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Posts tagged home sales

Home Sales Rise in Illinois

Nov25
2009
Leave a Comment Written by Alicia

illinois

The good news is, according to an article from the Chicago Sun-Times, sales of homes in Illinois increased this year for the first time in the last three years! The amount of sales increased 0.3 percent, but the median price still declined 12.9 percent to $165,000.

As a whole, Illinois home sales increased. However, in Chicago alone, sales fell 4.8 percent and the median price fell to $230,000 from $290,000.

With median prices continuing to fall, the home sale increase is expected to continue to rise because of the exceptional deals that potential homebuyers can find. Also, the extension of the $8,000 tax credit for first-time homebuyers, and the new $6,500 tax credit available for homeowners who have owned their current home for at least five years, should hopefully help the sales continue to grow.

Posted in Market News - Tagged illinois, Market News, real estate market
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5 Price Tags of Overpricing

Jun01
2009
Leave a Comment Written by Shanna

housemoney

For most people, selling a home can be an emotional experience. Even though a house is just a physical structure, it feels like more than that. It’s where your kids took their first steps or where you celebrated holidays.

But when it comes to pricing your home for sale, it is necessary that you cut emotions. Otherwise, you may make the mistake of overpricing your home for the market, and that is a mistake hard to recover from.

Here’s what happens if you price your home based on emotion rather than on data:

1. You get overlooked. Remember, in real estate, homes sell for what buyers will pay. If you overprice, you put yourself in a price bracket with homes that are more expensive and, usually, much nicer. Why would a buyer pick yours?

2. You help sell the competition. Along the lines of being overlooked, when you overprice, you do the competition a huge favor. Suddenly their properties look like a great value compared to your overpriced home.

3. You’re on the market longer. You’ll be waiting, frustrated, without buyer interest when your home is overpriced. During this waiting period, you are trying to keep your home in showing condition, possibly still paying a mortgage and wasting time.

4. You have to wait to move. Selling your home, usually, means the opportunity to buy a new one. But with no buyer interest, everything has to be put on hold.

5. You eventually lower your price. Problem is, when you do finally lower it, because of its time on the market, you’ll look desperate. Buyers will know your home hasn’t been selling, and that makes them leery. Plus, it gives them much more negotiating power.

That’s why it makes sense to price your home for the market, not for your dreams. Otherwise, you run the risk of paying the biggest price yourself: sitting with an unsold home.

Posted in Selling Tips, Tips and Ideas - Tagged cost, overpricing, pricing, real estate, sale, selling a home
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Increase in Home Sales!

May14
2009
Leave a Comment Written by Alicia

increase

For current home sellers and buyers, this post only offers good news! A recent article in the Chicago Tribune states that stocks surged ahead from a surprising increase in pending home sales for the second month in a row, and a rise in home construction spending, which had experienced decreases for five straight months.

According to data from the National Association of Realtors, sales for previously occupied homes rose 3.2 percent in one month. Likewise, data from the Commerce Department said construction spending rose 0.3 percent, which was expected to continue to drop. These are both positive signs that the real estate market is making a turnaround for success that will hopefully continues in the coming months!

To read the rest of the article, click here.

Posted in Market News, Tips and Ideas - Tagged chicago tribune, market, real estate
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Home Sales Are Up!

Apr04
2008
1 Comment Written by Sarah

soldFor the first time since July of 2007, home sales are on the upswing.  Sales rose by 2.9 percent in February after a dramatic six-month decline that has sent the housing market on a downturn. While sales are still down from the previous year, this marks the building of momentum toward recovery and a healthy housing market. 

What’s the most surprising factor?

Sales jumped before spring, showing an interest to move homes in anticipation of the coming season.  An early jump on sales suggests that in-season home sales should follow this upward trend. While we’re still waiting on the March sales results, this incredibly promising February is sending a wave of positive energy through the ready-for-change real estate market.  The surprising upturn even gave Wall Street a boost, with major creditors and investors regaining a small chunk of the year’s major losses.

The region that saw the biggest sales increase was the Northeast, while a smaller, steadier gain occurred in the Midwest.  The only decrease in sales occurred on the West Coast, where home sales have remained relatively steady through the bubble and the succeeding downturn. Overall growth may not immediately lead to a full-scale recovery, but certainly gives home sellers the leg-up that they need to get selling!

Homes were selling at an 8.2 percent lower price than the year before, according to the National Association of Realtors.  While this may be one of the most dramatic price drops we’ve seen, it’s important to consider the significant, inflated prices that single-family homes and condominiums were priced at in the height of the housing bubble.  Mortgage rates are still at the sweet spot, just under six percent; refinancing and getting a first mortgage can be a great deal for eligible buyers.  This downturn in price, combined with an increase in sales, proves that the market is leveling out for long-term prosperity.

Posted in Market News, Tips and Ideas - Tagged housing market, Market News
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