There's No Place Like Your Place Blog

I love working with buyers, especially in this market! 

Here are some links I hope you find helpful if you live in or are

considering a move to Cary, IL:

Schools:

Cary/Fox River Grove Grade School District 26 http://www.cary26.k12.il.us/

Cary/Fox River Grove/Crystal Lake High School District 155 www.d155.org

Algonquin School District www.d300.org/

Cary Private School www.peterpaulschoolcary.org

GOVERNMENT:

Illinois Municipal League www.iml.org

State of Illinois www.illinois.gov

Village of Cary http://www.caryillinois.com

McHenry County Government Center www.co.mchenry.il.us

Lake County Government Center www.co.lake.il.us/

Fox Waterway Agency www.foxwaterway.state.il.us/

Algonquin Township www.algonquintownship.com

Algonquin Township Assessor www.algonquintownship.com/assessor.html

Cuba Township www.cubatownship.com/

Cuba Township Assessor www.cubatownship.com/assessor.htm

Cary Fire District www.caryfire.com

Cary Library District www.cary.lib.il.us

Cary Park District www.carypark.com

Cary Police Department www.caryillinois.com

UTILITIES:

Commonwealth Edison Electric www.ucm.com

Nicor Gas www.nicorinc.com

AT&T Cable/Phone/Internet www.cable.att.com

Ameritech/Phone/Internet www.ameritech.com

Comcast Cable/Phone/Internet www.comcast.com

Other Useful Links:

National Weather Service www.nws.noaa.gov

Metra www.metrarail.com

Amtrak www.amtrak.com

O'Hare International Airport www.ohare.com

Illinois Tourism Bureau www.enjoyillinois.com

American Red Cross of Greater Chicago www.chicagoredcross.org

McHenry County Conservation District www.mccdistrict.org/

University of Illinois Extension, McHenry County Office www.urbanext.uiuc.edu/mchenry

Salvation Army Crystal Lake 815-455-2769

Pace Vanpool http://www.pacebus.com/sub/vanpool/default.asp

McHenry County Convention & Visitor's Bureau www.visitmchenrycounty.com

Lake County Convention and Visitors Bureau www.lakecounty.org/

The Volunteer Center of McHenry County www.volunteermchenrycounty.org

Algonquin Township Recycling Center http://www.algtwsp.com/recyclingcenter.html

OH YES...AND FOR ALL OF YOUR CARY IL REAL ESTATE NEEDS;-) www.CaryProperties.com

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  

By the way, if you know of someone that could benefit from my high level of service, please call or email

me with their name and daytime phone number and I will make sure to follow up and

take great care of them.  

I appreciate YOU and your referrals!

I can be reached at my direct number at the office: 847.516.6760.  I look forward to hearing from you!

How is the current market in Cary, IL?

Cary, IL Market Conditions:  Cary is located in both McHenry and Lake Counties in Northern Illinois

As of this afternoon, per MRED MLS, for the past 3 months:

We currently have 252 Single Family homes on the market in Cary that are active and available.

•·     They have been on the market for an average of 194 days.

•·     The average list price is $364,717.

•·     During the past 3 months, 78 Single Family homes have successfully closed with the help of their Realtors.  This only represents 54% of the market that have had success.  They took an average of 167 days on the market to be SOLD.

•·     The average list price of the SOLD Single Family homes is $294,785 and the average SOLD price is $275,308. 

•·     The closed sales took an average of 181 days on the market.

(Stunning Home on the Fox River in Cary)

    With the help of their REALTORS, successful sellers in Cary have been getting

95% of their asking prices!

 We currently have 69 Attached homes on the market in Cary that are active and available.

(Cary Woods Townhome Community in Cary, IL Pictured Above)

•·     They have been on the market for an average of 193 days.

•·     The average list price is $205,330.

•·     During the past 3 months, 11 Attached homes have successfully closed in Cary with the help of their Realtors.  This only represents 45% of the market that have had success.  They took an average of 140 days on the market to be SOLD.

•·     The average list price of the SOLD Attached homes in Cary is $178,900 and the average SOLD price is $$169,336.

So, on the average Attached homes in Cary have been getting an average of 95% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Cary.

