Market Watch


 

What is your home worth today? Want to keep track of property values in your neighborhood. Market Watch offers you that information and more. Free registration grants you access to some of the same information professional real estate agents use to build a Comparative Market Analysis (CMA) for their clients.

Using a special GEO coding method Market Watch can pinpoint your home’s latitude & longitude and then use proximity algorithms to find homes that sold near you with similar values. Most other home value services use only zip codes to determine nearby properties. As a result, they tend to be less accurate than ours.

You can receive weekly, monthly or quarterly emails with valuable information regarding your home and neighborhood all at no cost or obligation.

Click here for your free Market Watch

If you would like a free comprehensive Comparative Market Analysis please call Tori Browning at 773-964-3860 or email tori.browning@bairdwarner.com

Foreclosures Continue to Soar in Illinois


Foreclosures in Illinois soared about 35 percent higher in July compared to a year ago, keeping the state in the top 10 with the biggest monthly increase nationwide, according to a RealtyTrac Inc. report released today.

The news wasn’t any better on the local front. DuPage County foreclosures soared about 54 percent in July, compared to a year ago. Lake County followed with a 47 percent increase. The state and county results defied the nationwide trend that showed a nearly 10 percent drop in foreclosures, the Irvine, Calif.-based company report showed.

Experts said continuing high unemployment has been a major culprit here. Another has been the state law, which went into effect in April 2009, that allowed those facing foreclosure to have a 90-day grace period to save their homes.

That new law delayed the inevitable for some homeowners and artificially lowered the foreclosure rate last year, so this year’s comparison is unusually high, said RealtyTrac spokesman Daren Blomquist.

The 90-day grace period has turned into 3 months of not paying the mortgage for some people. If they’re unemployed, can’t sell their home and its value is underwater, they have little recourse but to submit to foreclosure, said Marve Stockert, executive director of Lombard-based Illinois Association of Mortgage Professionals.

“In some cases, people are just giving up,” Stockert said.

Nationwide, foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 325,229 properties in July, a 10 percent decrease from July 2009, RealtyTrac said.

In Illinois, foreclosure activity were on 19,602 properties, a 35 percent jump and the largest nationwide. It was also the third largest state total, the report said.

Illinois defied the national trend, said Blomquist.

“It looks like the state is getting a second wave of foreclosures due to the underlying economic problems, including high unemployment,” Blomquist said.

And the rest of the year doesn’t look much better. Stockert said things could remain bad or get worse when the new FHA law goes into effect in early October. It will spike the mortgage insurance premium from 50 basis points to as high as 90 basis points. On a $100,000 loan, that would add $500 to $900 a year, all tucked into the mortgage payments. The extra fee is on all FHA mortgages.

“This new law will really hurt,” Stockert said. “It will just take more people out of the market, especially those who are especially close to qualifying but won’t be able to pay the extra amount.”

By Anna Marie Kukec of the Daily Herald

Home Staging


Staged Room If a Realtor were to walk into my home right now a mini explosion would go off in their head! Her first thought is going to be how on earth will I get this house decluttered without offending anyone. I know my house is a wreck and I am a Realtor!

We don’t live in model houses, we live in homes. We put things where there most useful for us and hang the stories of our lives from the walls. It’s our home and the way we want to live. The walls are painted the color I like and I know the dining room table isn’t a desk but it works for me.

When attempting to sell your home it becomes a different story and a different place. Your home is moving with you, your house is staying behind. It’s time to start looking at your property from a different point of view. When you first purchased your property it was a house, you made it a home and now you moving on to make another. As you begin to pack things and stage you’ll be turning your home back into a house, highlight its qualities so that when the buyers visit they start to envision it as their new home.

Your real estate agent should gently guide you in looking at your home from a buyer’s point of view and assist you in the staging process. Property staging goes a long way in helping you get the best possible price in the shortest amount of time.

Home staging is a marketing tool and should be a main priority when preparing to list your property. Staging should be completed prior to having photos taken for internet postings. Nearly 86% of all buyers are searching for their next purchase on the internet and photos play an extremely important role.

Staging doesn’t have to be expensive and although recommended a professional stager is not required. I’ll be posting more staging tips in the coming weeks.

Until then should you have any real estate related needs please feel free to give me a call
Tori Browning 773-964-3860

Ride Safe

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