FOR WHAT IT'S WORTH
Thoughts on the real estate market...
By Kathy Kruenegel, GRI 
Broker/Owner
Re/Max Integrity Realty Group You may have heard that the real estate market is slow and that home prices have been falling at a rapid rate. While nationally, this may be true, the greater St. Louis Metro East area is traditionally different from the national averages by being a more positive & productive real estate market. Looking at our real estate market locally, not nationally, is the only way to view the real estate trends for this area.
So, when contemplating listing or purchasing a home consider this; sale price trends, volume, and inventory of homes within your area only.
If you think locally and long term, now is the perfect time to be a part of the American Dream of owning a home. Not only does real estate continue to be a sound investment, it also offers opportunity to build net worth over time through equity.
If you are a buyer in today's market consider this; tax breaks and credits offer homeowners deductions on property taxes & mortgage interest which can save a person thousands of dollars over time. With the first time home buyer tax credit, a buyer may be eligible for a tax credit of equal to 10% of the home purchase or up to an $8,000 and doesn't need to be repaid. . Buyers, as well as investors, may look forward to the lowest fixed mortgage rates in years; providing quicker equity increases towards the home. Despite the current economic situations, most agree that home prices will continue to rise over the next five years meanwhile, local home prices have moderated allowing for buyers to buy low, and hopefully, sell high
If you are a seller in today's market consider this; price your home correctly and prepare you home to be in its most tip-top shape. Many homeowners are looking to advice from home staging experts that will enhance the features of the home and create a show-stopping display of their home to capture the buyer audience. Since pricing a home is perhaps the most important factor on how quickly a home will sell, listen to the real estate experts you interview.
A REALTOR will understand the market conditions by comparing your home to those homes that are most comparable to yours. A comparative market analysis will allow you to view the true dollar to what a ready, willing, and able buyer is willing to pay, unlike a re-financing appraisal or perhaps slanted opinions from online websites.
"Your Illinois Home" website stated that the national housing forecast is no more useful than a national weather forecast. If you are a buyer, this market is for you... If you need to sell, be patient and price correctly. Before long, credit markets will loosen; more buyers will be able to obtain financing, which will begin to push home prices back up again...
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Minimum Wage Increase and Other Illinois Legislation News
As of July 1, minimum wage was increased from  $7.50 an hour to $8.00 an hour as part of a Blagojevich-approved legislation requiring a gradual boost to minimum wage. The final increased will take place next July and raise the minimum wage to $8.25.
State officials estimated in 2006 that about 650,000 people in Illinois work jobs that pay them the bare minimum. Each increase has the potential to give a full-time employee at a minimum wage job an extra $520 to $16,640 in income per year (depending on the number of hours in their work week) before taxes.
The Illinois minimum wage law puts workers ahead of the national curve. Federal laws scheduled to take effect July 24 will boost the national minimum wage standard from $6.55 per hour to $7.25.
Other Changes: Another change in law will allow state officials to install automated traffic control systems and their cameras to be installed by state officials in construction zones on freeways. Such a change is meant to encourage people to follow the reduced-speed laws while driving through roads under repair, and would allow for the higher fines that currently come for speeding through a construction zone.
The vehicular code has changed to increase the percentage of biodiesel blend fuel that must be used from 2 percent to 5 percent in diesel-powered vehicles owned by state or local governments - including schools and mass transit agencies - in Illinois.
Another change involves employers that offer health insurance benefits to their employees. They must continue to offer coverage to unmarried dependents up to age 26.
For military veterans, coverage must be provided to age 30. Previously, employers were allowed to cut off such benefits at age 25.
If any of these laws affect you or your business, please call our office to discuss these changes with us. |
