Whats happening in real estate? like areas in Chicago and the suburbs.

From Illinois Association of Realtors:  www.IllinoisRealtors.org

Government pushes for greater mortgage relief. The U.S. Treasury Department and the Department of Housing and Urban Development (HUD) on Monday announced guidelines to convert more trial mortgage modifications made under the Making Home Affordable Program into permanent modifications to help homeowners at risk of foreclosure.

New short sale program guidelines. The Treasury also released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers and borrowers who utilize a short sale and deed-in-lieu to avoid foreclosure.

Pending home sales rise for ninth month in a row. NAR’s Pending Home Sales Index rose to 114.1 in October, a 3.7 percent increase over September. It also marked the first time since the inception of NAR’s index in 2001 that pending home sales increased for nine consecutive months.

Loan limit appeals process announced. FHA will permit appeals for the 2010 loan limits for those who can demonstrate that sales prices are higher than the current limits. Appeals must be made by December 21, 2009 and will be handled by FHA’s Santa Ana Homeownership Center. Read the details in HUD’s Mortgagee Letter 2009-50.

For more details on these subject or others, just email me!

Whats happening in your neighborhood? Email me for a free, no obligation market value analysis today!

Need help in finding a new place to call home?  The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time  or “Move up” home buyer, ask us for a free package on the $8,000 Buyer Credit!

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

                       

       

Homeowners still confused on property values in Chicago, Il and the suburbs like Arlington Heights

From Zillow.com   www.zillow.com

Homeowner confidence was all over the map in the third quarter, as home values in some parts of the country stabilized

Chicago Metropolitan Third Quarter Homes Sales Pick Up

Home sales (including single family and condos) totaled 21,298, up 2.4% from  20,802 home sales in the third quarter of 2008.  The third quarter median home sale price was $205,000, down 16.3% fromm $244,900 in the third quarter of 2008.

The stats include Cook, DeKalb, Dupage, Grundy, Kane, Kendall Lake and Will County…

Whats happening in your neighborhood? Email me for a free, no obligation market value analysis today!

Need help in finding a new place to call home?  The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time  or “Move up” home buyer, ask us for a free package on the $8,000 Buyer Credit!

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

                       

       

 

Chicago and Suburban buyers will benefit from New tax credit.

Wondering what the new home buyer tax credit is, and what is in it for you. Below is the best site for all the details, and answers to your questions: 

http://federalhousingtaxcredit.com

Need help in finding a new place to call home?  The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

                       

       

$8000 1st time home buyer credit running out for Arlington Heights, Palatine, Park Ridge, Elk Grove Village, Schaumburg and other towns in the NW Chicago Suburbs

The $8000.00 1st time buyer credit is for 1st time buyers and those who have not owned a property the last 3 years. To use this credit , you must purchase a property and close on the home prior to 12/1/2009.

Home prices in the area have fallen about 13% since this time last year. Interest rates are still at an all time low! What are you waiting for???

There are great values out there for existing homes, new construction, and bank owned properties!

If you want to use the $8K credit, do not buy a “Short Sale” property as that will take about 6 months to close… Bank approvals take up to 5 months.

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time home buyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale from our MLS service in Chicago & the Suburbs at www.JohnHybl.com .  Also search national foreclosures too!

Housing Sales in Chicago & the Suburbs, Like Arlington Heights, Elk Grove Village, & Northbrook, Illinois…are they up or down?

NAR and many media releases are saying property sales are up. What they are not reporting are the details for Chicago and surrounding suburbs, but “The Midwest” or “Illinois”…

Illinois 2nd quarter sales were up 1.5%, but in Chicago? Chicago suburbs…?  These numbers are still down 16% from 2nd quarter 2008, which were must lower than 2007 & 2006.

Many of these sales are also discounted builder properties, bank owned properties, and short sales… So what is happening closer to Chicago & the NW Suburbs?

Single family homes closed in the North &  NW Suburbs of Chicag,  for the  2nd quarter 2009 was 1380 sales of homes.  Average market time 182 days, and average sale price of $513,000

2nd Quarter in 2008 there were 1521 home sales with an average sale price of $590,860…

A drop in pricing a little over14%,  and a drop in sales by around 9%!

 

For Chicago 2nd quarter sales for 2009  there were 2106 sales with an average market time of 159 days. The average sale price was $214,900.

Last year 2nd quarter showed 1733 homes sold with an average sale price of $307,794.

Sales up 20% and pricing down 30%… Homes are now more affordable in the city! Suburban properties still pricey…

All stats interpreted by John Hybl as of 8-17-2009 from MRED LLC MLS service.

