Plainfield, IL., Naperville Il. Real Estate, Homes for sale

Plainfield Illinois, Naperville, IL Real Estate, - Short Sales - What's Needed?

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Mon, 21 Jul 2008 15:30:50 -0500

When you go through the short sale process your lender will require certain documentation. Remember, the lender does not want to take the home back through foreclosure. That is a last resort for both the homeowner and the lender. The lender would rather accept a short sale as long as the borrower can show an inability to pay the mortgage.

Each lender has their list of required documentation. Therefore, the first step is to give your Realtor signed authorization to speak with the lender about your account.

Your Realtor will then request a "short sale package" from the lender. Most lenders require the following documentation.

Exclusive right of Sale Listing Agreement
A copy of the executed "AS-IS" Sale and Purchase contract
Letter of Authorization to the bank to release Information.
HUD-1, which is the estimated net sheet from a title company. The settlement statement will show all of the expenses related to the sale with the seller receiving zero.
Hardship letter. A handwritten letter may be better to explain the borrower's situation and requesting a short sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a short sale. Document to support Hardship (termination of employment, substantial medical bills, disability letter, etc.
Personal Financial Statement form 1126, which includes current debt, payments and a household budget.
Two years of tax returns and W-2's. Remember to provide signed copies of tax returns.
Two most recent bank statements and retirement account statements. Be sure to copy both side of double-sided statements.
Two most recent pay stubs
A current Comparative Market Analysis (CMA) from a real estate broker or appraiser
Buyers proof of Funds or Loan Approval letter
Lastly note on the submission package that they need to order the BPO immediately and a negotiator needs to be assigned.

Make sure that when you submit the package it is COMPLETE. Some times it may be better to wait a day and ensure that it's complete than to submit an incomplete package. Remember the Loss Mitigator is deal with possibly hundreds of files at a time.

Lastly Note: With a short sale your Realtor should negotiate for the lender to waive their right to file a deficiency judgment. **IMPORTANT**

Cheryl Bowers is a Naperville, Plainfield Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Naperville IL., Plainfield IL., or any place in the country. Cheryl has created a team of professionals throughout the Plainfield, Naperville IL. area and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.CherylBowers.com for your real estate needs. Please give me a call if you have questions about the Naperville, Plainfield IL. Area real estate market.

Cheryl Bowers, REALTOR® 630-712-1921

Plainfield IL, Naperville Illinois Real Estate - Rental Homes

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Thu, 26 Jun 2008 10:16:15 -0500

Rental Homes

Did you know that I can assist you in finding a rental home? It's true! Let me be your guide in finding your next rental property. Whether it's a condo, townhome, or single family residence I can help.

Also, did you know that the landord takes care of my fee. It's true! What have you got to lose?

Contact me today.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Naperville IL, Plainfield Illinois Real Estate - Should you buy a home in today's market?

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Thu, 26 Jun 2008 10:01:28 -0500

Should You Buy a Home in Today's Market?
Before we start, let us give you one reason to not buy a new home right now.

How long do you intend to live there?

A rule of thumb is that it rarely makes sense to buy if you expect to move within two years. That's because when you do sell, there are costs associated with selling. We're not just talking about sales commissions to the buying and selling real estate brokers. Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market.

However, most buyers live in their new home an average of seven years or more. If that fits you, it almost always makes sense to buy rather than rent, in practically any market.

Why? First, if you are thinking about delaying a purchase because you want to "time the market" to get the very best deal, that is almost impossible to do with precision. Even if you are in an area with declining market prices, the most knowledgeable experts cannot reliably anticipate the "bottom" of a real estate market. Afterwards, they can look back and say, "The market began to turn in 1997," like it did in some areas of California that had a tough market in the nineties. Before the turn, though, no one knows.

Second, if you aren't an owner, you're a renter. Renting is just throwing money away. You don't get to reduce your income taxes by itemizing deductions like property taxes and mortgage interest.

As a renter, you are limited on what changes you can make to your living quarters. As an owner, you can paint your living room chartreuse if you want or put in an avocado green carpet. You can change light fixtures, garden and landscape. You can do whatever you want that makes your home a comfortable place for you and your family. It's your home, not a temporary place to sleep and eat until you do buy a home.

Third, interest rates are very low right now. If you wait, interest rates could be higher. That means your monthly payment could be higher, too. No one can predict rates that far in the future, of course, but rates are very low right now.

Plus, the easiest way to accumulate wealth is through home ownership. Three out of four people have more equity in their home than assets in retirement plans, stocks, mutual funds, and savings. Though no one can guarantee your property will appreciate, over time it generally does. Over the long term, you can generally count on it. In the last five years, the median price of homes all across America has increased in value approximately 10% per year. Usually, it's not quite that high.

Admittedly, there are some areas that had more rapid appreciation in recent years. Those markets may suffer from lower price-growth than the rest of the nation or region over the next couple of years.

How do you minimize the possibility of lower appreciation for your home?

Determine your price range. Then choose a neighborhood where your target price is in the lower tier of prices in that neighborhood. That way, your home has less vulnerability on the down side and the higher-priced homes will help pull you up during hot markets.

Also, try to steer away from homes on busy streets or homes that back to busy streets. Buy a house as close to the center of the tract as possible. Don't buy houses across the street from a park or a school. Try to buy in a homogeneous area, where all the homes are similar to one another. For example, if you are buying a single family home, you do not want to buy next to an apartment or condominium complex.

Finally, talk to a real estate agent and ask for advice. Ask them what the market is like in your area.

Best of all, there are LOTS of sellers out there right now. Inventory is high. If you make an offer, ask for incentives to buy that particular home.

