Chicago Northwest Suburbs Real Estate and More

Vernon Hills Real Estate Recap

Are you curious as to what Vernon Hills real estate homes went under contract in the first 68 days of 2010? Everyone else ( including all my clients) looking in Vernon Hill seem to be!

Whether you are in the market to buy a Vernon Hills home or to sell your current Vernon Hills  home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable Vernon Hills REALTOR who does). Newspapers, national magazines, and television news report on regional and national trends, but aren't doing a very good job of explaining the local real estate market in Vernon Hills. The number of new housing starts nationwide or the percentage increase in foreclosures or short sales in the entire state have very little, if any, bearing on how quickly your Vernon Hills real estate is worth in the  Vernon Hills subdivisions of Centennial Crossing, Deerpath or Sugar Creek.

A few days ago, I was watching a real estate video clip on the ABC news and I really appreciated the way the reporter, Leah Hope, summarized the state of today's real estate market.  In order to sell a home today, the  price and condition  of your home  does not have to be comparable, it has to be compelling. How true is this statement!

In the Vernon Hills real estate analysis below, it shows that the Vernon Hills real estate listing prices at the time the contracts  were entered into were compelling!   Also note that 2 of the contracts were short sales! If you would like to know the sale prices of these homes when they actually close, please do not hesitate to call me or email me. There were 18 homes that went under contract in Vernon Hills since the beginning of the year...

The above article   was written by Judy Greenberg, Realtor from Coldwell Banker Buffalo Grove

If you would like more information about the Chicago Northwest Suburbs,including  Buffalo Grove, Lincolnshire, Long Grove, Vernon Hills, and Lake Zurich  please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com. 

My websites, www.vernonhills-homes-for-sale.com, www.buffalogroveareahomes.com and my blog www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller!

As a Vernon Hills real estate agent, many of my current clients are planning to  take advantage of the $8000 first time home buyer tax and   others are planning to claim the $6500 repeat buyer credit.  Buyers are coming out of the woodwork and Vernon Hill homes priced less than $300,000 are moving quickly.

If you are moving to the Vernon Hills area, or selling your Vernon Hills home, I feel that if you don't begin your search looking for  a home or putting your home on the market, you will miss the opportunity for you or your potential buyer to take advantage of these credits!

The Worker, Homeownership, and Business Assistance Act of 2009 has recently extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. 

The bill also authorized a tax credit of up to $6,500 for qualified repeat home buyers.   The home you purchase needs to be undercontract by April 30th, 2010. 

There are so many questions you as a potential buyer may have, and I have provided links below that I feel explain this new tax law the best!  I used to be a tax accountant, and I know how complicated the rules can be for even the most seasoned professionals.  If you have any additional questions, please do not hesitate to call me.  If I can’t answer , I know some of the best tax accountants in the Vernon Hills area.

 
For more information about the first time home buyer’s credit, this is the best information I  have read thus far!

Tax Credits at a Glance

Questions and Answers about the First Time Home Buyer’s Credit

Questions and Answers about the Credit for Repeat Buyers

How to claim your credit is very important...  The IRS had published the following guidelines

2009 Tax Return

Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.

• Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names, property address, sales price and date of purchase.
• Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.
• Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.

Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:

• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
• Property tax records or 
• Homeowner’s insurance records

If you would like more information about the Vernon Hills area, please do not hesitate to call me.

The above information regarding was provided by Judy Greenberg,Vernon Hills Real estate agent with Coldwell Banker Residential Brokerage 

Judy's websites, www.movetolonggrove.com , www.buffalogroveareahomes.com and www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller!

Judy can be reached at 847-602-5435 or via email at info@buffalogrovehomes.com. Judy has helped people move in and out of  the Chicago Northwest  Suburbs. 

Great news! There are real signs finally that the Vernon Hills real estate prices are on the upswing. The median  Vernon Hills Sales Price in January was $247,500, up 11.2% from $222,500 in January of 2009 and up

3.1% from $240,000 last month. The average  Vernon Hills Sales Price in January was $275,808, up 15.7% from $238,381 in January of 2009 and up 9.8% from $251,146 last month.

This is very reassuring news for Vernon Hills Sellers.   If you are looking to put your home on the market this spring, it is best to do it now.   As of today , there are only 81 days for a buyer to take advantage of the first time home buyer's credit and the repeat credit.   Buyers- I think we have seen the bottom of the market for a while.  Act now to get the Vernon Hills home of your dreams!

Whether you are in the market to buy a home or to sell your current home in Vernon hIlls it is important to keep abreast of the Vernon Hills  market statistics (or at least to work with a  Coldwell Banker Vernon Hills  REALTOR who does

If you are interested in the Vernon Hills real estate market, you may want to read these previous blogs.

Vernon Hills Real Estate top 10 questions my real estate clients before relocating to Vernon Hills

Which Vernon Hills Realtor is right for you

The above article Vernon Hills Real Estate market is on the upswing was written by Judy Greenberg, Realtor from Coldwell Banker Buffalo Grove

If you would like more information about the Chicago Northwest Suburbs,including Wheeling Buffalo Grove, Lincolnshire, Long Grove, Vernon Hills, and Lake Zurich  please do not hesitate to call me at 847-602-5435 or email me at info@buffalogrovehomes.com. 

My websites, www.movetoVernonhills.com , www.buffalogroveareahomes.com and my blog www.judygreenberg.com will provide you all the information regardless as to whether you are a potential buyer or seller!

Vernon Hills condo townhouse and home rentals

Are you looking for the perfect rental home, townhouse or condo in Vernon Hills?  Whether you are interested in Greggs Landing, Aspen or Port Clinton Place, I know the perfect rental situation for you.

Whether you are looking for a place to rent Vernon Hills or the surrounding suburbs, I can help you now to find the perfect townhouse or home rental situation that fits your needs. Even if you thought you have exhausted all of the current Vernon Hills rental properties on the market, I will go the extra step in finding you a comfortable place that will make you feel like its the right place for you and your family. Knowing the area, the market, and most of the realtors in Vernon Hills, I can find you a rental even if its not currently advertised to the public. (I'm not just saying that).

In addition to finding you the perfect rental in Vernon Hills, I will make verify that your landlord is currently in a good financial position. I will of course negotiate your lease and make sure your interests are protected.

Just today I helped my client rent the most luxurious condo in Vernon Hills.  The client  is so excited and can't wait to live in this luxurious new condo building.

Since there are many more units available- and guess what they allow pets on certain floors, it is a perfect place if you are looking for a rental condo.  

Please call me today if you are looking for a rental in Vernon Hills or if you would like me to find you the renter for your condo, townhome or house