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First Time Buyer Bonanza – Find Your New Home

March 11, 2009 in Algonquin, Arlington Heights, Barrington, Bartlett, Buffalo Grove, Cary, Crystal Lake, Elk Grove, First Time Buyers, Hoffman Estates, Inverness, Lake Zurich, Lake in the Hills, McHenry, Mount Prospect, Palatine, Real Estate - local markets, Rolling Meadows, Roselle, Schaumburg, Streamwood | Tags: Arlington Heights homes for sale, chicago area, Palatine Real Estate, Real Estate First Time Buyer, schaumburg homes for sale | by Matt Hernacki | Leave a comment

If you’re a first time buyer and in a position where you can purchase a place of your own, you have stumbled on one of the best times ever to buy! You’ll be able to take advantage of super low interest rate (the lowest in 37 yrs in fact!), and low prices at the same time. If that were not enough, you can also get a $8000 tax credit when you close by Nov 30 of this year. We have more information posted here. Several area towns also have grant programs that match money you come up with toward your down payment (up to $10,000 even!). Check them out here.

Despite what you see on the news, you can get a mortgage if you have decent credit and a miminal down payment (you could even borrow your down payment and pay the generous person right back when you get your tax credit!). The first step is getting pre-approved which is a painless process you can do over the phone. We can refer you to a great lender. That will tell you what you can afford and the amount of the monthly payments. Then you’ll be ready to start looking! Don’t miss your chance. Years from now you don’t want to be one of the many people who will say they wish they had bought a home in 2008 or 2009!

You don’t necessarily have to be a ‘first time’ buyer either. You also qualify for the $8,000 tax credit if you have not owned a home in 3 years!

$7,500 is $15,000 is now $8,000 to First-Timers

February 16, 2009 in Algonquin, Arlington Heights, Barrington, Bartlett, Buffalo Grove, Cary, Crystal Lake, Elk Grove, First Time Buyers, Hoffman Estates, Inverness, Lake Zurich, Lake in the Hills, McHenry, Mount Prospect, Palatine, Real Estate - local markets, Rolling Meadows, Roselle, Schaumburg, Streamwood, Tricks and Tips | Tags: first time buyer incentives, First Time Buyers, home buying incentives | by Matt Hernacki | Leave a comment

Well, it was not the $15,000 that the Senate got everyone hot and bothered about (you can’t really expect them to do something totally right, can you?) a week and a half ago or so, but it is an improvement over the current $7,500 tax credit currently in place. Part of the new stimulus bill includes an $8,000 tax credit for first time buyers that no longer has to be paid back! It is also now good from when the bill is signed into law by the president through Dec 1 of this year.

Further details are still coming out. We’ll keep you posted. Be sure to discuss this with your accountant or tax advisor for tax implications and your specific situation.

If you are a first time buyer, or know of one - take advantage of this. There has never been anything like it offered before.

Elk Grove IL Real Estate Review for ’08 – Search for Homes

February 10, 2009 in Elk Grove, Real Estate - local markets, Uncategorized | Tags: elk grove real estate, Elk Grove Village homes for sale | by Matt Hernacki | Leave a comment

elk grove real estate

2008 Review for Elk Grove homes and Real Estate:

Single Family
Active listings: 124
Under contract: 12
Sold & Closed: 118
Average days on market: 205

Condo/Towhomes
Active listings: 144
Under contract: 8
Sold & Closed: 101
Avg days on market: 194

What’s ahead for 2009 Real Estate in Elk Grove, Illinois? If you want to sell, it is critical to price your home aggresively to have a shot. People have sold, but they had to price accurately for the market. The next few months will give us an idea of the overall attitude going into the Spring. With historically low interest rates and great prices, buyers should feel confident in making a move in Elk Grove – this is one of the best times ever to buy a home.

Data from MRED MLS from 1/1/08 – 12/31/08 for closed listings.

