Hot off the press!

Exciting news from Congress - the home buyer tax credit closing deadline – that the National Association of Realtor’s pressured to be moved, has been moved!

The new legislation will allow the thousands of homebuyers who are waiting for their under contract homes to close who missed the June 30th deadling will now be allowed to claim the credit if you close by September 30th.

NAR estimates around 180,000 home buyers are effected and are delighted that they can still claim the credit.

Also, Congress has passed the National Flood Insurance Program Extension Act of 2010 allowing those will stalled transactions to go forward.

Of course this news really is overshadowed by the great tax credit extension – this is such a fantastic opportunity for those buyers who are under contract.

Prices are still great and rates are still at historic lows – even without the credit, those considering buying a property now should definitely start looking now before prices and rates go up!

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

Ok, HERE IS THE BIG ONE FOR HOME SALES. With the tax credit deadline looming this data is some of the most important NAR have released in recent times.

As expected, buyers were out there for March and existing home sales surged nationwide.

Existing-home sales, which are completed transactions that include single-family, townhomes and condos, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

Of course the news is not just in the month on month data, but the fact that sales are much higher than last years levels for nine straight months, and inventory has trended down from year ago levels for 20 months running. In fact, the tax credit has done what is was supposed to do – help stabilize the market and preserve home values (it is estimated that the credit saved $1 trillion of home values nationwide!)

Currently total housing inventory is at an 8 month supply with raw unsold inventory 21.7% below the record month of July 2008. Foreclosures h(representing 35% of transactions) have been coming to the market and being absorbed at a managable pace and are selling to investors and first time home buyers. Speaking of first time home buyers, they represented an estimated 44% of transactions in March, up from 42% in February, while the level of invesotrs remained at 19%. The number of all cash transactions was again higher at 27% showing that buyers are snapping up properties rather than looking at financing.

Re: PRICING – The national median home price was up 0.4%.

Single Family home sales themselves rose 7.3% and are 13.3% higher than a year ago with the median price up 0.6% – BUT WAIT! Thats not all, median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double digit increases!

The National Association of Mortgage Bankers also said that applications were up 10% with buyers trying to get in to ensure they can claim the credit. After all mortgage rates have dipped, on average, below the 5% range again. This news along with the information that housing starts are also up – signalling the trend that construction is recovering makes for happier news for the real estate market. In fact, the number of new permit is up 7.5% this last month and was 34% higher than March 2009 – the highest year on year gain since 1992!

The recovery is well underway and the last chance to snap up a great home which is excellently priced and with a low rate mortgage loan with or without the credit is still here!

Here in the midwest, sales rose 7.2% and were 15.9% up over March 2009.

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

Exciting news released from NAR shows that Pending Home Sales have risen! February 2010 was a great month for real estate in the US!

Experts agree that there is likely a potential second surge in home sales thanks to the homebuyer tax credit. NAR’s Pending Home Sale Index rose 8.2% in February and is 17.3% above February 2009.  For example here in the Midwest the Index jumped 21.8% and was 18.7% up over last year.

Also there have been rumours of multiple offers on properties and also price rises in certain areas of the country. This is exciting news for all – I will report on this blog the existing home sales data when it is released.

NAR also have exciting news for green real estate - with the general drive to go green, real estate has tried to be at the forefront of the green revolution. Marketing and identifying green homes just got easier for home buyers and sellers with the new Green MLS Tool Kit. The National Association of Realtors now offers the tool kit for Realtors to help them add a Green initiative to their local MLS.

Buyers are becoming more eco-friendly and environmentally aware and want green real estate. All Realtors are seeing this trend and here in Northwest Chicagoland I am seeing a change – consumers are asking for more information on energy bills – see our post on water bills for more information.

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

The CLOCK IS TICKING!

Remember there are only days left before the deadline ends for the First Time Homebuyer Tax Credit

Here is what you need to do – courtesy of NAR:

1. Close on your home purchase between November 7, 2009 and April 30, 2010, or have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010.
2. Decide whether to: 
   • apply the credit to your 2009 tax return, filed on or before April 15, 2010;
   • file an amended 2009 return; or, apply the credit on your 2010 return, filed on or before April 15, 2011.
3. Also, when filing, don’t forget to attach documentation of purchase to your return.

Don’t forget that the tax credit offers the following:

With the clock ticking time really is of the essence – the time to act is now! Contact me today for assistance with your home purchase. With only days left, time is running out… fast! With the best buyers market for years now turning and the prospect of such low rates and the tax credit unlikely to ever be seen again now is the last chance for buyers to get off the fence and grab themselves a new home in Northwest Chicagoland.

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

The Prairie Center for the Arts is located at 201 Schaumburg Court in Schaumburg Illinois. and has become one of the premiere performance venues in the northwest suburban area, hosting local entertainment as well as international touring acts. It features an intimate 442 seat theatre with outstanding acoustics. The Prairie Center is an ideal venue to see a concert, play or musical. A full season of entertainment including music, dance and theatre and a free, outdoor summer concert series ensure that there’s something for everyone at the Prairie Center.

There is even the Prairie Arts Festival which is a fine arts exhibition and sale held over Memorial Day Weekend on the grounds of the Robert O. Atcher Municipal Center. This year it is going to be on Saturday & Sunday, May 29 & 30 from 10am to 5pm. Featuring over 150 painters, sculptors, photographers, jewelers, potters – artists off every sort – who will display their work outdoors on the landscaped grounds.

Many people choose to relocate to an area based on its community amenities – those who love the arts will love Schaumburg.

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

Ok, so I have written about the great news Nationally in the housing market – from the REAL Trend report, through to the National Association of Realtors.

Now it is OUR turn! The Illinois Association Realtor’s has released statewide figures which I must say are most encouraging! Particularly for the Chicagoland area!

