Kinga Korpacz, ABR, CRS, ASP, CDPE, RSPS E-Pro blog

Market update

2010-01-27T22:15:00Z

Combining Cook, Dupage, Lake and Kane County for all residential properties only, it will take 13 months to sell the inventory. In a normal or stabilized market, it takes 5-6 months to do so.

Please take a look at the graphs below, it goes back 3 years, you can easily see how high our inventory is, how our property prices are going down year by year, and average market time is going up.

This graph shows current supply and demand for the past 3 years for Cook, Dupage, Kane and Lake County combined for all residential units

This Graph shows Median Sales Price for Cook, Dupage, Lake and Kane County combined for all residential units.

and last graph shows average days on the market for the same counties and residential units combined

States with the highest foreclosure rates (in the third quarter of 2009 according to RealtyTrac.com) are:

1. Nevada 2. Arizona 3. California 4. Florida 5. Idaho 6. Utah 7.Georgia 8. Michigan 9. Colorado 10. Illinois

I do have to add that this info is taken from our local MLS and does not include for sale by owners. It it accurate to the best of my knowledge but not guaranteed.

Single Story For Sale in Norwood Park

2010-01-27T21:11:00Z

• 969 sq. ft., 2 bath, 2 bdrm single story "Raised Ranch" - MLS® $280,000

Norwood Park, Harwood Heights - Solid, Lovely 3 bedroom 2 bath ranch with finished basement. Maine South school district. Hardwood floor on main level, ceramic tiles in basement. Ceramic tiles in bathrooms, upstairs bath with jacuzzi. Updated kitchen with maple cabinets. Side drive to 2.5 brick garage. Gas fireplace in basement. Den, storage room, full bath and laundry room are located in basement. Short sale and need lender approval to sell.

Property information

Price Reduced on 1D-1S065 Spring Rd in Arbor 40

2009-12-18T23:49:00Z

Arbor 40, Oakbrook Terrace - Announcing a price reduction on 1D-1S065 Spring Rd, a 2 bath, 2 bdrm 2 story. Now MLS® $219,900 - .

Property information

Rent/Lease Reduced on 12B-1344 N. Dearborn in Gold Coast

2009-12-18T23:49:00Z

Gold Coast, Chicago - Announcing a rent/lease reduction on 12B-1344 N. Dearborn, a 1 bath apartment "high rise-studio". Now MLS® $875,000 USD Monthly - .

Property information

Price Reduced on 7412 W. Strong in Norwood Park

2009-12-18T23:48:00Z

Norwood Park, Harwood Heights - Announcing a price reduction on 7412 W. Strong, a 969 sq. ft., 2 bath, 2 bdrm single story "Raised Ranch". Now MLS® $285,000 - .

Property information

Common questions about first time buyer tax credit

2009-12-18T23:19:00Z

Who can use the homebuyer tax credit?

First-time buyers and long-time homeowners who buy a replacement principal residence. (The law defines a first-time buyer as an individual who has not owned a home in the three years prior to the day of purchase. According to the IRS, the longtime homeowner must have lived in the same principal residence for any five consecutive- year period during the eight-year period that ended on the date the replacement home is purchased.)

How much is the credit?

For first-time buyers the credit is equal to 10 percent of the cost of the home up to a maximum of $8,000 (or $4,000 for a married individual filing separately). For long term homeowners, the credit is equal to 10 percent of the purchase price up to $6,500 (or $3,250 for a married individual filing separately).

What is the deadline for using the tax credit?

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.

What is the deadline for military service members?

The credit is extended through May 1, 2011, for members of the military serving outside the United States for at least 90 days.

Which properties are eligible?

Any single-family home (including condos, co-ops, townhouses) that will be used as a taxpayer’s principal residence. Vacation properties are not eligible; the tax credit may not be used to purchase a home for more than $800,000.

Are there income limitations?

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers.

How do I claim the tax credit?

For qualifying purchases, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The credit reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. It is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using IRS Form 5405.

Does the credit have to be repaid?

No, as long as the buyer stays in the home for at least three years. If the home is sold within three years of the date of purchase, the buyer is required to pay back the full amount of the credit, including any refund received. You can also visit www.YourIllinoisHome.com for more details. If you have specific questions or need additional information, please contact a tax professional or the IRS at 800-829-1040.

