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March 5th, 2010
Illinois housing market
The Illinois Association of Realtors® (IAR) maintains that the Illinois housing market is still a buyer’s market, with January 2010 beingthe fifth consecutive month of year-over-year home sales increases while the statewide median price rose for the first time sinceSeptember 2007.
The IAR stated in a report issued Feb. 26 that statewide condo sales and single-family home sales in January 2010 were up 14.0 percent, to 5,483 homes sold, from January 2009 sales. The median price in January 2010 was $145,300, up 0.2 percent from$145,000 a year ago.
“Current conditions remain favorable for buyers with interest rates still hovering near 5 percent and just over two months remaining to take advantage of the homebuyer tax credits before the April 30 deadline to have a purchase contract in place for first-time buyers and current homeowners who want to buy their next home,” said IAR President Mike Onorato.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the seventh consecutive month, up 29.2 percent to 3,922 homes sold in January 2010 compared to 3,035 in January 2009. The median home sale price for the Chicagoland PMSA was $175,000 in January 2010, down 5.4 percent from $185,000 in January 2009. The Chicagoland PMSA takes in Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.
In fact, according to the IAR, the Illinois housing market has improved in 34 of 99 Illinois counties reporting. Home sales increased 35.8 percent in Cook, 25.3 percent in DuPage, 18.4 percent in Lake; 28.8 percent in McHenry, and 5.4 percent in Will County.
Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory of the University of Illinois, said foreclosed properties continue to have more of a detrimental affect on median prices in Chicago than in the rest of Illinois. He said evidence suggests median price increases will moderate statewide in February, March and April, remaining about the same as those a year earlier; while in Chicago, the median prices will be about six percent below comparable 2009 prices, but sales will increase more in Chicago than the rest of the state.
In Chicago, sales of condos and single-family home were up 31.1 percent in January over the year. The median sale price for Chicago condos and single-family homes in January 2010 was $195,000, a 4 percent drop from a year ago.
The 2010 Illinois housing market has started off with an increase in the number of units sold in January over the same period in 2009.
“We remain hopeful that while distressed properties are being absorbed, homebuyers on the fence will take advantage of the extended and expanded homebuyer tax credit, and consider this a great time to buy a home,” said Genie Birch, president of the ChicagoAssociation of Realtors®.
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February 19th, 2010
Brand new information as of this hour: The $950 Down Payment Program has expanded to include FIVE MORE communities!
Hot on the heels of our recent announcement that you can now buy a condo for $950 down , we’re pleased to announce the program is now available for selected properties in these additional communities:
- Naperville
- Lyons
- Lisle
- Geneva
- Chicago Ridge
Those new developments join an impressive roster of condos in that are already part of the $950 Down Payment Program in the following areas:
- Willowbrook
- Grayslake
- Worth
- Oak Lawn
- Palos Hills
That’s now a total of more than 1,000 individual condos at numerous properties in some really outstanding suburban Chicago communities. There’s definitely one out there for you!
It’s easy to understand how the program works.
- Put $950 down on a condo of your choice
- Close on the condo with developer-provided financing
- Immediately apply for one of the government-sponsored tax credits: the First-Time Home Buyer Tax Credit worth up to the $8,000 or the Repeat Buyer Tax Credit worth up to $6,500. We’ll help you file an amended return to speed the arrival of the tax credit if you’ve already filed your taxes this year.
- Apply all the tax credit funds toward paying down the condo, which effectively raises your equity enough to qualify for conventional financing. You then…
- …re-finance with our exclusive lending partner, Bank of America, at a great rate.
Now, of course, you need to be eligible for financing and the government-sponsored tax credits in order to take part in this program. That’s perfectly understandable. You’ll work with a representative from Bank of America to check your credit and see if you qualify for financing. Pretty standard stuff. But because this incredible $950 Down Payment Program has expanded, you just have to take that no-cost step to at least inquire. Contact us and we’ll put you in touch with just the right person at Bank of America.
And remember, Bank of America, the exclusive lending partner in this program, is the largest bank holding compny (by assets) in the entire United States. We’ve partnered with an organization with real condo financing power in this tight economy.
If you’re wondering how to get started, here’s all you do: Give us a call, toll-free, at 866-696-2266. Let us know what interests you, in terms of community, type of condo, price range, etc. We’ll answer your questions.
