lake county real estate. and then some…

selling homes…a family tradition


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Do natural disasters, such as hurricanes and wildfires, impact the national housing market?

It is too soon to tell yet, however here is the latest update…
http://terriandkieronteam.housingtrendsenewsletter.com/


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Moving, whether locally or out of state, requires planning ahead…

Any type of a move entails basically the same need – tell everyone!  The post office will forward mail, however they make it fairly easy to register a change of address.  I always suggest leaving your forwarding information for your buyer, as the forwarding order will expire.  It costs them nothing to cross out the old address, and write in the new one.  I have lived in my house for 9 years and still receive Christmas cards every year for the prior owner!

Doctors, dentists and other healthcare facilities you use are high on the list to contact.  If you are making an overseas or long-distance move, and you or a family member has a medical condition, travel with your records.  Remember your pets’ records as well.  If you will be traveling with pets, and plan on putting them in kennels – make sure all of their shots are current before you hit the road.

An organized move will be a smooth move.  For additional moving tips, click here


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Fannie Mae projects an increase in housing starts, home sales AND interest rates…

Fannie Mae Housing Market [INFOGRAPHIC] | Keeping Current Matters

Some Highlights: 

  • 30-year fixed mortgage rates are projected to increase steadily over the next year.
  • Housing Starts will well surpass 2015 numbers.
  • Home Sales will reach an annual rate of over 6 million by the fourth quarter of 2016.


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84% of Americans believe that owning a home is a big part of the “American Dream” Do you?

Homeownership is Still a Huge Part of the

There have been some who have voiced doubt as to whether or not the younger generations still consider buying a home as being part of the “American Dream”. A study by Merrill Lynch puts that doubt to rest.

According to their research, every living generation still believes that owning a home is in fact important. Here are the numbers:

Homeownership is an important part of the American Dream | Keeping Current Matters

This should not surprise us as many studies have revealed the benefits enjoyed by the families who own their own home. One such study was done by the Joint Center of Housing Studies at Harvard University that addressed a major financial benefit to owning your own home: forced savings. The report explains:

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

The Merrill Lynch study proves this point with the following data on home equity (a form of savings):

Average Home Equity | Keeping Current Matters

Bottom Line

There are many reasons that owning a home makes sense. The financial reasons are powerful. As one participant in the Merrill Lynch study put it:

“When I was younger, I always worried about that monthly mortgage payment. Now that I am retired, I have the peace of mind of knowing I own my home free and clear.”


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Is it easier to qualify for a mortgage?

Is Qualifying for a Mortgage Getting Easier? | Keeping Current Matters 

There has been a lot of talk about how difficult it is to get a home mortgage in today’s lending environment. However, three recent reports have revealed that lending standards are beginning to ease. This is great news for both first time buyers and current homeowners looking to move or buy a second vacation/retirement home. Let’s look at the three reports:

The MBA’s Mortgage Credit Availability Index

This index, issued by the Mortgage Bankers’ Association, measures the availability of credit available in the home mortgage market. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit. We can see that the index has been increasing nicely this year:

Mortgage Credit Availability Index | Keeping Current Matters

Fannie Mae’s latest Mortgage Lender Sentiment Survey

This survey revealed that more lenders report that mortgage lending standards across all loan types are easing. The survey asked senior mortgage executives whether their company’s credit standards have eased, tightened, or remained essentially unchanged during the prior three months. The gap between lenders reporting easing as opposed to tightening over the prior three months jumped to approximately 20%. This represented a new survey high of “net easing.” In addition, the share of lenders who expect their organizations to ease credit standards over the next three months also ticked up this quarter.

Doug Duncan, senior vice president and chief economist at Fannie Mae, addressed this easing of standards:

“For the first time in seven quarters, we see a pronounced increase in the share of lenders, particularly medium- and larger-sized lenders, reporting on net an easing of credit standards … This is a significant result in light of public discourse on credit availability and standards … Overall, we expect that lenders’ tendency toward easing credit standards, together with relatively low mortgage rates and a strengthening labor market, will continue to support the housing market expansion.”

Ellie Mae’s latest Origination Insights Report

The easing of credit standards is also confirmed in this report which showed that the average FICO score on a closed loan fell to its lowest point in well over a year. Here is a chart of average FICO scores on closed loans so far in 2015:

Ellie Mae FICO Scores | Keeping Current Matters

Just keep an eye on interest rates…

Although this is all great news, there was one challenge in the recently released data. Ellie Mae reported that the average interest rate on closed loans is beginning to inch upward:

Ellie Mae Interest Rates | Keeping Current Matters

What this means to you…

If you are a first time buyer or a current homeowner thinking of moving up to a bigger home or buying a vacation home, now may be the time to act. Mortgage lending standards are beginning to ease and interest rates are beginning to inch up.


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1237 Ashbury Lane, Libertyville IL 60048

Tucked on a treed lot in the heart of Ashbury Woods, our timeless classic brick exterior sets the tone for the exceptional home within. A sophisticated, yet comfortable, floorplan is enhanced by quality craftsmanship throughout – crown moldings, trayed ceilings, custom millwork, oak flooring, new carpet & designer lighting throughout.  Gourmet kitchen boasts brand new stainless steel appliances and  cherry cabinetry capped by new granite counters.  Two fireplaces – family room and finished English basement, which also feature a dance/exercise studio, theater room & full bath.  Master bath enjoys whirlpool tub & separate shower.  Three bedrooms, plus jack n jill bath & princess suite.  Two staircases, two laundry areas.  One great home!  $934,900

For interior photos, click on the photo below .

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


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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