Feel free to contact Kinga Korpacz at 708-867-0600 if you have additional questions or you are ready to start your home search. If you have specific question or need additional information, please contact a tax professional or the IRS at 800-829-1040

Price Reduced on 821 Neva in Addison

2009-12-17T18:40:00Z

Addison, DuPage County - Announcing a price reduction on 821 Neva, a 1 bath, 3 bdrm single story. Now MLS® $219,900 - .

Property information

Ban on texting while driving begins January 1, 2010

2009-12-10T03:13:00Z

Laws that Affect Your Mobile Business

Text Messaging Ban/Cell Restrictions - Public Act 96-130 (HB 71) prohibits a person from using an electronic communication device to compose, send or read a text message while driving. This new law has certain exceptions—if using a device in hands free or voice-activated mode; while the vehicle is parked on a shoulder of a roadway; or if the vehicle is stopped due to normal traffic being obstructed and the vehicle is either in neutral or park. Public Act 96-131 (HB 72) prohibits the use of a cell phone in a school speed zone or a highway construction or maintenance zone. This new prohibition does not apply to persons working on the highway project, using a cell phone for emergency purposes, law enforcement personnel or if you are using a cell phone in voice-activated mode.

Vehicle Fee Increases - Illinois standard license plate fees will rise from $78 to $99; car title fees increase from $65 to $95; transfer of registration fees increase from $15 to $25.

Single Story For Sale in Melrose Park

2009-11-24T16:39:00Z

• single story - MLS® $45,000

Melrose Park, Cook County - 45x126 vacant buildable lot in the middle of newer residential homes. zoned - R5 Single Family. PERFECT OPPORTUNITY TO BUILD YOUR HOME. Not a short sale, close within your time.

Property information

Price Reduced on 10112 W Medill Ave. in Melrose Park

2009-11-24T16:39:00Z

Melrose Park, Cook County - Announcing a price reduction on 10112 W Medill Ave., a single story. Now MLS® $45,000 - .

Property information

Price Reduced on 2902 N Luna St in Belmont Central

2009-11-19T17:56:00Z

Belmont Central, Chicago - Announcing a price reduction on 2902 N Luna St, a single story. Now MLS® $549,000 - .

Property information

2 Story For Sale in Franklin Park

2009-11-11T19:39:00Z

• 2 bath, 3 bdrm 2 story "Cape Cod" - MLS® $190,000

Franklin Park, Cook County - Picture perfect cape cod. 3 bedroom, 2 bath, full finished basement, oversized 2.5+ car garage. Main level features living room with hardwood floors, master bedroom, full bath, kitchen, dining room and huge family room in ceramic tiles and fireplace. Nice deck off of family room. 2nd floor features 2 additional good size bedroom with hardwoof floors. Basement features recreational room with drybar, full bath, laundry room. Home has new windows, siding, custom window treatmenets, boiler and heating/Ac system. It is a short sale and it is approved. Close possibly within 30-60 days. Must be sold in AS-IS condition, and no home contingencies .

Property information

Ranch For Sale in Churchill

2009-10-28T21:32:00Z

• 1,971 sq. ft., 2 bath, 4 bdrm ranch - MLS® $259,000

Churchill, Schaumburg - Short Sale. Solid U shaped ranch with partial finished basement. Home needs some updating inside has lots of potential. Newer windows, new furnace, deck, beautiful back yard. Great location. Need 60-90 days to close.

Property information

Price Reduced on 310-985 CHARLELA LN in Elk Grove

2009-10-23T16:24:00Z

Elk Grove, Elk Grove Village - Announcing a price reduction on 310-985 CHARLELA LN, a 1,000 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $140,000 - .

Property information

Rent/Lease Reduced on 157 Festival Court in River Park Place

2009-10-06T20:06:00Z

River Park Place, Elgin - Announcing a rent/lease reduction on 157 Festival Court, a 2,400 sq. ft., 2 bath, 2 bdrm townhouse "4 level". Now MLS® $1,450 USD Monthly - .

Property information