2007 Housing Trends: Part One – The Market

First in a three part series, I’ll share some interesting insight from various publications, experience, and trends in our local Chicagoland residential real estate market.

Market timing.  Many buyers and sellers on their own timelines in 2006 missed opportunities by not recognizing the ebb and flow of the real estate market.  Spring is a high market with the most demand by the largest number of buyers. Summer is a good market, fall is fair, and winter is the remnant market with left-over buyers and sellers from the high, good, and fair markets.

Savvy buyers.  With interest rates historically low and pent-up demand from a soft year in 2006, the deals and lack of frenzy won’t last long.  “Deferred demand” from 2006 could ignite a mini-frenzy in some markets.
 
First-time home buyers.  High home prices have driven many first-time home buyers out of the market; but falling prices in many areas are bringing these buyers back.

Homes that are priced right.  It isn’t the boom market of 2005, as evidenced by the sold comparables from the last six months.  Forget cocktail party chit-chat when all you heard was record prices and the shortest market times in U.S. real estate history.

Borrowing costs. Julie Haviv, Reuters, reported last week in USA Today that “Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.98%, down 0.15 percentage point from the previous week, lowest since the week ended Oct. 7, 2005, when it stood at the same level.  Interest rates were also below year-ago levels of 6.32%.”

Better situation for Buyers. In the same article, she quoted Dean Maki, chief US economist at Barclays Capital in New York. “The decline in mortgage rates and the slowing in home price appreciation, along with the build-up in inventories, have led to a much better situation for home buyers through increased affordability as well as more inventory to choose from,” he said.  “Households are saying on surveys that home buying conditions have improved notably, and that has coincided with the stabilization in home sales.”

Baby Boomers. Keep your eye on the “baby boomer” group, too, as they begin to downsize, creating another boost in home sales soon!

In parts two and three of this series we’ll discuss what’s in and what’s out in today’s real estate market.

Kris Kombrink has been working in his family-owned real estate business since 1995.  Specializing in Geneva, St Charles and Batavia Illinois residential real estate his team stays on top of the latest trends while maintaining superior customer.  Learn more about his team at http://www.kombrink.com or email kris@kombrink.com

NEW LISTING 37W512 High Point Ct, St Charles IL

New Listing at 37W512 High Point Ct in St Charles, IL
4BR/5BA Contemporary home priced at $879,000

Experience the beauty and elegance of this newly built home. The dramatic exterior with its flag stone pathway leading to the front door sets the stage for this home. Once inside you are greeted by the two story entry and gleaming cherry hardwood floors which are carried throughout the first level. Enjoy entertaining in this gourmet kitchen complete with an abundant amount of 42″ cabinetry and granite counters. Adjoining the kitchen is the striking two story family room with its floor to ceiling stone fireplace. Generously sized, the second level of the home offers three bedrooms plus the master suite with its luxury master bathroom with a step up to the whirlpool tub, a separate shower, and a huge walk-in closet. The basement level is finished with a recreation room, full bathroom, and large storage area. Other features of this home include a first floor laundry off the kitchen, a den with full bathroom, and a large deck off the kitchen/family room area. This home offers a total package!

For more information, call The Kombrink Team at RE/MAX Excels 630-262-4321 or visit www.37W512HighPoint.com

Kombrink Team #5 Illinois RE/MAX Realtor

December 22, 2006 — The Kombrink Team at RE/MAX Excels in Geneva, Illinois has been ranked No. 5 RE/MAX sales team in Illinois for year to date sales in 2006 by RE/MAX of Northern Illinois, and is No. 1 in the Fox Valley.

The RE/MAX franchise network is a global real estate system with more than 6,300 independently owned offices engaging 118,500 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation and asset management.

Their accomplishments also have been recognized in the Association of Realtors magazine as a top real estate team, and Matt Kombrink was chosen by Metro Chicago Real Estate Magazine as one of the top 40 Realtors younger than 40.

The Kombrink Team consists of Listing Specialists Matt and Marv Kombrink and Buyer Specialists Mike Cunningham, Cory Jones and Chris Lobrillo.

Year to date in 2006, the Kombrink Team has written 176 contracts and closed on 158 homes.

About The Kombrink Team
The Kombrink Team – which works for RE/MAX Excels – is an organization of 5 Realtors and a support staff of four who help Chicagoland area home owners market their home for a fast sale at premium prices, as well as assisting prospective buyers in finding their new home. Find The Kombrink Team online at www.kombrink.com, or call 630-262-4321.

Top 10 Questions to Ask Your Realtor

The days of putting a sign in the yard and throwing a home in the local Multiple Listing Service are long gone.  With the advent of the internet, and technology in general, the real estate industry has changed dramatically!  Do you have an agent that’s marketing your home to its fullest potential?

Here are 10 Questions to ask your Realtor to make sure your home is getting the right exposure.

Most importantly, how will your home be marketed?  Agents today should be offering a full color brochure for your home along with a virtual tour available on CD.  Your home should have a HUGE presence on the web.  Advertising still plays a key role; your agent should be running full page ads in the local paper.

What kind of internet presence will your home have?  Top Realtors will now showcase your home with its own website and have someone onsite that works daily with web positioning and marketing.

Does your agent have the resources to make all this happen?  Your Realtor should have an entire team to make sure marketing happens.  Some may even offer a professional Home Stager to you at no additional cost.

