Champaign, IL Real Estate News

By Scott Bechtel
(Keller Williams Realty)
Open This Sunday November 16, 2008 from 2-4pm 3805 Farhills, Champaign Rare find! You'll enjoy beautiful views from this RANCH IN LINCOLNSHIRE FIELDS. There is a front porch perfect for relaxing and watching the golfers, and a spectacular back deck for entertaining. Inside you'll find a nice foyer for greeting your guests, a spacious living room, and open kitchen and dining room with fireplace (this room could be a family room). The fully applianced kitchen offers tile counters and plenty of cabinets. A wonderful sunroom overlooks the well-groomed back yard. There is also a bonus/office room that includes extra storage, laundry and desk.    603 Haines, Champaign Priced very well, this wonderful duplex or single family home is located in a beautiful neighborhood. As a duplex, it is perfe...
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By Aaron Gallagher
(Green Street Realty )
If your like me my brain is about to explode from Economic Info Overload Syndrome, better known as EIOS. The amount of negative news coverage, market spikes and crashes have taken it's toll on many people in the United States and around the world. I myself have been glued to CNBC at home and work and it certainly changed the way I feel about the future. Now I don't mean that in a bad way just in a different way, things arent' going to be the same. From here on out we as Americans can't continue to be financially ignorant and just hope inflation keeps bailing us out. The days of using  our homes as piggybanks are over and easy cheap credit will be harder to get unless you have spotless credit. It's apparent that we have allowed ourselves to be hoodwinked into believing there was nothing ...
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By Scott Bechtel
(Keller Williams Realty)
If you or anyone you know have been thinking about purchasing a home now or in the future, here are three great reasons to buy! 1. $7500 Tax Credit for first time home buyers! 2. Interest Rates are still great! 3. It is always a great time to buy the right piece of Real Estate! The Bechtel Group is having a Buyer Seminar on November 19, 2008 to talk about these topics and more! For more information please view www.bechtelhomes.com.
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By Aaron Gallagher
(Green Street Realty )
I urgently need your help!! Today's economic turmoil is keeping many first time home buyers on the sidelines and passing up some of the best deals in years. Low rates, low prices, $7500 tax credit, tax deductions the list goes on and on. How can you help you ask? We'll it's simple, help me come up with 100 reasons not to rent such as, "Guitar Hero at 3 a.m. on a Tuesday really sux!" or "The overwhelming smell of kitty litter in the hallway makes me want to puke!!" You get what I'm trying to say... Please take some time and post a good reason to own instead of rent and let's see if we can get to 100!!!
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By Aaron Gallagher
(Green Street Realty )
First Time Home Buyer Guide Complete First Time Home Buyer Guide.   The home buying process can be quite complex, even for those who have been through it a few times. For the first time home buyer, the process can seem impossible. This guide breaks down the home buying process into 14 steps, with information and resources provided to make each step achievable. Also, most states offer first time home buyer grants and low interest loans for those within specific income limits. For most people, these programs can make the difference between being able to afford your first home or not. Here are the 15 steps to buying your first home: 1. Establish good credit.The first step in the home buying process is establishing good credit. Banks and mortgage lenders will not lend to first time home buy...
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By Aaron Gallagher
(Green Street Realty )
6 Reasons You Should  Buy Your First Home   Renters: Here are six very strong reasons why you should move out of your rental and buy your first home. If you do not yet own a house of your own and are currently renting, here are 6 very, very compelling reasons why you should buy your first home. 1. Enjoyment. The primary reason you should purchase a home is for the enjoyment it will bring you and your family. You should buy a home that you will love living in! Undoubtedly, the first house you buy will not be the home you live in the rest of your life. As you mature your income will likely improve and your housing needs and desires will expand. You will likely sell your first home and trade up to a larger, nicer one. However, your primary focus when choosing your first home is to buy a ho...
