The Media – What can you say?
Here is yesterday’s Business front page from the Daily Herald: “Home Sales Still on Shaky Ground”
Here is today’s Business front page from the Daily Herald: “Home Prices, Confidence Increase”
In 24 hours, the entire real estate market has changed?
Here are the facts: If you are not selling or buying a home, none of this really matters. If you are buying or selling, this, of course does matter. If you are looking to move up in price, looking for your first home or want to relocate elsewhere – this is the time. Prices will probably not go down much more, if any, for a while and mortage rates will certainly be going up eventually.
- Image via Wikipedia
Now, if you are selling your home, market preception does matter significantly, but not as much as the facts and statistics. If you need to buy, sell or relocate, all you can do is start the process, ignore the media’s constant melodrama and call a professional to find out your real options. If you would like market statistics for Wheaton, Warrenville or the surrounding areas, please contact me for the facts…..
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- Image via Wikipedia
Although Wheaton is only 25 miles from Chicago, residents and visitors alike will find that there’s no need to leave Wheaton to find something to do. With a vibrant downtown, several shopping districts, museums, recreational opportunities and more, there’s always something happening in Wheaton.
Ongoing Events:
Winter French Market
Saturdays through April 10
Wheaton’s popular French Market moves indoors for the winter and becomes the Winter French Market. Visit the downtown Wheaton train station at Front and West streets between 9 a.m. and 2 p.m. each Saturday for the market. Items sold include seasonal gifts, flowers, baked goods and much more. For information, contact Bensidoun USA at 630-784-0862.
Horse-Drawn Sleigh Rides
Sundays in January and February
Enjoy a horse-drawn sleigh ride at the Danada Equestrian Center. From noon to 2 p.m. Dec. 26-31 and noon to 3 p.m. Sundays in January and February, the Forest Preserve District of DuPage County offers rides from the center’s Percheron horses through the forest preserve. Tickets are available at Danada the day of each ride and are $5 per adult, $2 for children age 5-12, and free for children younger than 5. Rides last about 15 minutes and are on a first-come, first-served basis. Hay wagon rides are provided if there is less than 6 inches of snow on the ground. Groups of 10 or more must make reservations by calling 630-668-6012. Danada Equestrian Center is located at 3S503 Naperville Road.
Winter Events:
State of the City Address
Jan. 21, 11:30 a.m.
The Wheaton Chamber of Commerce will host its annual State of the City Address on Jan. 21 at Cantigny Park’s Le Jardin restaurant. This event will be taped and will be available for viewing at a later date on the City’s website and on City of Wheaton Channel 10. For more information about the event, visit www.wheatonchamber.com.
Family Night at the Museum
Jan. 21, 7 p.m.
At 7 p.m. Jan. 21, the Center for History will offer games, activities, tours, refreshments and an inside look at how a museum works during a Family Night at the Museum. The Center for History is located at 315 W. Front St., second floor. The event is free, but registration is required by calling 630-871-6601 or sending an email to info@wheatonhistory.com. Children must be accompanied by an adult.
Under the Streetlamp
Jan. 23, 7 p.m.
The Downtown Wheaton Association will host an evening with the four stars of the Chicago production of Jersey Boys at 7 p.m. Jan. 23. The event will take place at the Wheaton Grand Theatre, 123 N. Hale St., and will raise funds for the Wheaton Grand Theatre. For more information, visit the Downtown Wheaton Association website.
Promoting Environmental Awareness in Kids
Jan. 24, 1-3 p.m.
Learn how to experience the outdoors through “leave no trace” camping from 1-3 p.m. Jan. 24 at Herrick Lake Forest Preserve in Wheaton on Butterfield Road one mile west of Naperville Road. The event is for ages 5 and older, and an adult should accompany participants younger than 18. To register for the free event, call 630-933-7248.
Gamon Awards
Feb. 24, 6-10 p.m.
The Wheaton Chamber of Commerce will host the annual Gamon Awards from 6-10 p.m. Feb. 24 at Danada House, 3S501 Naperville Roads. The awards celebrate businesses and local citizens who have made a significant contribution to the Wheaton community. For more information, visit the Chamber of Commerce’s website.
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Coming into 2010, there are many people trying to decipher all the data that is being reported regarding the housing industry. The main goal is to try and bring clarity to a market that has been clouded with confusion for the last two years.
We must prevent ourselves from looking for a simple solution that will justify what we want to happen. We must not allow the truth to overshadow the facts. What do I mean by that? Let me give you an example.
The Truth: the housing market is improving.
The Facts: Home prices are still falling and will continue to fall.
Again, we can not believe so much in the truth that we ignore the facts. Like most, I wish the housing industry was roaring back to the prices of 2005 -2006. I own enough real estate to REALLY wish that was happening. But it’s not.
Prices must still be adjusted in order for buyers to be able to afford the home. Proof of that is that the government is still subsidizing home purchases by artificially keeping interest rates low and offering tax credits to both first-time and move-up buyers. The good news is that those programs are creating a market for people looking to sell their home now. The bad news is that they will not last forever.
The question that begs to be answered is what happens when interest rates rise (the government program that has kept them low ends on March 30) and the tax credit expires (April 30)? It is my belief that, when these inducements fade, so will demand.
Yet, people want to be swayed by the headlines about how pricing is stabilizing. Many of those headlines come after one of the housing industry’s pricing reports, The Standard and Poor’s Case Shiller Index, that comes out each month. This pricing index (one of several indexes) has shown stabilization in pricing on a month-over-month basis for the last several months.
However, before we get carried away with what appears to be proof that things are back to normal, let’s take a closer look. Below, is a graph from Tom Iacono showing the Case Shiller numbers on a year-over-year basis (the December index reported on sales through October. That is why you see October as the heading):
Just a quick note to get the new year off to a running start. I am overly optomist regarding the Real Estate market for 2010. I believe that we will continue to see many short sales & foreclosures on the market. The banks have to speed up their pace at accepting any and all reasonable offers so that we can get some of this existing inventory off the books. There has not been a better time to buy real estate in over 30 years!!!
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