SCHAUMBURG REAL ESTATE MARKET PRICES, TRENDS AND FORECAST 2023

Schaumburg is a delightful village that boasts beautiful parks, exceptional shopping, and fabulous restaurants. It has a bustling business district, and it is located just 30 miles away from Chicago and 11 miles from O'Hare Airport. If you are looking for homes for sale in Schaumburg, IL, now is the perfect time to find your ideal investment property. HOUSING MARKET FORECAST FOR SCHAUMBURG 2023 Home values on an upswing Home values in Schaumburg rose by 8.7% in May 2023. The medium price of a three-bedroom in 2022 was $325,000. In May this year, the price increased by 3.1% to $335,000.   Falling interest rates All year, the interest rates have hovered around 6% to 7%. As of the first week of June 2023, the average rate for a 30-year fixed loan for a home fell by 14 basis points to 7.03%. The rate to refinance to a 15-year fixed rate was also down by 23 basis points to 6.52%.   It looks good for investors The state’s data shows that owner-occupied and vacant homes have decreased slightly from 2010 to 2020. At the same time, rental units have increased. In 2010, 67.3% of homes were owner-occupied, 32.7% were renter-occupied, and 6.7% were vacant. In 2020, the rate of owner-occupied housing dropped to 63.2%. However, rental units had increased to 36.8%, and vacant homes decreased to 5.4%. Since Schaumburg is in a seller’s market, investors may have to negotiate to get a good deal, but there should be a market for renters. Homes are still selling, and the value is increasing in the area, so flipping a house may also be worth the investment.   Increase in residents There has been an increase of 6.1% in the population of Schaumburg in the past decade. According to the state, in 2020, 78,723 people were living in the city. MEDIAN HOME PRICES The median home price in the area was $261,000 in May of this year, up 8.7% from the same time last year. The average cost by the number of bedrooms and the percentage the price rose from 2022 is as follows:   One bedroom $128,900 and up 7.5% Two bedrooms $225,000 and up 13% Three bedrooms $335,000 and up 3.1% Four bedrooms $440,000 and up 3.5% Five or more bedrooms $581,400 and up 20.4% COOK COUNTY MARKET Schaumburg is in Cook County. It is also experiencing a seller’s market overall. In May of this year, the median home price in the county was $305,013, down by 0.2% or $599 from last year. There were 8.3% more homes sold in May of this year than in the previous month of April. Of those, 40% were sold under the list price, 18% at the list price, and 42% over the list price.   Covid-19 and the market The housing market thrived in many parts of the country during the pandemic. In Cook County, the home values also increased during that period. A DePaul study found that housing prices increased by 14.7%. In suburban areas like Schaumburg, the values increased by 14.9%.   County foreclosures Foreclosures have risen nationwide after lifting the moratorium that had been in place during Covid-19. According to one report, the rate of foreclosures in Cook County is one out of every 312 homes. It ranks 20th out of 1,700 counties looked at nationwide. This news is a bright spot for savvy investors as they can find a foreclosed home at a bargain price. IS INVESTING A GOOD IDEA? Schaumburg, Illinois, has been rated the top place to live in the state by Money magazine, and it continues improving. The town boasts thousands of businesses, including Zurich North America, Paylocity, and Motorola Solutions, attracting new residents. It also has the largest mall in Illinois, the Woodfield Mall, which brings in 30 million visitors a year and makes life in town more convenient for residents. Investors have many opportunities in Schaumburg, with 68% of buildings being housing units, 37.4% of which are single-family detached houses, and 45.2% are multi-family units. The village is developing the Woodfield Hub and the 90 North District, which will feature mixed-use neighborhoods with walkable settings, drawing people who want to live close to shopping and dining. These areas are perfect for investors looking to expand their portfolios. The town plans on investing 217 million dollars in improvements throughout the area. It is adding bicycle paths and improving the infrastructure to enhance life and make living in Schaumburg more attractive to homeowners and renters. While investing does not guarantee quick returns, owning property is a good investment overall, and Schaumburg is ripe with possibilities.   Finances Before attempting to purchase property, investors may want to check their credit scores and repair them before applying for a loan. Lenders look at the debt-to-income ratio (DTI) too. The DTI should be under 43%. Just search for a DTI calculator to determine the percentage.   Prices Homes in the village are expensive, and 65% of those sold last month went for over the listed price, but investors can still make a profit. The average time that homes stay on the market has increased from nine to 16 days this year, providing more time for buyers to find a home. To increase the likelihood of finding a suitable investment property, choosing the right home in the right area and having strong negotiation skills are essential.   