Archive for February, 2011

The Spring Real Estate Market Has Started in Buffalo Grove

Buyers Bring Your Checkbook

It’s that time again. The Spring Market is here.  But,who is buying in the Spring Market?

We are going to see first time buyers, some Gen X buyers-1965-1979, and Gen Y buyers-1980-1995. Now,according to Trulia,88% of 18-34 year olds, who are renting, still want to buy. Also, according to a survey by Coldwell Banker for First Time Homebuyers, 67% viewed this market as an opportunity to start looking for a house, sooner than later.

Those buyers, 40% of them, who were looking, also found that they were able to get more space than expected. The Gen Y’ers, are looking for the space they need, not the space they can afford, they still want to be close to work, recreation and transportation. They have no allusions of making “big” money, unless all hell breaks loose again. They also want a “turnkey” situation, come home, turn the key, done. So if you’re looking for more bang for your buck,great schools,recreation and transportation, the Buffalo Grove area is the place to be. Let me know if I can answer any questions for you.

The Buffalo Grove Spring Market is Starting-Football is Over

Usually, the Spring Market real estate in Buffalo Grove real estate doesn’t start until the Bears are out of the playoffs. Really, as long as the Bears are playing, no one is thinking about real estate. Well this year it took a little longer to start the spring market. Now,that’s a good thing and since the Super Bowl is finished, can you believe it…the Packers, who would have thunk it, we can get started with real estate again.

The question everyone is asking themselves is should I wait? Aren’t prices going to go down further? The answer is, no and yes. I believe that for 2011, prices in the Buffalo Grove area will drop between 3-5%. If January is any sign of what’s to come, we saw single family home sales drop from January 2010 to January 2011. But what we also saw was that prices stayed the same. Hey, it’s a start.

But here’s the bigger question, if I wait what will my real costs be? You know, the price of the house and the interest rate I’ll be paying. Interest rates are on the rise, the rate in November was 4.17%, the rate today is over 5%. Even is prices fall 5%,but rates go up 1%,your costs over time will be greater.

So if you’re thinking of buying a house, go ahead and factor in what you believe to be the price drop, knowing, that if rates rise, and they will, it will cost you more. The bottom line is your cost.

If you have any questions, please don’t hesitate to contact me. Happy Buying!