Welcome Home Heroes Home Down Payment Assistance For Veterans

Written by on January 27, 2012 · Leave a Comment

Real Estate Down Payment Assistance Available for Veterans

Real Estate for Sale Call Terry

Are you a veteran who will be buying a home this year? Do you know someone who is? If so, read on because there is Illinois grant money available for just this purpose! Earlier this week I attended a seminar outlining the Illinois Housing Development Authority (IHDA) Welcome Home Heroes Program (WWHP). This program is a financing package designed to assist veterans and active military personnel in home purchases. Financing assistance is available to help 1000 veterans and active military personnel purchase homes in Illinois this year.

As with all programs, there are eligibility requirements. Here are a few basic requirements:
• Qualified veterans and active military personnel
• Active military personnel must be a first time home buyer if taking advantage of a Mortgage Credit Certificate (explained below)
• Income and purchase price limitations ($89,760 income for 1 or 2 household members, $104,720 for 3 or more. Purchase price limit $373,670)
• Homebuyers must purchase a qualified 1-2 unit residential property within Illinois
• Home must be purchased as a borrowers’ primary residence

When a person qualifies for the program, a Program grant of $10,000 is provided for down payment and closing cost assistance. To avoid any confusion, IHDA does not lend the money for the mortgage but only provides the financing assistance. Borrowers can use a loan type of their choice (VA, FHA, Conventional) and would borrow through an approved lender such as Wintrust.

A Mortgage Credit Certificate (MCC) is a certificate authorized by the Federal Government and issued by IHDA. It allows the borrower to take 20 percent of the annual mortgage interest paid as a dollar-for-dollar reduction to their annual Federal income tax liabilities. There is a $500 cost for this program and the savings can be huge. As a simple example, if the yearly mortgage interest was $5000, the borrower would receive a $1000 tax savings.

There was much information given at the seminar and I’ve tried to explain it simply. If you think that you or someone you know may qualify for this program, contact me. I’d be happy to discuss real estate available in Lake Zurich, Buffalo Grove and other Lake, Cook and McHenry County areas and put you in touch with an approved lender.

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Realtor Terry Dahlem Reports Lake Zurich Real Estate Results – August, 2011

Written by on September 7, 2011 · Leave a Comment

Real Estate for Sale Call Terry

What’s Happening in the Lake Zurich Real Estate Market?

When watching the national real estate news, it’s hard to understand what’s really going on. As the National Association of Realtors (NAR) reminds us, real estate pricing and activity is local. It varies town by town and sometimes even by neighborhood. It’s important to know what’s going on in YOUR town. Here’s a synopsis of the August real estate activity and trends for Lake Zurich.

The average list price in August was $330,496 with the median price being $299,000. The average sale price was $283,342 which was down 16.8% from the $340,562 that it was in August of 2010. It was up 3.7% from the July, 2011 average of $273,132.

There were 26 sales (closed properties) in August, 2011. That’s up 73.3% from the 15 sales in July, 2011. There was also a 52.9% gain from the 17 properties that closed in August of 2010.

Things can change from month to month and we also need to track the year to date figures and compare them to last year. The good news is that Lake Zurich had the same number of closed properties (139) year to date as it had in 2010. If you’d like all the figures, you can view the full report here.

Lake Zurich is a strong community and a great place to live. With excellent schools and parks, it also offers many community events like last month’s Taste of the Towns. Want to check out some of the real estate listings in Lake Zurich? Here’s a link to single family homes  currently available in Lake Zurich priced from $275,000 to $375,000 so you can see how an “average” home in Lake Zurich looks. If there’s a home you’d like to see, give me a call. I’d be happy to arrange a private showing.

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Realtor Terry Dahlem Explains 3 Things You Need to Know About Short Sales

Written by on July 25, 2011 · Leave a Comment

Real Estate for Sale Call Terry

The “Short” Explanation of Short Sales

Recently I have had numerous inquiries about short sales, both from buyers and sellers. Addressing both in one post would be long and confusing. So, today let’s talk about the seller side of a short sale. There is a lot of confusion in the marketplace regarding the length of the process, how it affects seller credit scores, and financial responsibility of the sellers. My experience has been that EVERY SHORT SALE IS DIFFERENT. There are a few things that appear to be commonplace.

1. Most lenders are not looking at short sale possibilities until the borrower is at least two months behind in payments. Their thinking seems to be “if they’re paying, why short sell?” Several of my clients paid their mortgages, although they were struggling to do so. At the advice of their attorneys, they stopped paying. Keep in mind that their homes were on the market at the time.