Consult a professional If you are an investor aiming to flip a property or add rental units to your portfolio, seeking guidance from a real estate professional can significantly increase your chances of success. Agents possess extensive knowledge about the area, and unlike the general public, they can access the MLS database, giving them access to most of the homes available for sale. Additionally, they can identify foreclosures faster and are often aware of properties that are yet to be listed but will be made available soon. EXPERIENCE THE DIFFERENCE Are you looking for an investment opportunity in the Schaumburg real estate market? Look no further than the Sarah Leonard Team. This experienced team of real estate agents has a proven track record of success, having been ranked in the top 1% by the esteemed Wall Street Journal. Led by founder Sarah Leonard, the team is known for its exceptional service and top-notch negotiation skills. Whether searching for a luxurious estate, a cozy townhome, or something in between, the Sarah Leonard Team can help you find the perfect property. With extensive knowledge of Schaumburg and the surrounding Chicagoland suburbs, they are equipped to assist with all your real estate needs. Give Sarah Leonard a call today to get started!

HOTTEST ARCHITECTURAL STYLES IN ALGONQUIN, ILLINOIS

Algonquin architecture has a rich history which can be seen partly through its wide selection of styles. Some styles, like Queen Anne and Craftsman, are easier to spot than others. This charming Illinois town is filled with gorgeous architecture. If you’re interested in learning more or in buying or selling Algonquin real estate, a talented and experienced broker like the Sarah Leonard Team members can help you.  AMERICAN FOURSQUARE Sears and various retailers sold prefabricated Foursquare houses, which is why there are so many nationwide. The foursquare is more of a type of build than an actual style. Foursquare buildings can have Colonial, Mission, or other style leanings. They are typically two-story or two-and-a-half-story homes in the form of a square. The roof is pyramid shaped and usually has a dormer. Most have large windows on the sides of the house with overhanging roofs. Not all have a front porch, but if they do, the porch is usually the same width as the front of the house.  The first and second floors in the interior consist of four equal-sized rooms or four squares. That and its exterior shape are where the foursquare gets its name. One great example of a foursquare home in Algonquin is the former Duensing Brothers General Store on South Harrison Street. It was built in 1911 and is now a private residence.   ART DECO Art Deco is a style from Paris transported to the United States in the mid-1920s. This style's buildings use terracotta, chrome, aluminum, and decorative glass. Many structures have contrasting color schemes or bold colors. Intricate detailing includes sunbursts, zig-zags, chevrons, pyramids, and other geometric patterns. Often, the windows were lined up horizontally in a long row, and sometimes builders incorporated opaque glass or glass block. The corners on the roof of Art Deco buildings frequently have a decorative element to make them stand out and seem grand. Some famous Art Deco structures are Rockefeller Center, the Chrysler Building, and the Empire State Building. Locally, the 1925 William Ohl building on South Main Street, which was once a bakery, was designed in the Art Deco style. It is a two-toned brick building with terracotta accents, decorative corner pieces, door carvings, and six upper windows in a row.  BUNGALOW A bungalow is more of a description of a house's basic size and layout than a style. Many bungalows are fashioned in the craftsman style but can also be found in other styles like the Mediterranean.  Bungalows are usually small, less than 1,500 square feet, and are one story tall with a small upper room but not an entire upper floor. The upper chamber has a dormer window, usually centered midway. Many bungalows have a front porch that runs the width of the front of the house. They have an open floor plan, and most have a fireplace as the main feature. Many examples of bungalows can be found in Algonquin.  CRAFTSMAN Craftsman houses are simple and unadorned. They have low-pitched roofs that overhang. Craftsman builds always have a porch of some kind. Some have a small covered patio, and others have a wide one with robust columns squared off instead of round. Many Craftsman homes are one story, but some have a second floor.  Craftsman homes can be found throughout Algonquin. Their aesthetic is of an earthy quality. They are usually painted in earth tones and made of wood, brick, or stucco, and the doors and windows have wide trim. A fireplace, open floor plan, exposed wood beams, and built-in elements like bookshelves and window seats complete the look. Many of the craftsman homes in Illinois are made of brick, with the steps to the porch on the side leading to a driveway or a sidewalk.  