Chicago Home Sales Are Up in 2010 From This Time Last Year!

This is the news that every Chicagoland Home Seller wants to hear:

Chicago home sales jump 32% in May

It is great news to deliver to home sellers who want to list their home. We know that the home tax credit drove buyers out into the market as well as the low price tags on short sales and foreclosures. It is no surprise that I can report this based on the perks we have seen in the market. This idea that home sales continue to drive forward after the tax credit is wonderful for everyone. We are seeing the market recover in the number of sales.

Median home sale prices remain steady from this time last year but the high end homes are the harder sale, as buyers know they have their choice of homes, and more money equals more buying power. Although we see home sale prices remain lower then 2 years ago, this is great news for both buyers and seller; Chicagoland Homes Are Selling!

According to the Illinois Association of Real Estate, Crain’s has reported the following information. As a Northern Illinois Realtor I feel it is important for you to see the numbers of homes that are selling and keep you informed on the Real Estate market. Working with a professional who knows the market is what can set your home aside from the rest when selling or get you the dream home that you have always wanted to buy.

(Crain’s) — More homes were sold in Chicago in May than a year earlier, marking the ninth month in a row of year-over-year gains.

The Illinois Assn. of Realtors reported Tuesday that last month’s sales of 2,057 single-family houses and condominiums represented a 32.1% increase from May 2009 sales. The median price also rose, up 2.2% to $230,000, from the same month last year.
The city’s May sales uptick was also seen in the greater Chicago area, where 33.6% more homes were sold. The median price for those homes, however, fell, down 4.8% to $190,500.

Illinois home sales were up 27.1%. The median price of the 11,638 homes sold statewide last month was $157,00, a slight increase from the $156,000 median of May 2009.

The National Assn. of Realtors said Midwest home sales remained strong in May as the homebuyers tax credit drove sales nearly 22% higher than in May 2009. The credit called for offers to be made by April 30.

The data released Tuesday show 130,000 sales in the 11-state Midwest region in May. The median home price increased more than 2%, to $150,700.

Midwest sales again rose more than national ones. Nonseasonally adjusted figures show May home sales nationwide increased about 18% over last year.

The Associated Press-Re/Max Monthly Housing Report, which also was released Tuesday, showed home sales increasing in all but one of 12 major Midwestern cities tracked. Fargo, N.D., led the region with a 66% sales jump. Detroit reported the only sales decrease, a 15% drop.

Are You Looking to Buy or Sell Your Northern Illinois Home?

If you are looking to buy or sell a home in Northern Illinois or you have any real estate related questions please feel free to contact me, Marina Jacobson at 847-510-5009 or email me at Marina@MarinaJacobsonHomes.com. Visit my website at www.MarinaJacobsonHomes.com for current real estate information. Click Here to Search The MLS Listings for FREE

Are You Looking to Buy a Foreclosure in Northern Illinois?

Foreclosed and Short Sale Homes in the Northern Suburbs of Illinois are on the rise, but waiting for new properties isn’t as easy as it seems. As soon as good properties come on the market, they can be gone just as fast. As they say the early bird gets the worm.

The Foreclosure Market in the Northern Suburbs is about to become more active in the coming months and the opportunity to purchase one is going to be available for smart buyers. It is said that Nationwide Foreclosures are not going to peak until 2011. As a Real Estate Agent in Northern Illinois I have the access to systems and know people that can help me help you to find out about foreclosures coming on the market, but if it is a good deal, you have to move fast.

Buyers need to understand the Foreclosure Market which is different than the Short Sale Market.

Short Sales Verses Foreclosures

Short Sales are commonly known as pre-foreclosures. In a Short Sale, the seller arranges with their mortgage lender to accept a price that’s less than the amount they owe on the property. Part of the arrangement includes, the lender typically agrees to forgive the rest of the loan. Then the seller doesn’t have to go through a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property. The one thing you hear about short sales, is they can take up to 6 months, so be prepared to wait. The upside of a short sale is once a contract has been signed by the seller and submitted to the bank; no one can come in and make an offer on the property. There is the possibility of the bank coming back and asking for more money, so make an offer on the property that allows you flexibility. You do not usually have this option with Foreclosures, those are one time shots.

A Foreclosure is the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default. It usually involves a forced sale of the property at public auction or the bank will list with an agent in what is called a bank sale with the proceeds being applied to the mortgage debt. Bank Sales can typically close quickly once an offer has been accepted.

The Old Saying is what is too good to be true is usually the case. Foreclosed Properties in the Northern Illinois area are almost always priced 10% under the current market value. Banks are doing this to force multiple offers from buyers which usually go way over the asking price. They will collect offers for at least a week on foreclosed homes from all buying parties before they will make a decision on which offer to accept. Most of the time, the first offer you make is the final offer you make on foreclosed homes. Unfortunately the Banks have different rules then the rest of us folks. If you are looking to purchase a Foreclosed Northern Illinois Home, do your homework! Work with an agent that knows the process and who is working on your behalf.

For more information on Short Sales and Foreclosures visit my website at www.TodaysChicagoHomes.com and search local Short Sales and Foreclosures.
As a Northern Illinois Realtor out of Koenig & Strey, I can help buyers and sellers with Homes in Northern Illinois. If you need a real estate expert, look no further. Marina Jacobson can help you with all of your needs Contact Me at 847-510-5009 or email me at Marina@MarinaJacobsonHomes.com. Visit my website www.MarinaJacobsonHomes.com for all of your real estate needs.