IL.

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  

By the way, if you know of someone that could benefit from my high level of service, please call or email

me with their name and daytime phone number and I will make sure to follow up and

take great care of them.  

I appreciate YOU and your referrals!

I can be reached at my direct number at the office: 847.516.6760.  I look forward to hearing from you!

 Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

How is the current market in Island Lake, IL?

Picture of Newberry Village Pond and Entrance, Island Lake, IL

Island Lake  IL Market Conditions:

As of today, per MRED MLS, for the past 3 months:

We currently have 99 Single Family homes on the market in Island Lake that are active and available.

•·     They have been on the market for an average of 263 days.

•·     The average list price is $263,308.

•·     During the past 3 months, 22 Single Family homes in Island Lake have successfully closed with the help of their Realtors.  They took an average of 152 days on the market to get SOLD.

•·     The average list price of the SOLD Single Family homes in Island Lake was $213,873 and the average SOLD price was $205,430. 

•·     The successfully closed Single Family sales in Island Lake  took an average of 228 days on the market.

•·     With the help of their REALTORS, successful sellers in Island Lake have been getting 96% of their asking prices!

We are still experiencing a Buyer's Market in Island Lake.  It is a GREAT time to buy!!

 We currently have 45 Attached homes on the market in Island Lake  that are active and available.

•·     They have been on the market for an average of 159 days.

•·     The average list price is $171,671.

•·     During the past 3 months, 11 Attached homes have successfully closed in  Island Lake with the help of their Realtors.   They took an average of 85 days on the market to get SOLD.

•·     The average list price of the SOLD Attached homes in Island Lake is $150,098 and the average SOLD price is $137,763.

So, on the average over the past 3 months, Attached homes in Island Lake  have been getting an average of just under 92% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Island Lake.  It is a GREAT time to buy!!

WOW-SOLD-A granite kitchen for only 153,000!

By the way, if you know of someone that could benefit from my high level of service, please do not hesitate to call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  

I appreciate YOU and your referrals!

 Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

How is the current market in Wauconda, IL?

Wauconda IL Market Conditions:

As of today, per MRED MLS, for the past 3 months:

We currently have 203 Single Family homes on the market in Wauconda that are active and available.

•·     They have been on the market for an average of 182 days.

•·     The average list price is $354,828.

•·     During the past 3 months, 41 Single Family homes in Wauconda have successfully closed with the help of their Realtors.  They took an average of 152 days on the market to get SOLD.

•·     The average list price of the SOLD Single Family homes in Wauconda was $313,503 and the average SOLD price was $285,251. 

•·     The successfully closed sales in Wauconda took an average of 152 days on the market.

•·     With the help of their REALTORS, successful sellers in Wauconda have been getting 91% of their asking prices!

We are still experiencing a Buyer's Market in Wauconda.  It is a GREAT time to buy!!

 We currently have 67 Attached homes on the market in Wauconda that are active and available.

•·     They have been on the market for an average of 207 days.

•·     The average list price is $198,160.

•·     During the past 3 months, 10 Attached homes have successfully closed in Wauconda with the help of their Realtors.   They took an average of 171 days on the market to get SOLD.

•·     The average list price of the SOLD Attached homes in Wauconda is $199,209 and the average SOLD price is $188,999.

So, on the average over the past 3 months, Attached homes in Wauconda  have been getting an average of just under 95% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Wauconda.  It is a GREAT time to buy!!

By the way, if you know of someone that could benefit from my high level of service, please please do not hesitate to call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  

I appreciate YOU and your referrals!

!

 Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

Mchenry County Homeowners-Do you want to make sure your taxes have been paid?

It is so important to know your taxes have been paid, especially if you are depending on your lender to make the scheduled payments from your escrow account.

Did you know that the McHenry County Treasurer's Office offers a great service where they will notify you when a tax payment has been made on your property? They can even send a reminder to let you know the due date is coming up, per their web site.

To sign up for a little piece of mind, just click on the below link:

McHenry County Real Estate Taxes Notification Service

You will need your PIN (Property Index Number), but no worries, if you do not have it handy, they also have a convenient look up service on the site.