FALSE FRONT False Front buildings are easy to spot but are rare today. Looking at the structure from the back or the side, one can see that the facade extends well past the height of the rest of the building. False Front structures make the building look more prominent. The Voytech building from 1893 and the Blacksmith building from 1856, both on South Main Street downtown, are examples of False Front architectural styles. The Blacksmith building is two brick buildings with one false front, so it appears to be one large, uniform building.  GREEK REVIVAL The buildings of ancient Greece inspired the Greek Revival style. It involves symmetry, elegance, and simplicity. The Greek Revival architecture in the United States spread in the 1800s. At the time, most people could not afford architects, so the style was modified based on the availability of materials, local talent, and tastes.  The building material ranged from brick to stucco or wood. Many prominent buildings, but not all homes, have temple-style columns painted white to emulate the marble used in Greece. Slightly slanted roofs with gables and decorative trim around the doors and windows are also part of the style. The interior layouts are open, with ornate ceilings made of plaster, and many have windows that are low to the floor. There are examples of the Greek Revival style in Algonquin, but they are more subdued in tone, so they are more challenging to spot. ITALIANATE Italianate-style homes pay homage to the Italian Renaissance and homes in the Italian countryside. Still, they are considered part of Victorian architecture because of the location and era they originated. Italianates are two-story homes. They can be rectangular, L or U shaped, and generally constructed of brick or clapboard. In the Italianate style, the roof overhangs and the eaves have noticeable ornate brackets. The windows are tall and narrow, with decorative trim sometimes made of cast iron. Many Italianate homes will have a porch with columns. Many row homes in cities like New York and New Orleans are made in the Italianate style. There are several examples of this style in Algonquin as well.  PRAIRIE The renowned architect Frank Lloyd Wright made the Prairie-style house famous. Prairie houses generally have low profiles and horizontal lines with flat roofs that overhang. They are supposed to be inconspicuous and blend in with the nature around them. Spaces that blend indoors and outdoors are typical for this home style. Open floor plans, sweeping walls of windows, exotic wood, and built-in features are hallmarks of the style’s interior.  The historic landmark Algonquin Village Hall has elements of the Prairie style. Ranch homes, which have been popular for decades and are found throughout Algonquin neighborhoods, are offshoots of the Prairie style.  QUEEN ANNE The Queen Anne style of architecture is categorized as a Victorian home. Queen Anne is meant to emulate the architecture from England’s past. People of that period used to build additions to their homes over time, which is why the homes had multiple roofs and asymmetrical or irregularly shaped rooms. The Queen Anne style mimics this by creating steeply pitched roofs, scalloped shingles, dormers, gables, turrets, and towers. The homes are ornate, usually with angled bay windows, stained glass, and wraparound front porches with elaborate spindles.  This style can be seen scattered throughout Algonquin or by looking at the colorful Christian Geister House, which is listed on the National Register of Historic Places and is a terrific example of the Queen Anne style. TRANSITIONAL A transitional style of architecture can be a combination of several architectural styles or a contemporary take on a classic style. Many new builds in Algonquin take the transitional approach to style, which also encompasses the modern lifestyle and adaptable designs and floor plans.  The transitional style is also a way to acknowledge past designs but incorporate new technology and enhancements in a visually appealing way. For instance, a transitional-style home may add solar panels, but it will do so in such a way as not to overshadow the look of the design. It may have shutters, but they will not just be for decoration. They can be used to keep out the harsh midday sun to help with energy consumption.  LET SARAH LEONARD HELP Algonquin has a beautiful mix of architectural styles. If you are looking for your next home and you want a particular style, Sarah Leonard and her team of expert agents can help. They are familiar with the homes for sale in Algonquin, IL, and many other regions.  Sarah has been featured in Top Agent Magazine, and her team sold more homes in 2020-2022 than any other team in Illinois, so rest assured, they have the experience buyers and sellers need in today’s market. If you are interested in houses, condominiums, or townhomes for sale in Algonquin, IL, you do not have to go through the process alone. The Sarah Leonard Team is waiting to help you find your dream home, so contact them today.