If you are putting ten percent down or more, you can ask for up to six percent of the purchase price in incentives. These incentives cannot be rebates of cash or help with down payment, but you can ask the seller to pay your closing costs. You can also ask the seller to pay for a temporary interest rate "buydown" that lowers your payment over the first one to three years and still gets you the security of a fixed rate mortgage -- and fixed rates are very low right now.

If you're putting down five percent or less, you can still ask for incentives. The amount you can ask for is limited to three percent of the purchase price. The reason there are limits is because you are going to finance the purchase with a mortgage and lenders have guidelines on how much sellers can provide in incentives. Those guidelines help them limit loan fraud.

Contact me for free home buying consultation today!

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)

How To Stop ID Theft - Naperville, Plainfield IL. Real Estate

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Mon, 02 Jun 2008 10:23:45 -0500

Consumers are proving they can turn back time on identity theft by following a prescribed program of diligent document protection and criminal deterrence.

A well-measured program of preventive steps can protect your identity from theft.

ID theft-related fraud fell by 12 percent in 2007 and 300,000 fewer adults were victims, according to the latest from Javelin Strategy & Research, the longest-running ID theft study in the nation.

At the top of the list of reasons for the decline is "greater consumer vigilance and awareness," according to the report.

When someone steals your identity, you don't wander around aimlessly like some John or Jane Doe. Someone pilfers enough of your personal identifying information --name, address, Social Security Number, drivers license, credit and financial account numbers and the like -- then masquerades as you to make purchases, withdraw cash or otherwise undermine your financial assets and your name.

ID theft can cost you time and money (averaging $691, according to the report) to correct the misdeed and it can ruin your credit enough to prevent you from making major purchases including buying a home.

Companies that manage personal information have improved their ID theft protection measures, but consumers who protect their own personal information is the first line of defense.

Here's what Javelin suggests.

• Move your financial transactions online by turning off paper invoices, statements and checks, including paychecks, and replacing them with electronic versions where offered by employers, banks, utilities or merchants. Avoid mailing checks to pay bills or deposit funds in your banking account. Instead, pay bills online and use remote deposit check imaging services on online banking sites.

This effort rubs out the paper trail. Crooks are more likely to steal information on paper, from personal belongings and through telephone calls, rather than online.

• Monitor your accounts regularly online at bank and credit card websites. Americans who monitor their accounts online are most likely to uncover suspicious or unauthorized activity early.

• Likewise, review your credit information frequently. You can do so three times a year for free at the federally-sanctioned AnnualCreditReport.com by getting one report, from each of the three major credit reporting agencies -- Equifax, Experian and Transunion -- in turn, every four months.

• Reduce unnecessary access to your personal information wherever possible. For example, don't carry Social Security cards, unused credit cards or checks, and don't leave sensitive documents out in the open.

• Never provide sensitive financial information over the phone or Internet, including Social Security numbers, passwords, PINs or account numbers, unless you placed the call directly to a verified and trusted location, such as the number on back of a credit card or statement.

• Add your name to the federal Do Not Call registry and direct marketing opt-out lists to reduce solicitations that could be bogus.

Even as overall ID theft has fallen, "vishing," criminals using telecommunications, voice over Internet protocol (VoIP) and like methods, is on the rise. That's because, as more consumers shift more transactions to secure online services, thieves are becoming more creative on the telephone claiming to represent non-profit and charitable operations.

In the same vein, wireless phone accounts have become the most frequent types of new accounts opened fraudulently by criminals using stolen data. The trend exceeds that of fraudulent new credit cards, loans, checking or savings accounts.

• Install and regularly update firewall, browser, anti-spyware, and anti-virus security software on your personal computer, and keep operating systems updated. Updates typically come with spyware, virus and other protections.

• Consider placing a credit freeze on your credit report or your child's credit report if you know you won't be using credit for some time. Child ID theft is on the rise because thieves know you and your kid aren't likely to check the child's credit report for some time due to a lack of credit use. Check your state's "credit freeze" law. The cost may be nominal or free. The three credit reporting agencies offer the service for a fee.

• If you are an ID theft victim, report it to the police, affected accounts, and call any one of the three credit bureaus to have a fraud alert placed on your account to prevent future infractions as you sort out the mess. Contact one bureau to place a fraud alert on your credit report and that company is required to notify the other two so that they too can place an alert on their versions of your report.

About the author: Cheryl Bowers is a Naperville, Plainfield Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Naperville IL., Plainfield IL., or any place in the country. Cheryl has created a team of professionals throughout the Plainfield, Naperville IL. area and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.CherylBowers.com for your real estate needs. Please give me a call if you have questions about the Naperville, Plainfield IL. Area real estate market. Cheryl Bowers, REALTOR® 630-712-1921 (Copyright © 2008 By Cheryl Bowers, All Rights Reserved.)

Senate Takes On Mortgage Walk-Away - Plainfield, Naperville IL. Real Estate

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Mon, 02 Jun 2008 10:21:19 -0500

Recently came across this information thought some of you might find it interesting.

The Senate Banking Committee has just passed the Federal Housing Finance Regulatory Reform Act of 2008 by an overwhelming and bipartisan vote of 19-2.

Buried in the proposed legislation is something new and revolutionary, an effort to stop mortgage walk-aways.

Walk-aways arise when a borrower can no longer make monthly mortgage payments or sell the property. Rather than wait for foreclosure, the borrower simply sends the keys back to the lender. This is not a minor matter. Fitch Ratings reports that "the apparent willingness of borrowers to 'walk away' from mortgage debt has contributed to extraordinarily high levels of early default, which is particularly noticeable in the 2007 vintage mortgages."

