banks cut their losses? sheds light on how the foreclosure market works and how it has been affected by the current economic indicators. The article states that in the Chicago area for example, lenders are beginning to offer foreclosure properties at below the judgement amount. On the flip side of this scenario is the fact that profitable foreclosure deals for real estate investors have become increasingly hard to come by. Chicagoland banks however, are starting to consider pre-foreclosure deals called "short sales" where a buyer negotiates with a lender to purchase for less than the property is worth before it goes into foreclosure.

Heldt Realty's exclusive On-Call Consulting Program enables real estate investors to pursue their own endeavors while also providing them a professional “on-call" real estate services. Please contact me through my office should you have any questions.

The Best Time To Buy A Home

As with most things in life, timing is everything. This certainly applies to buying a new home as well.

In her book, Starting Out, The Complete Home Buyers Guide, author, Dian Hymer writes that the ideal home time to purchase a home is when home prices are stable or increasing, and when interest rates are low. Conversely, waiting for the best time to buy can result in a missed opportunity.

It's impossible to know in advance how the real estate market will behave in the future. Ms. Hymer offers these guidelines to help you make wise decision about the best time to buy:

If there are more sellers than buyers it's called a buyer's market. Buying in this market has some advantages. Buyers have more inventory to choose from and prices are usually lower in this type of market. Lower prices mean lower closing costs too. A disadvantage when the market is slow is that the value of your home may actually drop before it rises again. Plan to live in this home for five years or more.

Buying a home in a seller's market may cost more, but there is a good chance that the property will be worth even more within the next few months.

As a real estate professional, I will be happy to arm you with the best information you'll need to time your home purchase correctly. Contact me at Heldt Realty and we can discuss your unique situation.

Northern Illinois Property Search

Are you relocating to Northern Illinois? Great, you've come to the right place. We understand how daunting a task relocation can be and we here at Heldt Realty want to make it an easy transition for you. We'll start by giving you access to current real estate data right here, right now. The Multiple Listing Service of Northern Illinois is the most comprehensive resource available for residential and commercial properties. Please take advantage of this valuable resource and contact us through our website at http://www.heldtrealty.com. As your dedicated "buyers agents", we can assist you in every aspect of your new home purchase.

Exclusive On-Call Real Estate Consulting

Heldt Realty's exclusive On-Call Consulting Program enables real estate buyers and sellers to pursue their own real estate endeavors while also providing them a professional “on-call" real estate expert. This ala carte service-based approach provides real estate solutions in “real time” for answers you may need right now. If for example, you have an urgent need to solve a real estate problem, we can evaluate the situation and begin the solution process immediately for you.

Individual Heldt Realty Agents are members of the National Association of Real Estate Consultants (NAREC) and hold the Consumer-Certified Real Estate Consultant (C-CREC) Certification. We stand ready to assist you in your real estate endeavors.

Please visit the Heldt Realty Consulting page for more information.