SELLING A HOME IN ST. CHARLES

Selling your home in St. Charles can be an exciting time, but it can also be a bit overwhelming. There are many factors to consider and steps to take in order to prepare your home for the market and ensure a smooth and successful sale. From decluttering and staging to making necessary repairs and updates, preparing your home for sale takes time and effort. PREPARING YOUR HOUSE TO SELL Determine your home's value One of the first steps when selling a home in St. Charles is to determine its value. This can be done by researching recent home sales in your neighborhood, getting a home appraisal, or working with a real estate agent who specializes in your area. Knowing your home's value can help you price it competitively and increase the chances of a quick sale. Interviewing real estate agents When it comes to selling your home, working with the right real estate agent can make all the difference. Take the time to interview different agents, ask for references, and review their track record of sales in your area. Choose an agent you feel comfortable working with, who understands the local market well, and is willing to work with you to achieve your goals. Upgrades to improve your home value   Before listing your home for sale, consider making a few upgrades to increase its value. This can include repainting, refinishing floors, or making minor repairs. Even small updates can make a big difference in the overall appeal of your home and can help you fetch a better price. Good and bad times to sell Timing is also an important factor when selling your home. While there's no perfect time to sell, certain seasons may be better than others. For example, the spring and summer months tend to be the best times to sell as more buyers are out looking for homes. Conversely, the fall and winter months may be more difficult as fewer buyers are in the market. Staging your home and taking photos Once your home is ready to be listed, it's important to stage it to appeal to potential buyers. This includes decluttering, rearranging furniture, and making sure your home is clean and well-maintained. Good quality photos are also crucial, as most buyers will start their home search online. Make sure that you take professional quality images of the interior and exterior of your home to showcase it in the best possible light. SELLING YOUR HOME By understanding these key points, you can be better prepared to navigate the process of selling your home. Listing on the MLS   The Multiple Listing Service (MLS) is a database of all the homes for sale in a particular area and is used by real estate agents to find properties for their clients. Listing your home on the MLS makes it visible to a wider audience of buyers and can increase your chances of finding the right buyer quickly. Open house and virtual tours   Another way to get your home in front of potential buyers is to hold an open house or offer virtual tours. An open house allows buyers to walk through your home and get a sense of the layout, while virtual tours allow buyers to see your home from the comfort of their own. Cash vs traditional When you're selling a home in St. Charles, you'll have to decide whether to accept cash or a traditional mortgage as payment. Cash offers are usually faster and easier to close, but traditional mortgages may offer you a higher sale price. Appraisal Before a buyer can close on a home, it needs to be appraised to ensure that the sale price is in line with the current market value. The appraisal process is usually handled by a professional appraiser and is usually required by the lender as a condition of the loan. Escrow Escrow ensures that both the buyer and the seller are protected and that the sale can proceed smoothly. Closing costs It's important to understand what closing costs you'll be responsible for and how they'll be paid so that you can budget accordingly. FAQS ABOUT SELLING YOUR ST. CHARLES HOME How long does it take to sell a home in St. Charles? The average time it takes to sell a home in St. Charles can vary depending on a number of factors, such as the local real estate market, the condition of your home, and the price it's listed at. How can I sell my St. Charles house faster? There are a few ways to sell your St. Charles home faster, such as pricing it competitively, making necessary repairs and upgrades, staging your home to appeal to buyers, and hiring a real estate agent who specializes in your area. How can I get the most money for selling my St. Charles home? It's important to understand your home's value, price it competitively, and make necessary repairs and upgrades to get the most money for your St. Charles home. Additionally, hiring a real estate agent who specializes in your area and has a proven track record of selling homes for top dollar can also help you maximize your home's value. Is it a good time to sell my St. Charles home? The timing of when you sell your home can have a big impact on how quickly it sells and how much you get for it. Spring and summer are typically the best times to sell in St. Charles. Ideally, you should consult a real estate professional to get a sense of what's happening in your local market. They can help you determine whether it's a good time to sell based on factors such as