2. Not just anyone will be approved for a short sale. The short sale must be justified. Be prepared to provide extensive financial records and write a letter of hardship. The lender is not going to forgive the debt if you have assets squirreled away. If you qualify, the lender will close without a deficiency judgment against you.

3. A short sale does affect your credit but it’s better than a foreclosure. A person who has a short sale on his or her credit report may be able to purchase a new property after two years with no lending restrictions. With current lending guidelines, a person who has had a foreclosure will not be able to purchase a property for 5 to 7 years and must have a 10% minimum down payment.

If you think that you will need to short sell your home, the most important thing to do is contact a Realtor who has experience in short sales. I am an experienced short sale Realtor. I work with a team of professionals including several attorneys and very qualified negotiators. This year my team has helped sellers successfully close on short sales with no deficiency judgments.

Remember that every short sale circumstance is different. If you or someone you know would like to discuss their particular situation, contact me. I can help!

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Lake Zurich Real Estate Results May 2011

Written by on June 14, 2011 · Leave a Comment

Pending Lake County Il SalesWhat’s Happening in Lake Zurich Real Estate?

What’s happening in the Lake Zurich Real Estate market? Real estate in Lake Zurich has felt like it’s flying off the market. Well, comparatively speaking anyway! I’ve had several real estate clients looking at single family homes in Lake Zurich and it seems like they’re moving quickly. I took a close look at the market report for May, 2011 Lake Zurich real estate. The statistics don’t look quite like my experience! In May, 2011, 12 single family homes closed at an average sale price of $228,417 compared to 25 closed in May of 2010 at an average sale price of $281,694.

Does this mean that prices have fallen by the 18.9% reflected in those statistics? No! What it tells us is that homes in the higher price ranges have not closed thereby bringing down the average. There are also fewer homes on the market in Lake Zurich this year. In May, 2010, there were 176 single family properties for sale compared to 228 in May of 2010. Market time has also increased. Average days on market (DOM) for May, 2011 were 171. That can see like an eternity to a seller but there are things that you can do to help reduce time on the market. If you’d like, you can access the full Lake Zurich May 2011 real estate report.

For several years I’ve been telling my clients that real estate is a price war and a beauty contest. You have to win at both to sell your property in the shortest amount of time at the best price that the market will bear. That theory is proven by a home that my client closed on in May. It is located in the Chasewood subdivision. The home showed beautifully and was priced competitively. It sold in just 57 days, well below the average of 171.

The most important thing that you can do to sell your home is hire an agent like me who knows the area, is technologically savvy and stays up-to-date on the market. An added bonus is that I’m part of the Coldwell Banker Residential Brokerage team – leaders in the industry.

All statistics used in this analysis were supplied by Midwest Real Estate Data, LLC (MRED). If you’d like a report on your town, I’d be happy to provide it!

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21 Upper Pond in Barrington Recently Listed by Realtor Terry Dahlem

Written by on March 1, 2011 · Leave a Comment

Home For Sale in The Coves of South Barrington

Old world charm meets modern sophistication in this beautifully appointed South Barrington home. Situated in a prime location and updated with style, 21 Upper Pond combines the conveniences of today with the allure of days gone by.

One of my favorite rooms is the generously sized family room with built-in bookcases surrounding the fireplace. The family room opens to a vaulted ceiling 3 season room which overlooks the large back yard. The home abuts the Stillman Nature Center which is 80 acres of woods, lake and prairie. Talk about privacy!

All of the bathrooms have been fashionably updated with beautiful fixtures and fabulous paint treatments. The master bath even includes a huge walk-in shower! The first floor powder room looks as if it belongs in a magazine.

There is so much to see in this remarkable home. Take a look at the additional pictures  and prepare to be wowed! Things that you won’t see in the photos are all of the updated mechanicals like furnace and hot water heater. You also won’t see the new roof and soffits in the photos. If you’d like to arrange a private viewing of this South Barrington home, please contact me at 847-682-9153. I’d be delighted to show it to you!

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Delightful Wheeling Townhome For Sale

Written by on February 25, 2011 · Leave a Comment

Sienna Townhome at 92 Cantal Shows Beautifully!

Real Estate for Sale Call Terry

Back on the market after taking the winter off, this gorgeous Sienna 3 townhome offers 3 bedrooms and 2 of them are master suites! It is beautifully appointed and conveniently located – minutes away from Rte. 53 and 294 and only 1 mile to the Prospect Heights Metra Station.

Gleaming hardwood floors are featured on the first level. The cook’s delight kitchen offers 42” cabinets and stainless steel appliances. The 3 sided fireplaces lends a cozy feel and is visible from the living room and dining room. The home is painted in warm, inviting colors and is a pleasure to see!