Need Recent SOLD comparables? Call or email us for the most recent data in your neighborhood. ( Good for Chicago and surrounding Counties)

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time home buyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

407 Asbury in Fox River Grove, Ill Open House Saturday 8-15-2009

407 Asbury   Open House Saturday 1-4pm  8/15/2009

 

 

 

 

 

Status:	ACTV	List Date:	07/15/2009	Orig List Price:	$338,000
Area:	21	List Date Recvd:	07/15/2009	Sold Price:
Address:	407 Asbury AVE, Fox River Grove 60021			Contingency Flag:
Directions:	14 west of 22 to Foxmoor firt right Asbury
Sold by:				Listing Market Time:	28
Off Market:		Contract:		Points:
Closed:		Financing:		Census Tract:
Year Built:	1992	Built Before 78:	No	Currently Leased:	No
Ownership:	Fee Simple	Subdivision:	Foxmoor
Model:	Custom	Dimensions:	71X150
Corp Limits:	Fox River Grove			County:	Mc Henry
Township:	Algonquin
Rooms:	12	Bedrooms:	4	Bathrooms:	3.1
Master Bath:	Yes	Basement:	Yes	Basement Bath:	Yes
Parking:	Garage	Cars:	2	Fireplaces:	2

School Data Elementary: ALGONQUIN ROAD ELEMENTARY SCHOOL (3)   Junior High: FOX RIVER GROVE JR HI SCHOOL (3)   High School: CARY-GROVE COMMUNITY HIGH SCHOOL (155)   Other:

Coordinates North: 22 South: 0 West: 29 East: 0

Assessments Amount: 0   Frequency: Not Applicable   Special: No

Tax Amount: $8,514 PIN: 2020151030 Mult PINs:   Tax Year: 2007 Tax Exmps: Homeowner

Miscellaneous Waterfront: No Wall Insul:   Ceil Insul:   Appx SF: 3425 Acreage:

Room Name		Size	Level	Flooring	Win Trmt	Room Name		Size	Level	Flooring	Win Trmt
Living Room		16X12	Main Level	Carpet	Yes	Master Bedroom		17X12	2nd Level	Carpet	Yes
Dining Room		14X12	Main Level	Carpet	Yes	2nd Bedroom		12X12	2nd Level	Carpet	Yes
Kitchen		21X10	Main Level	Ceramic Tile	Yes	3rd Bedroom		12X12	2nd Level	Carpet	Yes
Family Room		17X13	Main Level	Wood Laminate	Yes	4th Bedroom		11X10	2nd Level	Carpet	Yes
Den		12X10	Main Level	Wood Laminate		Game Rm		25X10	Walkout Basement	Carpet
Recreation Rm		33X17	Walkout Basement	Carpet		Laundry		8X7	Main Level	Ceramic Tile

Age: 11-25 Years Air Cond: Central Air Amenities: Park/Playground, Pool, Pond/Lake Appliances: Oven/Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer Attic:   Basement: Full, Walkout, Finished, Exterior Access Bath Amn: MBR – Full, Whirlpool, Separate Shower, Double Sink Dining: Separate Driveway: Asphalt Electricity: 100 Amp Service Equipment: Humidifier, Water-Softener Owned, TV-Dish, CO Detectors, Ceiling Fan, Sump Pump Exterior: Aluminum/Vinyl/Steel Siding

Features: Deck, Vaulted/Cathedral Ceiling, Pool-Above Ground, Bar-Dry Foundation: Concrete Exst Bas/Fnd:   Fireplace: Location-Family Room, Location-Basement Garage: Attached, 2.5 Car Garage, Garage Door Opener(s) (Auto) Parking: Off Street Occ Date:   Kitchen: Eating Area-Table Space, Pantry-Closet Heating: Gas, Forced Air Water: Public Sewer: Sewer-Public Oth Impr: Curbs/Gutters, Sidewalks, Street Lights, Streets Paved Exposure: E (East), W (West)

Oth Info: Home Warranty, School Bus Service, Commuter Train Lot Desc: Fenced Yard, Park Adjacent Lot Size: .25-.49 Acre Asmt Incl: None Const Opts:   Other Rooms: 1st Floor Bedroom, Den/Office/Study, Family Room, In-Law Arrangement, Recreation, Utility/Laundry-1st Floor, Workshop Possesion: Immediate Roof: Asphalt/Glass (Shingles) Style: Contemporary Type: 2 Stories Sale Terms: Conventional, FHA, VA, Contract (Articles) for Deed

Remarks:  An immaculate home with Finished Walk-Out Basement with full bath, rec. room, possible 5th BR & fireplace.. perfect for in-law or teens. Remodeled kitchen with Stainless Steel appliances & great views. 1st floor den. 2 story Fam Rm with fireplace. 4 spacious bedrooms. 3.5 baths. Luxury MBR suite w/vaulted ceiling. Large fenced yard with pool & playground, backs to open area & park! Near Metra train & Great Schools!