the number of homes for sale, the average time homes spend on the market, and the overall state of the economy. Is staging my home worth it? Staging can be a great way to make your home more attractive to potential buyers. By showcasing your home's best features and making it look as desirable as possible, you can increase the chances of selling it quickly and for a good price. Can I sell my St. Charles home without a realtor? Yes, you can technically sell your home without a realtor. This is known as a For Sale By Owner (FSBO) home. However, it's important to note that selling a home can be complicated, and a realtor can help you navigate the legal and financial aspects of the transaction. They can also help you market your home to potential buyers, which can increase your chances of finding a buyer quickly. What if my home isn't paid off yet? If your home still needs to be paid off, you'll need to pay off the remaining balance of your mortgage before you can sell it. This can be done by using the proceeds from the sale of your home to pay off the remaining balance. What if I have a tax lien to satisfy? If you have a tax lien on your property, it will need to be satisfied before you can sell your home. This means that you'll need to pay off the lien in full or make arrangements to pay it off over time. What do I do if my home listing expired? If your home listing has expired, it means your home was not sold during the period specified in your listing agreement. There are a few options for you to consider after an expired listing:   Negotiate with your current listing agent for a new listing agreement Look for a new real estate agent to list your property Consider a different marketing strategy or lower the price Wait for market conditions to change or reconsider if you want to sell your home READY TO SELL IN ST. CHARLES? Whether you're wondering if it's a good time to sell a home in St. Charles, considering staging your home, or dealing with a tax lien, it's important to have the right information and guidance to make the best decisions for your specific situation.   Working with the Sarah Leonard Team can help you navigate the complexities of selling your home and ensure the best possible outcome. With years of experience and expertise in the St. Charles real estate market, they can help you sell your home faster and at a more competitive price. From providing you with market insights to helping you stage your home and market it to potential buyers, the Sarah Leonard Team can help you achieve your goals as a home seller. If you're thinking of selling your home, don't hesitate to reach out and learn more about how they can help you.

BUYING A HOME IN SCHAUMBURG

Schaumburg, Illinois, is not only a premier suburban business destination but also a great place to call home. Located just 30 miles outside of Chicago and about 11 miles west of O’Hare International Airport, it offers the perfect blend of big-city and small-town living. With a history of thoughtful planning and vision, Schaumburg has transformed from a small farming community into a thriving economic center that is home to more businesses in Illinois than any other community outside of Chicago. WHY SHOULD YOU BUY A HOUSE IN SCHAUMBURG, IL When considering buying a home in Schaumburg, there are many factors to take into account. The following list highlights just a few of the reasons why Schaumburg is an excellent place to call home and why it might be the right choice for you. Strong economy and job opportunities Schaumburg is home to a strong and diverse local economy. Its businesses provide support to the community's 78,000 residents and the northwest suburbs by offering professional and high-quality services and goods. Excellent schools     Schaumburg is served by the highly-regarded Schaumburg Township Elementary District 54 and Township High School District 211, which consistently score well on state tests. The town also has a number of private and parochial schools available. In addition, its proximity to Chicago means residents can access a wide range of colleges and universities. Vibrant community and amenities     Schaumburg offers a wide range of activities, events, and amenities for residents to enjoy. The town has a number of parks, recreational facilities, and community centers, as well as a variety of shopping, dining, and entertainment options. The town also hosts several festivals and events throughout the year, providing residents with plenty of opportunities to socialize and get involved in the community. TOP 6 NEIGHBORHOODS IN SCHAUMBURG Schaumburg is a large and diverse community with many different neighborhoods to choose from. Weathersfield This neighborhood is known for its spacious homes and large yards, as well as its excellent schools and proximity to shopping and dining. Town Square This neighborhood is located in the heart of Schaumburg and is known for its walkability, as well as its proximity to the Woodfield Mall and other shopping and dining options. Lexington Fields This neighborhood is located in the southern part of Schaumburg and is known for its large homes and excellent schools. The Greens of Schaumburg This neighborhood is known for its golf course community, as well as its proximity to shopping and dining. Spring Valley