So do you want the great news? Well, here it is – Illinois Home Sales Increase 14% in January from a Year Ago, the Statewide Median Price is up 0.2% to $145,300 AND here in the Chicagoland Primary Metropolitan Statistical Area year-over-year home sales are up for the 7th month in a row and up a whopping 29.2% – this really is excellent news. From 3035 homes sold in January 2009 to 3,922 homes sold in January 2010. The median home price for the Chicagoland PMSA is also higher than the state average at $175,000.

With home loans at around the 5% mark with no where really to go but up, it is almost certain that future growth is almost for sure – But! Naturally there are no guarantees. Of course the looming tax credit deadline is something on many buyers minds.

So with so much going for the region and home sales increasing – isn’t it about time that you started your home search in Northwest Chicagoland?

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

While it may not be the most exciting subject to talk about over dinner, water rates are of course all a part of homeownership. (Remember our article about Flood Zones? well, now here is an article about our water supply!)

Our area of course gets its water from Lake Michigan but rates, for various reasons vary between municipalities.

For instance, Chicago’s rate is now $2.01 per 1,000 gallons to the Northwest Suburban Municipal Joint Action Water Agency, which serves seven communities including Schaumburg, Hoffman Estates and Elk Grove Village. But rates to the consumer vary depending on the city and town – Schaumburg for instance charges $5.16 per thousand gallons. In Bartlett, IL the rate is $4.94 per thousand gallons and for Hoffman Estates the rates are lower at $4.38 per thousand gallons.

Based on an average monthly usage of 7,500 gallons per month this means that the average monthly bill for Schaumburg is $38.70, Bartlett at $37.05 and for Hoffman Estates at $32.85.

This great article by the Daily Herald explains the exact details on why the rates vary between cities. Often due to local investment in water infrastructure which is being paid for through levies on the rates and old debts paying for investment made years ago in the network. Definitely worth a read.

If you are looking for a property in the area, researching this information is all part of becoming a more informed buyer!

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

Despite the crawl out from the recession, now could be a great time to refinance your mortgage here in Suburban Chicago.

Right now there are a ton of federal programs that you could miss out on if you choose not to reginance now! They could save you money and help in the economic recovery.

Federal mortgage refinance programs have helped more than 2 million homeowners refinance their home loans to help them save money on their mortgage payment and stay in their homes. Also, right now, rates are stable and LOW! Hovering around the 5% mark.

In fact, around 2.2 million homeowners have saved an average of $120 a month on their payment. a 10.5% reduction from their previous payment.

Refinance activity will result in $2.3 BILLION in mortgage payment savings for borrowers who refinanced in the first half of 2009. Over the next five years those savings for 2009 will grow to $11.5 BILLION!

Also, now homeowners do not need to look just to their existing lender/servicer for refinance options.

Since Oct. 1, 2009, homeowners got the option to shop around and refinance through any Fannie or Freddie lender.

In addition to lowering your monthly payment, a refinanced mortgage can move you to a fixed or adjustable rate, shorten the term of your home loan, or let you tap home equity – with a lender’s approval.

Having low rates means that now is the best chance to buy a home before rates rise and prices go up again! Now could be the best chance to take advantage of the market as the recovery continues…

Whether you are a first time buyer trying to determine how much you can afford, or an experienced buyer who is selling your current property and ready to buy your next home I can help you with all your real estate needs in the Chicagoland Northwest Suburbs Area.

Finding your dream home or finding a buyer is only part of the challenge of a successful transaction. Click here to search Bartlett IL, Schaumburg IL and the Hoffman Estates using our complimentary MLS Search service. You can also view our fantastic range of featured properties!

Alternatively please contact me today if you need more specific assistance in your real estate needs. You can call the office on: 847-874-6731 or Cell phone on: 847-913-2606 or of course email me at: Joe@JoeStacy.com

My expertise, experience and dedication to you and your specific needs are anything but average – it’s why this office is number one in the Northwest Suburbs year after year!

Joe Stacy
2570 W. Schaumburg Rd
Schaumburg, IL 60194

NW Suburban IL Home Buyers 2010 Resolutions (photo courtesy of vicky_sorsby on flickr.com)

As 2009 rolls to a close, many future NW Suburban IL home buyers are starting on their real estate resolutions for the new year. 

First, as a home buyer in the new year, it is important to get your credit and finances together if you want to take advantage of the lowest interest rates in 50 years. Credit scores do need to be in good standing. 

Then go get yourself a mortgage pre-approval to know how much you can afford before you begin shopping for that perfect Northwestern Suburban IL real estate. 

When deciding on your Chicago-land home, let us help you get to know the neighborhood and to be more comfortable with the surrounding areas. 

Finally, read and understand all loan documentation. It’s always important before you commit yourself to such a long term purchase. 

All these New Year’s resolutions can be very crucial in the 2010 IL real estate market.  I’m a NW Suburban IL realtor and can answer any questions you may have in the new year.

Give me, Joe Stacy, a call at 847-874-6731 or contact me by email.

Real Estate Sales in the NW Suburban Chicago Area

The $8,000 first-time home buyers credit extension seems to be stimulating real estate sales in the NW Suburban Chicago area. 

This credit is responsible for a 20% increase of new housing construction in the general Chicago area according to real estate analyst Tracy Cross. 

Overall some estimates put first-time home-buyers at 40 percent of the NW Suburban Chicago real estate market which, combined with other factors such as low interest rates and home price reductions, has created an optimal first-time home buyers market.  

I am a NW Suburban IL real estate agent and I’d love to help with your first-time home purchase before this credit ends at the end of April 2010. Give us a call at 847-874-6731 or contact me by email and definitely check us out at blog.joestacy.com.