Illinois Home Buyer Stats

Our State Association (Illinois Association of REALTORS) publishes interesting stats every so often.

They recently released some information from their 2006 Buyer Survey.

Typical Illinois Home Buyer:

37 years old
57% married
$73,300 median income
62% want detached single family home
$225,000 median price
11 homes seen
59% used the internet to search for homes


Interesting. I wonder what area of Illinois this is reflective of? Naperville just doesn't have single family homes in this price range. Most homes start around $300,000. And, most of my clients are older...maybe in their 40's.

I'm also surprized that they didn't report what was important to the buyers. In our area, the number one item is the quality of our schools. I hear that over and over.

Odds and Ends: Cleaning out the In-Box

I have a stack of materials sitting by the computer for blog ideas. The stack just keeps growing, so I thought I just combine them into 'sound bites.'

1) From Naperville School District #203:
Total Students 18,449
Total Schools 21
Educators with Masters
Degrees or higher 68%
District #203 covers portions of Lisle, Bolingbrook, Woodridge and Warrenville.

2) Daily emails promoting 'short sales' education. Probably as many classes as short sales in the area.

3) We use natural gas to heat our homes. The lines are buried under ground. So, if you're doing any landscape work or remodeling work, you must Call Julie 'Call before you Dig' at 811, 48 hours before you start your project.

4) A new Senior Program, Care on Call, just started in DuPage County. Jeanne Pantke
is the director. You can reach them at: 800-772-2873.

5) July Stats for Woodridge:
178 active listings
$393,448 average price
133 days on market

$320,852 average sold price
61% of the market sold within the past six months
131 average days on market

6) Illinois Association of REALTORS convention materials.
Convention will be held at the Westin Hotel in Lombard on September 17-19th.
Lots of interesting speakers and continuing education classes. I'm signed up.

7) An email explaining why my website wasn't working correctly. It still may not.

8) A Money Magazine from February, 2008, giving Naperville third place. Great schools (agreed), abundant parks (and they didn't even mention DuPage County's praire area), and really sharp downtown area (lots of great restaurants).
Con: Heavy Traffic; repeat, heavy, heavy traffic on 75th street, Ogden Avenue, Route 59 and Naper Blvd.

9) A name and phone number scribbed (not in my handwriting) on a ripped piece of paper. Can't remember who or why.

10) An early DuPage Title policy with restricted language as to whom could buy the property. I'd heard about this, but had never seen one. My friend, Sister Louise, gave me a copy of her parent's title policy. Amazing.

Government Take Over of Fannie Mae and Freddie Mac

According to high government sources reported by both the New York Times and the Washington Post late last night, the government is planning to take control of both Fannie Mae and Freddie Mac.

This move, which I thought might have happened last weekend, will protect the quasi-governmental agencies while they continue to operate. According to the NY Times, over 70% of the mortgages written are backed by either Fannie or Freddie.

As part of the take over, there will be changes in the operational aspects of the company. The take over will also wipe out both the common and preferred stock holders. And, as many pension funds held stock in these companies that will make some people very unhappy.

The take over will end up costing the taxpayers lots of money. Expect billions. And, expect our taxes to increase to cover this. But, it will keep the fragile mortgage market together. And, we need that.

Those of you old enough to remember back in the early '90's when the government also did a take over of Long Term Capitol Management, will know that these forced moves insure against greater chaos.