Unfortunately, sending back the keys is not the same thing as giving up title. The lender must get the public records changed, a process made both difficult and expensive when a borrower cannot be found.

Worse, while property ownership is in limbo the home can be damaged by weather, vandals and squatters.

The Senate legislation addresses the walk away issue by saying that before borrowers can get FHA financing they must certify that they have not intentionally defaulted on any debt, not just their current mortgage. Lying about this issue can be considered perjury, and perjury can result in a jail sentence.

No less important, if a homeowner has walked away from an FHA loan, then the borrower would have to repay the government for any loss on the property -- potentially tens of thousands of dollars. In the same way that we should hold lenders to certain standards, borrowers also have an obligation to meet certain requirements. Sending back the keys -- creating so-called "jingle mail" -- is not fair and it's not right. The Senate committee has the correct idea: Walking away from a mortgage should not be a free pass to new financing, especially financing insured by the federal government.

Plainfield IL, Naperville Illinois Real Estate - Looking for Foreclosures? Sharing My Personal Source List!

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Wed, 28 May 2008 07:56:43 -0500

Looking for Foreclosures? Sharing My Personal Source List!

National REO Banks:

Bank of America - REO Search
Bank One - REO Search
Beal Bank - Commercial
CitiMortgage - REO Search
Compass Bank - REO Search
Countrywide - REO Search
Downey Savings & Loan - REO Search
Freemont Investment & Loan - REO Search
First Union Bank - REOs
GreenPoint Financial - REO Search
GRP Financial Services Corporation - REO Search
Home Loan and Investment Bank - REO Search
HSBC - REO Search
IndyMac Bank - REO Search
IAS - Integrated Asset Services - REO Search
M&T Bank - REO Search
Ocwen Financial Corporation - REO Search
People's Bank - REO Search
U.S. Home Mortgage - REO Search
Wilshire Credit Corporation - REO Search

Regional REO Banks:

1st National Bank of Scotia - New York
Coast and Country - Southern California
Community Commerce Bank - Southern California
Lexington State Bank - North Carolina
National Bank of Arizona - Arizona
New South Federal Savings Bank - Southern US
nNYRealty.com - New York
Pacific State Bank - California
Texas State Bank - Texas
Unity Bank - NJ, Pennsylvania
Virginia Housing Development Authority (VHDA) - Virginia
Western Bank - Puerto Rico
Zions Bank - CO, ID, MT, UT

Other REO Sources:

REO Source - Good National REO Search Site
REO Talk - Publishers of REO Talk Magazine

Now, If you see anthing of interest please give me a call so that I can get the details for you. Thanks

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - VA Jumbo Loan

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 27 May 2008 23:03:55 -0500

For years, the Veterans Administration has allowed "Jumbo" VA loans; it's just that hardly anyone knew about them. The current VA loan limit with zero down, is $417,000, matching the conforming loan limits set by Fannie Mae and Freddie Mac. But the VA does make allowances for VA loans above that amount ... way above. Say around $700,000.

Current Jumbo fixed rates are anywhere from 1.00 percent to 1.50 percent higher than conforming rates. That's a lot, and has many Jumbo buyers in a quandary. A 30 year fixed conforming rate might be 6.00 percent while a similar Jumbo rate could be 7.50 percent. That spread used to not be so vast. Prior to the current mortgage mess, Jumbo rates were typically about .25 to .5 percent higher than a conforming loan. But not so with a VA Jumbo loan.

VA Jumbo rates are near conforming rates, about .25 percent higher. And loans can be as high as $700,000. So how does this work?

First, if you're a qualified Veteran or Reservist, there simply is no better home loan out there with no money down. Period. Even when every lender on the planet was shouting "No Money Down!" for their home loans it couldn't hold a candle to a VA loan when comparing rates and closing costs. As long as the VA loan didn't exceed $417,000 ($625,000 for Alaska and Hawaii).

But a little "quirk" in VA lending allows for VA loans above that $417,000 as long as the veteran comes up with some down payment -- as with any Jumbo mortgage.

To figure out how much down payment a veteran will need, simply multiply the amount of the sales price over $417,000 and take 25 percent of that. For instance, a home sells for $650,000. Now subtract the maximum "zero down" VA loan amount of $417,000 and you get $233,000. 25 percent of $233,000 is $58,250. That's the down payment needed from the veteran.

That works out to about 9 percent down payment on a $650,000 home! As on all VA loans, there is a Funding Fee of about 2.2 percent of the loan amount but that can be rolled into the loan and not paid out-of-pocket. In this example, the final loan amount would be about $604,750.

With a conventional Jumbo loan, you'd need 20 percent down and pay a higher rate, say 7.50 percent compared to 6.25 percent.

Not all lenders will offer this program, so you'll need to do a little homework and even those that do may have their own VA Jumbo limits. But if you're in the Jumbo market and are VA eligible...give this program a hard look.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Fannie Mae nixes extra 5% down

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Wed, 21 May 2008 05:22:11 -0500

Update

Fannie Mae nixes extra five percent down in "declining markets." On May 16, the country's largest secondary mortgage market company, Fannie Mae, announced that it will no longer require borrowers to put up an extra five percent down payment when purchasing homes in areas deemed "declining markets." According to an NAR: "Fannie Mae had been hearing concerns from REALTORS and others for months that its declining-markets policy was bad for the housing market because it discouraged consumers from buying homes in markets hardest-hit by foreclosures."

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - If home's been on market awhile, it's time to rethink strategy

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 20 May 2008 11:03:23 -0500

Here's a great article from Inman News:

Sellers, pay attention to lowball offers

If home's been on market awhile, it's time to rethink strategy

By Dian Hymer, Monday, May 19, 2008.