As of this writing there is only one other townhome available at Sienna. 92 Cantal in Wheeling is priced very competitively at $259,900 while the other home that is available is currently priced at $279,900. 92 Cantal is a gorgeous townhome at a great price! If you’d like to see more of 92 Cantal, you can view the photos.

It’s a great time to buy a home in Wheeling. Attractive interest rates along with great pricing combine to make real estate more affordable than it has been in the past few years. If you’d like to see 92 Cantal in Wheeling, or know someone who does, contact me. I’d be happy to arrange a private showing.

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Can You Buy a Lake Zurich Area Home at 2003 Prices?

Written by on February 18, 2011 · 1 Comment

2010 Lake Zurich Area Home Pricing Compared to 2003

Real Estate for Sale Call Terry

Many media outlets are reporting that home prices are at the 2002-2004 levels. Knowing that real estate is localized, I wanted to see how the Lake Zurich area fit in to those reports. I analyzed one model in each of six different Lake Zurich subdivisions; one that sold in 2010 and one that sold in 2003.  The results are interesting and will give you an indication of how these subdivisions are performing compared to those reports.

1. Countryside – A split level home with 3 bedrooms and 2.1 baths sold in March of 2010 for $224,000. A comparable model sold in 2003 at $205,000. That’s an increase of 10.9% over 2003.
2. Bristol Trails – A 3 bedroom, 2.1 bath, 2 story home sold in April of 2010 for $268,000. A comparable home sold in March of 2003 for $269,000. The difference is inconsequential (.0037%) so it appears that this model is selling for the 2003 price.
3. Old Mill Grove – A raised ranch with 4 bedrooms and 2 baths sold in September of 2010 for $233,000. A comparable home sold in February of 2003 for $235,000. This shows about a 1% decrease in 2010.
4. Sparrow Ridge – A raised ranch with 4 bedrooms and 2.1 baths sold in August, 2010 for $302,000. The same model with 3 bedrooms and 2.1 baths sold in June, 2003 for $294,900. The difference in bedrooms is in how the lower levels were finished. This indicates an increase in 2010 of about 2.4%.
5. Hunters Creek – A two story home with 4 bedrooms and 3.1 baths sold in September, 2010 for $432,500. The same model with 2.1 baths sold in June of 2003 for $400,000. Without considering the extra bath, that’s an increase of 9.2%.
6. Chestnut Corners – A two story home with 4 bedrooms and 2.1 baths sold in August, 2010 for $463,000. The same model sold in June, 2003 for $434,000. That’s an increase of about 6.7%.

What does all of this mean? It confirms that real estate is extremely localized. This is a sampling and doesn’t indicate what a particular home may sell for in today’s market. Information was taken from Midwest Real Estate Data (MRED). Many factors including location and condition of the home need to be considered to arrive at the current market value. If you’d like to know what your home is worth in today’s market, contact me. I’ll be happy to provide a Comparative Market Analysis for you.

Now is a great time to buy a home in the Lake Zurich area. Favorable interest rates coupled with great prices make housing more affordable now than in the past few years. If you’d like more information on homes available in the north and northwest suburbs, contact me. I’ll be happy to email the current listings.

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5 Things Lake Zurich Area Home Buyers are Searching For

Written by on February 14, 2011 · Leave a Comment

Easy Steps to Update Your Home

Real Estate for Sale Call Terry

The spring real estate market is here! I’ve been busy taking buyers to homes in and around Lake Zurich. They’re in different price ranges and their wants and needs are different but there are some things that they all look for. Read on to see what they want and some simple updates to prepare your home for the market or just update for your own enjoyment.

1. Updated kitchens: It doesn’t matter if they are looking in Lake Zurich, Wauconda, Buffalo Grove or Long Grove, home buyers want updated kitchens. They’d all love to have new cabinets, solid surface counters and stainless steel appliances. If that’s not in your budget, consider doing a few simpler things. A fresh coat of paint works wonders. If your cabinets have seen better days, consider painting them and adding new hardware. If you’re considering new appliances, see Janette Iversen at Abt (1200 N. Milwaukee in Glenview) and tell her that Terry sent you!

2. Updated baths: Make it sparkle! New faucets can make the whole vanity look newer. Paint vanities and replace hardware. A new shower curtain and fluffy towels help to make it look inviting.

3. Clutter-free homes: While showing a home last week in Lake Zurich, my clients were quite distracted by the walls full of photos and children’s toys throughout the home. They commented that the house wasn’t big enough for them. The reality is that it was larger than another home they were considering. I am not a proponent of removing every personal item. I think it makes homes seem cold. But it’s important to remove enough of them so the buyer doesn’t feel like he or she is intruding.