$15,000 Tax Credit May Be Coming Your Way

February 5, 2009 in Algonquin, Arlington Heights, Barrington, Bartlett, Buffalo Grove, Cary, Crystal Lake, Elk Grove, First Time Buyers, Hoffman Estates, Inverness, Lake Zurich, Lake in the Hills, McHenry, Mount Prospect, Palatine, Real Estate - local markets, Rolling Meadows, Roselle, Schaumburg, Streamwood, Tricks and Tips | Tags: 15000 tax credit, chicago northwest suburbs, Chicagoland Real Estate, first time buyer incentives, home buying incentives | by Matt Hernacki | Leave a comment

The government is trying to greatly improve the tax credit that was offered last year and that is in place now. Right now you have to be a first time buyer or have not owned a home in three years to get a $7500 credit that has to be repaid over 15 years. If the $15,000 credit is passed and signed into law, anyone (not just first-timers) who buys a home as their principal residence in the year following the bill’s passage would get a $15,000 credit that does not have to be paid back as long as they don’t sell the home within 2 years!! This would be a real incentive if the bill becomes law. Here is more from our Realtor Association (RANWC) newsletter. We’ll keep you posted….

Last evening the United States Senate unanimously passed a bipartisan amendment, offered by REALTOR® Champions, Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax credit to individuals who purchase a home in the next year.

Specifically, the Isakson-Lieberman amendment to the pending economic stimulus bill would provide a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. Purchases must be made within one year
of the legislation’s enactment, and the tax credit would not have to be repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500
housing tax credit on the date of enactment.

While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in NAR’s efforts to stabilize housing markets around the nation. Because of the efforts of REALTORS®, we expect the final Economic Stimulus Bill will contain several major
housing provisions. We will continue to update you as the bill progresses through the legislative process.

1st half 2008 update for Elk Grove homes and Real Estate

July 21, 2008 in Elk Grove, Real Estate - local markets | Tags: Elk Grove, elk grove real estate, Elk Grove Village homes for sale | by Matt Hernacki | Leave a comment

Single Family
Active listings: 164
Under contract: 23
Sold & Closed: 48
Average days on market: 181

Condo/Towhomes
Active listings: 167
Under contract: 16
Sold & Closed: 46
Avg days on market: 182

With 1/2 of 2008 behind us, Elk Grove Real Estate and Homes have had the same results as other area towns. Many available (active) listings, and not a whole lot of sales. There are people selling, but it is at extremely reasonable prices. If you put your home on the market right now, and it is even just a little overpriced it won’t go anywhere. But when you price correctly, you still can find the right buyer. It may just take a bit longer. But you have to be priced right for when that buyer does come along, or else they will just keep looking.

Data from MRED MLS from 1/1/08 – 6/30/08

Elk Grove IL Homes for Sale – Market Update

April 8, 2008 in Elk Grove | Tags: condos, Elk Grove Village homes for sale, real estate, single family, townhomes | by Matt Hernacki | Leave a comment

1st quarter ’08 update for Elk Grove homes and Real Estate:

Single Family                                        Condo/Towhomes
Active listings: 137                              Active listings: 119
Under contract: 13                              Under contract: 12
Sold & Closed: 17                                Sold & Closed: 18
Average days on market: 177           Avg days on market: 221

Elk Grove homes are no exception, it is still a buyer’s market here. But sellers, if you price right for the condition your home is in you will find a buyer willing to pay for it. Rates are great right now, and selection is everywhere so buyers get out there and find your new home!

Elk Grove Home Sales update – 2007 review

January 4, 2008 in Elk Grove | Tags: Elk Grove, homes, Illinois, property, real estate, townhomes | by Matt Hernacki | Leave a comment

167 single family homes were sold in ’07. It took an average of 114 days and the average sale price was $338,265. Today there are 125 listings on the market and 9 of them have buyers working through the purchase process.

For townhomes and condos, 208 sold and closed last year in an average of 98 days at an average price of $192,688. If you’re looking for one now, there are 199 available and 10 of those have gone under contract with buyers.

Elk Grove Village, Illinois Market Update – Single Family homes

November 2, 2007 in Elk Grove | Tags: Elk Grove, Illinois, market, real estate | by Matt Hernacki | Leave a comment

The past 3 mos for single family homes in Elk Grove Village, Illinois have looked like this (data from MLSNI):

Total Listings: 188

Available: 129

Under Contract: 20

Closed: 39

Elk Grove appears to be doing better during this slow period. Percentage wise there are more listings under contract and closed for the past 3 months than in many of the other Northwest Suburbs. Average market times are also a bit lower, just over 150 days for available listings. Still clearly a buyer’s market though.