Grayslake, IL Real Estate News

By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Do You Know How Much Your Home Has Increased in Value?   Last year we saw headlines about a possible housing market bubble, and many wondered if Americans still felt confident about the value of their homes. Recently, the 2018 Houzz & Home Study revealed:“Homeowners with mortgages have seen their home equity more than double since 2011, increasing to a record-setting $8.3 trillion in 2017.”     The average homeowner gained $16,200 in home equity between Q2 2017 and Q2 2018 according to the latest release of CoreLogic’s Home Equity Report. Since 2011 home values have increased significantly throughout the country, with prices rising by 5.1% in 2018 alone. When surveyed, homeowners revealed the top four reasons why they felt their homes had increased in value. Desirable Location Improved...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Do You Prefer the Charm of an Existing Home?When homebuyers begin their research, they want to see all their available options! In many cases, they will include both new construction and existing homes in their search; but is a new construction home really the house of their dreams? According to a recent survey by Zillow, of the 38% of total buyers that added new construction to their list, only 11% ultimately purchased a newly constructed home! They added that 71% of these buyers are repeat buyers who are financially secure, with 45% using the money from the sale of their previous homes to make a purchase. Below are some reasons why buyers are interested in purchasing a new build: Everything in the house is new/never used (49%) To be close to family (41%) The home is the best value fo...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
4 Quick Reasons NOT to Fear a Housing Crash in 2019  There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago. Here are four reasons why today’s market is much different:1. There are fewer foreclosures now than there were in 2006A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in many cases, lowered the values of adjacent homes. We are ending 2018 with foreclosures at historic pre-crash numbers – much fewer foreclosures than we ended 2006 with. 2. Most homeowners have tremendous equity in their homesTen yea...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Homeownership Remains a Huge Part of the American Dream As we head into 2019, many news outlets and housing experts warn that the housing market may slow down. Over the last six years, the inventory of homes for sale has been near historic lows, which has been the force behind increasing home prices. This has been great news for sellers as many of them have been able to capitalize on the demand in the market and sell their homes quickly and at a great profit. One of the big reasons why inventory has remained so low for so long is that an entire generation of home buyers is finally buying! The millennial generation (ages 19-35) has been the driving force behind bidding wars in many areas of the country as they ditch their renter lifestyles and put down roots in new communities. First Am...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
4 Reasons to Sell Your House This Winter Some Highlights: Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available! Housing inventory is still under the 6-month supply needed to sustain a normal housing market. Perhaps the time has come for you and your family to move on and start living the life you desire.  Jim StarwaltManaging Broker Better Homes and Gardens Real Estate Star Homes783 N Barron Blvd, Grayslake IL 60030 Cell Phone: 224-627-7581Jim@StarHomeTeam.com Search for Homes at www.StarHomeTeam.com Find Me Online: 4 Reasons to Sell Your House This Winter 2019
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Home Prices Up 6.34% Across the Country! Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!  Jim StarwaltManaging Broker Better Homes and Gardens Real Estate Star Homes783 N Barron Blvd, Grayslake IL 60030 Cell Phone: 224-627-7581Jim@StarHomeTeam.com Search for Homes at www.StarHomeTeam.com Find Me Online: Home Prices Up 6.34% Across the Country!
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Further Proof It’s NOT 2008 All Over Again Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market. However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade. The previous bubble was partially caused by unhealthy levels of mortgage debt. New purchasers were putting down the minimum down payment, resulting in them having little if any equity in their homes. Existing homeowners were using their homes as ATMs by refinanc...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
The #1 Reason to Not Wait Until Spring to Sell Your House   Many sellers believe that spring is the best time to place their homes on the market because buyer demand traditionally increases at that time of year, but what they don’t realize is that if every homeowner believes the same thing, then that is when they will have the most competition!The #1 Reason to List Your Home in the Winter Months is Less Competition!Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months’ supply of listings from the National Association of Realtors.   As you can see, the ‘sweet spot’ to list your home for the most exposure naturally occurs in the late fall and winter months (November – February).  Temperatures ar...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Buyers: Don’t Be Surprised by Closing Costs! Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs.But what are closing costs anyway?According to Trulia: “Closing costs are lender and third-party fees paid at the closing of a real estate transaction, and they can be financed as part of the deal or be paid upfront. They range from 2% to 5% of the purchase price of a home. (For thos...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
7 Reasons to List Your House For Sale This Holiday Season     Every year at this time there are many homeowners who decide to wait until after the holidays to list their homes for the first time, while others who already have their homes on the market decide to take them off until after the holidays.Here are seven great reasons not to wait: Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their new employees in their new positions as soon as possible. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now. You can restrict the showings on your home to the times you want it shown. You will remain in control. Homes show better when decorated for the holidays. There is minimal competition for yo...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Wage Increases Make Home Buying More Affordable   Everyone knows that housing affordability has been negatively impacted by rising prices and increasing mortgage rates, but there is another piece to the affordability equation – wages. How much a family earns obviously impacts how easy or difficult it is for them to afford to own a home. Because of an improving economy, wages are finally beginning to increase – and that dramatically affects home affordability. According to the National Association of Realtors’ (NAR) September 2018 Housing Affordability Index, wages have increased in every region of the country: After applying current salaries, home prices, and mortgage rates to their Home Affordability Index equation, the index, though still lower than this time last year (160.1 to 146....
