December 2009

Woodridge Real Estate

 

Hi Neighbor!

 

            We hope all of you had a wonderful Thanksgiving.

            2009 is almost in the books.  Some sales in Woodridge and all over Chicagoland are up from last year – the good news.  The bad news is home prices are still falling.  Through October, we had 144 homes close compared to 133 last year; an 8.3% increase.  The average sale price was $268,000 – down from last year’s $305,000.   Over a 12% drop.  The average sale price in Woodridge in 2007 was $335,000.  This is a 20% drop in value.  Your $300,000 home in 2007 is now worth $240,000.

            The Chicagoland market has seen home sales go up 4.9% but prices have dropped over 21% from last year.  $312,000 to $246,000.

            People ask us every day what is going to happen in 2010.  Prices are still falling.  They will continue that trend for at least half of 2010.  The unemployment rate over 10% has a major impact.  Even those employed are nervous and running scared.  Do they really want to buy a home in this uncertain climate?  NO.  The government is trying to help.  The $8,000 first-time homebuyer credit has been extended to May 1^st.  In addition, there is a new credit of $6,500 for homeowners who have lived in their home for 5 of the last 8 years.  The income limits have been raised too.  These credits do NOT have to be paid back.  FREE MONEY to you if you buy.  Interest rates are still phenomenal.  4.75% for 30 years.  Some lenders even at 4.625%.  This first-time homebuyer credit has fueled our market in Woodridge this year.  80% of KRE business in 2009 has been with 1^st time homebuyers.

            Our neighbors are in the same boat.  Bolingbrook sales are up 18%, but prices are down 24%.  Naperville sales and prices are down 10%.  Downers Grove sales are down 7% and sales prices are down 16%.  Downers had a $450,000 average last year; today it is $377,000.  If there is a silver lining it’s that 2009 showed an improvement over 2008 & 2007.  2010 should see further improvement.  The economy is coming back.

Also, we are pleased to announce that our own Mark Kranz has been hired as the Chicago Real Estate Examiner on Examiner.com, one of the fastest growing insider websites in the country. To view these insightful weekly articles go to Examiner.com and search for Mark
Kranz, Chicago Real Estate Examiner.

            Kranz Real Estate still will sell your home for 3%.  We will also give Seniors a discount.  Buy and sell with us and receive another $1000.  Since 1976 KRE has Saved Hundreds of Homeowners Thousands of dollars.  We can Save you Thousands of dollars too.  Call us – discover the difference.

           

Until next year, your neighbors in Winston Hills (25 years).

 

Merry Christmas!

 

 

Steve, Mark and Mary Kranz