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Synthia Noble's Blog

By Synthia Noble | Broker in Crete, IL
  • Chicago Market looking UP

    Posted Under: Home Buying  |  April 18, 2014 4:40 AM  |  84 views  |  No comments
    Median sales price of single family homes in Chicagoland is up to over $270,000.  that is the highest in nearly 5 years.   If you remove distressed properties from the mix, the average sales price is $344,000.  Real estate is looking up!
  • $7500 Grant to First time Home Buyers! 3.99% interest rate!

    Posted Under: Home Buying, Financing, In My Neighborhood  |  April 18, 2014 4:35 AM  |  126 views  |  No comments
    Illinois home buyers - $7,500 down payment grant!!  plus extremely low interest rate on FHA mortgage 3.99%   Another incentive to buy - many south suburbs of Chicago it is cheaper to buy a home than rent.  Now with this program  you only need 1% of the purchase price of your own money for the down payment.  IHDA has several grant programs - veterans, smart move, building blocks - up to $10,000 in down payment assistance.  http://www.ihda.org/

    Great news for sellers too - this program will spur more buyers to jump into the market.  
  • Crete IL Real Estate

    Posted Under: Home Buying in Crete  |  June 28, 2010 1:00 PM  |  367 views  |  3 comments
    As a real estate agent I am blessed with access to a lot of information.  I thought I would post a brief summary of the state of the market for my home town so neighbors, buyer's, sellers and simply the curious can get a snapshot of the Crete market.

    Info for Crete IL, single family homes based on the MLS (multiple listing service).  In the last 30 days
    • 23 new listings
    • 5 price changes
    • 14 expired
    • 7 under contract
    • 10 closed

    Not the best news for sellers (although great news for buyers), the inventory is increasing with more homes being added to the market than closings happening.  As of today 155 houses are on the market in Crete. List prices range from $59,900 to $1,225,000 - quite the spread!

    In the last six months 61 houses have sold, ranging in price from $47,000 to $280,000.  So it is tough time to sell - great time to buy, or for moving up. If you want a larger/more expensive house even if you don't get a good price when you sell your current home, you will be getting a great price on the new one.

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    Another Monday - July 12th - can't believe the summer is half over!  
    So for your weekly update on Crete real estate.  In the last seven days

    • 14 new listings (actually about half of these are relisted, not actually new)
    • 8 listings with price changes (you can guess right? prices dropped)
    • 1 listing expired (often these will relist, sometimes with a new agent)
    • 2 listings show pending (under contract!)
    • ZERO closed transactions  : (

    The new listings range from $79,000 to $299,000.  One house in particular stands out.  $270,000 house on Old Monee Road has been trying to sell for over a year, originally listed at $385,900!  Quite the bargain at $270,000, especially since the price includes over 4 acres of land!


    Another week.  Crete fans don't forget the garden walk this weekend!  take a look at what your neighbors are doing to their yards - some are pretty spectacular!

    In real estate a bit better week, there were the following transactions on the MLS

  • 13 new listings (actually about half of these are relisted, not actually new)
  • 8 listings with price changes (you can guess right? prices dropped)
  • 3 listing expired (often these will relist, sometimes with a new agent)
  • 2 listings show pending (under contract!)
  • 4 closed transactions 
  • still increasing inventory rather than decreasing which tends to keep the prices down -great for buyers of course
  • __________________________________________________________________

    Another Monday!  What's happening in Crete real estate?

    10 new
    1 expired
    8 price changes
    4 closed
    2 pending

    Increasing inventory continues with more than twice as many new vs closed.   In the last month the 8 closings included three over $200,000, four in the $100,000s and one for only $87,500!

    Statewide - Illinois home sales up 18.3 percent in June. Statewide sales rose for the 10th consecutive month with home sales totaling 13,072 compared to 11,048 in June 2009, according to the June housing report from the Illinois Association of REALTORS®. The statewide median price also showed signs of stabilizing with a 2.5 percent increase to $170,000. The nine-county Chicagoland region reported sales activity up for a full year in June.

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    August 3rd - wow it is August - the weather certainly feels like it!

    Crete Real Estate looked a bit better this week - more closings/pending transactions!  Also the closed transactions were a bit higher priced $165,000 to $240,000)

    7 new 
    2 expired
    8 price changes
    3 closed
    3 pending

    FYI - nearby Country Club Hills is having their all community garage sale this Saturday!

  • Buyer's Agents for Investors

    Posted Under: Home Buying in Chicago  |  June 25, 2010 2:21 PM  |  286 views  |  1 comment
    This blog relates to buyer's brokers/agents that work with investors or buyers in the low end of the market. 

    Typically seller's pay commissions.  From the total commission, the listing broker offers a portion to entice buyer's broker (agent) to sell their listings.  The commission is often a percentage of the purchase price of the property.  In this market, this creates a rub.  

    I work primarily in the south suburbs and the south end of the city, so the low end of the market can be quite low in certain areas.  When a property sells for $20,000 it is GREAT for the buyer, not so great for their agent who may only get 3% or $600.  Given the amount of time, effort, desk fees, license/MLS/training costs and expenses incurred by the agent (and of course the agent's broker's cut), this commission can deter busy agent's from working with these clients.  Or some agents working with buyer's in the low end price range screen what properties they show, winnowing out the properties with low commissions even though the property otherwise meets their buyer's needs. 

    Recently I encountered an alternative.  Buyer's agents arrange with their buyers an exclusive arrangement calling for a minimum commission.  For instance the agent stipulates a minimum commission of $2,000.  If the commission from the seller falls short, the buyer agrees to make up the difference at closing.  Another broker I encountered required the buyer to pay (at closing) a flat $1,500 in addition to the commission from the seller. 

    It appears setting a minimum commission may benefit all parties.  The agent gets a decent commission, while the buyer get a qualified agent working hard for them.  I anticipate this arrangement to become more common especially with quality agents that expect fair compensation for their time and effort.   

    comments and experiences from others encouraged!
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