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Schaumburg, IL Real Estate News

By Lyn Sims, Real Estate Broker Retired
There are many things that are happening in the Schaumburg Area Real Estate Market & some are very good. Showings have been impacted (graph is Illinois) but I wanted to show that not all real estate has stopped dead in its tracks. We have had many transactions already in the works & they have closed successfully. So this graph shows that showings so far over these last few weeks have been down by 22% across IL. Following the end of the month, we will get another number but don't forget that this has never happened before in any market.Another surprising figure that I hope will continue into the Spring Market is that homes are still selling over list price. According to CoreLogic, 29% of homes sold so far this year are selling over their listing prices. Obviously, this was before COVID-1...
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By Lyn Sims, Real Estate Broker Retired
Interest rates have come down today to a rock bottom low! They are trying to obviously stimulate the industry & get you off your couch to buy a home! If this isn't going to be it - I don't know what else could be.  But wait .... unlike a bad late-night infomercial, this news will definitely get your curiosity piqued. With your tax refund soon to be here, did you ever think to use it as a down-payment? Yeah, use your tax refund to put a down-payment on a house!  If you need help with the planning either talking with a loan officer or about the process in general, I'd be happy to help. You just have to get started. Read more here ...... Courtesy of Keeping Current Matters
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By Lyn Sims, Real Estate Broker Retired
 This is not the first time I've written about this but the time is coming near when you will either do your taxes or look forward to receiving a tax refund. What will you do with it? Did you ever think that it could springboard you into a new home?I'm the first one to agree that saving for anything nowadays is tough but this is surely something you should think hard on as the average refund in Illinois is $3022. That's a nice chunk of change.Using 3% down in Illinois 52% of that down payment (3%) is tax-deductible making the savings even better!Let's get started on your homeownership now!  Graphs compiled by Keeping Current Matters
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By Lyn Sims, Real Estate Broker Retired
 Now admittedly online reviews are a bit of a stacked deck and always should just be a starting point in your real estate hiring decision. What business person is going to reach out to the absolute worst client they've had in the last 5 years and ask for a review on Yelp or Zillow or whatever site they prefer?  And I recognize that no matter how good a person or company is, there's going to be that ONE person that's going to be an issue.  I am not a firm believer in 'the customer is ALWAYS right'.   Sometimes the client wants you to do things you can't legally or ethically do, and might just be ticked that you won't do as they say. Let's say we have a difference in our business ethics. There could be a good reason for a bad review as one person 'in the relationship' is extremely unhappy...
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By Lyn Sims, Real Estate Broker Retired
 Here's the things you will need to know if you are planning on selling. So how is the market doing currently in Schaumburg? Here's a few graphs to help give you an idea. What is the percentage of homes that are going under contract each month in Schaumburg? This tells you if the market is flat, going up or declining based on homes going under contract. It shows you the 'action' that buyers are taking in the market.  How many homes are for sale in Schaumburg? This is called the months of inventory level. The lower the level of homes on the market the better the market is for a seller. Currently we have been in a sellers market for quite some time. Inventory fluctuates per month and is usually the highest in the spring months. Surprisingly for Schaumburg, the highest listing month was in...
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By Lyn Sims, Real Estate Broker Retired
How much will it cost you to purchase a home in 1, 2 or 3 years?You can bet that it will cost you more but in what ways? We're not just saying it, we can prove it based on previous trends.These charts compare all the costs & payments if you were to take out your loan today, versus 1, 2 and 3 years from now. For all the number crunchers out there, here's a few numbers to mull over. Please call either Guy Stanek or myself if you have any further questions. Guy can help you with todays rates or with any questions on this post. I'll handle the house search portion of course! Cost of Waiting Analysis on... by Lyn Sims on Scribd
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By Lyn Sims, Real Estate Broker Retired
Does a 'quick cash closing' really work for sellers?There's a few different things to call these companies that come in & buy your home for cash & you happily run away with all the money. Most firms call themselves I-Buyers & they were recently invented to save buyers from the 'horrors' of a real estate transaction with a regular type real estate agent.SAVE!!!   SAVE!!!   SAVE!!!     1)  All that time & aggravation waiting for agents & buyers     2)  Repairs that might need to be done & you'd rather be at the beach with a mai-tai     3)  Really quick cash, usually within 48 hoursOne point that these companies forget to tell you when you read 'how easy' it is going to be is that's it's going to cost you BIG TIME. Each home obviously will be different but it's really going to be expensive...
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By Lyn Sims, Real Estate Broker Retired
One of the values that an agent brings to the table is their local knowledge of the real estate market. Is it up? Is it down? Suddenly a particular financing can no longer be used on your home which makes it available to less buyers. There are many, many things to compile to become knowledgeable.I pass all that information along to my sellers so they sell for more money & in a decent time frame. That's what I do & what I work for with every client I represent.One of the things that I noticed on doing the 2019 year end review was the vast amount of lender fees, points or 'mortgage help' the buyers are asking for in their home purchases. Following the sold & closed property everyday in nearby markets, I keep seeing $4000 and $5000 on many listings. What this is also called is 'seller conc...
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By Lyn Sims, Real Estate Broker Retired
 Here's the things you will need to know if you are planning on selling in 2020. So how is the real estate market doing currently in Schaumburg? Here's a few graphs to help give you an idea. What is the percentage of homes that are going under contract each month in Schaumburg? This tells you if the market is flat, going up or declining based on homes going under contract. It shows you the 'action' that buyers are taking in the market.  How many other homes are for sale in Schaumburg? This is told in the months of inventory level. The lower the level of homes on the market the better the market is for a seller. Currently we have been in a sellers market for quite some time. Inventory fluctuates per month and is usually the highest in the spring months. Surprisingly for Schaumburg, the h...
