Illinois Real Estate

What important Illinois information should I know?

If you are buying or selling Illinois real estate then here is a list of great resources that you should know.

1. Division of Professional Regulation license search. Use this convenient online tool to make sure your real estate agent and brokerage are licensed and in good standing in the state of Illinois.

2. Search Complaints. Find out how your Illinois real estate agent, broker or other service providers rank by making sure there are no complaints on file or disciplinary actions by visiting http://www.idfpr.com/NEWSRLS/default.asp.

3. Find a reputable Illinois real estate agent and up to date Illinois real estate by visiting www.HomesandLand.com search tools.

4. Start an online job search. Relocating to Illinois is easier than ever with the use of the State of Illinois Employment job search. Begin by registering for free at http://work.illinois.gov/ and have a job ready and waiting by the time you move into your new home!

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How can I select the right home for my family?

Illinois homes for sale are once again moving into a price range where many first time home-buyers can afford purchasing Illinois real estate. Deciding what type of home and where is just the first step to finding the perfect place for your family. Use this helpful checklist in conjunction with a professional real estate agent to find the house that reflects your values and interests for years to come.

1. Decide on Density. Do you prefer the convenience of a suburban subdivision, the community of a small town or perhaps the open space of rural Illinois real estate?

2. Commute Time. With the price of gasoline steadily increasing, more people than ever are searching for a home close to their place of employment.

3. Affordability. Don't buy more house than you need. Smaller homes cost less to insure, have lower maintenance costs and lower property taxes.

4. Amenities. Quality of the schools, fire services, library and other facilities are important considerations to keep in mind when searching for Illinois real estate.

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How Do People Find a Home In Illinois

Over the past decade, people have changed the way they shop for real estate but perhaps the biggest change has come from the use of the Internet. A quick example of how buyers found the home they purchased shows some interesting facts about buying and selling a home in Illinois.

If you haven't been in the real estate market for awhile then chances are things have changed a lot when it comes to finding Illinois new homes or pre-existing homes for sale. Here is what you need to know about how to buy or sell Illinois real estate.

Agent. By a significant lead, more people found their current home through an agent than any other single source. In fact, 41% found their current home through a real estate agent. To find an agent to list your property or to help buy your next home in Illinois, visit the HomesandLand.com real estate agent search tool.

Internet. Not quite 30% of home buyers found their property online. The good news is that many agents take advantage of the HomesandLand.com property search so you can combine the Internet with an agent to make sure your home has the best exposure possible!

Yard Signs. Only 14% of buyers found their current home through the use of a yard sign. Yard signs and open house are great complimentary sources to using an agent and the Internet but think twice before listing a home "by owner" with yard signs as your sole means of trying to sell a home.

Home Builder, friend or relative. All combined these came to only about another 14% of referrals.

Newspaper classified. Not only are newspaper advertisements costly but only 3% of people found their home using the newspaper.

Maximize your results by enlisting the services of a top notch real estate agent who knows how to use the Internet and nationwide services like Homes and Land.

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Why Buy a New Home

If you are searching for an Illinois home for sale then chances are your reasons for buying a new Illinois home are the same as other people searching for similar homes. Knowing why people buy and sell a home provides insight into how to shop or sell Illinois real estate. Here are the main reasons for selling a home and tips on how to make the most of that information during your next purchase.

1. Job Relocation - 13%. Employment is a major reason people need to sell their home or buy a new one. Either way, they tend to be highly motivated by sheer necessity. Using an agent with access to nationwide resources like those of Homes and Land increases the opportunity and exposure for buying or selling Illinois real estate.

2. Too Small - 23%. Growing families need more space especially if the home is located in an area with good schools, parks and other amenities.

3. Too Large - 7%. Empty nesters and retirees often want to downsize to reduce maintenance, insurance, taxes and other costs in addition to simplifying their lifestyle. Homes located near golf courses, hospitals and shopping are popular choices.

4. Neighborhood - 13%. Changes in the desirability of a neighborhood are highly subjective and individualized; what one person thinks is peaceful another person might find downright lonely. Likewise, the hustle and bustle of city life that one family is trying to avoid might be the perfect fit for another couple who enjoy the face paced lifestyle.

5. Closer to Family or Friends - 6%.

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Should I buy real estate now?

As the median price of an Illinois home settles at $189,400, now might be a good time to think about buying Illinois real estate. Not only have interest rates remained competitive, but the price of a new Illinois home is down over $10,000 from a year earlier making it a potential "buyers market" for those seeking deals.

Similar statistics demonstrate equally attractive prices among Chicago real estate listings as the median home price reached $248,000. Combined with one of the strongest economies in the Midwest, Chicago is an attractive relocation destination for those seeking affordable housing, jobs and modern convenience.

If you still aren't convinced Chicago or any other location is a potentially good destination then compare the average mortgage interest rate of 5.73 against interest rates going back to 1980 by visiting www.illinoisrealtor.org/iar/marketstats/interest_avg.html. Historically this is one of the most competitive rates in over 25 years with some mortgage interest rates reaching in excess of 16%. Could interest rates reach those levels again? Many experts think it is possible given the current banking and financial investment challenges facing the nation. Now might be the perfect time to take advantage of dropping prices and historically low interest rates!

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What do I need to know about Ill property taxes?

When shopping for Illinois real estate there are a few things to keep in mind about property taxes. Here are tips to use when evaluating Illinois homes.

1. Property tax cycles cover a portion of two years. A tax year is different than a standard calendar year so the tax year is when the property is assessed and then the bill is paid in arrears.

2. Don't count on last year’s rate. It is a good idea to ask the seller or real estate agents what the prior years’ property taxes were but keep in mind that is old information. If the property was improved or reassessed then taxes may be substantially higher.

3. Illinois real estate is reassessed every four years and may increase due to increased property values in the general area, improvements made to the property or the loss of homestead exemption.

4. Illinois allows up to $5,000 in 2008 and increasing to $6,000 beginning in 2009 if the property is your principle residence. New home buyers must apply after January 1st for the following years.

5. Seniors might be eligible for increased Homestead Exemption and/or a Senior Assessment Freeze depending upon age, income and other requirements. Other exemptions may be available for Veterans or disabled homeowners so speak to an Illinois real estate agent or property appraiser for more information.

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