Inman News

Selling a home can be an emotional experience because most sellers have a lot more than money invested in their homes. So, it's understandable that sellers might be reluctant to respond to an offer that is for less than the asking price.

Most sellers have a difficult time being objective about their homes. But, detachment is something sellers should strive for, particularly when the market favors buyers. To be a successful seller in a buyer's market, you need to be able to put yourself in the buyer's shoes. Ask yourself if you were a buyer if you would pay the price you would like to ask for your home.

In a soft market, like we are currently experiencing in many parts of the country, buyers are prone to make a low offer on any listing that doesn't receive offers from more than one buyer. The exception is when a listing is priced so competitively that a buyer recognizes a good deal and buys the property before others have a chance.

Some sellers might be inclined to inflate their asking price so that they will have room to bargain with a buyer. This is a risky strategy for serious sellers. In a buyers' market where there are a lot of homes for sale, the best listings at the best prices sell.

The listings that don't sell usually need price reductions to get them to a marketable range. If the market is trending downwards, this could mean selling for a lower price than might have been possible if the listing had been priced competitively to begin with.

HOUSE HUNTING TIP: Sellers whose homes are not competitively priced are prime targets for low offers. Even if your home is not badly priced, you could receive a lower-than-asking-price offer if market conditions are uncertain. Rather than being insulted by a low offer, sellers should view it as the beginning of a dialogue that could result in a sale.

Pay close attention to the buyer's financial capability. Gone are the days where buyers could buy a home with little or no cash down, and without verifiable income. Today's buyers are subjected to far more financial scrutiny by lenders than they were a year ago.

Ideally, buyers should be preapproved for the financing they need before they make an offer. If they are not, make sure there is a clause in the purchase contract that requires the buyers to apply for financing within a several days of acceptance.

Find out what kind of financing the buyers are applying for and which lender they intend to use. Some mortgage lenders recently failed to fund buyers' loans at the last minute. Make sure your buyers receive underwriting approval from a bona fide lender. The number of days for lender approval should also be included in the contract.

Sellers who receive an offer that is unacceptable regarding any of its terms and conditions -- not just the price -- should have their agent draft a counteroffer. Buyers and sellers often don't know in advance what price they'll accept until they're in the midst of a negotiation.

For example, a seller who bought another home before selling might accept a lower price if his house has been on the market awhile and the buyer's offer is not contingent on the sale of another property, and if the transaction will close quickly. Likewise, a buyer could agree to pay more than he thought he would if interest rates were to drop.

THE CLOSING: The counteroffer process can happen quickly or it can be long and tedious. Be prepared to explore all options before letting a negotiation fail.

Plainfield IL, Naperville Illinois Real Estate - The Fed: Betting on a rate hike

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Thu, 15 May 2008 21:44:39 -0500

There is a growing sense that the worst of the credit crunch may be behind us. And despite a tamer-than-expected reading for April, inflation is still very much a concern for many Americans.

So with that in mind, could the Federal Reserve be forced to raise interest rates before the end of the year....even in the midst of the presidential race?

The Fed has historically been reluctant to make significant policy moves in the months leading up to the election.

The market now seems to think that Fed chair Ben Bernanke may take action just a few days before Election Day on Nov. 4.

According to futures listed on the Chicago Board of Trade, investors are currently pricing in a 56% chance that the Fed will raise its benchmark federal funds rate by a quarter of a point, to 2.25%, at the conclusion of a two-day meeting on Oct. 29. Traders widely expect the Fed to keep rates at 2% at meetings in June, August and September.

There have been calls for the Fed to, at the very least, leave rates alone for the foreseeable future. Critics of the Fed have maintained that a relatively low federal funds rate, an overnight bank lending rate that affects how much interest many consumers and businesses pay on loans, has weakened the dollar and helped fuel the boom in commodity prices.

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Energy efficiency guide

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Wed, 14 May 2008 08:55:14 -0500

U.S. Department of Energy - Energy Efficiency and Renewable Energy

A Consumer's Guide to Energy Efficiency and Renewable Energy

Do-It-Yourself Home Energy Audits

You can easily conduct a home energy audit yourself. With a simple but diligent walk-through, you can spot many problems in any type of house. When auditing your home, keep a checklist of areas you have inspected and problems you found. This list will help you prioritize your energy efficiency upgrades.

Locating Air Leaks

First, make a list of obvious air leaks (drafts). The potential energy savings from reducing drafts in a home may range from 5% to 30% per year, and the home is generally much more comfortable afterward. Check for indoor air leaks, such as gaps along the baseboard or edge of the flooring and at junctures of the walls and ceiling. Check to see if air can flow through these places:

Electrical outlets
Switch plates
Window frames
Baseboards
Weather stripping around doors
Fireplace dampers
Attic hatches
Wall- or window-mounted air conditioners.

Also look for gaps around pipes and wires, electrical outlets, foundation seals, and mail slots. Check to see if the caulking and weather stripping are applied properly, leaving no gaps or cracks, and are in good condition.

Inspect windows and doors for air leaks. See if you can rattle them, since movement means possible air leaks. If you can see daylight around a door or window frame, then the door or window leaks. You can usually seal these leaks by caulking or weather stripping them. Check the storm windows to see if they fit and are not broken. You may also wish to consider replacing your old windows and doors with newer, high-performance ones. If new factory-made doors or windows are too costly, you can install low-cost plastic sheets over the windows.

If you are having difficulty locating leaks, you may want to conduct a basic building pressurization test:

First, close all exterior doors, windows, and fireplace flues.
Turn off all combustion appliances such as gas burning furnaces and water heaters.
Then turn on all exhaust fans (generally located in the kitchen and bathrooms) or use a large window fan to suck the air out of the rooms.