4. Clean houses: For years I’ve been telling home sellers that the way you live is not necessarily the way that you sell. While a few dishes in the sink don’t usually bother me at home, (Note to my family: It’s so easy to put them in the dishwasher. It’s right next to the sink!), it does bother potential buyers. They want to see everything spic and span. So keep the dishes out of the sink, toothpaste off the mirrors and cabinets neatly organized.

5. Curb appeal: Everyone wants to love driving up to their home. While showing homes in Lake Zurich and Mundelein this weekend, I was slipping and sliding on driveways and sidewalks. Keep driveways and paths clear. Don’t underestimate the power of your front door. A fresh coat of paint and updated hardware works wonders. In this weather, that’s probably all you can do outside for now. In a few weeks, I’ll tell you how to use cold-hardy plants to spruce up your home.

Staging a home prior to putting it on the market is a top priority. It’s one of the services that I offer as a Realtor. You can see Coldwell Banker’s fact sheet with some great tips for enhancing your home. When you’re ready to make a move, I’ll be happy to come over and help you get your home in tip-top shape.

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Buffalo Grove Real Estate Pricing and Sales Report

Written by on February 7, 2011 · Leave a Comment

Terry Dahlem Reports January 2011 Buffalo Grove Real Estate Results

Real Estate for Sale Call Terry

The week after Super Bowl is when the spring real estate market usually begins to heat up. This year is seems that it began a little bit early. Well, at least until Blizzard 2011 slowed us down for a few days! Realtors are resilient. We’re all back to work and my office is a beehive of activity with new listings, new buyers and homes being sold. How did Buffalo Grove  real estate perform in January? Let’s take a look!

There were nine single family home sales in Buffalo Grove in January; down 25% from 12 that sold January of 2010.  These are homes that CLOSED, not simply went under contract. It takes an average of 30 to 60 days to close on a home from the time of contract. So, it’s safe to assume that these nine homes went “under contract” in November or December.

The median sale price (half the properties sold above and half below) in January was $273,000. This is down 5.7% from January, 2010’s median of $289,500. The average sale price was $312,043, down 0.2% from January 2010’s average of $312,583.  If you’d like specific information on any of the properties, contact me and I’d be happy to provide it.

The attached report shows data collected by our local multiple listing service, Midwest Real Estate Data, LLC (MRED). Homes that sold in Buffalo Grove but were not listed through MRED are not included in the report. Buffalo Grove, like many of Chicago’s suburbs, is a town where housing prices vary widely by subdivision. If you’d like information on your particular house or subdivision, contact me.

Now is a great time to buy a home in Buffalo Grove. Favorable interest rates coupled with attractive home pricing make buying your Buffalo Grove real estate more affordable than in recent years. If you’re making a move to or from Buffalo Grove, I would welcome the opportunity to assist you!

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Lake Zurich Home Pricing and Sales Report

Written by on February 5, 2011 · Leave a Comment

Pending Lake County Il SalesTerry Dahlem Reports January 2011 Lake Zurich Real Estate Results

 The week after Super Bowl is when the spring real estate market usually begins to heat up. This year is seems that it began a little bit early. Well, at least until Blizzard 2011! My office is a beehive of activity with new listings, new buyers and homes being sold. How did Lake Zurich real estate perform in January? Let’s take a look!

 There were six single family home sales in Lake Zurich in January; the same number that sold in January of 2010.  These are homes that CLOSED, not simply went under contract. It takes an average of 30 to 60 days to close on a home from the time of contract. So, it’s safe to assume that these six homes went “under contract” in November or December.

 The median sale price (half the properties sold above and half below) in January was $164,000. This is down 55.6% from January, 2010’s median of $369,000. Anticipating my readers’ reactions and the questions I would receive, I did a little further research. Three of the six properties that closed in January were bank owned properties. These tend to sell at lower than average market prices and definitely lowered the median.  If you’d like specific information on any of the properties, contact me and I’d be happy to provide it.

The attached report shows data collected by our local multiple listing service, MRED. Homes that sold in Lake Zurich but were not listed through MRED are not included in the report. Lake Zurich is a town where housing prices vary widely by subdivision. If you’d like information on your particular house or subdivision, contact me and I’ll be happy to provide it.

Now is a great time to buy a home in Lake Zurich. Favorable interest rates coupled with attractive home pricing make buying your new home in Lake Zurich more affordable than in recent years. If you’re making a move to or from Lake Zurich, I would welcome the opportunity to assist you!

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