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.

Social Networking for Opportunity Seekers and Real Estate Investors

It's "flippin' fantastic" what the Internet can do to enhance your business. Have you seen the A&E program Flip This House? Well it's official, they're taking the concept online so others can benefit. Take a look...

Internet millionaire Joel Therien is the president of two very popular websites; armandomontelongo.com and hotconference.com. The recently launched ArmandoMontelongo.com is a social networking site for entrepreneurial people and business opportunity seekers alike. Therien states, "The site is there for all types of people who want to meet with others who have some of the same business interests." He goes on to say, "It caters to any type of opportunity, investment clubs, franchises, network opportunities, day traders, you name it and the site caters to it."

With so many filters on the Internet, even legitimate subscriber email is getting blocked, which unfortunately renders newsletters somewhat ineffective and leaves opportunity seekers no valid or cost effective way to find or communicate with each other.

ArmandoMontelongo.com is very different in that it allows people to communicate in real time audio and video conferencing in a secure environment. People can join free knowing that others on the site will enjoy hearing about their opportunities. You can visit the site at http://c21realtr.armandomontelongo.com/

Slumping Housing Market Could Result in Lower Prices

Lower prices for new and existing homes could be on the horizon according to a recent MarketWatch report. The article quotes a Banc of America Securities official who states; "The resale market could suffer from home-builders cutting prices on new homes to shore up sagging sales. As a result, existing homes for sale, many of which were built recently, will continue to sit on the market unless sellers cut pricing aggressively."

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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.

Illinois Home Sales and Median Prices on the Rise

According to the Illinois Association of Realtors, Illinois housing statistics showed an increase of 36.2% in March compared to February. IAR's latest report indicates the numbers were 20.3% below the all-time high for March 2006 when a total of 15,024 homes were sold. Regarding the median price of a home in Illinois, IAR reports this figure at $198,000, up 0.1 percent from $197,900 a year ago.

Pleas contact me at Heldt Realty for area-specific data.

Baby Boomers Like Larger Nests

Baby Boomers nests are growing and the ones with empty nests are selling their lawnmowers without blinking an eye. What does it mean? Well, boomers whose children have grown are beginning to move to large but maintenance-free homes all over the US.

This, according to Margaret Wylde, a housing market expert who writes that it's a myth that everyone over 50 is downsizing. Her research shows that most people in the boomer generation who live in homes between 1,600 and 1,800 square feet will likely move into even larger homes during their empty-nest years. Wylde continues on to say that by 2011, half of all homeowners in the US will be 55 years of age or older. The vast majority of them no longer want to take care of the lawn or shovel snow anymore either. They do however, have sizable equity in their homes and want nicer digs with more amenities and features than what they've had previously.

If you're a boomer in a similar situation, contact me and we'll discuss how you can trade home maintenance for a carefree life in an adult community.

Pictured: The Cascades at St. Lucie West, Port St. Lucie, Florida

Helping Parents Downsize

When the time comes to help your elderly parents move to a smaller home, it's good to know there are some resources available to assist you in what can become quite a daunting task.

A network of organizing professionals has been formed and does in fact, provide a valuable service. The organization known as the National Association of Senior Move Managers help older adults with sorting, disposal of unwanted items, packing/unpacking and setting up their new home. Considering our busy lifestyles, this service can prove to be very useful in a time that can create a considerable amount of stress. I highly recommend them.

If you are involved with helping your mom and dad downsize yourself, it's often easier if many of their possessions are recycled to charities. Seniors are typically more willing to part with things if they know the items are bound for a good home.

Stay tuned for more news you can from your friends at Heldt Realty.

Buyers Market Update

Are you looking to buy? If so, you are most likely shopping interest rates and home loan products in your local market. Maybe you’ve noticed that interest rates have fallen below 6% in some markets and that, my friends could signal a solid buyers market. By the same token, this economic climate may motivate some homeowners to sell their current home and upgrade to a new one.

For your convenience, I’ve added Bank Rate charts to this blog on the right sidebar. That will give you a glimpse at mortgage rates from a top resource. You should know that rates posted by services such as Bank Rate are geared toward consumers with high credit scores and low debt. However, you certainly can use these numbers as a benchmark. Check with your local lender for the best loan products available for your individual situation and location.

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.

Mortgage Rates Keeping a Low Profile

A low profile as in low rates, that is. Experts say that the economy is slowing and that should keep mortgage rates down. Economic indicators are a good measure to gage these numbers. I recommend keeping an eye on the current state of the economy and there related mortgage rate benchmarks. If for example, the economy can avoid slipping into a recession this year, mortgage rates could actually rise slightly over that period of time.

We'll keep a watch on it for you here at Chicagoland Homes. For a quick reference, head on over to the sidebar of this blog for current mortgage headlines and rates.