Buyer's Beware!

As you look for a home, in determining your monthly payments, you need accurate tax information for the property. I was just showing homes this whole week in the Homer Glen/Orland Park/Lockport areas. What we noticed is that most of the taxes for Homer Glen show 2006 taxes. Take note of the tax year and remember that you pay one year in arears meaning that you pay last year's taxes. Here are some important questions you may have. This is from the Will County Treasurer's office website: http://www.willcountytreasurer.com/

What is an assessment?
An assessment is the property value that is officially entered in the county assessment books (sometimes called the "tax roll"). This value is used to determine what portion of the total tax burden each property owner will bear. Your assessed value is 33.33% of the fair market value of your property.

What is market value?
Market value is the amount at which a property would sell in a competitive and open market, presuming that (1) both the buyer and seller are knowledgeable about the sale and are using sound judgment by allowing sufficient time for the sale and (2) the sale is not affected by undue pressures (e.g., foreclosures, bankruptcy, etc.).

How is market value determined?
One or more of the following three methods is used to determine market value:
Market data—Similar, neighboring properties that have sold recently are compared to the property being assessed.
Cost—The cost to reproduce (or rebuild) the property is calculated, the amount for depreciation (e.g., wear and tear, age) is subtracted, and land value is then added.
Income—The present worth of the income from an income-producing property is calculated by measuring the amount, quality, and durability of the future net income the property can be expected to return to an investor.

How can I tell if my assessor has placed a fair value on my property?
The first method is to compare the fair market value of your property with recent sales of similar properties in your neighborhood. This method is appropriate if you have recently purchased your property or have obtained a professional appraisal. The second method is to compare the assessed value of your property with similar properties in your neighborhood. You can get this information from your township assessor or the supervisor of assessments office.
Good luck and be careful to look at all information on the listing sheets.
I love referrals so my business can keep growing, so if you have a friend or family member thinking of making a move, I would love to help them and promise to give them superb service!
It's a good life,
Nancy

The Race Is On

Ok, I am not too proud to correct myself. The 3% Ameridream down payment assistance program will be available until OCTOBER 1, 2008, not January 1, 2009 as I originally thought. If you are thinking of buying and/or selling, please take advantage of this wonderful program. I would say 98% of all Buyers that I am helping right now are FHA approved therefore could really benefit from this program. If you are selling your home, you owe it to yourselves to offer this progam to stimulate activity.....you will get showings! For other innovative ways to get your home sold fast, please call me today.

This is critical to stimulate the market again and get things rolling. If you are on the fence about buying, ask for the down payment assistance and you use your hard earned money towards something new for your next home. Remember, if you are reading this on my website, than you are thinking about making some type of move. Act fast before it goes away......the race is on!
It's a good life!
Nancy

7500 reasons to buy right NOW!

First Time homes buyer? Well please take advantage of one of the BEST things President Bush has done for you lately. He has provided that you will receive $7500 tax credit for buying your first home. Wow, that's great. It's only available until June 1, 2009, so don't hesitate.
Here are some useful links to learn more because you may have many questions and they are all answered on these links:

http://www.nbnnews.com/NBN/issues/2008-07-28/Front+Page/index.html

http://www.federalhousingtaxcredit.com/

http://www.nahb.org/mythbuster

Now, give me a call and I'll help you find the perfect home. Hurry, though time is wasting!
It's a good life! Make it a great day!
Nancy