Realtors, Appraisers, Assessors, Builders all use square footage in determining valuation. But how is square footage determined? Below is a link to a good article that will provide some clarification.
But these brief highlights will give you the basics:
Most appraisers, builders and assessors adhere to the ANSI standards (American National Standards Institute).
- Outside walls are measured to determine the dimensions–except condos interior walls are measured.
- Any area below grade cannot be included…even if it is partially below grade, it is not included.
- All included areas must be finished and heated.
The square footage of a home is most importantly used as a basis for comparing it to other homes. Comparable properties within a neighborhood typically sell within a 10% range. The tax assessor is also using square footage to determine the assessed valuation of a property.
If you have specific questions about square footage send me an email or a text and I will be happy to try to help you.
Schools have a significant influence on property values and I like to provide my clients with as much information as possible to make an informed decision about their homes purchase. Please check out this informative article regarding the schools in this area:
I attended the first meeting looking for community input in the formation of a new comprehensive plan for the city of St. Charles. A room full of citizens and business owners created a huge list of suggestions and concerns that will determine the future of the community of St. Charles. One of the main concerns for the citizens was to find ways to preserve the charm and character of St. Charles while optimizing the Fox River as the center of the downtown.
Contribute to and find out more information at the webpage for the Comprehesive Plan for the city of St. Charles, IL
Out here in unincorporated Kane County, Illinois the street addresses have a directional letter in them such as 7N400 Something Road. I often get asked what does this mean?
The “zero” point in Chicago is State Street and Madison Ave. From there all streets are North, South, East or West. The unincorporated areas surrounding the city have continued this system and the numbering is based on how far west, north or south the property is located from the zero point of State and Madison. (East is limited because Lake Michigan is east.) Most of the unincorporated areas of each of the counties surrounding Chicago also adhere to this addressing system. So it easy to figure how far you are from the city.
Learn more about the grid addressing system for Chicago from this Wikipedia article.
If you are buying a home it’s a good idea to check if it is located in a flood zone. You may be required to pay an additional fee in your mortgage for flood insurance if your home is located in the flood zone.http://www.msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1
See why St. Charles, IL is a great place to live and was chosen by Family Circle Magazine as a top ten best town for 2011.
I love this community with it’s beautiful downtown with the Fox River at the center of all the scenery, the wonderful antiquing and restaurants, great schools, beautiful parks and convenient location to all that the major metropolitan city of Chicago offers.
Let me find you a great deal on a home in St. Charles, IL.
District #303 high schools; St. Charles East and St. Charles North have another reason to be proud after making the recently published list known as the : Washington Post High School Challenge
The list measures how effectively a public high school prepares it’s students for college. The simple formula divides the number of AP tests by the number of graduating seniors to get a rating.
Some local schools that made the list:
Saint Charles North, St. Charles East, Wheaton North, Wheaton Warrenville South, Neuqua Valley. See the entire list when you click on the above link.
The local schools will always have a significant impact on property values in a community. So when the schools reach achievment levels worth bragging about I like to let my clients know…especially my buyers with children. When doing your schools research be sure to check out the following map:Academic Excellence Award schools in the Fox Valley area.http://www.ilhonorroll.niu.edu/images/maps/AEA_ne_10.pdfFor more information on local schools check out my website: www.FoxValleyResidential.com and look on the left hand side for “Information on Illinois Schools”
Realtors use absorption rates to determine the rate at which the market is absorbing the current level of inventory. In other words it is the rate at which homes are being sold. A rising absorption rate indicates there are more homes coming on the market than being sold and a declining rate means that the inventory is being sold more quickly than it is being replaced.For example in Saint Charles, IL the current level of detached SF Homes is 622.For the past 3 months 101 homes have sold which gives us a rate of 33.67 homes/ month. 622 divided by 33.67 (rate) gives us our current months supply of inventory for Saint Charles, Il which is 18.4 months.A Buyer’s market is over 7 months of supply.A balanced market is 5-7 months of supply.A Seller’s market is anything less than 5 months supply.The month’s supply of inventory for detached single family homes in these Fox Valley communities:Kane County, IL has 16.4 months supply of inventory.Geneva 20.5 months South Elgin, IL 17.9 months Batavia, IL 22 months Elgin, IL 16.9 months
When purchasing a home in Northern Illinois a radon test is a typically performed during the Five Day attorney approval time period. If the home tests above 4 pCi/L then mitigation is recommended. The cost of the radon mitigation system can be negotiated between the parties, but customarily, in this area, it becomes the responsibility of the seller to pay for the mitigation.
What is the liklihood my home has radon?
Radon levels vary from home to home, but you can find out the radon levels that other homes have tested at within your zip code from this IEMA website. Here is a link to a map of reported Radon levels for Kane County, IL. Find other counties in Illinois from this IEMA website: Search: Radon levels in Illinois by County.
This Radon information link also had some helpful information.