Market Update

The Real estate market continues to be slow. Homes are selling, but at a very slow pace.
We (Cathy & Jim) have sold 31 Homes so far this year, which is at the top of the market average for Realtors. Our marketing plan is reaching the buyers that are looking, but there are few buyers actually purchasing homes.

Some good news is that Internet Views of homes, on Realtor.com, the #1 home search site in the country, are as high as ever, indicating that there are many interested buyers, but they are not making the move to purchase due to low consumer confidence... A sign that the economy is still in trouble. We send these Internet View reports to our clients on a regular basis.

New statistics show that 84% of the home buyers start their search on the Internet. Again showing the importance of Internet marketing with an enhanced webpage like we provide our clients.

The most critical factor for housing in 2010 is what happens to employment. People who have jobs are becoming much more risk-averse to buying a more expensive house; for one they worry will they keep their job and two, can they sell the existing home.”

As consumer confidence in the economy is restored, then it is likely that a more robust rebound in sales will occur; in the interim, a high percentage of the housing transactions will be from households relocating as a result of job changes and, with the continuing aging of the Illinois and U.S. populations, there will be housing sales as a result of retirements.

In the last hours for congress to get the Home Buyer Tax Credit deadline of June 30th to get extended to September 30th for closing, has hit several road blocks. This was an amendment attached to HR 4213 “American Jobs and Closing Tax Loopholes Act of 2010” or “The Unemployment extension bill”. This hit several political hurdles that stalled the bill and could not get enough votes to pass the Senate.
What has happened now is you have a couple of stand-alone bills, one for unemployment and for tax credit extension. The tax credit extension bill has passed the house on Tuesday, so we will need the Senate to pass with no changes then the president can sign it into law. Will this happen before the end of the day, it is very possible, BUT as of now for home buyers to get their tax credits they need to close by June 30th and had their sales contract written by April 30th.