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By Scott Bechtel
(Keller Williams Realty)
According to the IEMA, radon is defined as a radioactive element that is part of the radioactive decay chain of naturally occuring uranium in soil.  There is no way to see the level of this element in your home without doing the radon test because we can not smell, see or taste it. In comparison to something like Carbon Monoxide it does not have immediate effects.  However, its adverse effects occur if exposed to a high rate for long periods of time. "The USEPA action level for radon is 4.0 picocuries per liter of air (pCi/L).  The risk of developing lung cancer at 4.0 pCi/L is estimated at about 7 lung cancer deaths per 1000 persons.  That is why USEPA and IEMA recommends reducing your radon level if the concentration is 4.0 pCi/L or more. " http://www.radon.illinois.gov/whatisrdn.htm ...
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By Aaron Gallagher
(Green Street Realty )
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. First-Time Home Buyer Tax Credit at a Glance The tax credit is available for first-time home buyers only. The maximum credit amount is $7,500. The credit is available for homes purchased on or after April 9, 2008 and beforeJuly 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The t...
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By Aaron Gallagher
(Green Street Realty )
Ever since the Federal Reserve Bank announced yesterday they were going to take over Fannie and Freddie I've been looking for signs of good news. I came across an article in the MortgageNewsDaily that has one economist talking lower rates. Here is a little bit of what Brian Bethune, chief U.S. economist at Global Insight had to say, "The takeover will be bad news for existing shareholders but good news for American households: first-time homebuyers will benefit from lower mortgage rates, as will those who can refinance their mortgage. He said there is a "very high probability that 30-year fixed mortgage rates could move down to close to 6% within weeks, and possibly drop below that level by the end of 2008." Bethune also said the deal makes the implicit guarantee of the government on GS...
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By Aaron Gallagher
(Green Street Realty )
In an announcement made today by Treasury Secretary Henry Paulson the Federal Government has taken over mortgage giants Fannie Mae and Freddie Mac. Both companies have been placed into a government conservatorship under the recently created Federal Housing Finance Agency, under a plan announced by the Treasury Secretary and FHFA Director Jim Lockhart. So what does this mean to me and you, that's yet to be seen. Some people think mortgage rates will rise dramatically and others think 5% again. I for one hope lower rates are the order of the day. I feel if rates drop further many buyers will get off the sidelines and get some of the best housing deals in the last 5 years. With high inventory and the peak purchase season over sellers are between a rock and a hard place!! Keep your eye on t...
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By Aaron Gallagher
(Green Street Realty )
Summer is over, the students are back, children are going to school and real estate is at a stand still. Currently there are 7 months of inventory in Champaign County. Remember we calculate inventory by dividing the current number of listings by the number of homes under contract. We got down to a low of almost 4 months during the summer and were busy considering current market conditions. Now that the market has slowed, inventory is up and we're past the peak selling season I expect to see increased price pressure on sellers. If I were in the market to buy I would be giving it serious thought right now as sellers have a lot working against them.  Over the summer I've been monitoring the traffic on my blog and was surprised the post that got the most looks is Jacobs Landing. It appears ...
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By Aaron Gallagher
(Green Street Realty )
I was going to submit another land trust article but it's over 4 pages long and to difficult to post. If you're interested in obtaining a copy please let me know I'll email it to you. I can personally attest that land trusts are a great tool that's misunderstood by most investors, Realtors and attorneys. If you own real estate for personal or investment purposes you need a Land trust!! Please let me know if you would like to know more and have a great week!!  
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By Mark Waldhoff, GRI, CRS - Champaign/Urbana, IL
(Keller Williams Realty)
Turnberry Ridge Subdivision - Champaign, IL   Turnberry Ridge Real Estate Market Update: The following data was compiled from the CCAR MLS as of 8/22/2008 Closed Sales of Single Family Homes Year Average List Price Average Sale Price Median List Price Average Days on Market # of Closed Sales List Price to Sale Price Ratio 2005 $209,042 $220,820 $229,900 50 15 98.2% 2006 $223,756 $217,725 $219,900 60 16 97.3% 2007 $224,509 $219,664 $229,900 40 11 97.8% 2008 Closed YTD $232,440 $222,500 $222,500 94 11 98.29 Similar to it's next door neighbor, Glenshire Subdivision, activity in Turnberry Ridge has picked up since our last market report.  5 home sales have closed since 5/23/08 bringing new neighbors and friends to the subdivision. The average days on market for a home has greatly extended f...