This test increases infiltration through cracks and leaks, making them easier to detect. You can use incense sticks or your damp hand to locate these leaks. If you use incense sticks, moving air will cause the smoke to waver, and if you use your damp hand, any drafts will feel cool to your hand.

On the outside of your house, inspect all areas where two different building materials meet, including:

All exterior corners
Where siding and chimneys meet
Areas where the foundation and the bottom of exterior brick or siding meet.

You should plug and caulk holes or penetrations for faucets, pipes, electric outlets, and wiring. Look for cracks and holes in the mortar, foundation, and siding, and seal them with the appropriate material. Check the exterior caulking around doors and windows, and see whether exterior storm doors and primary doors seal tightly.

When sealing any home, you must always be aware of the danger of indoor air pollution and combustion appliance "backdrafts." Backdrafting is when the various combustion appliances and exhaust fans in the home compete for air. An exhaust fan may pull the combustion gases back into the living space. This can obviously create a very dangerous and unhealthy situation in the home.

In homes where a fuel is burned (i.e., natural gas, fuel oil, propane, or wood) for heating, be certain the appliance has an adequate air supply. Generally, one square inch of vent opening is required for each 1,000 Btu of appliance input heat. When in doubt, contact your local utility company, energy professional, or ventilation contractor.

Insulation

Heat loss through the ceiling and walls in your home could be very large if the insulation levels are less than the recommended minimum. When your house was built, the builder likely installed the amount of insulation recommended at that time. Given today's energy prices (and future prices that will probably be higher), the level of insulation might be inadequate, especially if you have an older home.

If the attic hatch is located above a conditioned space, check to see if it is at least as heavily insulated as the attic, is weather stripped, and closes tightly. In the attic, determine whether openings for items such as pipes, ductwork, and chimneys are sealed. Seal any gaps with an expanding foam caulk or some other permanent sealant.

While you are inspecting the attic, check to see if there is a vapor barrier under the attic insulation. The vapor barrier might be tarpaper, Kraft paper attached to fiberglass batts, or a plastic sheet. If there does not appear to be a vapor barrier, you might consider painting the interior ceilings with vapor barrier paint. This reduces the amount of water vapor that can pass through the ceiling. Large amounts of moisture can reduce the effectiveness of insulation and promote structural damage.

Make sure that the attic vents are not blocked by insulation. You also should seal any electrical boxes in the ceiling with flexible caulk (from the living room side or attic side) and cover the entire attic floor with at least the current recommended amount of insulation.

Checking a wall's insulation level is more difficult. Select an exterior wall and turn off the circuit breaker or unscrew the fuse for any outlets in the wall. Be sure to test the outlets to make certain that they are not "hot." Check the outlet by plugging in a functioning lamp or portable radio. Once you are sure your outlets are not getting any electricity, remove the cover plate from one of the outlets and gently probe into the wall with a thin, long stick or screwdriver. If you encounter a slight resistance, you have some insulation there. You could also make a small hole in a closet, behind a couch, or in some other unobtrusive place to see what, if anything, the wall cavity is filled with. Ideally, the wall cavity should be totally filled with some form of insulation material. Unfortunately, this method cannot tell you if the entire wall is insulated, or if the insulation has settled. Only a thermographic inspection can do this.

If your basement is unheated, determine whether there is insulation under the living area flooring. In most areas of the country, an R-value of 25 is the recommended minimum level of insulation. The insulation at the top of the foundation wall and first floor perimeter should have an R-value of 19 or greater. If the basement is heated, the foundation walls should be insulated to at least R-19. Your water heater, hot water pipes, and furnace ducts should all be insulated. For more information, see our insulation section.

Heating/Cooling Equipment

Inspect heating and cooling equipment annually, or as recommended by the manufacturer. If you have a forced-air furnace, check your filters and replace them as needed. Generally, you should change them about once every month or two, especially during periods of high usage. Have a professional check and clean your equipment once a year.

If the unit is more than 15 years old, you should consider replacing your system with one of the newer, energy-efficient units. A new unit would greatly reduce your energy consumption, especially if the existing equipment is in poor condition. Check your ductwork for dirt streaks, especially near seams. These indicate air leaks, and they should be sealed with a duct mastic. Insulate any ducts or pipes that travel through unheated spaces. An insulation R-Value of 6 is the recommended minimum.

Lighting

Energy for lighting accounts for about 10% of your electric bill. Examine the wattage size of the light bulbs in your house. You may have 100-watt (or larger) bulbs where 60 or 75 watts would do. You should also consider compact fluorescent lamps for areas where lights are on for hours at a time. Your electric utility may offer rebates or other incentives for purchasing energy-efficient lamps.

Learn More

Evaluation Tools

Home Energy Saver
Lawrence Berkeley National Laboratory
Home Energy Checkup
Alliance to Save Energy

Financing & Incentives

DOE Weatherization Assistance Program
Office of Energy Efficiency and Renewable Energy

Reading List

Krigger, J.; Dorsi, C. (2004). Residential Energy: Cost Savings and Comfort for Existing Buildings. Helena, MT: Saturn Resource Management.

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Fannie Mae's housing recovery initiative

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 13 May 2008 20:47:18 -0500

Fannie Mae's new housing recovery initiative. On May 6, Fannie Mae announced its Keys to Recovery Initiative to promote liquidity, stability, and affordability in the housing and mortgage markets.

