Tony Lazzari's Naperville Real Estate

Illinois Housing Market Forecast

Homes in Naperville — Thu, 01 Sep 2011 17:11:43 +0000

Illinois Housing Market Forecast for the Second Half of 2011 −

Two-part video series with University of Illinois economist Dr. Geoffrey J.D. Hewings, from Illinois Association of Realtors.

Want to discuss this in greater detail or explore your particular housing situation? Just EMAIL TONY or give me a call at 630-542-7732.

Naperville Home Sales Activity Report March 2011

Homes in Naperville — Sun, 24 Apr 2011 18:00:33 +0000

Naperville Foreclosure March 2011 vs March 2010

This is an extremely active market segment and the pace is picking up! Home Sold in this segment increased by 57% over same period one year ago and Homes Under Contract jumped 100%. Foreclosed homes for sale? These are also increases from February 2011 activity. They dropped by 74%. The table below shows these accelerating trends.

Measure	Mar 2-1-	Mar 2011	Change
Sold	14	22	57.1%
Under Contract	16	32	100.0%
For Sale	156	110	-29.5%
Months Supply	8.1	2.1	-74.1%

Most telling is the continued drop in MSI (Months Supply of Inventory). March dropped to 2.1 months from 8.1 a year ago. Remember, a MSI of 6 indicates a balanced market – under 6 favors sellers. If you are an investor in Naperville or a buyer looking for a Foreclosed home, be prepared to act quickly when the properties hit the market. They are not lasting long!

If you want more detailed information or would like to discuss opportunities, please give me a call @ 630.542.7732. Want to see what is available in the foreclosure market? Sign up for our Foreclosure Report.

Next Up – Naperville Single Family Homes – Non Bank Owned

REALTORS® for Fair Sales Tax

Homes in Naperville — Tue, 19 Apr 2011 19:05:09 +0000

Fair Sales Tax in Illinois – Do You Care?

Most of you know that I am not one to copy and paste full articles from across the web, but once in a while I come across one that is worth (in my humble opinion) sharing in its entirety. We have all heard recently about Illinois’ new law to collect sales tax on those companies that do business with Illinois residents, but have no brick and mortar presence in our state. On the surface, I was initially against this – if I could save a few bucks ordering on line, that was good. If the local merchants wanted to compete, take that savings into account and offer a price match guarantee.

The following post from the Illinois Association of Realtors takes the explanation and rationale to a deeper level and points out how savings on sales tax, for example, may have an impact on property taxes! The next paragraph is from that post and the full post can be read by clicking on the next link:

1. Property tax shift. When local brick and mortar retailers are unable to compete on a level playing field with Internet retailers the result is that brick and mortar retailers close their doors. Case and point is the Borders bookstores. A loss of tenants causes the assessed valuation of retail properties to go down. So the property tax that was once paid by main street stores that are closing due to the unfair Internet retailer competition get shifted on to the local homeowners to make up for the shrinking tax base. It should be noted that shopping centers collected $6.1 billion in state sales tax revenue during 2010, on top of generating other property and business taxes.

REALTORS® for Fair Sales Tax.

What are your thoughts? Are you for, against, or feel it is not really relevant? Feel free to comment, contribute and or share.