This neighborhood is located in the western part of Schaumburg and is known for its spacious homes and excellent schools. The Woodlands This neighborhood is located in the eastern part of Schaumburg and is known for its large homes and proximity to parks and recreational facilities.It's worth noting that the above neighborhoods are just a few of many available in Schaumburg, and the best neighborhood for you will depend on your personal preferences, lifestyle, and budget. WHAT TO KNOW ABOUT BUYING A HOUSE IN SCHAUMBURG Median house price Schaumburg has a diverse housing market that includes single-family homes, townhouses, and condominiums, so the prices can vary depending on what type of property you are looking for. Additionally, the town has a mix of newer and older homes, so the home prices can vary depending on the property’s age. Currently, the median home price in the area is around $350,000. Closing costs     When buying a home in Schaumburg, closing costs can include a wide range of fees, such as appraisal costs, title insurance, attorney fees, property taxes, and more. These costs can add up to several thousands of dollars and are typically the buyer’s responsibility. However, in certain circumstances, the seller may agree to cover a portion of them as part of the purchase agreement. It's essential to review the purchase agreement and ask your real estate agent or attorney to explain any fees you don't understand before signing. Property taxes The Village of Schaumburg began collecting property taxes in 2009, and since then, it has been implementing a consistent strategy of reduction or maintenance of the levy each year. The 2021 levy remained unchanged from the previous year, which was also 5% lower than the 2018 levy. REQUIREMENTS FOR BUYING A HOUSE IN SCHAUMBURG Conventional loans     These loans are usually sold to government-sponsored entities like Fannie Mae and Freddie Mac. They can be used to buy a home in any location, including Schaumburg. Borrowers are usually required to make a down payment of between five and 20 percent of the purchase price and have stricter credit and income requirements than government-backed loans such as FHA or VA loans. However, they often have more favorable terms and lower interest rates. FHA Loans FHA loans are a type of home loan that is backed by the government and tend to be popular among first-time homebuyers or those who have lower credit scores and income. They are a good option for those with limited funds for a down payment, as FHA loans only require a three-and-a-half percent down payment. VA Loans VA loans are a great option for eligible veterans, active-duty service members, and some surviving spouses looking to purchase a home. MONEY-SAVING TIPS FOR BUYING A HOME IN SCHAUMBURG Find the best mortgage rate     Finding the best mortgage rate is crucial for getting the most favorable terms and the lowest overall cost for your home loan. A realtor can help you find the best mortgage rate by connecting you with reputable lenders and mortgage brokers. The Sarah Leonard Team is well-connected with local lenders and can help you understand the local market and the lenders who are more likely to approve your application. Use a bigger down payment to keep monthly payments down A larger down payment means a smaller loan amount, which leads to lower monthly payments. Furthermore, a larger down payment can reduce or eliminate the need for private mortgage insurance (PMI), an additional monthly cost that's required when you make a down payment of less than 20 percent of the purchase price. This way, by putting in a larger down payment, you increase your property equity, decrease the loan amount, and have a lower monthly mortgage payment. Increase your credit score     Increasing your credit score is a smart money-saving tip before buying a home in Schaumburg. A higher credit score can qualify you for a lower interest rate on your mortgage loan, saving you thousands of dollars over the life of the loan. Additionally, a good credit score may also increase your chances of getting approved for a mortgage loan, which can be especially beneficial for first-time homebuyers or those with a limited credit history. Use a commission rebate to save money A commission rebate is a way for homebuyers to save money on the purchase of a home by receiving a portion of the commission earned by the real estate agent. In Schaumburg, when you buy a home, the seller pays a commission to the listing agent, typically around six percent of the purchase price. A commission rebate allows a portion of that commission to be returned to the buyer, usually around two percent. READY TO BUY IN SCHAUMBURG? When it comes to finding the perfect home in Schaumburg, it's essential to work with a realtor who knows the area and can guide you through the process. The Sarah Leonard Team is an excellent choice for anyone looking to buy a home in Schaumburg.Recognized as the Top RE/MAX team in Illinois, the Sarah Leonard Team has a proven track record of success, with over 700 closed homes in the last year. Each client is treated as if they’re the team’s only priority. If you're looking to buy a home in Schaumburg, reach out to the Sarah Leonard Team for professional and personal service that will exceed your expectations.