If I can be of assistance to you, please do not hesitate to call or email me. It will be my pleasure to help!

By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them. Thanks to you, my business keeps growing from your referrals:-)

I can be reached by email or at my direct number at the office: 847.516.6760. 

I look forward to hearing from you!

How is the current market in Barrington, IL?

Barrington IL Market Conditions:

•·     The average list price is $1,084,406.

•·     During the past 3 months, 57 Single Family homes have successfully closed with the help of their Realtors.  They took an average of 208 days on the market to get SOLD.

•·     The average list price of the SOLD Single Family homes was $867,060 and the average SOLD price was $810,313. 

•·     The successfully closed sales in Barrington took an average of 216 days on the market.

     With the help of their REALTORS, successful sellers in Barrington  have been getting 93% of their asking prices!

We are still experiencing a Buyer's Market in Barrington.  It is a GREAT time to buy!!

 We currently have 126 Attached homes on the market in Barrington that are active and available.

•·     They have been on the market for an average of 207 days.

•·     The average list price is $342,810.

•·     During the past 3 months, 10 Attached homes have successfully closed in Barrington with the help of their Realtors.   They took an average of 71 days on the market to get SOLD.

•·     The average list price of the SOLD Attached homes in Barrington is $454,389 and the average SOLD price is $452,964.

So, on the average over the past 3 months, Attached homes in Barrington  have been getting an average of just under 100% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Barrington.  It is a GREAT time to buy!!

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  

By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  

I appreciate YOU and your referrals!

If I can be of assistance to you, please do not hesitate to call or email me. It will be my pleasure!

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them. Thanks to you, my business keeps growing from your referrals:-)

I can be reached at my direct number at the office: 847.516.6760.  I look forward to hearing from you!

Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

 Illinois-McHenry County-McHenry, Lakemoor, McCullom Lake, Sunnyside, Johnsburg, Holiday Hills, Ringwood-Real Estate Market Conditions

 McHenry Sunset

How is the current market in The McHenry Area, IL?

How is the current market in The McHenry Area, IL?

This report also includes statistics for McHenry County Areas: 

Holiday Hills / Johnsburg / McHenry / Lakemoor / McCullom Lake / Sunnyside / Ringwood. 

As of this morning, per MRED MLS, for the past 3 months:

• We currently have 702 Single Family homes on the market in The McHenry Area that are active and available.
• They have been on the market for an average of 341 days.
• The average list price in The McHenry Area is $341,054.
• During the past 3 months, 68 Single Family homes have successfully closed with the help of their Realtors.  This only represents 43% of the market that have had success.  They took an average of 147 days on the market to get SOLD.
• The average list price of the SOLD Single Family homes is $219,284 and the average SOLD price is $207,110.
• Park on Fox River-McHenry

          So, on the average Single Family homes in The McHenry Area have been getting an average of 94% of their list prices, with the help of their Realtors.

• We currently have 161 Attached homes on the market in The McHenry Area that are active and available.
• They have been on the market for an average of 202 days.
• The average list price is $180,089.
• During the past 3 months, 19 Attached homes have successfully closed with the help of their Realtors.  This represents 49% of the market that have had success.  They took an average of 108 days on the market to get SOLD.
• The average list price of the SOLDAttached homes is $148,898 and the average SOLD price is $147,863.

So, on the average Attached homes in The McHenry Area have been getting an average of 96% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in The McHenry Area.

Vicki's Place on the Fox River-McHenry

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

I can be reached at my direct number at the office: 847.516.6760.  I look forward to hearing from you!

Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

Illinois-Lake County/McHenry County-BARRINGTON HILLS IL Real Estate Market Conditions

Illinois-Lake County and McHenry County-BARRINGTON HILLS IL Real Estate Market Conditions

How is the current market in BARRINGTON HILLS IL?

(I shot this on the Fox River in Barrington, IL)

Barrington Hills is located in McHenry County , Cook County AND in Lake County.

As of this morning, per MRED MLS, for the past 3 months:

• We currently have 107 Single Family homes on the market in BARRINGTON HILLS IL that are active and available.
• They have been on the market for an average of 287 days.
• The average list price is $2,094,317.

