Champaign IL Information and Resources

The Real Estate market is changing in Champaign and Urbana. We track each month the number of houses that are active divided by the number of houses that are pending which tells us how many months worth of inventory that is available. When there is 6 months worth of inventory or more it is coinsidered a Buyers market. In November of 2008 we had 11 months worth of inventory which is a strong Buyers market. At the end of Febuary 2009 we have 5.81 months worth of inventory which shows that we are switching out of a Buyers market and will be heading this year into a Sellers market.

In the last 30 days I have sold 11 homes in the Champaign area and out of those 11 homes 6 of the homes had dual offers on them. That means that 2 different buyers were bidding on the same house. I have not seen dual offers like this for about 2 years.

With the first time Home Buyers tax credit being elevated to $8000 and if you own that home for 3 years and 1 day you can sell your home and not have to repay the goverment your $8000 tax credit loan. The last time I heard of loan like this I call my lender Dad. What a great time as a first time home buyer to buy a piece of America.

2008 was a very trying year for many of us, but I want us to remember that attitude is everything.  I wish 2009 to be a much better year for all of us.

Below are links with a video that I have created about keeping a good attitude.  I hope you enjoy.

Have a fine 2009!

Tom

http://www.youtube.com/watch?v=-NgresmQee4

http://www.youtube.com/watch?v=rYoWyxIPc7c

Ault Technologies www.aulttech.com

Dan Ault owner  email dan@aulttech.com 217-684-8008

What I have experienced from you and your company since I found you a few years ago has been nothing but a incredible experience. When ever I have a problem with my computer I have it taken to you and it has been fixed quickly and fixed right the first time. You are better priced than most of your competitors. You are always looking for something good for your customers for instance, I was spending $50 per computer per year to have anti virus protection installed. 2 years ago you  installed a anti virus protection on my computers that cost $45 and protects my computer as long as I own it for just $45. This alone has saved me $100's of dollars each year. Finally I understand how important it is to have honesty,integrity and good communication skills when working with the public and that you have. I would and do recommend you and company to everyone who needs your type of services.

During my years in real estate, I've seen cases where homeowners have made home improvements, assuming they would recoup their investment when they sold, only to find that the improvements didn’t increase their home's market value, sometimes, even decreased it.

How could this be? Well, there are many variables involved in how home improvements affect market value. Some relate to the quality of the improvements, while others relate to an individual owner's tastes and needs. For instance, remodeled kitchens and added bathrooms usually generate a good return. However, a new swimming pool that means a lot to one owner often makes a property less saleable generally, and so decreases its market value.

So if you’re thinking of renovating or adding on to your home, you’re welcome to give me a call first. From experience, I can help you determine how the improvements are likely to affect your home’s market value, so you can develop a strategy that gives you the results you want.

All that said, if you’re thinking more about selling than making home improvements, or if you hear that any family or friends are considering a move, please call or email me.

I hope to hear from you soon!

Eddie Mullins

eddiemullins@remax.net

217-373-4802

Dear Tom:

     Making the change to another home is a stressful time in anyone's life.  I want to thank you for all the help that you gave me.  You made the whole process less scary.  You have such  patience, compassion and integrity.  I knew that you had my best interest in mind (not your financial gain).  You listened and helped me determine what I really needed and wanted in a house, then helped me get it.  I never felt pressured.  You got me to the closing when I was snowed in.  Then loaned me your moving truck for the move.  With your help, I have no buyer's remorse and know that my new home is the one I was meant to have.

                                                                                                                                                       Thank you Thank you so much, Cheryl Smith        

The State of Illinois now requires a radon disclosure on all homes.  Radon testing has become increasingly popular among Home Buyers to know the levels within the home.   The level acceptable as per the state is 4.0.  Anything above that advises mitigation that can start at $850 and increase depending on size and foundation.  Radon is a colorless, odorless, tasteless radioactive gas that comes from the radioactive decay of naturally occurring uranium in the soil. It can enter homes and buildings through small cracks in the foundation, sump pumps or soil in crawlspaces.  The Illinois Emergency Management Agency (IEMA) is urging homeowners throughout the state to test their homes for radon after a study of radon testing results found nearly half of 22,000 homes tested by professionals had potentially unsafe levels of radon. The study also found 80 counties where few, if any, professional tests for the naturally occurring radioactive gas known to cause lung cancer were conducted during the two-year study period.For free radon testing kits contact the Champaign Urbana Public Health District at 217-352-7961.

Realtor magazine did a end of the year survey with buyers and sellers to find out what they want and expect. The top answer to each question is as follows:

1. What is the primary reason buyers give for purchasing home?

Answer: Desire to own a home

2. What do Home Buyers cite most commonly as a benefit that real estate agents offer them during the purchase of a home?

Answer: Helped understand the process

3.What do buyers look for the most in finding the right neighborhood?

Answer: Quaility of the neighborhood

4. What age range represents the largest segment of Home Buyers?

Answer: 25-34

5. What's the first step that buyersmost often take in the home buying process?

Answer: Searching for properties online

6. What do buyers most value when visting a real estate web site?

Answer: Photos

7. What was the primary reason given for selling a previous home?

Answer: Job relocation

In the last month we have really seen the real estate market in Champaign pick up.  As a matter of fact, our team alone, has seen over six dual offers in the last three weeks and the housing inventory has dropped from around 10 months to under 7 months. It is still a buyers market, but we are quickly approaching a neural market.

I believe the reason the this rapid increase in sales, is not only the low interest rates and the $7,500 tax credit for first time buyers, but also the pent up energy of the market for the last 3 months. Buyers were waiting to see what was going to happen in this market and they have now realized that the time to buy is now. When you find the right home for you, that is the time to buy.  If you wait for the interest rates to drop even further, you may lose that perfect house. You can always refinance.  If interest rate rise, you made the right decision.

If you are thinking about buying your first home, moving to a larger home or even downsizing, please give our team a call. We promise to provide you with the most positive and stress free environment possible.  Not only do we have extremely successful sales agents, we have the best administrative staff in Champaign County. Once you have decided on your perfect home, our Administrative Staff will take you every step of the way, all the way to closing.

Give us a call and we will be happy to meet with you and let you know why the time to buy is now!