This week Freddie Mac reported 30-year fixed mortgage interest rates averaged 4.54 percent for the United States as a whole and the North Central Region (which includes Illinois). That’s another record low.
According to Freddie Mac’s historical data, rates have dipped below 5 percent on occasion since 2009, but this level otherwise is unseen since it began tracking the data in 1971. Notably, 30-year rates hit an annual average high of 16.63 percent in 1981.
Now that the tax credit has passed, Illinois REALTORS® are reporting less buyer flurry which in part is seasonal given the typical summer lull for vacations and back-to-school. However, a major factor at play is the overhanging sense of uncertainty in America about jobs and the economy.
Still, if you are a recent trade-up buyer who sold during the tax credit period or a fence-sitter waiting for the right opportunity, this is it. Today’s combination of low rates and lower home prices has greatly increased homebuyer affordability.
Although a buyer might be waiting for an even lower price on a home, in my recent interview with IAR Convention speaker and Inman News columnist Bernice Ross, she explained how this thinking just doesn’t make financial sense. “Assume you have a 5 percent interest rate on a $200,000 house. If the price of the home would lower by $10,000 that doesn’t compare with the $50,000 more in interest a buyer would have to pay if the mortgage interest rate goes up just one percentage point.”
Plus in many markets in Illinois home prices are gaining traction. Statewide the median price was up in June for the fourth month this year.
There’s been something missing from property tax assessments. Until now, distressed property sales and the effect they have on area property values were not considered in the assessment process.
The Illinois Association of REALTORS® supported a bill that sought to amend the Illinois Property Tax Code and include distressed property sales into property tax assessments. Senate Bill 3334, which became law on July 16, will allow for a more complete and balanced picture of property values in a community. Property owners who seek to appeal their property taxes will be armed with the most accurate information available.
The IAR Governmental Affairs team provided real estate expertise and knowledge needed to craft this legislation, which is meant to result in more accurate property tax assessments.
Watch the video below for more details regarding the new law:
If you’re like me you need access to files from two (or more) computers AND a phone. I hate carrying around a USB flash drive all the time! Besides, I can’t plug that into my Droid Eris!
THEN I have the problem of getting all the pictures I’ve taken off my phone. Don’t get me started on that!
Well, the solution that fits me is a software download called “Dropbox.” Dropbox is software that syncs your files online and across your computers.
Go to www.dropbox.com and download the version you need (e.g., Windows, Mac, Linux, iPhone, Android or BlackBerry).
I downloaded and installed it to my Windows, Mac and Android devices. A folder was created on my computer during the install process. In my case it was C:\My Dropbox. When I add a file (picture, video, etc.) to that folder it immediately synchronized it to my space on the Dropbox website as well as my other computers that have Dropbox already installed.
The Dropbox Android app doesn’t download the files to your phone like your computer does; that would take up too much space on your phone. Instead the app connects you to your space on the Dropbox website and allows you to download the files individually.
You can also (and this is really cool) take a picture on your phone and immediately save it to your Dropbox. If you save music in Dropbox you can even stream it to you phone. WOW!
There’s a public folder in Dropbox where I can save files I intend to share with people. Each file can have its own publicly accessible link that you can forward to anyone. There’s another sharing feature that allows you to lock it down to someone with a Dropbox account. This is a great way to quickly share files without e-mailing them. It also cuts down on multiple versions of the same file.
Dropbox pricing: Dropbox has a free version that gives you 2GB of space. I’ve yet to see if that’s going satisfy my need. If I used it as my primary backup plan then absolutely NOT. For casual file sharing though it might actually be sufficient.
If you need more space you can upgrade to Pro 50 or Pro 100. Pro 50 gives you 50GB for $9.99 per month and Pro 100 gives you, yep, 100GB for $19.99 per month.
There are certainly other solutions out there like Microsoft’s Live Sync or Box.net but I really like the functionality of Dropbox. Comment on the post and let me know what file sync tool you like.
(These opinions and comments are the author’s and not necessarily those of the Illinois Association of REALTORS®).
For the first time ever, Illinois will join other states in offering a state sales tax holiday when purchasing items designated during the upcoming 10-day period. Parents getting ready to send children back to school will certainly benefit from this state sales tax reprieve saving sales tax on such items as clothing, footwear and school supplies. Computers are excluded. The tax holiday runs from August 6-15 and it is anticipated that the holiday will boost Illinois businesses and retail sales statewide.
Virtually all supplies are included in the tax holiday including book bags, binders, crayons, erasers, glue, pencils, notebook paper, scissors, supply boxes, writing tablets and more. Clothing must cost less than $100 per item, such as shoes, coats, rainwear, uniforms, pants, dresses, hats, neckties, skirts, hosiery and even rubber pants. During the holiday, the 5 percent state portion of sales taxes collected at retail registers will be waived, while local government sales taxes will continue to be collected.
Home prices in Illinois are showing signs of stabilizing according to the June home sales report released today by the Illinois Association of REALTORS®. The homebuyer tax credit has proven to be a boost to the housing market with 10 straight months of year-over-year gains in home sales activity statewide, and a full year of mostly [...]
Alongside the recent wave of first-time buyers (47% of buyers in 2009 according to the National Association of REALTORS®) also comes a trend in the number of single homebuyers and, in particular, single women buyers. NAR’s 2009 homebuyer profile found 21 percent of buyers nationwide were single women and 10 percent single men. The number of single women buyers is [...]
BUYING YOUR FIRST PLACE? Then HGTV is looking for you!
MY FIRST PLACE, HGTV’s hit series, is coming back for another season and is looking for first-time homebuyers (and their REALTORS®) in the St. Louis area RIGHT NOW!
The show is looking for fun, high-energy people who are just starting the home-buying process for their first place [...]
Money Magazine selected four Illinois towns for their annual “100 Best Places to Live” list. Bolingbrook (#43), Naperville (#54), Mt. Prospect (#56) and Arlington Heights (#59) all made the cut according to CNNMoney.com. All four Chicagoland towns were chosen for their healthy job markets, excellent schools, safe neighborhoods, low crime rates, recreational opportunities, charm and [...]
Picture a room filled with REALTORS® gathered in small, informal groups, sharing their best ideas and tips for using the latest technology and social media tools for business. It’s unstructured, unconventional and what Real Estate BarCamps are all about.
So just what is a Real Estate BarCamp?
RE BarCamps are held all over the country and have [...]
According to a recent report by Realty Trac, more than a third of the homes sold in Illinois in the first quarter of 2010 were in a stage of foreclosure when they were bought. One of the results of this has been that Illinois municipalities are coming up with new and varied ways to deal [...]
