barringtonlocal.com

I sometimes see dark, messy houses on the market in Barrington, Palatine, Inverness, Lake Zurich, -all over the area and in every price range.  Keeping your home clean and bright is challenging, but it is a requirement for having your home on the market.  This is just one basic that this funny video covers.  I wish all sellers could see this.

Thanks to Lani Rosales at Agent Genius for letting me know about this funny and helpful video.  Thanks, Lani!

Tags: Barrington, Barrington Real Estate, Barrington Realtors, Illinois, Inverness Illinois, Lake Zurich Illinois, Palatine Illinois

If you’re a buyer, when should you get a pre-approval from a lender? Buyers ask me this a lot. Today, it is important to get a pre-approval or pre-qualification letter from a lender right away, i.e., as soon as you begin looking at homes.

Talk to a Few Lenders

You’ll want to talk to a few lenders about what kind of loan programs are available before you fall in love with a home you can’t afford or you feel too rushed and emotional to evaluate your options.

Many programs that were available in the past or even last summer are gone.  It is more difficult to get a loan now, and it is more difficult to keep a loan package together than in the past, so it is important to review your options with a professional.  That being said, if you have good credit and some money to put down, there are still a great variety of choices available to you.

One more thing to keep in mind: you may end up being pre-approved for a purchase price that is much more than you would have expected.  Keep in mind that what the bank says you can buy and how much you want to spend may be two different things.  Many buyers borrow less than they are pre-approved for because they don’t want to live a lifestyle teetering on the edge of default.   This approach has always made sense, but today it is especially important.

Local Lender Recommendations

If you would like some recommendations for lenders I like and regularly work with, email me at lauracannon@kw.com, and I will send you their contact information.

Tags: Barrington, Barrington Real Estate, Barrington Realtors, Illinois, Palatine Real Estate

Well, we’ve been taking a little holiday break.  We’ll be back in a few days with more local real estate updates, statistics, stories and local photography.

If 2009 is anything like 2008, it promises to be an interesting year in real estate. . . . 

Happy New Year!

Tags: Barrington, Barrington Real Estate, Illinois, Inverness Illinois, Palatine

I’ve gotten several emails over the past couple weeks about where the last few header photos have been coming from.  Just about all my pictures are taken in Barrington, and this particular set comes from Oak Knoll Road in Barrington Hills.  I think Oak Knoll is one of the most beautiful streets in the area.  I go there for all the major changes in seasons and to see deer, horses, geese, and foxes once in a while. I also like the large prairie preserve on the north side of the road.

Tags: Barrington, Barrington Hills, Barrington Photography, Barrington Real Estate, Illinois

How low can we go? Not much lower, but this latest rate cut may be the boost we need to re-start the housing market this spring. I don’t expect a complete turn-around, but even a modest increase in sales and price stabilization will be good news for the Chicago suburban market.

Tags: Barrington, Barrington Real Estate, Illinois, Inverness Illinois, Lake Zurich Illinois, Palatine Illinois

This is good news. Rates haven’t been this low since the spring of 2004. In addition, I am seeing 2003 and 2004 pricing around the Northwest Suburbs. Naturally, not all the inventory is seeing those lows in pricing, but much of what is selling is priced there.

Couple pre-bubble pricing with super-low interest rates and you have some excellent opportunities for purchase. The question, however, is will prices go even lower. Nobody, of course, knows the answer, but it seems to me a pre-inflationary resting point would be a logical place to land, and that would take us back to the market years 2003-2004. As I see more and more inventory sell at those prices, I am starting to see an end to deflationary pressure.

For more on current mortgage rates, see CNNMoney’s article Mortgage Rates Hit 4 1/2 Year Low.

Tags: Barrington, Barrington Home Prices, Barrington Real Estate, Illinois, Inverness Illinois, Palatine Illinois

There are rumors of rates going down to 4.5%. To Realtors and homeowners trying to sell, this sounds like good news for a troubled housing market. Still, many pundits are speculating that even rock-bottom rates can’t save us from this downward spiral.

In areas such as Barrington, Palatine, and Lake Zurich where we haven’t been hit as hard by the housing market slump, lower rates may be the push we need to entice buyers to come out for the spring market. However, more general economic concerns such as unemployment may still keep home buyers from making a move.

For a more in-depth national perspective, see CNNMoney’s article Lower Mortgage Rates No Silver Bullet.

Tags: Barrington, Barrington IL, Barrington Real Estate, Illinois, Inverness Illinois, Lake Zurich Illinois, Palatine Illinois

One of the biggest concerns buyers have is how long it will take to find a home. They are not actually worried that it will take them a long time, i.e., 6 months or more. They are concerned that their agent is going to pressure them into buying something before they are ready or will somehow limit them in terms of how many tours or showings they can have.

This can be scary. Before you make one of the biggest investments of your life, you want to make sure that you can trust your adviser, and that the adviser is looking out for your best interest as opposed to a quick sale.

Normally, it only takes a couple months to find a home. I find that people usually need to see about 20 homes before they find something they like. However, some couples find a home the second weekend we go out. Others need to see 50 or more before they can make a decision. There is no singular process that everybody fits into. My husband, whom I love dearly, nearly drove me crazy looking for a home. We must have seen 75 homes before he was willing to make an offer on something. But, I was patient and understanding (most of the time ).

A good buyer’s agent will understand your goals and work with you until those goals are met. A good buyer’s agent never pressures their clients to choose a specific home. I find that clients are not always able to articulate what they want, but they do know what they don’t want; and when the right home does come along, they recognize it. Pressure or advice from me is only going to make everybody uncomfortable.

This may seem counter-intuitive, but my expertise usually comes into play more in discounting a particular home rather than promoting it. I don’t want my clients to buy a lemon, and I don’t want to go through the process of a home inspection and attorney review with a home that is a bad bet.

An experienced agent knows how to anticipate challenges, obstacles, bad deals, et cetera. Now, even an experienced Realtor is not omniscient, but he or she should be pointing out advantages and disadvantages to various properties. If an agent is just selling, selling, selling, RUN. Inventory is high; there are more choices than ever; and there are opportunities for great deals. So, I can’t think of a reason for an agent to push a particular listing.

There are a lot of great real estate agents out there who sincerely want to create win-win transactions with you. If you’ve stumbled on an agent who is not like that, keep looking.

Tags: Barrington, Barrington Real Estate, Illinois

After hovering around zero appreciation for the last year, Barrington home sale prices went down 7.35% in the third quarter of 2008 compared to the third quarter of last year. Total sales were down 15% from last year.

In Palatine, sales were down 12% compared to the third quarter of 2007. And, prices took a 15.5% hit.

The 60047 zip code, which includes Lake Zurich, Hawthorn Woods, Kildeer, and parts of Long Grove, saw a price decline of 6.7% over last year’s averages. The third quarter sales were down 13% compared to 2007.

Tags: Barrington Real Estate, Barrington, Illinois, Deer Park, Hawthorn Woods, Kildeer, Lake Zurich, Long Grove, Palatine

Tags: Barrington, Barrington, Illinois, Deer Park, Illinois