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Home Sellers in Q3 Netted $61K at ResaleAccording to a recent report by ATTOM Data Solutions, home sellers who sold their homes in the third quarter of 2018 benefited from rising home prices and netted an average of $61,232. This is the highest average price gain since the second quarter of 2007 and represents a 32% return on the original purchase prices. After the Great Recession, many homeowners were left in negative equity situations but home price appreciation in the recovery period since then has given homeowners something to smile about. The results from ATTOM fall right in line with data from the latest edition of the National Association of Realtors’ (NAR) Profile of Home Buyers and Sellers. Below is a chart that was created using NAR’s data to show the percentage of equity tha...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
5 Tips When Buying a Newly Constructed Home The lack of existing inventory for sale has forced many homebuyers to begin looking at new construction. When you buy a newly constructed home instead of an existing home, there are many extra steps that must take place. To ensure a hassle-free process, here are 5 tips to keep in mind if you are considering new construction:1. Hire an Inspector Despite the fact that builders must comply with town and city regulations, a home inspector will have your best interests in mind! When buying new construction, you will have between 1-3 inspections, depending on your preference (the foundation inspection, the pre-drywall inspection, and a final inspection). These inspections are important because the inspector will often notice something that the build...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
2 Myths Holding Back Home Buyers   Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership: Down Payment, Credit, and Affordability,” which revealed that,“Consumers often think they need to put more money down to purchase a home than is actually required. In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low–down payment programs.” Myth #1: “I Need a 20% Down Payment”Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report: “Most potential homebuyers are largely unaware that there are low-down payment and no-down payment assistance p...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
The Difference an Hour Will Make This Fall ... Every Hour in the US Housing Market:  596 Homes Sell 278 Homes Regain Positive Equity Median Home Values Go Up $1.20  Jim StarwaltManaging Broker Better Homes and Gardens Real Estate Star Homes783 N Barron Blvd, Grayslake IL 60030 Cell Phone: 224-627-7581 Jim@StarHomeTeam.com Search for Homes at www.StarHomeTeam.com Find Me Online:
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
How Will Home Sales Measure Up Next Year?   There are many questions about where home sales are headed next year.   We have gathered the most reliable sources to help answer this question.   Here are our sources:   Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.   The National Association of Realtors (NAR) – The largest association of real estate professionals in the world.   Freddie Mac – An organization which provides liquidity, stability, and affordability to the U.S. housing market in all economic conditions extending to all communities from coast to coast.   Fannie Mae – A leading sou...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Taking Fear Out of the Mortgage Process A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history. Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you. Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests ...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Are You Spending TOO Much on Rent?Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. According to new data released from ApartmentList.com, 49.5 million renters in the United States were cost-burdened in 2017, meaning they spent more than 30% of their monthly incomes on rent. This accounts for nearly half of all renter households in the country and is up 3.1 million from 2007. When a household is cost-burdened by their monthly housing expense, they are not as easily able to save money for the future...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Thinking of Selling Your Grayslake Home?    Here’s Why You Need A Pro in Your Corner With home prices on the rise and buyer demand still strong, some sellers may be tempted to try and sell their homes on their own without using the services of a real estate professional. Real estate agents are trained and experienced in negotiation and, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families. Here is a list of just some of the people with whom the seller must be prepared to negotiate with if they decide to For Sale by Owner (FSBO): The buyer who wants the best deal possible The buyer’s agent who solely represents the best interests of the buyer The buyer’s attorney (in s...
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By Jim Starwalt, A Name You Know and The Brand You Trust
(Better Homes and Gardens Real Estate Star Homes)
Buying a Home Can Be Scary… Until You Know the Facts Some Highlights:Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home which stops many of them from even trying! Here are some facts: 72% of buyers who purchased homes this year have put down less than 20%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 727 in September.  Jim Starwalt Managing Broker Better Homes and Gardens Real Estate Star Homes783 N Barron Blvd, Grayslake IL 60030 Cell Phone: 224-627-7581 Jim@StarHomeTeam.com Search for Homes at www.StarHomeTeam.com Find Me Online: Buying a Home Can Be Scary… Until You Know the Facts
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