Home Buying

Found 55 blog entries about Home Buying.

searching for orland park homes for saleI receive many registrations daily from people who have found my website by using search terms such as Orland Park real estate or Homer Glen homes, for example.  Sometimes, I wonder how some people find my site since their searches are not in areas I work in, but they found my website using some kind of search terms.

The visitors that register to use my MLS search (or IDX) are free to search in our very large multiple listing service that covers Northern IL and some portions of Wisconsin, Michigan and Indiana.  Our multiple listing service used to be the largest in the nation, but I know there are newer ones that have surpassed our MLS.

This means I don't service all of the areas that are in my MLS.  I only work in the southwest Cook County and

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It's been an interesting year and I'm looking forward to year-end real estate sales statistics this year more than any other.  We keep losing agents that can no longer earn a living selling real estate.  However, 2010 has been one of my best years.  It hasn't been easy and I've had to make some changes, but I've done well in a challenging market.

I Moved to a New Home

I moved to the Orland Park/Homer Glen area and sold my Oak Lawn home.  I'm glad I had my own home for sale as it helps me explain the market to my other homer glen home buyersellers.  I sold my Oak Lawn home for less than what we paid for it in 2003.  Add the new windows, two new bathrooms, remodeled family room, new carpet, hardwood floors, interior & exterior paint, etc., and we lost a lot of money.

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I just read an article in Inman News about a report put out by Altos Research.  Altos Research is a real estate data company and their prediction is that we should hit prices for homer glen homes for sale hitting the bottombottom in real estate pricing in 2011.

They feel we'll see our normal surge in the upcoming Spring selling season, but it won't mean prices will necessarily escalate.  In most areas in the southwest suburbs, prices have been declining since 2005.  The spike in sales that usually occurs during our best months do not necessarily bring about price increases, just a clearing of inventory.

We will still have a glut of foreclosures and short sales

In my opinion, until the amount of distressed properties slows down there is going to be more inventory than available buyers.  Distressed

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This is the 2nd of 3 posts regarding survey results from IAR (Illinois Association of REALTORS).  The question asked was "In choosing your most recent home, other than price, which of the following was most important in deciding where you would buy?"

Like my first post about What Services Buyers Felt Were Most Helpful, I will add my comments in blue after each result.
ALL RECENT HOMEBUYERS | n=1000, Margin of Error= 3.09%

PROXIMITY TO YOUR WORK ..............................................................22.8%

I am not surprised at this at all since I've always hated doing a daily commute, especially if it's far.  My first real job was working in an office downtown and I hated wasting so much time driving to the

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I recently read an interesting article from the IAR (Illinois Assoication of REALTORS).  I have added a couple of the survey responses
that I thought were pertinent.  This is the first in a 3-part series I'll be posting.

The survey results below are from the IAR Homebuyer Benchmark 2009 and comprises recent homebuyers with a 3.09% margin of error.  My thoughts are written below the results in blue ink.

The survey question was: "Which one of these services did you find most helpful in your home buying?"

WORKING WITH A REALTOR® ....................................... 54.6%
I would have hoped "working with a REALTOR" would have been higher than 54.6%, but it is the highest number, so that's good.  Of course, unless a buyer purchased a For Sale By

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home buyers credit for orland park real estateThis isn't really news by the time I'm posting this and most of you probably know it has been extended.

Well, everyone figured it would get extended - right?

There was word that it would get extended but until it was signed, sealed and delivered, it was just "talk."  I had no idea if it would be extended or not.  And I certainly had no idea what the rules would be.

Details of the "Home Buyer" Credit

Notice I did not put "First Time" Buyer Credit, because now it isn't just for first-timers!  The credit is the same for first-time buyers as before but with a maximum earnings increase (up to $125,000 for an individual, $250,000 for a couple), allowing even more to qualify for the credit.  It is still 10% of the purchase price up to $8,000.


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orland park home buyers tax creditI am hearing different things about the current First-time Buyer Credit that is set to expire at the end of November.  I’ve been told that an extension is in the works but we won’t know until it is officially announced that it was accepted and in force.  Will it remain the same – $8,000 and only for first-time buyers?

If you are waiting to purchase to see if there will be an extension and if it will be better, you are taking a gamble.  However, if you don’t already have a contract in the works you might not hit the current deadline to close your sale.

Has the credit helped the sagging real estate market

I have heard different opinions and I guess it depends where an agent works and what kind of market they work in.  Some agents have been very

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watching orland park real estate on tvI caught a great "Buy Me" show on HGTV today that was shot in Chicago.  It was very interesting because one of the owners was a long-time veteran real estate agent that had her REALTOR® son list the home.

It was a very unique, custom styled 3-story and although the home owners seemed to acknowledge that they were looking for that special (needle-in-a-haystack) buyer, they were not cooperating with their son about staging the home and pricing it correctly.  And it kind of bothered me that as a real estate agent, the wife was one of the most difficult to convince.

She had a difficult time de-cluttering and kept items that her son tried to get her to store away.  And she wanted to try a very high price even after her son showed her comparables and

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orland park real estate appraisalI had heard of something new coming on May 1st to the mortgage industry.  I was trying to find out what it was, and I found out today.  It is called the Home Valuation Code of Conduct, or HVCC for short.  Do a search for either name and you will see some links explaining it, dating back to 2008.

HVCC is not a law

It is an agreement between Fannie Mae and Freddie Mac and New York's Attorney General Andrew Cuomo.  Some banks have already been following the agreement although it was slated to go into action starting today (May 1, 2009).

Supposedly, it is trying to keep banks from turning to a shortlist of preferred appraisers and to use AMC's (Appraisal Management Company) instead.  AMC's are like middlemen for appraisers and charge each appraiser a

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act now to get a great deal on orland park real estateI am seeing such great deals lately that I'm actually considering selling my home.  When we purchased our home we thought it was big enough.  But after living in it we discovered we could have used a little more space.

We should not lose money on our home, although when figuring in the work we've done on it (remodeling bathrooms, putting in hardwood floors and some new windows), we'll be lucky to break even.  But we don't care.

The math is in our favor.  Even if we don't see good appreciation on our home (that we purchased in 2003 - just before prices started to skyrocket) we will more than make up for it with our next purchase.  In fact, I've seen foreclosed properties that are larger than our home going for less money, just because it's a

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