Here are highlights developed by NAR:

First, Fannie is working to reduce the cost to consumers of jumbo conforming loans (loans above $417,000 up to $729,750) and make it easier to qualify for these loans. NAR expects these steps to significantly lower mortgage costs and give more choices for many families living in high-cost areas.
Second, Fannie is allowing up-to-date borrowers to refinance Fannie Mae-owned mortgages even where current value of the home is significantly less than the existing mortgage.
Finally, Fannie has entered into an agreement with the state housing finance agencies to provide $10 billion in financing for first-time homebuyers and entered into a new partnership with the Self-Help Credit Union to minimize the harm caused by foreclosures and help families become homeowners in rehabilitated foreclosed properties.

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Illinois 1st Quarter Housing Update

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 13 May 2008 20:38:14 -0500

Illinois 1st Quarter Housing Update

Illinois median home prices held their own in the first quarter while sales were constrained by the ongoing credit crunch and a softening economy. According to Illinois Association of Realtors (IAR) first quarter report, home sales totaled 21,576, down 27.0 percent from 29,553 home sales in the first quarter of 2007. The first quarter statewide median home sale price was $187,500, down 4.3 percent from $196,000 a year earlier. "Extreme winter weather on top of shaky consumer confidence due to rising gas and food prices and the uncertain economy affected overall home sales activity statewide. REALTORS do anticipate a boost in activity as we enter the spring housing market from pent-up demand held over for so many months," said IAR President Kay Wirth, in the release. "The fundamental elements of a solid housing market are in place with low interest rates and ample inventory of homes."

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Is the end near? April foreclosures and pre-foreclosures drop

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 13 May 2008 11:38:35 -0500

The nation's foreclosure hemorrhage slowed a bit last month, according to Foreclosures.com. Lenders repossessed 74,570 homes following foreclosure in April, down more than 5 percent from March. April pre-foreclosures dropped 7.52 percent from March too, according to California-based Foreclosures.com foreclosure information specialists.

"The sky isn't falling, and the bottom of the housing market is in sight," says Alexis McGee, president of Foreclosures.com.

Foreclosures.com says its analysis is based on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and trustee's deeds/REOs (real estate owned by lender through foreclosure).

In the 1st quarter of the year, 2.8 of every 1,000 households ended up back in lenders' hands, up from 2.7 in 4th quarter 2007 (213,927 1st quarter filings vs. 197,736 in 4th quarter 2007). Quarter over quarter, 17 states actually had fewer REO filings in April.

"That's the good news. The bad news is that still 3.8 of every 1,000 households nationwide (288,497 REO filings) have been lost to foreclosure so far this year," "Another 696,925 pre-foreclosure filings - 9.4 of every 1,000 households - have been recorded year-to-date with 179,046 filings in April.

"The numbers tell us the economy isn't dead," "U.S. gross domestic product was not negative as many had speculated and grew 0.6 percent in the first quarter. Combine that with positive moves by government and industry - including the still-evolving FHA reform and tax credits, along with federal tax rebates - are making a difference. The S&P 500, after dropping nearly 19 percent Oct. 9 to March 9, has since rebounded 11 percent. New jobless claims were lower than expected, and even Treasury Secretary Henry Paulson is upbeat, predicting a pick-up in growth later this year."

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Get your home ready to sell

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Fri, 09 May 2008 10:15:23 -0500

Get Your Home Ready To Sell

In preparing your house to sell, ask yourself over and over if your house looks like someone else's dream house. Houses in move-in condition tend to be inviting to buyers; houses that are like new typically sell the fastest and procure the best price.

With that in mind, here are a few things to consider when getting ready to sell:

Exterior
Remember the 60-second rule: that's all the time you have to create a good first impression! Mow the lawn, rake leaves, trim trees and shrubs that keep light out of the house and remove dead plants. Pick up tools, garbage cans, hoses, toys, and building materials and store them neatly in a storage area. Replace broken or missing roof shingles and straighten and clean the gutters and downspouts. Clean all windows and mend torn screens. Painting your house helps improve curb appeal more than any other fix-up! If you decide against painting the entire house, consider painting the front door, window frames and shutters. Seal or resurface the driveway and repair broken steps and walkways. Paint or replace your mailbox and post. Dress up the front yard with some simple landscaping.

Clean, Clean, Clean
Step back for a moment and look at your home as if you were seeing it for the first time. Every room should be spotlessly clean, dusted and uncluttered. Steam clean the carpets and wax the floors. Wash the walls, windows and light fixtures. Tighten loose stair railings and clean all woodwork. In the event that you feel a project of this magnitude is better left to a professional, ask your real estate agent to recommend a cleaning service.

Entryway
Use bright light bulbs in the foyer and throughout the house. Fill the house with a pleasant aroma, such as berries in the summer or cinnamon in the winter.

Living Room
Replace the carpet if it's worn. It costs money, but you may find that you will more than recoup that cost when the home sells. Patch cracks and nail holes in the walls, and repaint walls in neutral colors, such as white or ivory. Nail down creaking boards and stair treads. Lubricate any sticking or squeaking doors. Open all curtains, and replace them if they are getting old. Add lamps and lighting if the house is dark. Set out fresh flowers.

Furniture
Rearrange or remove furniture to make your rooms look more spacious. Too much furniture and too many knick-knacks make rooms look cluttered and small. One or two decorative items per surface are plenty, so pack the rest away.

Kitchen and Baths
These rooms should sparkle! Clear off counters, and clean all appliances and fixtures. Scrub the floors and walls. Re-caulk tubs and showers. Clean these rooms thoroughly, and be sure they smell fresh.

Closets
Take those things to Goodwill that you'll have to discard anyway when you move. Organize shelves and straighten shoes. Be sure that sliding doors operate smoothly and knobs on drawers are secure.

Utility Room
Dust and wash the washer, dryer and water heater.