 

For more information or a private showing call John Hybl with Realty Executives  630-975-9000

 

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

                       

Chicago & Suburban Homes Sales Continue to Increase

The National Association of Realtors reports that pending home sales continued their rise in June. The largest jump was seen in the South, where pending home sales rose 7.1 percent, coming in 8.9 percent higher than a year ago. All regions saw at least a minimal increase. The smallest increase was seen in the Northeast, at just .4 percent. All regions, except for the West, were also at significantly higher levels than in June of 2008. The West was .2 percent below June 2008. Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. “Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

Froem Main Street Organization of Realtors:

2nd Quarter Economic Forecast by John Tuccillo
We are at the point of the economic cycle where economic data is pointing in different directions. The employment numbers are still dismal: June’s job losses were far in excess of expectations (although it should be pointed out that May’s numbers were better than expected by about the same amount) and the unemployment rate stayed high.But real estate numbers are looking good, the Dow is rallying and there are glints of progress in consumer spending. For housing, existing home sales numbers are rising, inventories have fallen and the pending sales index points to more of the same. Prices are still weak and falling in many places mostly owing to the number of distressed properties on the market, but buyers are showing real interest in these properties and this has set a bottom for the market. Lower priced properties go quickly (sometimes with multiple offers) while more expensive homes languish. All in all, the data are little help.
 
But wait (as they say on TV), there’s more. Actually, mixed data are a good sign because they occur when the economy is turning. The reason I threw the Dow in above is that historically, the economy emerges from recession six months after the Dow turns up. That now looks like it will be in September. The wild card here is the impact of the stimulus. There has been a great deal of criticism that the stimulus has not yet worked (usually from the same folks who didn’t want it in the first place). If you look back, the CBO projections were that 10 percent of the effect of the stimulus would be felt in 2009, 60 percent in 2010 and the rest in later years. The turn in the recession will depend on how soon that 10 percent takes effect. I’m still sticking with September.
 
What about the Chicagoland area? If you look back over the past thirty years, home values have tracked inversely to employment. This makes sense since jobs encourage people to buy homes (they also spark the demand for commercial real estate). The unemployment rate in the MSA has nearly tripled since the beginning of 2007, and the housing and commercial markets have reacted accordingly. Right now, the employment picture in the MSA is worse than the nation because Chicago is a secondary casualty-losing jobs as a result of other areas losing jobs-and the negative impacts of the recession are happening a little later.
 
Now let’s look at the second quarter housing statistics for the MORe market area. The MLS offers a wealth of information and should be your most important tool in educating buyers and sellers on the reality of the market. In looking at MLS data, you should be looking at data that best describes not only the current market but the direction the market will take over the next several months. I described the key indicators in the last quarter report. Unfortunately, for the second quarter, they are pointing in the wrong direction. As compared with the second quarter in 2008, sales for the second quarter of 2009 are down (with the exception of detached single family homes in Cook County) and days on the market are up. The ratio of sales to list price is about even and this suggests that there is increased buyer interest in the market. Bargain hunters, as they are in most markets in the U.S. are coming out in force. The numbers for the second quarter are a bit anomalous in that they don’t jibe with the first quarter, which was generally better than the first quarter of 2008. The numbers would suggest that the market is flirting with a bottom, but has not yet reached it.
 
The problem with looking at a large market area is that your business is often done in a sub area, and gross statistics often misrepresent conditions where you operate. That means that the most effective way to educate buyers and sellers is to take the MLS stats for the areas where you do business and calculate the indicators as described above. That will allow you to make the most accurate case to consumers.

Need Recent SOLD comparables? Call or email us for the most recent data in your neighborhood. ( Good for Chicago and surrounding Counties)

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

Appraisals in Todays Refinance and Purchase Market for Chicago, Illinois and Chicago Suburbs

 

 

 

 

 

What is the next glitch in the changing home sale market for Chicago and the Suburban Market?

What also affects those property owners who want to refinance their property or do a mortgage modification?

Its the Appraisal….

