SPRINGFIELD IL Tops in Midwest!

Local Home Sales Up 6.2%

in November

The Capital Area Association of Realtors reported Jan 2, 2008 that total home sales were up with 309 sold in November compared to 291 sold in November 2006. This was the second best November on record.  Some bright news to start off the New Year.  Total for the year was only down 2.8% with 3773 sold compared to last years record breaker 3883. Prices were down 4% compared to November 2006 which was off a bit due to the high inventory of homes out there.  Interest rates are still great with them hovering around 6% for a 30 year fixed.  If anyone is on the fence as to when to buy, I would think the time would be now with high inventory to choose from, prices having been adjusted, and great interest rates! 

Median Home Sale Price Dips in September, 2007

The median home sale price and unit home sales in the Tapital Area recorded a dip during the past month according to the Capital Area Association of Realtors Multiple Information Service. Total home sales were down sixteen percent compared to Sept. 2006. Year to date however were just down a mere 2.3 percent from the record breaking numbers last year.

Springfield, IL still is one of the most affordable markets in the nation and put that together with a plentiful supply of homes and continued modest price appreciation along with low interest rates buying a home here now will make a great investment.

Interest Rate Forecast........

Bond prices were going up which means that interest rates could be coming down shortly.......stay tuned say the bankers in the know.

Lots of inventory on the market, so many houses to choose from that have already been price reduced that makes it a great time for the buyers to make their housing decisions and get in on the great choices, great prices and great rates!

Hello, my name is Sam Drumeller I am a student at Robert Morris College and I am currently interning with Barb krueger. To successfully pass my internship i must complete 100 hours of shadowing time with Barb and write a 10-15 page term paper on my experiences. Thus far my experiences have all been good, I have been given the oportunity to sit in with Barb at couple closings and have been fortunate enough to shadow her in the showing of properties. I am learning a great deal about the importance of location with respect to value of a home. Most of my knowlegde about real-estate prior to interning with Barb came from helping my dad remodel homes in the small town of White Hall IL. The home market in White Hall is miniscule to say the least when compared to the ever-expanding market of Springfield. It is truly amazing to see just how much more a home will sell for due to its location in the Springfield area. This has also given me a chance to walk through some great homes that i would otherwise never get to see. Barb has also allowed me to sit in on her pre-liscensing and brokerage classes. This is where I get to see Barb's true knowlegde of the Industry come to life. She seems to know everything, and I honestly don't think their is a situation she could not handle. I am not only learning a great deal about the real-estate industry but also the laws and regulations that govern it. It seems that understanding the laws and ethical issues that may be faced within the industry can help an agent become much more successful. But anyways I am rambling, this has been a very good experience for me so far and I will be back within the next week or so to update my status. Oh and once again happy birthday to Barb.

ttyl Sam D.

New and Improved Sam

Robert Morris College has provided another new and improved Sam to Barb Krueger as an intern for the Fall Semester.....First day on the job of shadowing Sam was spotted at Re/Max, CAAR, FOP, and Barb's home office. Barb is optimistic that Sam will come back! Stay tuned!

Market Statistics--May 29th, 2007

Buyer's Market--Not Fire Sale

Due to media attention this past year many buyers are not getting the home of their dreams because they make a way too low offer when they start their negotiations.  In our area we are definitely in a buyer's market and prices are very good and many sellers have done dramatic price reductions to entice the buyers to pick their home over others.  However, after all that many sellers are not in a position to then come down for a fire sale.  So when the buyer makes a way too low offer, the seller is insulted and or cannot move due to mortgage balances etc.  So the best thing to do is seek the advice of your buyer's agent who can run a competitive market analysis for you the buyer and that will tell you what the house should sell for in this market today with today's conditions.  They can also try to obtain information on the seller's motivations etc.  Then they can advise what offer to make in order to get the best price yet still acquire the home of your dreams. 

NO MATTER WHAT YOUR POLITICS......

Sen. Barack Obama and his family swooped in on the home of Abraham Lincoln to make his announcement Saturday of his candidacy for president....

17,000 people turned out some driving from far away to stand in the frigid temperatures on the Old State Capitol historic site where Abraham Lincoln had made his house divided speech.....

Obama upstaged old Abe when he threw his hat (not a stovepipe hat) into the ring and really seemed to connect with many different types of voters and non-voters alike.  Many people were interviewed as to why they waited in line for hours in the minus 0 wind chills and they all had varying reasons.

It will be interesting to see how sustainable this level of interest remains in this powerful young man with such strong convictions and such a strong connection with the people.  Stay tuned! 

Sam Ganci

November 2, 2006

            My Name is Sam Ganci, and I am a twenty-two year old college student in Springfield, Illinois. Currently, I am an intern under Barb Krueger through Robert Morris College. Over the course of ten weeks, I must log one hundred hours with Barb. During this time it is my duty to gather enough information to write two to three pages…Yawn. So far, I have logged close to seventy hours, and if I were to attempt to document all the worthwhile things I have had the opportunity to do, it would require twenty pages. Between attending closings, meeting with sellers, sitting in on broker classes and simply watching Barb operate, I have gone from having an understanding of real estate that could be described as foggy at best to being familiar with many aspects of the business. Despite this, I still consider myself to be in the infancy of my business education, as there are so many other things I need and would like to know.

