Downers Grove Home Sales increase 76 percent!

DOWNERS GROVE, Ill. - Sales of single-family detached homes went up 76 percent in November compared with the same period a year ago, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe), indicating the sixth consecutive monthly increase. MORe measured activity on homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC. "We saw tremendous sales growth in several communities last month as well as an increase in the number of homes under contract in communities such as Aurora and Hazel Crest," said Mike Drews, President of MORe, and the Designated REALTOR® of Charles Doss, REALTORS®, in the Aurora and Oswego areas. "I attribute much of this growth to first-time homebuyers attempting to close prior to the First-Time Homebuyer Tax Credit's original November 30 deadline, which now has been extended." There were notable home sales gains across the 120-community area, where the numbers of homes sold leaped by double- and triple-digit percentages. Standouts in the south suburbs for number of homes sold were Burbank (217 percent increase from a year ago); Oak Lawn (129 percent); Posen (100 percent); and Tinley Park (178 percent). In the DuPage County area, home sale activity was highest in Addison (950 percent increase from a year ago); Aurora (112 percent); Glendale Heights (567 percent); Hinsdale (82 percent); Naperville (75 percent); and St. Charles (165 percent). Home sale activity also was up in the western Cook communities of Clarendon Hills (117 percent increase from a year ago); Hickory Hills (100 percent); LaGrange (100 percent); River Grove (75 percent); and Westchester (100 percent). There were dramatic increases in the numbers of homes under contract in November 2009 compared with a year earlier - a 63 percent improvement for detached homes. The strongest increases were seen in Batavia (400 percent increase from a year ago); Brookfield (1,400 percent); Hazel Crest (320 percent); LaGrange (167 percent); Matteson (80 percent); Oak Lawn (121 percent); South Holland (139 percent); and Wheaton (164 percent).
December 2009 Stats Release
for November

Home Buyer Tax Credit Extended!

Congress and President Obama have finalized the extension and expansion of the First-Time Homebuyer Tax Credit through April 30, 2010.
Here are some details:
1) How the Extended Homebuyer Tax Credit helps first-time homebuyers:· First-time homebuyers can get a tax credit of up to $8,000 when they buy a principal residence. · Buyers are eligible if they have not owned a home in the previous three years. · Buyers have to sign purchase agreements before May 1 and close before July 1.· The price of the home and the buyer's income will affect how much the tax credit would be, if there is one at all. For example, this credit can only be claimed on primary residences purchased for less than $800,000.
2) How the Extended Homebuyer Tax Credit helps current homeowners:· Homeowners are eligible for a $6,500 tax credit if they purchase a new or existing home through April 30 AND they have lived in the home being sold as a principal residence for five consecutive years of the past eight years. · If potential home buyers have a binding contract on or before April 30, they will have until July 1 to close the transaction in order for the tax credit to count. · The price of the home and the buyer's income will affect how much the tax credit would be, if there is one at all. For example, this credit can only be claimed on primary residences purchased for less than $800,000. · Buyers don't have to pay back the credit as long as they use the new property as their primary residence for three or more years after the purchase. For more information, MORe >

More Money for First Time Homebuyers!

The Illinois Housing Development Authority (IHDA) has a propgram available for First Time Homebuyers called Mortgage Credit Certificates or MCCs. Some of this money is earmarked specifically for people buying homes in Downers Grove. This tax credit certificate will lower the amount of Federal Income tax due each year for the homeowners for up to 30 years. This is in addition to the $8000.00 First Time Buyer Tax Credit. You must use a participating lender and there are income and maximum purchase price limits. The cost for this program is $500.00.
Contact me for more information mary@marybraatz.com

$8000.00 Tax Credit Can be used for Downpayment!

HUD has issued a letter today 5/29/09 regarding implementing the $8000.00 First Time Buyer Tax Credit for downpayment assistance with FHA Loans. See article:
http://www.facebook.com/ext/share.php?sid=82553349191&h=ESWFw&u=b1L80&ref=nf

This is exciting news for the housing market!