Lesley's Blog

Below is a note regarding IL housing. You can listen to a podcast on the latest forecast for the Illinois housing market delivered by Dr. Geoffrey J.D. Hewings, director of the University of Illinois Regional Economics Applications Laboratory (REAL) and professor of Geography, Economics and Urban and Regional Planning. The forecast is based on MLS sales reported by 35 participating Illinois REALTOR local boards and associations. The research links economic indicators with real estate trends and indicators for the state of Illinois as a whole.

Key Messages in a Changing Market:

• Local market conditions are oftentimes different from what’s happening nationally, so it’s best to work with a real estate professional to determine timing, pricing and the best value.
• Don’t be scared off by stories about a “credit crunch.” Conventional loans are available at good rates for credit-worthy buyers.
• Despite increases in mortgage rates over the past couple of years, rates still remain at historically low levels.
• Those looking to buy now have an advantage with a large inventory to choose from and room to negotiate.
• A typical homeowner had $184,400 in net worth versus versus only $4,000 for a typical renter, according to data from the Federal Reserve.
• Real estate remains the single best investment over the long term providing wealth accumulation, especially for those who keep the home for a typical holding period of 6 to 10 years.
• Now more than ever you need a REALTOR if you are buying or selling a home. A REALTOR’s understanding of the local market and guidance on all aspects of buying or selling a home can help navigate a challenging market.

IAR Market Stats Links

• IAR Market Stats Home Page
• Release Schedule
• Interest Rates Chart
• NAR Real Estate Insights

If you have questions about IAR Market Stats or media relations, contact Mary Schaefer, IAR Director of Communications, mschaefer@iar.org or 217-529-2600.

I get asked quite frequently how the housing market is doing in our great state of Illinois as well as in the River Bend area.  The Illinois Association of REALTORS® reported the following:

•First quarter of 2008 home sales were down 27%

•First quarter median home sale price was down 4.3%

The predicition is that home sales will be boosted in the summer months.  Many folks who wanted to buy in the fall have waited to see where the market is headed and are now ready to buy.  In addition the federal economic stimulus package and some important housing provisions that were recently passed by Congress are hoped to increase the housing market.

This is a good time to buy!  The market has several homes out there as well as sellers who are motivated to sell.  If you are in the market for a home here are some statistics you might be interested in.

•Most homebuyers looked for a home for 8 weeks and saw an average of 11 homes.

•REALTORS® were used by 86% of homebuyers

•The internet was used by 67% of homebuyers looking for a home

•Those who search on the internet were an average age of 37!

I hope this encourages those of you who are buying and those who are selling! 

If you are searching for a home and use the internet I now have a VERY useful tool called a "Property Cart"!  I can specify where and what price, acreage etc you are looking for and you will be notified via e-mail any time a home becomes available to you! 

If you are interested in signing up for this feature---drop me an e-mail at lgleason@illinoiscoutntryhomes.com

or give me a call at 372-4010!

Have a GREAT day!!

~Lesley~

Daily Real Estate News  |  January 22, 2008Fed Issues Emergency Rate-Cut
The Federal Reserve, in an emergency meeting on Tuesday, slashed the key rate to 3.5 percent, citing a weakening economic outlook. The move marks the Fed's biggest rate cut — three quarters of a point — in more than 20 years.

As fears of a recession looms, the Fed said the rate-cut was to help restore confidence in the U.S. economy.

http://www.realtor.org/RMODaily.nsf/pages/News2008012201?OpenDocument

The National Association of Realtors Research Update indicates the following in the current market...

http://www.realtor.org/press_room/news_releases/2008/pshi_jan08_stable_existing_home_sales.html

Hi Everyone!

Just so you are all aware, a law did pass on Dec 20 in which President Bush signed it into law a 3-year moratorium on the IRS collecting on the forgiven mortgage debt  Per Rep Kline’s office, congress is trying to make it permanent, but for now it is 3 years Follow this link below to see the story from the White House there are links to the stories on the right side of the page. I’m sure that being so close to the holidays, many missed the news.

 http://www.whitehouse.gov/infocus/homeownership/