1. 9 FACTS
You Should Know About Today’s Illinois Real Estate Markets.
Think locally and long-term,and do your homework.
Grab a low interest rate while it’s still here.
Mortgage interest rates remain at historic lows, but they are on the rise. A quarter percent
change in the interest rate can mean tens of thousands of dollars in costs over a 30-year
mortgage. For example, an increase from 5 to 6 percent on a 30-year $200,000 loan can
change the monthly payment of principal and interest by $125, an increase of 11.6 percent.
It pays to own
versus rent! Housing is a good
A typical homeowner’s net
worth is 49 times that of a renter’s, ac- long-term investment!
cording to the National Association of Owning a home is how many families begin to
REALTORS® calculations using statistics accumulate wealth. Given the leverage you
from the Federal Reserve Board. Owning get in purchasing a home, the average return on
a home provides both financial equity a 5% down payment over 10 years is usually three to
and tax benefits over time, plus impor- five times greater than stock market returns. And you
Today’s market offers great tant social benefits such as shelter, se- can’t live in a stock! In Illinois the median price in 2009
opportunities for first-time curity and independence. was 5.9% higher than it was 10 years earlier in 1999.
and trade-up buyers.
If you’ve been thinking about buying
your first home, a move-up home or Sellers can recoup on the buy side.
second home—or find you have to
To sell quickly in today’s market make sure your home carries
relocate—current inventory levels
a compelling price, not just a comparable one. What a seller
plus historically low interest rates
may lose on the sell side can be more than recovered on the
and affordable prices make this an
buy side.
excellent buying opportunity.
The economy is Safe and affordable mortgages
on the upswing. are available…even for people
Recent economic indicators sug- with less-than-perfect credit.
gest the worst is over for the U.S. economy in- A safe and affordable mortgage backed by the Federal
cluding an uptick in consumer confidence, Housing Administration (www.FHA.gov or www.HUD.gov) can
employers adding jobs and a stabilizing hous- be the answer for first-time buyers who have a hard time get-
ing market. Two-thirds of respondents to a re- ting financing and enough money for the down payment. And
cent Fannie Mae Housing Survey said now is the Illinois Housing Development Authority’s HOME START
a good time to buy a home; 8 in 10 said home- program (www.IHDA.org) offers down payment assistance.
ownership is important to the economy. See www.YourIllinoisHome.com, click on “Financing.”
Current market
conditions
Getting help from an Illinois REALTOR® won’t last long
is a smart financial decision. In Illinois sales volumes are on the
It has never been more important to work with a REALTOR®, the local rebound. As sales increase, inventory
market professional, to properly gauge neighborhood conditions. Some markets levels will decrease and home prices will
have two levels of pricing—distressed sales and traditional sales. REALTORS® begin to rise. It’s the basic law of supply
can help both buyers and sellers navigate today’s complex market conditions. and demand. Buy now for the long-term
while you have the buyer advantage.
Visit www.YourIllinoisHome.com for more information on all these facts

2. 9 FACTS
Every market is different…
If you’re a first-time buyer, trade-up buyer, investor, look-
ing for a second home and simply must relocate—this
market’s for you. With low interest rates, ample supply of
homes and more affordable prices, the Illinois housing
market presents an excellent buying opportunity!
Sellers, rely on the expertise of a REALTOR®…
If you need to sell, be patient and price your home cor-
rectly. Wise buyers and sellers get the facts about their
You Should Know market and seek the counsel of a qualified real estate
About Today’s Illinois professional—a REALTOR®—to guide them through the
Real Estate Markets. complex process of buying and selling a home.
It has never been more important to work
with a REALTOR®, the local market expert.
Home Buyers and Sellers, real estate agents were
viewed as a very useful information source by 81% of
buyers who used an agent while searching for a home.
For more information visit www.YourIllinoisHome.com
Think locally and long-term, and do your homework!
www.YourIllinoisHome.com
www.illinoisrealtor.org
522 S. Fifth Street, Springfield, IL 62701
Illinois Association of REALTORS®
1030