SPRINGFIELD, Ill. — Illinois home sales activity in May increased for the ninth consecutive month and it was the third month of positive year-over-year price movement in 2010. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in May 2010 were up 27.1 percent, totaling 11,638 homes sold compared to May 2009 sales of 9,159 homes. The median price in May 2010 was $157,000, up 0.6 percent from $156,000 in May 2009. The median is a typical market price where half the homes sold for more, half sold for less. Click here to read the whole press release
Julia Corkey & Vickie Schoenfeld
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Website: http://www.homesbyteamelite.com/
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2272 95th St. Ste 200
Naperville, IL 60564
Monday, June 28, 2010
Thursday, June 17, 2010
Senate Backs Extending Deadline for Housing Tax Credit
The Senate voted Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.
The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.
The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers.
Existing homeowners buying a new primary residence are eligible for a $6,500 credit.
Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.
The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.
The popularity of the tax credit has caused some anxiety because settlement offices are inundated with buyers trying to close on transactions by the end of this month to get the tax break.
Copyright 2010 Reuters. www.reuters.com
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Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.
The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers.
Existing homeowners buying a new primary residence are eligible for a $6,500 credit.
Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.
The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.
The popularity of the tax credit has caused some anxiety because settlement offices are inundated with buyers trying to close on transactions by the end of this month to get the tax break.
Copyright 2010 Reuters. www.reuters.com
Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
Tuesday, June 1, 2010
5 Tips to Save Money for First Time Home Buyers
RISMEDIA, May 25, 2010—Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how:
1. Don’t buy if you don’t plan to stay
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.
2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying additional points- a portion of the interest that you pay at closing- in exchange for a lower interest rate. If you stay in the house for a long time- say three to five years or more- it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
4. Hire a home inspector
A home inspector can let you know if you’re about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that it’s in good shape; at worst, the inspector’s report can let you back out of the deal if the house has major, unexpected problems. Most typically, the home inspection can allow you to negotiate the home price to account for necessary repairs.
5. Get professional help
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in their lifetime. The key to avoiding buyer’s remorse is to be completely comfortable before signing on the dotted line.
Dan Steward is president, Pillar To Post. For more information, visit www.pillartopost.com.
Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
1. Don’t buy if you don’t plan to stay
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.
2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying additional points- a portion of the interest that you pay at closing- in exchange for a lower interest rate. If you stay in the house for a long time- say three to five years or more- it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
4. Hire a home inspector
A home inspector can let you know if you’re about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that it’s in good shape; at worst, the inspector’s report can let you back out of the deal if the house has major, unexpected problems. Most typically, the home inspection can allow you to negotiate the home price to account for necessary repairs.
5. Get professional help
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.
6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in their lifetime. The key to avoiding buyer’s remorse is to be completely comfortable before signing on the dotted line.
Dan Steward is president, Pillar To Post. For more information, visit www.pillartopost.com.
Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
Mortgage rates drop yet again
Mortgage rates drop yet again. Freddie Mac reports that 30-year mortgage rates dropped to near record lows for the week ending May 27, averaging 4.78 percent nationally and 4.77 percent in the North Central region. “These low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit,” says Frank Nothaft, Freddie Mac vice president and chief economist.
Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE
RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564
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