It’s important to be aware of an extremely important deadline: April 30, 2010. That’s not far off at all. That deadline exists because that’s when the government-sponsored tax credits expire. So although the $950 Down Payment Program has expanded, the tax credit expiration deadline looms.
Don’t delay.
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February 19th, 2010
Condos in Miami
The most difficult part about shopping for condos in Miami is narrowing down the search, because the city and Miami-Dade County in general have some of the best condos in the United States, when it comes to location and amenities.
Of course, price and location are always among the most important issues to considering when shopping for a condo. But there are condos available in nearly every neighborhood and price range. In the past 20 years, the skyline of Downtown Miami has been transformed by the numerous high-rise condo towers have sprouted up, and the same has occurred in communities throughout the county. The pace of construction has slowed somewhat in recent years because of the downturn in the economy, but there are more than enough to choose from. And the upside to a bad economy for buyers is that real estate costs have come down considerably across the board.
If living amid the hustle and bustle of Downtown Miami doesn’t interest you, there are many other neighborhoods to choose from too, including Brickell and Coconut Grove, and numerous other attractive communities throughout Miami-Dade County, including Aventura, Sunny Isles Beach, Miami Beach and others.
Of course, beachfront condos are among the most sought after, and usually the most expensive, but the great thing about condos in Miami, or Miami-Dade County in general is that no matter where you live, you are never too far from the beach.
The same can be said for shopping and dining opportunities, and the vibrant nightlife and culture of the area is always within easy reach too. Some of the most upscale condos in Miami are in resort-like communities such as Miami Beach and Sunny Isles Beach, both located on barrier islands just minutes from Miami, but far enough away to feel like an escape from the city.
Sunny Isles Beach is in northeast Miami-Dade County, between Miami and Fort Lauderdale, on an island between the Intercoastal Waterway and the Atlantic Ocean. Such well known developers as Donald Trump have built fantastic high-rises along the main street of Collins Avenue, within steps of ocean beaches and sheltered marinas.
Collins Avenue also runs south through Sunny Isles to the nearby island community of Miami Beach, situated between Biscayne Bayand the Atlantic Ocean. Most of the condos there are within sight of its world-famous South Beach.
If you are not ready to buy condos in Miami just yet, either as a primary residence or as investment property, there are other options. Many condo developments, including the most upscale, have condos for rent, either on a short- or long-term basis.
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February 15th, 2010
$950 Down
There is no better time than the present to buy condos, because along with low interest rates and tax incentives that make it a buyer’s market, motivated developers are offering incentives such as the $950 down program, which allows qualified buyers to get their own condo for an initial down payment of $950.
That’s right, just $950 is all that is needed as a down payment to buy one of the hundreds of condos being sold through the condo program for people with credit scores of at least 620. More than 820 condos located in developments throughout the Chicago area are available for $950 to first-time buyers and repeat buyers, with initial 6.5 percent interest-only financing provided by the developer.
One-. two- and three-bedroom condos with prices as low as $69,900 are available in attractive developments such as Grays Point in Grayslake; Waterfall Glen in Willowbrook; Lloyd Place in Worth; Scenic Tree in Palos Hills; and the Oak Lawn developments of Menard Manor and Park Place. Monthly payments for the condos, including assessments, average between $750 and $1,000.
But the time is limited for those who want to take advantage of the program, which will end April 30, so anyone interested is advised to act quickly and lock in a deal for the condo of their dreams. The deadline coincides with the expiration date for the Government-Sponsored Tax Credit, which participants in the $950 down program will apply for and receive after the initial land contract, and use to build up their down payment for a conventional loan. First-time home buyers could get as much as $8,000 as a tax credit, or $6,500 for a Repeat Buyer.
When the buyer refinances, within 18 months, the tax refund will go toward the down payment. Bank of America, the exclusive partner of OwnACondo.com, can gets loans with excellent interest rates that could be as low as 5.25 percent.
The $950 down condo program is especially good for people who are renting, and would like to buy a condo, but might have thought they could not afford one. You can’t beat $950 as a starting price, and there are a lot of condos to choose from.
