This may be a once in a life-time opportunity. If you’re not buying a home, you may want to re-finance.

For more in-depth information on interest rates, click on my Zillow interest rate widget in the first column on the right.

The new building will house the Palatine Police Headquarters, which is currently in cramped quarters on Wood Street, just west of Northwest Highway.

I think this new building with its accompanying green space and landscaping will look great. The commercial areas of Palatine have been improving every year. The new train station, new shops and restaurants downtown, and now the improved green space and architecture along Northwest Highway make Palatine a beautiful place to live.

For more information about the new police station, visit the Village of Palatine’s website. The above photo is also from the Village of Palatine.

“For the first time since the recession began, the housing markets in Illinois and Chicagoland region almost presented positive indicators across the board.”  said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois.  (iar.org)

In the Chicagoland PMSA*, sales were up 36.7% over last year. Prices were down, but the decline was just 3% over 2009 (iar.org).

Overall, this spring felt more like a “normal” market. I didn’t feel the crazy buzz of the boom market or the doom and gloom of the bust.  It will be interesting to see what the summer brings. The tax credit ended on April 30, so there are fears that the market will slow down dramatically for the summer. So far, I haven’t seen that, but we’ll have a better idea of what’s in store when we see the May statistics.

Sure, inventory may begin to pile up in June and July, but a lot of that will consist of homes that have been on the market for a long time, in many cases, homes that have been on the market since last year.  For the most pat, these are not great homes; “the best apples will have been picked”.

The homes that linger on the market are usually not that desirable unless they had been overpriced and finally became market competitive.  Or, if you are open to a home that needs a lot of work, homes that linger can often be a good deal.

If you want something move-in ready, in a good location, with good schools, you’ll probably want to buy something within the next couple months. Of course, there will be new listings in the summer and the fall, I just don’t expect there to be very much.

Zillow’s Mortgage Marketplace is also a helpful resource. It’s important to keep an eye on the rates. Often times, a rate drop can make a bigger difference in your monthly payments than a large discount earned through tough price negotiations.

Buyers frequently ask me if they should test for radon. The answer is “yes.” Radon is an invisible, odorless gas that can cause cancer.

Indoor radon gas is the second-leading cause of lung cancer in the United States and breathing it over prolonged periods can present a significant health risk to families all over the country. It’s important to know that this threat is completely preventable. Radon can be detected with a simple test and fixed through well-established venting techniques.   January 2005, U.S. Surgeon General Health Advisory (EPA website)

Over the last several years, Realtors and home buyers have become more aware of the danger of radon, and testing for radon has become increasingly common. A radon test costs about $175.00 from a certified inspector. I would estimate that about 1 in 4 of my clients discover that the home they’re purchasing has radon above EPA recommended levels.

Fortunately, it is relatively easy to have radon levels mitigated to an acceptable level. And in the state of Illinois, traditionally sellers pay for the mitigation.

For more on radon and real estate, visit the Environmental Protection Agency’s Home Buyer’s and Seller’s Guide to Radon.

Image above is from Natural Resources Canada.

]]> http://www.lauraslocal.com/?feed=rss2&p=2628 1 http://www.lauraslocal.com/?p=2616 http://www.lauraslocal.com/?p=2616#comments Fri, 12 Feb 2010 16:24:14 +0000 Laura http://www.lauraslocal.com/?p=2616 Finally, we’re beginning to see some beautiful new inventory in the Northwest Suburbs. And, as always, the nicest homes are getting snatched up quickly.

I’ve been in several dual offers this year already. Properties have been priced extraordinarily well and interest rates are low, so smart buyers aren’t stalling. If you see something nice, you have to act right away.

But, if you make an offer and you don’t get the property you want, don’t despair. We’ll be seeing new listings until the end of March or April.  After that, I think we’ll have a lull in new inventory for the summer months.

Even though we’re in a recession, the $8000 tax credit and low interest rates are creating a kind of mini-boom for the first time home buyer market. We’re not seeing the same activity in move-up properties ($400,000 and up), but if entry-level homes continue to sell, the move-up sector may also begin to move.

Downtown Palatine, along the Railwalk

Well, then give me a call or shoot me an email!

I work with both sellers and buyers, but I specialize in buyer’s agency. I’ve lived in the Northwest Suburbs for over forty years and have been involved with selling real estate most of my adult life.

I’ve helped happy clients find homes all over Chicagoland. You can find testimonials at my website, askforlaura.com.

Keep in mind, when you work with a real estate agent to help you find a home, the commission is paid by the listing office of the home you buy. The Realtor does not charge the buyer a fee for their services.