Light and Bright
Do everything you can to brighten the interior. Replace wallpaper with white or off-white paint, and repaint shabby or dark walls. Open the blinds, and replace broken windows and window seals. Always maintain a comfortable temperature inside the house, even if you are away for an extended period of time.

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - How much house can you afford?

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Fri, 09 May 2008 10:09:29 -0500

Deciding how much house you can afford

Before you start house hunting, you need to determine how much house you can afford, which will entail getting either prequalified or preapproved for a home loan. A real estate agent can help you find a mortgage broker to begin the process. While getting preapproved is a more in-depth process, a preapproval letter lets both real estate agents and sellers know that you're a serious shopper who means business.

What do I do to get prequalified?

A prequalification can be done online or over the phone and does not require your submitting financial documents. You will be asked to provide basic information about your finances - for instance, your household income versus your debt load. With this information, the lender will estimate what your maximum loan amount could be if you were to apply.

What about getting preapproved?

A preapproval is more involved and a real estate agent can help you prepare your documentation. The lender will perform an extensive review of your finances, requiring pay stubs, tax records, credit accounts, bank statements and more. This figure will not only be a more reliable estimate of what you can afford, but your preapproval also indicates that a lender is willing to do business with you, pending the purchase price, market appraisal and the underwriting process.

What should I ask when shopping for a lender?

Your real estate agent should have a mortgage broker they are willing to put you in contact with - this lender will be someone they have done business with in the past, and feel comfortable recommending. However, if you decide to do a little comparison shopping and look for a lender on your own, here are a few important questions to ask.

What loan programs do you offer and which one do you think is best for me?
How long will the loan approval process take?
What line items of the loan agreement - if any - are negotiable?
What is your policy for locking in interest rates, and will you honor a lower rate if it declines during the lock-in period?
Are there fees for prepaying on my loan?

About the author:

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Negotiation Tip

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 06 May 2008 20:17:44 -0500

Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's residential housing market.

Needless to say, you need to work with the best real estate professionals you can find in your area. In most cases, it takes a team effort to put a home-sale transaction together and see it through to fruition.

HOUSE HUNTING TIP: Successful negotiations usually require give and take by both parties. It has been said that the sign of a successful negotiation is one where both parties walk away feeling they have won. It has also been said that the key to a mutually acceptable agreement is that both sides feel a little wounded.

A must in this market is a commitment to exhaust all possible ways to put and keep a deal together before calling it quits. Recently, it looked like a purchase contract was about to fall apart. The buyers had originally offered a price that seemed insultingly low to the seller.

The seller set his personal feelings about the price aside and countered the buyers' offer at a price he felt was reasonable. The buyers accepted. As it turned out, the price was one that was halfway between the seller's list price and the price the buyers offered. Splitting the difference is often a winning strategy.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Financing Solutions

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 06 May 2008 08:56:59 -0500

Overcoming the misconceptions about the "credit crisis"

You've watched the news and read about it in the papers. You know, the "credit crisis" and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren't making loans anyway. So, why bother, right? Wrong!

We're right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers. It seems the press just can't get enough of all the gloom and doom in the housing industry. The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn't required. You just need to know where to look. Who are these lenders? They're right down the street.

Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn't technically have a minimum credit score, although, in practice, lenders won't approve an FHA loan with a credit score below 500. But that's a far cry from the notion that an 800 score is the only thing lenders care about.

The best part? FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant. FHA borrowers only need to have $500 in a transaction. All the while, FHA mortgage rates are as good or better than their conventional counterparts.

Low or no down payment, extremely competitive rates and easier qualifying. No wonder FHA is moving up the charts!

Please contact me if you would like more information about getting into your first home. 630-712-1921

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Mold Must Go (6 Things to Know)

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Fri, 02 May 2008 08:27:18 -0500

Mold is a potential health danger for any family and also a legal liability for sellers. Because of the fear over mold contamination there are so many lawsuits flying around today that sales of resale homes are in jeopardy -- and insurance companies are scrambling to avoid liability, with some U.S. insurers refusing to write any new homeowner policies. So what do you need to know about mold .....

1. Molds are everywhere and have been around forever. Many people have the impression that this is a new problem -- think, "Attack of the killer molds!" -- and that we now must arm ourselves against the impending invasion. Nothing has changed, however, but the awareness of the presence of mold. Instead of fear -- we need to focus on total elimination, prevention and control. This is easy: Sunlight and ventilation are key.

2. Use common sense in your approach to mold. Examples of common sense? Reduce indoor humidity 30 to 60 percent by venting bathrooms, dryers and other moisture-generating sources to the outside; use air conditioners and de-humidifiers; increase ventilation; use exhaust fans for cooking, dishwashing, cleaning. Also, reduce condensation on cold surfaces by adding insulation (windows, piping, exterior walls, roof, floors, etc.). Excessive exposure can cause symptoms in anyone. Asthmatics and other people with sensitivities (such as infants and the elderly) will be particularly prone to increased asthma attacks, even with moderate exposure to molds. In particular, people with chronic obstructive pulmonary disorders should be particularly wary of molds. Be aware of their conditions and take the necessary precautions.

3. You cannot spot the feared "Toxic" or "Black" mold simply by looking at it. Most molds are black or dark green in color and the only way to determine its type is through laboratory testing. This type of mold is also known by its technical names of Stachybotrys Chartarum, or Stachybotrys atra.

4. Most of the media attention surrounding Stachybotrys is overblown. In statements surrounding mold in residential construction, the Center for Disease Control (CDC) does not believe that there is not any difference between Stachybotrys and any other mold. It just so happens that since this mold may grow more commonly on building materials, it is the one that happens to be most present in most homes. It's not any more toxic than other molds and the steps taken to remediate Stachybotrys should be the same as that for any other mold presence.