During the past 3 months, 7 Single Family homes have successfully closed with the help of their Realtors.  They took an average of 552 days on the market to be SOLD.

• The average list price of the SOLD Single Family homes is $1,954,714 and the average SOLD price is $1,776,786.

So, on the average, Single Family homes in BARRINGTON HILLS IL have been getting an average of 91% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Beautiful BARRINGTON HILLS IL.

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

How is the current market in Lake In The Hills, McHenry County IL?

As of this morning, per MRED MLS, for the past 3 months:

•· We currently have 287 Single Family detached homes on the market in Lake In The Hills that are active and available. The current inventory of available homes for sale in Lake In The Hills has decreased slightly since my last market report.

•· They have been on the market for an average of 177 days.

•· The average list price in Lake In The Hills is $289,593.

•· During the past 3 months, 52 Single Family homes have successfully closed with the help of their Realtors. This only represents 56% of the market that have had success. They took an average of 131 days on the market to get SOLD.  More homes have closed and market time of the sold properties has decreased in Lake in the Hills since my last report.  This is good news!

•· The average list price of the SOLD Single Family homes is $237,510 and the average SOLD price is $227,511.

So, on the average Single Family homes in Lake In The Hills have been getting an average of 96% of their list prices, with the help of their Realtors.

•· We currently have 139 Attached homes on the market in Lake In The Hills that are active and available.

•· They have been on the market for an average of 181 days.

•· The average list price is $187,209.

•· During the past 3 months, 26 Attached homes have successfully closed with the help of their Realtors. This represents 58% of the market that have had success. They took an average of 110 days on the market to get SOLD.

•· The average list price of the SOLDAttached homes is $169,052 and the average SOLD price is $162,571.  The average sale price of attached homes in Lake In The Hills has decreased but so has the market time since my last report.

So, on the average Attached homes in Lake In The Hills have been getting an average of 96% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Lake In The Hills, McHenry County, IL.  There are fabulous buys....now is a GREAT time to buy real estate in Lake In The Hills!

If I can be of assistance to you, please do not hesitate to call or email me. It will be my pleasure! By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them. My business keeps growing from your referrals.

I can be reached at my direct number at the office: 847.516.6760. I look forward to hearing from you!

Posted Thursday Jun 19

How is the current Real Estate Market in Algonquin, McHenry County, Illinois?

As of this morning, per MRED MLS, for the past 3 months:

We currently have 342 Single Family homes on the market in Algonquin that are active and available.

They have been on the market for an average of 181 days.

The average list price is Algonquin is $360,645.

During the past 3 months, 44 Single Family homes have successfully closed in Algonquin with the help of their Realtors.  This represents 75% of the market that has had success.  They took an average of 195 days on the market in Algonquin to SELL and Close.

The average list price of the SOLD Single Family homes in Algonquin was $331,459 and the average SOLD price was $315,706.

So, on the average Single Family homes in Algonquin have been getting an average of 95% of their list prices, with the help of their Realtors.

We currently have 140 Attached homes on the market in Algonquin that are active and available.

They have been on the market for an average of 141 days.

The average list price is $211,409.

During the past 3 months, 14 Attached homes in Algonquin have successfully closed with the help of their Realtors.  This only represents 52% of the market that have had success.  They took an average of 128 days on the market to get SOLD.

The average list price of the SOLD Attached homes in Algonquin was $202,129 and the average SOLD price was $193,534.

So...Attached homes in Algonquin have been getting an average of 97% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Algonquin but the market statistics are improving!

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

Illinois-McHenry County-FOX RIVER GROVE REAL ESTATE MARKET CONDITIONS

How is the current market in Fox River Grove, IL?

How is the current market in Fox River Grove, IL?

Lion's Park on the Fox River, Fox River Grove, McHenry County, IL

As of this afternoon, per MRED MLS, for the past 3 months:

We currently have 49 Single Family homes on the market in Fox River Grove that are active and available.

They have been on the market for an average of 186 days.

The average list price is $343,782.

During the past 3 months, 7 Single Family homes have successfully closed with the help of their Realtors.  This only represents 64% of the market that have had success.  They took an average of 93 days on the market to be SOLD.