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By Mark Waldhoff, GRI, CRS - Champaign/Urbana, IL
(Keller Williams Realty)
Real Estate Market Summary - 1/1/08 thru 5/13/08 The following data is taken from the CCAR MLS as of 5/13/2008 Year Average List Price Average Sale Price Median List Price Average Days on Market # of Closed Sales List Price to Sale Price Ratio 2005 $209,042 $197,400 $205,900 38 12 94.4% 2006 $212,450 $208,585 $214,900 55 12 98.2% 2007 $197,908 $193,096 $194,900 97 13 97.1% 2008 YTD $212,291 na $213,000 na 0 na Looking at Glenshire as an individual market is a little tough to do because of the small number of sales every year so these statistics need to be incorporated with a view of the overall real estate market in Southwest Champaign. (if you are interested in that info please contact me) In general, Glenshire has followed the general trend in the local real estate market with longer ...
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By Aaron Gallagher
(Green Street Realty )
The news about housing these days is terrible. Every night we read and hear more about foreclosures and falling home prices. As a Realtor I would like to hear back from people who want to buy as to their opinion and feelings about the falling home prices and foreclosures. Please take a few moments and detail for me your biggest fear about buying a home in today's market and your biggest complaint about your current housing situation. Thanks in advance I look froward to responding to everyone's posts   Aaron
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By Aaron Gallagher
(Green Street Realty )
FIRST‐TIME HOMEBUYER TAX CREDIT On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housingbill, Congress has created a new, temporary tax credit to provide an incentive for first‐time home-buyers.The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 andbefore July 1, 2009. The $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). Click Here For a brief review from the NAR of the deatials of the first time home buyer tax credit!  If you would like a 6 page Frequently Asked Questions about the First Time Home Buyer Tax Credit please email your name...
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By Scott Bechtel
(Keller Williams Realty)
Although the field of real estate can be a challenge, it can be done through taking the correct actions and being consistent and purposeful in your daily tasks.  Start by deciding on the results you want, and the see what you need to do to get there. Make these into yearly goals and then see what you need to do monthly, weekly and finally in your daily tasks.  Sometime it can feel like reaching those goals are far away, but if you are consistent and stay focused you will have a greater chance of getting there.
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By Aaron Gallagher
(Green Street Realty )
APPEALING ASSESSMENT WITH BOARD OF REVIEW: When: Between July 1st and September 10th, 9 a.m. through 3 p.m. Monday through Friday. What to bring: Evidence of value is not required on residential property. Complaints unless the property has been recently a) purchased, b) constructed, c) appraised, d) listed for sale, documentation must be provided.  If you have any questions give them a call (217) 384-3758
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By Aaron Gallagher
(Green Street Realty )
Year To Date Comparison 2007 vs. 2008    Jan. 1,2007 - May 31, 2007                 Jan. 1, 2008 - May 31, 2008 Total # Sold and Closed -1123      Total # Sold and Closed - 932 Dollar Volume - $165,000,981        Dollar Volume - $140,466,085 Average Price Home - $146,929        Average Price Home - $150,715       One Month Comparison: 2007 Ys. 2008    May 1,2007 - May 31, 2007      May 1,2008 - May 31, 2008 Total # Sold and Closed - 341         Total # Sold and Closed - 271 Dollar Volume - $51,506,641          Dollar Volume - $43,334,103 Average Price Home - $151,045          Average Price Home - $159,904·
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By Aaron Gallagher
(Green Street Realty )
Year To Date Comparison 2007 VS. 2008   Jan. 1,2007 - Apr. 30, 2007       Jan. 1,2008 - Apr. 30, 200S Total # Sold and Closed - 782         Total # Sold and Closed - 656 Dollar Volume· $113,464,340           Dollar Volume· $96,209,929    Average Price Home-$145,095      Average Price Home-$146,661       One Month Comparison: 2007 VS. 2008   Apr. 1,2007- Apr. 30,2007              Apr. 1, 2008 - Apr.30,2008 Total # Sold and Closed-263         Total #Sold and Closed-177 Dollar Volume - $38,246,975           Dollar Volume- $26,566,931     Average Price Home - $145,425       Average Price Home - $150,095
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