            My first experience with Barb took place at a home she had recently sold to a very “unique” couple. It was my first day on the internship, and naturally I was feeling a little timid and apprehensive to see the way a “for real” client would react to my obvious youth and inexperience. This particular couple was unique in that, the wife was moving from across the country and had agreed to buy this house sight unseen. In addition, they had pet names for each other, which they weren’t the least bit shy about busting out in public. This meeting was the wife’s first look at the house and the husband, “Bear’s” opportunity to basically to do his final nitpick session before closing. I anticipated following Barb’s lead closely and not really voicing any opinions unless they were specifically requested. What ended up happening couldn’t have been further from this expectation. Within moments of arriving, Bear had me carrying and setting up a ladder so he could check some flashings on the roof that were supposed to be fixed. Once he had safely ascended the ladder, (I had my doubts as to his athletic prowess), he began barking out orders…                        “SAM! Go inside and get the booklet from Barb!”                                              Wanting to at least appear to be a worthy intern, I rushed inside and got this booklet containing roof photos, and ascended the ladder to deliver it. Bear took one look…                            

            “Damn. Wrong booklet!” Barked Honey Bear.”Go get the other one with the ORIGINAL photos.” I was beginning to really like this guy.

            Back down the ladder I went to find Barb who was showing the interior of the house to the wife.

            “…uh, I think he wants the other booklet.” I said feeling a little stupid.

            Well eventually we got Bear off the roof, and I was praying that we were done with the ladder. We weren’t.

            “Here you go Sam, set that ladder up underneath the attic access.” The orders kept coming.

            Up Bear went to examine the results of the faulty roof flashings from the underside. What happened next stunned me. He actually asked for my opinion. Even still, I can’t understand why the point of view of a lowly intern would matter to a person buying a home, but I appreciated the gesture. So I ascended the ladder yet again, flashlight in hand to confirm, “Yes Bear. You are correct. The wood is wet.”

            Bear went on to do many things that still make me laugh when I think about them, but one thing in particular left a mental image that will forever be burned into my brain. As we all examined an upstairs bedroom we discovered another attic access panel that was probably one foot by one foot. Naturally, Bear was fascinated. He just had to see where it led. I mean you never know when you are going to stumble upon a portal to another dimension. Anyways, he hunkered down, opened the hatch and turned to the three of us and gave a sideways grin. We all knew what was coming.                                     “You think I can fit?” He said with the hopeful tone of a child on Christmas.

            “Absolutely not.” We unanimously shut him down.

            Hardly discouraged, he removed the panel to commence proving all of us wrong. Keep in mind, Bear didn’t get his nickname for being slight of build. He was well over two hundred pounds. He jammed himself into this tiny opening and was doing well…Until he got waist deep. His gut got jammed. The dream was dead. The scene was reminiscent of a rhino giving birth, and made my first day totally worth it.   

• The market has turned!
• A soft landing!
• Did the bubble burst?
• Was there a bubble in Springfield?
• A Buyer's Market after 5 years!

What is the real story?  We were in a seller's market for so many years and did not have a bubble here since we see no big increases nor no big declines....however, if you are a seller you are up against the most inventory as competition that we have seen in years so we need to price very competitively in order to sell.  If you are a buyer, you will have a lot of homes to choose from in most price ranges and will find very good interest rates still in the sixes.  So how much better can it get?  You might even see some softening of prices as we go into the winter months.  But we in Springfield are very nicely insulated from the steep declines that others will experience however, we can't feel too sorry for them since they had very exuberant increases while we steadily plodded along.  So no bad bubble here just a good opportunity for buyers and a back to reality for sellers to price it right and get it in the best shape possible....

Heads up Sangamon County, your first installment of real estate taxes are due no later than June 9th.  If you havent paid your taxes yet, be sure and pay them asap!  The second installment will be due in September.  If you have any questions regarding your taxes in sangamon county, visit their website at:

www.co.sangamon.il.us/Offices/treasrer.htm

Spend your Memorial Day holiday weekend with the First Ladies!  The featured attraction at the Abraham Lincoln Museum in Springfield, Illinois will be artifacts and costumes from the First Ladies of our country.

 The walls are closing in. Your teenagers are warring over closet space and you long to have a real office room instead of camping out at the kitchen table. What's the best solution? Should you improve the house or move to another?

The answers to four primary questions are a good place to start in the dilemma to improve the house or purchase another. Homeowners who are happy with their current neighborhood and school district (usually the top two owner' priorities) are wise to weigh answers to the following:

1. How long do you intend to keep the house?

This initial question has impact on several levels. First, it makes little financial sense to pour money into a house only to sell it. Second, if you've ever lived around and through a remodeling project, you know that the emotional upheaval you suffer during construction needs to be offset by enjoying the benefits once the improvements are complete.

Even if you aren't thinking of moving in the near future, be sure to do the math in the following question before wading knee-deep into a project.