The average list price of the SOLD Single Family homes is $289,941 and the average SOLD price is $274,929.

So, on the average Single Family homes in Fox River Grove have been getting an average of 95% of their list prices, with the help of their Realtors.

We currently have 11 Attached homes on the market in Fox River Grove that are active and available.

They have been on the market for an average of 142 days.

The average list price is $144,109.

During the past 3 months, 2 Attached homes have successfully closed with the help of their Realtors in Fox River Grove.   

The average list price of the SOLD Attached homes is $133,000 and the average SOLD price is $134,650. 

So, on the average, Attached homes in Fox River Grove have been getting an average of 101% of their list prices, with the help of their Realtors, which is GREAT news!

Overall, even though we are seeing some positive changes in our market, we are still experiencing a Buyer's Market in Fox River Grove.

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

Information deemed accurate and reliable but not guaranteed. Source MRED MLS.

How is the current market in Crystal Lake, IL?

Crystal Lake is located in McHenry County.

As of this morning, per MRED MLS, for the past 3 months:

• We currently have 649 Single Family homes on the market in Crystal Lake that are active and available.
• They have been on the market for an average of 209 days.
• The average list price is $383,686.

During the past 3 months, 58 Single Family homes have successfully closed with the help of their Realtors.  This only represents 38% of the market that have had success.  They took an average of 184 days on the market to be SOLD.

• The average list price of the SOLD Single Family homes is $300,471 and the average SOLD price is $284,752.

So, on the average Single Family homes in Crystal Lake have been getting an average of 95% of their list prices, with the help of their Realtors.

• We currently have 188 Attached homes on the market in Crystal Lake that are active and available.
• They have been on the market for an average of 181 days.
• The average list price is $202,874.

During the past 3 months, 19 Attached homes have successfully closed with the help of their Realtors.  This only represents 39% of the market that have had success.  They took an average of 175 days on the market to be SOLD.

• The average list price of the SOLD Attached homes is $196,290 and the average SOLD price is $188,728.

So, on the average Attached homes in Crystal Lake have been getting an average of 96% of their list prices, with the help of their Realtors.

We are still experiencing a Buyer's Market in Crystal Lake.  It is a GREAT Time to buy!

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

Summer Place of Algonquin on the Fox River-Market Conditions:

Summer Place of Algonquin is off Algonquin/River Road and Haeger's Bend in McHenry County.

As of this morning, per MRED MLS, for the past 24 months:

•·     We currently have 2 Attached homes on the market in Summer Place that are active and available.

•·     They have been on the market for an average of 108 days.

•·     The average list price is $234,900.

During the past 24 months, 5 homes have successfully closed with the help of their Realtors.  This only represents 71% of the market that have had success.  They took an average of 57 days on the market to be SOLD.

•·     The average list price of the SOLD Single Family homes is $249,760 and the average SOLD price is $237,230.

So, on the average homes in Summer Place have been getting an average of 95% of their list prices, with the help of their Realtors.

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

I had the opportunity to go to the last FREE Summer Algonquin Concert at Harrison Street and the Fox River last Thursday with some friends by boat and took some pictures while enjoying the music. 

  We even saw a little nature on the way....it is a bit hard to see, but it's a beaver swimming towards  shore near Erickson's Marina:

And some deer grazing on the shore at Camp Algonquin:

I hope you enjoyed the ride as much as we did:-)

My Direct Number at the Office is 847.516.6760

 The Summer's Not Over Yet! Farmers Markets in McHenry County, IL

Shop for fresh produce, baked goods, organics, flowers and maybe even enjoy some entertainment! Support our local farmers! Enjoy meeting your neighbors! 