All the condo developments are in great suburban locations. Many buildings have been recently renovated, and they all have attractive amenities inside and outside the buildings. They are close to transportation, shopping, restaurants and parks, too.
In short, you can’t really go wrong with the $950 down program. It is one of the best incentives anyone could ask for to become a property owner.
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February 15th, 2010
At OwnACondo.com, we’re in a pretty unique position of being able to offer condo buyers and sellers some really amazing opportunities.
Buy a condo for $950 down? Until a week ago, it probably wasn’t possible anywhere around Chicago. But, thanks to the initiative of a leading Chicago real estate developer, we’ve been offered the opportunity to market and sell more than 800 of his condos in several very desirable suburban Chicago communities.
What’s been the barrier for so many people in the current real estate market? Primarily, the down payment. Cash-strapped individuals and couples know the sense of owning rather than renting; they certainly prefer a place of their own; but since lending practices drastically tightened recently, many people are simply finding it too difficult to scrape together the necessary cash.
Well, scrape no longer. Now qualified purchasers can buy a condo for $950 down.
Here’s how it works:
- Select a one- , two- or three-bedroom condo (availability varies per location) in the $950 Program and make the down payment.
- Have an initial closing on the condo with financing provided by the developer (6.5% interest-only).
- Apply for and receive one of two popular tax credits provided by the federal government as part of the economic stimulus plan: the First-Time Home Buyer Tax Credit worth up to $8,000 or the Repeat Buyer Tax Credit worth up to $6,500 (we’ll help you file an amended return to speed the arrival of the credit if you’ve already sent in your tax return this year).
- Put the tax credit proceeds toward what you owe on the condo. This brings up the total downpayment enough to make you eligible to qualify for conventional financing.
- Apply for financing with our exclusive lending partner in this program, Bank of America. You’ll get a great rate on any number of loan products that fit your situation, including fixed, adjustable and more.
- Have a second closing with your new Bank of America loan.
Here are the suburban Chicago communities where these affordable condos are located:
- Grayslake
- Oak Lawn (three individual developments)
- Worth
- Palos Hills
- Willowbrook
Is there a catch? You betcha. The catch is you have to act QUICKLY. The program is available only as long as the government tax credits last. They’re set to expire April 30, 2010. OwnACondo.com nor the developer can control that. One credit has already been extended and the other has been in existence only a relatively short time. These credits are doing what they were introduced to do: stimulate the housing market, and THEY CAN’T BE COUNTED ON TO BE EXTENDED!
Naturally, there are qualifications and requirements in order to be eligible for the intial financing, the tax credit and the condo financing from Bank of America. We can tell you all about it. If you want to buy a condo for $950 down, you simply have to make the call and contact us. We’re ready to help you. Just dial 866-696-2266 and do it today.
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February 2nd, 2010
All we hear right now is about unemployment, health care reform and bailouts. That doesn’t mean there has not been talk of the real estate market and what is happening in that part of the economy. The question I am hearing more each day is, why should I buy now? Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it. Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward. And down is not always a bad place to be since the only other way is up. Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.
Why should I buy now? There are several factors that are in your favor by acting now.
Pride of ownership is the number one reason people want to buy a home. Home ownership offers you and your family a sense of stability and security while making an investment in the future.
Home ownership is currently one of the best tax shelters available with the volatility of today’s stock market. Mortgage interest is fully deductible on your tax return which lessens your tax burden year after year.
Mortgage reduction builds equity in your home. Each month you make a payment the principal portion of your loan goes down and as the principal goes down and the price of your home goes up, you are building equity or more asset value.
Another reason to ask yourself why should I buy now is interest rates are lower than they have been in years. Do you realize that you may be able get a 30 year fixed rate for less than 5% which makes a purchase start to look very appealing and if you tie that with anticipated inflation you will be paying back the loan with devalued dollars meaning you are getting more for your money than when you started. That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent. Would you have imagined several years ago that you could get free money and a great interest rate on buying a home? If you are like most of us you would have laughed us out of the place, but it is happening now. We would never have guessed it just like we are never going to guess the bottom of the housing market. So just do it!
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February 1st, 2010
There are a few things to consider when you buy a condo. Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With the associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. When you buy a condo you are buying a larger piece of real estate, other people’s problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds.