Since May 1, home appraisals must be ordered at arm’s length, often through a national management company. Gone are the days when a mortgage broker or lender could hire a familiar appraiser to close a deal. Now, communication between the appraiser and real estate agents is discouraged.

The new rules were proposed by New York Attorney General Andrew Cuomo, who pushed for the standards after spending more than a year investigating industry appraisal practices. They govern only loans that will be sold to Fannie Mae and Freddie Mac, government-run mortgage companies that buy most of the nation’s home loans, and not loans guaranteed by the FHA or VA.

One problem, real estate agents and mortgage brokers say, is that the management companies assign appraisers who don’t know the area and lose experienced appraisers by taking a large percentage of the fees.

Another common complaint: appraisers value properties on the low end to appease lenders, which are scrutinizing appraisals now after suffering large loan losses in recent years

Appraisals are coming in very low right now. .. To make matters worse it’s no longer OK for the lender’s loan officer to actually talk to their own appraiser about the values of these properties. It’s a knee jerk reacti0n to the mortgage meltdown. Whatever the appraiser says, goes…even if they don’t have the foggiest notion of values in a given area.

So what is a person to do?

Request  a 2nd appraisal. Have recent sales from your Realtor to provide to the appraiser. (Preferably less than 120 days from closed date)  Give appraiser a list of property highlights and improvements.

Finally, let your voice be heard by calling your elected officials!

Needs Recent SOLD comparables? Call or email us for the most recent data in your neighborhood. ( Good for Chicago and surrounding Counties)

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com

                       

     

       

Short Sales in Chicago, Illinois the Chicago Suburbs and your local market

In the past few months, I have been asked by many sellers and buyers about short sales, what happens, what they’re all about, how is it done,  etc.  For your benefit,  it’s time to fill you in on what these things are all about, and what you can expect if you plan on purchasing a home that’s being sold as a short sale. Next posting will include the sellers process.

A short sale is 2 steps before foreclosure.  If a short sale is unsuccessful, the owners can do process called  “deed in leiu of”. Basically giving the keys to lender and signing the deed over.

In a short sale typically the homeowner is unable to continue paying their mortgage (not to mention HOA fees, if any, and property taxes), and the value of the home is worth less than what the owners owe on it.  For example, if you purchased a $750,000 home in June of 2005, today the home may be worth $500,000.  In order to sell the house, the bank has to approve any offer received on it if there is not enough funds to pay mortgage balances… in other words, the bank (s) comes up “short” when they get their payoff.

Short sales require a lot of patience, as most banks have multiple short sale cases on their books, and are not adequately staffed to handle them.  They also take a long time to  approve or disapprove the offer.  Average time to get approval is 4 months! Although the seller is still on title, it’s the bank that ultimately decides exactly how much of a loss they are willing to take.  Often times, the buyers end up backing out of the transaction for various reasons, but often times, they get fed up with waiting or locate another property that works for them. The buyer who has time and patience wins, by getting a great deal on a property, typically in good condition, vs  a bank foreclosure which usually are stripped bare of personal items, carpet, lights, etc and in bad shape.

As a seller, the benefits of doing a short sale is that it’s better than having a foreclosure on your credit, and in the meantime, you can still live in the property.  Most short sales will affect the sellers creit scores by a 60 point reduction. They may not get another home loan for 2 years….For a buyer, you can sometimes make out with a pretty sweet deal, but it requires a lot of patience.  The downside is that you don’t know what interest rates are going to do, and by the time the bank makes a decision, you may no longer qualify for the loan you originally qualified for. But you could always try locking your rate at an additional fee.

So what do you do?  You’ve located a property that suits your needs, is in your price range, but it’s a short sale.  I’d say put in an offer, but don’t stop looking or pass up another house that may suit your needs.  A good agent will structure your offer so that you can back out at anytime and not risk losing your deposit.  We try to make the offer subject to Attorney review after bank approval of contract, as well as home inspections at that time. Most properties are sold as-is, with tax prorations at 100%. We have seen many buyers putting in multiple offers on short sales… this should only be done on the advice of an Attorney or with a cancellation clause executed.

There are many unique situations with short sales. It is best to have an agent with the knowledge and experience of the process. Also an Attorney who has that experience as well.

For a free list of short sales in any Chicago neighborhood, or in the surrounding suburbs email or call.

To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

If you are a 1st time homebuyer, ask us for a free package on the $8,000 Buyer Credit!

Want to know your property value?  Call or email me…

John Hybl   Realty Executives Suburban

JohnHybl@RealtyExecutives.com     630-975-9000

Search 70,000 properties for sale in Chicago & the Suburbs at www.JohnHybl.com