lake county real estate. and then some…

selling homes…a family tradition


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263 Aspen Pointe, Vernon Hills IL 60061

Newer maintenance-free living in Vernon Hills!  Great location is close to water park, restaurants, entertainment, major roads, schools & parks.  Island kitchen features granite counters, stainless steel appliances.  Great room with wall of sliders.  Master suite has large walk-in Elfa organized closet & spa-like bath with separate tub & shower.  Two secondary bedrooms, hall bath, den & in unit laundry room.  Two car attached garage.  $318,000 263aspenpointedr.tkmomteam.com

Click on photo below for interior pictures

https://plus.google.com/115646405800507356024/posts/BtkCNhtH7Cj

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This doesn’t apply in all areas, however it is still positive news!

Buyer Demand Continuing to Outpace Housing Supply | Keeping Current Matters

The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.

Inventory Levels & Demand

Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply.

This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers.

Buyer demand for housing surged to it’s highest level since June 2013.

Prices Rising

June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

Inventory & Pricing | Keeping Current Matters

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers.”

NAR’s President, Chris Polychron added:

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price.”

Bottom Line

If you are debating putting your home on the market in 2015, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started.


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4909 Kings Way West, Gurnee IL 60031

New England influenced Providence Village home for sale. Brick & cedar exterior, huge cul-de-sac lot. Vaulted ceilings, hardwood floors, granite kitchen with stainless steel appliances, first floor den plus large unfinished basement. $337,000

To see interior photos, click on the home below

https://plus.google.com/115646405800507356024/posts/T8RuDFKXEYM


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Hair isn’t the only thing that has improved since the 80’s!

Can you believe how low interest rates are today, versus over the past 40 years?

Cost Across Time [INFOGRAPHIC] | Keeping Current Matters


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4850 Kings Way West, Gurnee IL 60031

Sometimes, the little details are what turns a house into a home.  Lovingly remodeled and upgraded Providence Village colonial boasts custom millwork, redesigned kitchen with top of the line cabinetry & stainless steel appliances.  Gleaming wood floors throughout most of the first floor, and the master bedroom.  First floor den, first floor laundry room.  Cozy family room with fireplace.  Full finished basement boasts wet bar, powder bath & additional office.  $390,000

To see interior photos, click picture below:

https://plus.google.com/115646405800507356024/posts/JBuVTYG7AK4


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Libertyville is ranked #15 on Nerdwallet’s list of the best places to start a business in Illinois!

For the full list, click on the story below…

Best Places to Start a Business in Illinois


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Need a reason to buy a home, instead of renting one?

Check out these Keeping Current Matters statistics…

Stop Paying Your Landlord's Mortgage | Keeping Current Matters

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either your mortgage or your landlord’s.

As The Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.  

That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

The graph below shows the widening gap in net worth between a homeowner and a renter:

Increasing Gap in Family Wealth | Keeping Current Matters

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting since home values and interest rates are projected to climb.