Another area to consider when you buy a condo is the community in which you are buying. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant and how many units are rented? If at all possible, talk to some of the unit owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. Remember you are buying into an entire community and it is important that you know all you can before making a decision.
Condo living offers so many advantages and can accommodate many different types of people. It has become increasing popular with singles all the way to retired couples. Buying a condo is a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires. Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more. All the reasons above is why condo living has become such an attractive home ownership option. If you are thinking of purchasing a home in the near future you may want to consider the condo lifestyle.
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January 28th, 2010
When most people think of auctions they think of buying but in order to buy someone must be willing to sell. Selling at auction for real estate is definitely not for everyone. In the best of situations your property should be in the same price range as all the other properties in the auction. The last thing you want to see is that the majority of the properties in the auction are derelict homes in a low value area when you are trying to auction off your four bedroom, 3 bath, updated kitchen and family room home. You are most likely to not have much luck selling your home at market value since everyone at the auction is comparing prices on the other available properties.
Selling at auction requires a legal agreement and most auctioneers will wish to enter into a sole agency agreement. This means they will advertise your property in brochures and catalogues on your behalf with the understanding you will be liable for the costs of that advertising, as well as a portion of the room fee, regardless of whether someone buys your property or not. This may not seem fair but in reality you will have a hard time finding an auction company who will sell your property without such a legal, binding agreement. And these may not be the only fees involved so find out about the charges before you sign any documents. Once you have satisfied yourself with the agreements you should discuss pricing. Find out the likely market value of your property and seek advice at what price to advertise as the reserve bid.
Now that you have everything in place there is nothing left but attend the auction. As the seller you must attend the auction due to a variety of reasons, one of which is you may want to take a lower offer than the advertised reserve bid to get your property sold. When the gavel goes down that last time it signifies the agreement of a binding contract between buyer and seller and you have sold your home at true market value. The buyer must now pay 10% of the total sale price before leaving the auction house and in most cases must pay off the remaining balance in 30-45 days. Your responsibility as the seller is to guarantee your ability to legally convey the property to the new buyer. Selling at auction has its advantages for buyer and seller and can be the way to go depending on your motivation and comfort level.
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January 27th, 2010
Buying at auction can have many advantages but it is helpful if you have a guide. There are a lot of things to consider if you want to do it right. First of all, what are some of the advantages of buying a property at an auction? There are many and we will only name a few of the most important.
Properties are offered at a competitive price and if you do purchase a property you know you have paid fair market value, no more. If more than one person is interested in a particular property the auction demonstrates free and fair competition enabling the buyer to buy the property at a price that is competitively achieved against other known bidders.
If you are the successful buyer of a property you know the seller cannot renege on his price and the property is yours upon completion.
When buying at auction the seller guarantees a clear title upon closing with no tax liens or mechanics liens assuring you of no surprises down the road.
Most auctions will offer a catalogue with the description of the properties, how to view each property and the general conditions of the sale. Ample opportunity is given to view the property and you can seek professional advice from surveyors and appraisers to help you decide on your offering price.
As a buyer at auction the sales process is accelerated for both buyer and seller. What this means to you as the buyer is you can close and take possession in as little as 30 days avoiding lengthy negotiations of price and terms. Most traditional real estate transactions can take as much as 90-120 days before you can move in. The purchase is based on your time table not the seller or the bank.
These are only some of the advantages of buying at auction which has become an increasingly popular means of buying property in recent years. The real estate market has certainly had its ups and downs over the past decade but one constant since properties have been sold since roman times is the auction. It is a tried and true method to convey property that will be around for a long time to come so look into it wherever you live and maybe you will find that home or condo you have always been looking for. It is fun, it’s exciting and the end result is everyone comes out a winner.
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January 21st, 2010
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales today is condo sales. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.
First of all, what is a condo? Condos resemble apartments in many ways. They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone. But condos, as opposed to apartments are owned by the individual tenants and not just rented. When you purchase a condo you may be giving up some privileges but gaining in others. It is this balance of benefits that will be most helpful when deciding what type of property to buy.
One area that you need to investigate before you buy a condo is the prices of similar properties that have sold in the complex or complexes in the immediate area. Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
Not all real estate agents are familiar with the nuances of condo sales. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
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