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By Lyn Sims, Real Estate Broker Retired
Interest rates will be lower than they have been prior to 1980 at 3.8% and are projected to remain steady throughout 2020! According to CoreLogic, home prices will appreciate at a rate of 5.4% over the course of the year. Experts predict that the number of homes sold next year will be equal to or outpace 2019. 
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By Lyn Sims, Real Estate Broker Retired
Real estate is sure hard to predict so I simply won't do it! I'll tell you what I do know & what I've found out so you can make a decision for your family & needs. Different parts of the country experience the real estate market differently. Core Logic does predictions for the year on what larger metro areas are going to see increases in 2020. In our Midwest area of Chicago, it is going to be 'very light' as far as price increases. The graph will give you an idea of who is 'hot' and who is 'not'. As of October 2019, 31% of buyers are first time buyers. That's a pretty decent chunk of business to follow & attract. Sellers should pay attention as 1 out of 3 buyers might not know how to work a hammer. These buyers want homes in move-in condition. If yours is not, the buyers will move along...
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By Lyn Sims, Real Estate Broker Retired
 Here's the things you will need to know if you are planning on selling in Schaumburg!  How is the market doing? Here's a few stats to give you an idea. What is the percentage of homes that are going under contract each month in Schaumburg?  17% of total homes listed in November.  This percentage tells you if the market is flat, on the up or decline based on homes going under contract. It shows you the 'action' that buyers are taking in the market. Buyers are not in a rush with this percentage - market is cool.  What is the inventory level in Schaumburg? The lower the level of homes on the market the better the market is for a seller. Currently we have been in a sellers market and the lower the level of homes the better the market is for a seller.  It is 3.8 months of inventory for Nove...
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By Lyn Sims, Real Estate Broker Retired
 Here's the things that you will need to know if you are planning on selling in Schaumburg. Here's a few stats to help give you an idea. What is the percentage of homes that are going under contract each month in Schaumburg?  14% of total homes listed in October.  This tells you if the market is flat, on the up or decline based on homes going under contract. It shows you the 'action' that buyers are taking in the market. Buyers are not in a rush with this percentage - market is cool that's for sure. How is Schaumburg's inventory level? The lower the level of homes on the market the better the market is for a seller. Currently we have been in a sellers market and the lower the level of homes the better the market is for a seller.  It is 4.7 to 5 months of inventory for October which is t...
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By Lyn Sims, Real Estate Broker Retired
There are alternatives to FHA Loans!I work with many terrific loan officers that offer my clients many helpful programs to get you into that new home. This is one of those great programs offering a conventional loan with 3% down.Saving enough funds for a down payment & closing costs is one of the major barriers to home ownership for most first-time buyers.  Fannie Mae has expanded home ownership opportunties for buyers looking to reduce the amount of cash required to get into that home.  Borrowers income, assets, credit scores must meet the program guidelines of course.What is terrific about this program is that many townhouse or condo subdivisions in our Schaumburg area are no longer FHA appproved. This does funnel down the buyer prospects for that subdivision in a negative way.  Now ...
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By Lyn Sims, Real Estate Broker Retired
Real Estate Market Update in Schaumburg - September 2019 What are Prices Doing?  Average sales price ($341,500) a decrease of 6% from September 2018.  Remember that every Schaumburg subdivision is responding & recovering differently. That means "if and when" a home in the area goes on the market. Sellers are now pretty happy with prices or have decided that now is a good time to move. How about you? Are you thinking of moving? With our overall amount of inventory we are still in a sellers market. Inventory has actually increased from 2018 at 9%. Homes actually closing in Schaumburg was the same in September as last year. Homes going under contract have increased over 2018 slightly. Market time for homes going under contract is 58 days. This is definitely confusing isn't it?  Low invento...
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By Lyn Sims, Real Estate Broker Retired
So is the Schaumburg Market up or down?More prospective home buyers across the country came out in August compared to the same time last year as U.S. showing traffic grew for the first time in 13 months, according to the latest ShowingTime Showing Index report. This tells us the buyer 'foot traffic' across the country. The Midwest region where we are located showed the most modest increase across the country. In Schaumburg, the months with the most inventory were July & August 2019. This was also true for July 2018. Our overall inventory level with wither down for the coming holiday months. Still, lots of great choices for buyers in all price ranges. 
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By Lyn Sims, Real Estate Broker Retired
 There have been total of 227 closed single family homes in Schaumburg up until June 2019. The most popular price range is between $250,000 to $300,000 which is very affordable for our area.Let's view some Schaumburg homes in the $250,000 to $300,000 range right now.  If you are thinking of selling your Schaumburg home soon you'd like to get an idea of how long it would take right?  This graph shows you the differences in market times for different price ranges.   Let's zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster.  And .... I'll give you proven staging suggestions on how to do just that.My experience also plays an important role. I'm one of those unique people that will tell you how the market ...
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By Lyn Sims, Real Estate Broker Retired
Let's have a talk about taxes in Schaumburg & Cook County.Here in the Schaumburg Area we are in a tax reassessment year. Just recently the 2nd installment of taxes have come out & half the state of Illinois is ready to move out & move along to a more tax friendly state.45,000 people in Illinois moved in 2018 because they can't put up with the taxes or the high cost of living.There are SO MANY people, articles, new quotes, blogs, short videos with people giving their take on what is going on. I'm not saying that I know more than they do but by just reading their terminology & examples - they don't know what the hell they are talking about. They do not understand the process. I'm not saying that I am the tax accessor but what I do know is values over the years & am ROCK SOLID with my info...
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