Local Farmers Markets

Crystal Lake Farmer's Market: Saturdays through October from 8a.m. to 1p.m. in Downtown Crystal Lake.  For more information: 815-479-0835 or www.downtowncl.org

Woodstock Farmer's Market: Tuesdays and Saturdays from 8a.m. to 1:30 p.m. on the Historic Square.  For more information: www.woodstockfarmersmarket.org

Algonquin Farmer's Market: Thursdays from 8a.m. to 2p.m. in the Historic Old Town District on South Harrison South of Cornish Park through October 2nd.  For more information: http://www.downtownalgonquin.org/farmers%20market.htm

Huntley Farmer's Market: Saturdays on the town square (Coral Street between Church and Woodstock Street) through September 27th from 8a.m.-Noon.  For more information: www.huntley.il.us

 McHenry Farmer's Market: Thursdays from 4p.m. to 7:30p.m. (and usually with a concert after the market!) at Veterans Memorial Park through August 20th.  For more information: www.ci.mchenry.il.us

For specifics and latest updates, please check the web sites listed above and enjoy:-)

GREAT News for 1st time homebuyers! Have you been waiting for that "message in a bottle" to buy? The First Time Homebuyer Tax Incentive has now been approved through the lobbying efforts of the National Association of Realtors.  A first time homebuyer is defined for the purposes of the tax incentive is anyone who has not owned any property in the past 3 years. For more details, please see the links below.

It is a great time to buy, especially now!

Here's your "message in a bottle":

First time homebuyer tax credit info:

http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

http://www.federalhousingtaxcredit.com/

"Illinois REALTORS applaud passage of housing stimulus package. REALTOR-supported H.R. 3221, the "Housing and Economic Recovery Act of 2008,"  includes:

• $7,500 first-time homebuyer tax credit. The credit that would be available for any qualified purchase between April 8, 2008 and June 30, 2009, repayable over 15 years. This provision will be effective immediately and is intended to convert those "just looking" into buyers.
• GSE reform. Independent regulator for Fannie Mae and Freddie Mac and permanent conforming loan limits up to the greater of $417,000 or 115 percent of the local area median home price, capped at $625,500.
• FHA reform. Permanent FHA loan limits at the greater of $271,050 or 115 percent of local area median home price, capped at $625,500.
• FHA foreclosure rescue.A refinance program for homebuyers with problematic subprime loans."
• (Source: Illinois Association of Realtors)

Here are the links to the details of this bill:

Here is a link to the summary of the key provisions in HB 3221 as posted on realtor.org.

http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

"National Association of REALTORS®
Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

• GSE Reform - including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
  View 2009 FHA and GSE loan limit estimates(PDF)

• FHA Reform- including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
  View 2009 FHA and GSE loan limit estimates(PDF)
  FHA Reform Chart(PDF)

• Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
  First-time homebuyer tax credit chart
  Frequently asked questions about the first-time homebuyer tax credit

• FHA foreclosure rescue- development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.
  FHA Foreclosure Rescue Chart

• Seller-funded downpayment assistance programs- codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.
  More about the seller-funded downpayment assistance provision
  Tips to finding downpayment assistance programs(PDF)

• VA loan limits - temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

• Risk-based pricing - puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

• GSE Stabilization- includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

• Mortgage Revenue Bond Authority- authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

• National Affordable Housing Trust Fund- Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

• CDBG Funding - Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.
  More about the CDBG funding provision

• LIHTC - Modernizes the Low Income Housing Tax Credit program to make it more efficient.

• Loan Originator Requirements - Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator." (Source: National Association of Realtors)

Statement by NAR President re: President signing of the legislation.

http://www.realtor.org/press_room/news_releases/2008/president_signing_housing_bill

Please make sure to  check with your tax adviser for details on how this applies to your individual situation.  This post is for information only.

You do not have to travel the path to home-ownership alone!

I love working with first time buyers, so if you do not already have a buyer's agent, please contact me.  I can help you get pre-approved with a lender and will sit down with you to go over the entire process so you are comfortable and knowledgeable as we move forward on your first real estate purchase.  I will be there to help you each step of the way.  How exciting! :-)

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760

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Debra Kukulski Email: deb@debrakukulski.com Phone: 847-516-6760 Fax: 847-639-6666 Web: www.debrakukulski.com   RE/MAX Unlimited Northwest 445 Park Avenue Cary, IL 60013

If I can be of assistance to you, please do not hesitate to call or email me.  It will be my pleasure!  By the way, if you know of someone that could benefit from my high level of service, please call or email me with their name and daytime phone number and I will make sure to follow up and take great care of them.  My business keeps growing from your referrals.

My Direct Number at the Office is 847.516.6760