lake county real estate. and then some…

selling homes…a family tradition


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Housing inventory is still below the historic norm.

Thinking of buying this spring?  I suggest you start looking sooner than later, before the surge of spring buyers hit.  Thinking of selling?  I suggest you consider putting your home on the market sooner than later, to reach those buyers who are not waiting.

 

http://goo.gl/aERnzG


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676 Birch Hollow, Antioch Illinois

NEW PRICE!  Now offered at $420,000!  Custom built 3500 sqft Georgian-influenced all brick home features rich oak flooring, crown moldings, zoned HVAC & 2 brand new furnaces & air conditioners.  Updated granite kitchen boasts stainless steel appliances & toffee glazed maple cabinetry.  First floor great room warmed by full masonry brick fireplace.  First floor sunroom, and full bath, offers flexibility.  Master suite enjoys large sitting room and luxury bath.  Full English basement offers unlimited expansion potential.  Bonus expansion space over the garage!

To see interior photos, click on house below…

https://goo.gl/photos/w94WzAUunkdc8LNX7


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Do you know that the spring tends to be the time of year when the most homes sell?

Because of that fact, most sellers will list their homes for sale at that time.  While it makes sense to expose your home when the largest volume of buyers is looking, waiting too long may impact your saleability.  Waiting could mean greater competition, longer market time, and lower prices.  Thinking of selling your home this spring?  I can help you develop a strategy that will work best for you!

It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their home on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months most people listed their home in for 2015. Here is a graphic showing the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,860,000.

That number spiked to 2,280,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

Agents: To discover proven ways to build an inventory of salable listings right now, join us today at 2PM EST for our free webinar, How to Become a Rainmaker for LISTING LEADS. There are a limited number of seats available, make sure to save your spot!


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Are you a “boomerang buyer?”

Over the past several years, 1.5 million homeowners suffered financial hardships that caused them to be unable to continue down the path of owning a home.  Some of those homeowners are about to become eligible to purchase real estate again – and are being affectionately being referred to as a “boomerang buyer.”   If you are one of those homeowners who was negatively impacted by the real estate crash – and you want to know if you can buy a home again – give me a call and I can recommend a fabulous mortgage professional to help you answer that question.

A Million+ Boomerang Buyers about to Enter Market | Keeping Current Matters

TransUnion recently released the results of a new study titled The Bubble, the Burst and Now – What Happened to the Consumer? The study revealed that 1.5 million homeowners that were negatively impacted by the housing crisis could re-enter the housing market in the next three years.

TransUnion defined “negatively impacted” as…

“…those who were 60+ days past due on a mortgage loan, lost their mortgage through foreclosure, short sale or other non-satisfactory closure, or had a mortgage loan modification between the Bubble and Burst.”

Other interesting findings in the study:

  • During the mortgage bubble in 2006, 78 million consumers, or 43% of credit-active consumers in the U.S., had a mortgage
  • More than 8% of these consumers were “impacted”
  • 5 Million consumers will again be eligible for a mortgage in the next four years

Here are the numbers of consumers who will meet mortgage guidelines over the next four years:

Boomerang Buyers Re-Entering The Market | Keeping Current Matters

Bottom Line

If you are a family that experienced the impact of the last housing crisis, now may be the right time to again buy your own home.


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SNEAK PEEK!

Updated Gurnee 4 bedroom. Wooded lot. Stainless Viking appliances. F-A-B-U-L-O-U-S! $447,000. Who do you know who is looking to move?  Call me to get into this home before it hits the market! 224-206-8813

 


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What is your cost of waiting?

The cost of waiting is derived by calculating the increased expense of property value appreciation and higher mortgage payments due to rising interest rates.

http://goo.gl/8MGqCd


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Housing inventory is it’s lowest point since when?!

The National Association of Realtors issued their most recent housing report, at the end of last week.  Thinking of selling?  The housing inventory is at it’s lowest point in 10 years.  While that is good news for sellers, it will make buying a home a bit more challenging.  Buyer demand is expected to be greater than seller supply.  Exposing your property to the market before the spring rush may help you achieve top dollar as a seller.  And starting the search property earlier may help a buyer beat the competitive spring market.  Not sure what to do?  Call me, and we will discuss your options.

Existing Home Sales Rebound in December | Keeping Current Matters

The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase ever recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.

While this is great news for the housing market, let’s take a look at one of the main reasons why there was such a large increase in sales.

As we explained last month, the implementation of the “Know Before You Owe” (TRID) initiative delayed some closings, pushing a portion of November’s would-be transactions to close in December.

“December’s rebound in sales is reason for cautious optimism that the work to prepare for ‘Know Before You Owe’ is paying off,” says NAR President Tom Salomone.

Lawrence Yun, NAR’s Chief Economist, had this to say about the surge in December sales:

“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”

The most important realization to come out of the report is the fact that inventory of existing homes for sale dropped dramatically from a 5.1-month supply in November to the lowest figure since January 2005, at a 3.9-month supply.

A normal market, where prices rise with inflation, is defined as having a 6-7-month supply of homes for sale. As you can see in the chart below, inventory levels in 2015 were at or below a 5.2-month supply for the entire year.

2015 Months Inventory of Homes For Sale | Keeping Current Matters

If inventory levels do not recover, this could be a challenge for sales moving forward as buyer demand remains strong and competition for the homes that are on the market continues to rise.

Bottom Line

If you are considering listing your home for sale in 2016, now is the time! With inventory levels at their lowest mark in over 10 years, listing your home for sale before the busy spring buying season will give you the most exposure to buyers and allow you to get the best price for your home.


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I have loved following this story..

Earlier this week, a story went viral.  A wonderful, heartwarming story.  A group of kids were playing basketball in the street, and someone in the neighborhood called the police to complain about the noise.  Keep in mind, this was during daylight hours.  The police officer who responded to the call treated those kids with compassion and respect.  He explained why he was there, and then played some hoops with them.  Before he left, he told the kids that he would return, with basketballs and backups.  As the story went viral, a very famous professional basketball player stepped up and wanted to be a part of the return visit.  Such a great lesson in community involvement, respect, keeping your word and yes, even basketball. “I will become whatever I want to be” – Shaq  
 
Take a few minutes to watch the Gainesville Police Department’s video.  It is well worth the time.  To see the video, click HERE
 



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If money were no object…

… and you could pick any of these celeb’s features to go into YOUR home…which would you choose? I like Gaga’s bowling alley 🙂 HGTV Canada put together a spread featuring some well known homeowners.  Some of the amenities that their homes include are impressive!  And some are down right enviable. Click on the link HERE to view the photo gallery
 

 
 


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Fannie Mae recently surveyed Americans on their knowledge of the mortgage process.

Almost 60% were uninformed, on items such as minimum FICO and various mortgage programs available. Do you have questions? I can connect you with some reputable mortgage brokers to walk you through the process.
 
What Do You Actually Need to Get a Mortgage? | Keeping Current Matters

Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home. Here are three takeaways:

  • 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary
  • 86% of Americans either don’t know (59%) or are misinformed (25%) about what an appropriate Back End Debt-to-Income (DTI) ratios is
  • 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required

To help correct these misunderstandings, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans.

FICO SCORES

Average FICO Score | Keeping Current Matters

BACK END DTI

Average Back End DTI | Keeping Current Matters

DOWN PAYMENTS

Average Down Payments | Keeping Current Matters

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.