What kind of communication?  Realtors should be offering you a 24/7 online report detailing advertising, showing feedback and more.  Their team should consist of separate closing, listing and marketing personnel.

How many transactions have they had?  You’re looking for experience in negotiating here.

Customer service is not only still important, it is all important.  The Realtor should have a customer focus with all of your specific needs as a priority.

What kind of value added services does your agent provide?  Realtors need to justify their commission more and more these days.  Look for an agent that brings more to the table, such as a Home Stager, appraiser and even a free moving truck.

How many buyer agents are on their team?  More buyer agents bring in more buyers to sell your home quicker.

Lastly, make sure you find out how many years of sales experience your agent has had.

If you find an agent that meets all of these qualifications, consider yourself lucky.  Your home will be marketed to the largest possible audience and allow you to get the highest price for your home!

Kris Kombrink has been working in his family-owned real estate business since 1995.  Specializing in Geneva, St Charles and Batavia Illinois residential real estate his team stays on top of the latest trends while maintaining superior customer.  Learn more about his team at http://www.kombrink.com or email kris@kombrink.com

St Charles IL Real Estate Market

There are currently 659 single family and townhomes listed for sale in St Charles. The average home is currently priced at $601,882. Since January, 907 homes have closed, compared to 1071 for this same period last year. This is a 15% decline. The average sold home was priced at $448,889 and sold for $435,611. This shows a 97% list to sales price being realized. This information was pulled from the Multiple Listing Service of Northern Illinois on Friday, December 22, 2006.

You can view more market conditions for Batavia, Elburn, Geneva, North Aurora and St Charles IL from The Kombrink Team at RE/MAX Excels by visiting http://www.kombrink.com/area.htm or calling 630-262-4321

North Aurora IL Real Estate Market

There are currently 159 single family and townhomes listed for sale in North Aurora. The average home is currently priced at $318,789. Since January, 282 homes have closed, compared to 337 for this same period last year. This is a 16% decline. The average sold home was priced at $258,567 and sold for $252,549. This shows a 98% list to sales price being realized. This information was pulled from the Multiple Listing Service of Northern Illinois on Friday, December 22, 2006.

You can view more market conditions for Batavia, Elburn, Geneva, North Aurora and St Charles IL from The Kombrink Team at RE/MAX Excels by visiting http://www.kombrink.com/area.htm or calling 630-262-4321

Geneva IL Real Estate Market

There are currently 256 single family and townhomes listed for sale in Geneva. The average home is currently priced at $419,757. Since January, 480 homes have closed, compared to 588 for this same period last year. This is an 18% decline. The average sold home was priced at $382,027 and sold for $372,595. This shows a 98% list to sales price being realized. This information was pulled from the Multiple Listing Service of Northern Illinois on Friday, December 22, 2006.

You can view more market conditions for Batavia, Elburn, Geneva, North Aurora and St Charles IL from The Kombrink Team at RE/MAX Excels by visiting http://www.kombrink.com/area.htm or calling 630-262-4321

Elburn IL Real Estate Market

There are currently 148 single family and townhomes listed for sale in Elburn. The average home is currently priced at $456,114. Since January, 178 homes have closed, compared to 178 for this same period last year. This is a 0% decline. The average sold home was priced at $334,144 and sold for $332,452. This shows a 99% list to sales price being realized. This information was pulled from the Multiple Listing Service of Northern Illinois on Friday, December 22, 2006.

You can view more market conditions for Batavia, Elburn, Geneva, North Aurora and St Charles IL from The Kombrink Team at RE/MAX Excels by visiting http://www.kombrink.com/area.htm or calling 630-262-4321

Batavia IL Real Estate Market

There are currently 208 single family and townhomes listed for sale in Batavia. The average home is currently priced at $406,946. Since January, 359 homes have closed, compared to 441 for this same period last year. This is a 19% decline. The average sold home was priced at $355,555 and sold for $344,615. This shows a 97% list to sales price being realized. This information was pulled from the Multiple Listing Service of Northern Illinois on Friday, December 22, 2006.

You can view more market conditions for Batavia, Elburn, Geneva, North Aurora and St Charles IL from The Kombrink Team at RE/MAX Excels by visiting http://www.kombrink.com/area.htm or calling 630-262-4321

BUYERS – Receive up to 20% of the commission at closing!

BUYERS: Receive up to 20% of the commission at closing!
Buy one of our listings and you can get cash in your pocket!

That’s right – buy one of The Kombrink Team’s listings with Matt, or any Kombrink Team agent, close before February 28, 2007, and receive 20% of the entire commission as a credit or cash back at closing!

Or, buy it with another agent and receive 10% of the entire commission as a credit or cash back at closing!

For complete details, call The Kombrink Team at RE/MAX Excels 630-262-4321 or visit www.kombrink.com

Any homes presently under contract, pending closing, or in the process of negotiation prior to December 20, 2006 are not eligible. The Kombrink Team will be responsible for paying out cash back credits from it’s proceeds at closing. May not be combined with any other offer. The “Other Agent” will receive their full commission as outlined on the MLS. Buyer must mention this cash back rebate at the time of the initial offer on the property. Offer commences on December 20, 2006 and expires midnight February 28, 2007.