2. Will you be able to recoup the cost of improvements when you sell?

A real estate agent or appraiser can show you comparable properties (comps) of recent sales to determine how much if any the improvements will increase market value. If you make improvements that don't add to market value, be prepared to walk away from what you've spent especially if selling in a short period of time (less than five years on the average, depending on the type of improvement.)

3. Are the improvements you're considering logical given the age, size, and location of the house?

Just as you wouldn't install a new sunroof on a dilapidated car, making expensive additions to a house that's full of functional obsolescence makes little financial sense.

Many appraisers would tell you that it's much tougher to recoup the investment from home improvements if they aren't similar in style and design/era to the existing home. And before hammering the first nail, make sure you check the setback requirements for construction especially on rear and side lot lines. What a nightmare it would be to construct a room addition, only to have all or part of it in violation of zoning laws and/or owned in part by your neighbor!

4. Could additions/changes over-improve the house?

A house at the top of the market for the neighborhood can take longer to sell since buyers often purchase on the low side, hoping to maximize equity and improvements made over time. There are some additions that aren't welcomed by certain buyer segments.

For example, families with young children might shy away from owning a swimming pool since it's the number one cause of death for children under age five. A remodeled master suite in a third-floor loft could be undesirable if the prospective buyer/target was retirees. Even though you may want to make additions/changes based on your immediate needs and desires, it never hurts to look down stream at who a potential future buyer might be in order to avoid over-improvements you can't recoup.

By asking these top four questions, you may not have all the information you need to adequately weigh improving the house versus moving to another. But they will serve as talking points to get you focused on solving your homeownership needs in an organized and cost-effective manner.

Written by Julie Garton-Good

Moving Checklist For Kids

Your children may feel anxious and excited at the thought of a moving adventure.  To ensure that they are most comfortable in their new surroundings here are some suggestins.

• Be sure to investigate the local children attractions in your new destination
• Park District Programs may be available for class enrollment
• Research the ages of children nearby
• Rental movies might help keep kids occupied as you begin to get moved into your new home
• Have snacks and drinks available on moving day
• Special book(s) or craft items and games may keep the kids occupied on moving day
• If the children are young, a babysitter may assist you in being responsible for the kids on the day you move into your new home.
• Have a change of clothes easily accessible for the kids
• Any medications that are taken on a regular basis should be accessible to you

Before You Move Checklist

It's said that Rome wasn't built in a day.  Many strokes topple mighty oaks.  You can eat an elephant a bite at a time.  If you are facing a move, old axioms like these can offer some encouragement, but how about some practical advice?  What you really need are step-by-step tips that will help you chip away at the daunting task of packing, moving and settling in.

Two-Three Weeks

• Defrost refrigerator and freezer, plus allow thorough air-drying to prevent mildew.  Dispose of perishables.
• Transfer checking and savings accounts.
• Drain fuel and oil from lawnmowers and other power equipment.  Drain water hoses.
• Pack items to be carried to the car, and label "Do Not Move."
• Gather valuables from safe deposit box, drawers, jewelry cases, as well as personal records.  Take down curtain rods, shelves, and TV antenna.
• Have the car serviced for the trip and have proof of insurance in the car.

Moving Day

• Remeber to pack a box of basics you'll need on the move-in day (tools, paper products, all-purpose household cleaners, etc.)  Be sure to have it loaded last so that it will be first off at your new home.
• Pack suitcases for trip.  Remove all bed linens.
• Be available to check items on inventory sheet.
• Conduct a last minute walk through with your van operator.  Make sure windows are closed, closets empty, lights out and doors locked.

Statistics for Capital Area

The total dollar volume of property sold year to date through March 1, 2006 shows a 2.5% increase over year to date 2005.  Sale pendings show a 4.1% increase.  Days on the market showed just a slight increase. 

Despite various report in the media nationally new construction here in the Springfield area are on target.  Last year we had 30 sales year to date and this year it is 28.  The average size of the new construction this year to date is 2018 averageing $103.00 per square foot.  This is up a bit due to the increase in the cost of materials due to our hurricanes, tornadoes etc. 

So with the GNP looking good, inflation still at bay, interest rates still in the 6's, the Spring Summer market still looks good inspite of the pain at the pump!

THE 5 BIG MISTAKES MOST HOME BUYERS MAKE

AND HOW YOU CAN AVOID EACH ONE

1.  They don't ask the lenders enough questions, or the right questions

     so they don't necessarily get the best loan for them

2.  They don't act quickly enough when they find the right house....

     and someone else buys it

3.  They don't make themselves and their offer look attractive to the

     seller....

4.  They don't think resale before they buy....

5.  They select the wrong agent and/or company to help them!

SOLUTION:  Find an agent with proven checklists and systems that will help you reach your goals.  Barb Krueger with Re/Max Professionals has the EXPERIENCE and KNOWLEDGE and these SYSTEMS to help you through the process.  Contact her at 217-725-2272 or homes@barbkrueger.com or go to her website  www.barbkrueger.com or ask to see a list of her past clients to get a referral......