5. Mold can be cleaned and corrected. If you find mold on a hard, non-porous surface, it can be cleaned with a 1:16 bleach to water solution (only after first opening a window and wearing non-porous gloves and protective eyewear) as long as the area is less than 10 ft 2 in. If more than 10 ft 2 in needs to be cleaned, consult the EPA's guide titled, "Mold Remediation in Schools and Commercial Buildings" (You can also get it free by calling the EPA Indoor Air Quality Information Clearinghouse at (800) 438-4318). If the affected material is porous, it should be removed and thrown away. If the porous material mold is extensive, you should contact professionals to gather and remove. Lastly, NEVER and I mean NEVER mix household cleaners. Mixed chemicals can make toxic combinations.

6. Always get the home professionally inspected. While the information in this article is good and it's always smart to arm yourself with enough information to properly handle any situation, you are not to be mistaken as the mold expert. A professional home inspector will bear the responsibility of the mechanical, structural, and in most cases the environmental conditions of the home once they are hired by the client, releasing you from that burden. The inspector will assess the situation and put it into the proper prospective (believe it or not, I have seen a big deal made from some mold on a wall because some water was spilled from a fish tank when the home was vacated) for both you and your clients and make the call to refer it to the professionals if a "Red Flag" is discovered. So there you have it ... the nuts & bolts to mold within our homes.

Further information on mold can be found on the EPA website, by clicking here.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - Aurora Townhome - 3 Bedroom, 3 Bathroom in Oswego School District 308

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Wed, 30 Apr 2008 08:55:40 -0500

Cheryl Bowers, Realtor | Keller Williams Realty - New Horizons of Illinois | (630) 712-1921

2335 Georgetown Court, Aurora, IL

3 Bedroom, 3 Bathroom Townhome with 2 Living Rooms and is an end unit that's located in a cul-de-sac!!!

3 Bdrm Townhouse

offered at $239,900

Year Built	2004
Sq Footage	1,782
Bedrooms	3
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	Unspecified
HOA/Maint	$190 per month

DESCRIPTION

Stunning end unit town home that has two living rooms, three bedrooms, and three full bathrooms!! WOW, what a hard to find unit. Hardwood flooring in foyer, white six panel doors, & brushed nickel light fixtures are among just a few of the upgrades. The beautiful kitchen has black appliances, cherry cabinets, a closet pantry and a vaulted ceiling that opens into the very large living room. This huge living room has a vaulted ceiling and a gas fireplace that is already equipped with gas logs for those cozy fires. The lower level family room is sure to impress with its size, many windows, and sliding glass door to patio. Since this is an end unit, it is very light and bright with windows on three sides of the town home and it�s located in a cul-de-sac. You must put this one at the top of your list!!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Family room	Living room
Dining room	Dishwasher	Refrigerator
Stove/Oven	Microwave	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

COMMUNITY FEATURES

Garage parking

OTHER SPECIAL FEATURES

End Unit

Cul-de-sac Location

TWO Living Rooms

THREE Bedrooms

THREE Full Bathrooms

White Six Panel Doors

Cherry Cabinets

Black Kitchen Appliances Stay

Washer and Dryer Stay

Vaulted Ceilings

Harwood Flooring and Ceramic Tile

Gas Fireplace with Gas Logs

ADDITIONAL PHOTOS

Seller contact info:

Cheryl Bowers, Realtor

Keller Williams Realty - New Horizons of Illinois

(630) 712-1921

For sale by agent/broker

Equal Opportunity Housing

Posted: Apr 9, 2008, 6:48am PDT

Plainfield IL, Naperville Illinois Real Estate - Why selling now makes sense

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 29 Apr 2008 10:01:54 -0500

Why selling now makes sense

Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor.

"People are finding houses at prices they thought they'd never see again,"

I would like to point out that to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer's own home also has lost 20 percent of its value.

In general, the toughest will be for people who bought within the last three years, at the height of the market. But even for these homeowners, selling now may make sense as long as they can at least break even, or their trade up property is down more than their current property. (ie., that $500,000 home 3 years ago that may be now worth $400,000, considering it's down 20%, when your home 3 years ago was worth $450,000 and is now worth $390,000 down only 13%. That's nearly an even trade considering you would be getting a bigger home in potential a better neighborhood.

Almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district but on a busy street. Or it may in a great neighborhood, but it's a 2 story, not a 1 story. These are "unchangeables."

It's a good time to sell if a seller can get rid of the most negative unchangeables in his current home and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921

Plainfield IL, Naperville Illinois Real Estate - If You Think You're Saving Money Renting ... Think Again

Cheryl Bowers, Plainfield, Naperville, IL. Real Estate (Keller Williams Realty) — Tue, 29 Apr 2008 09:57:51 -0500

If You Think You're Saving Money Renting ... Think Again

A new report by the National Association of Realtors shows the real reason why home sales don't crash for long -- rents. When purchase demands slow down, rentals speed up. Rents provide the floor that stops housing prices from major declines.

Home prices going down has been the big news lately, but in the shadows is a statistic that may surprise you. The first quarter of 2008 makes the 24th consecutive quarter that rental prices have escalated nationwide.

According to Reis Inc., a New-York based research firm, the soft home market and stricter loan terms are combining to turn more potential homebuyers into renters.

The troubling part is that renting isn't necessarily better for consumer pocketbooks than owning. A new report by the National Low Income Housing Coalition's annual report "Out of Reach," suggests that one in seven U.S. households is using more than half their income for shelter. Low-income, minority and first-time homebuyers are the most impacted, suggests the study.

First-time homebuyers are approximately 40 percent of the housing market, so knocking them out knocks out move-up homebuyers who wish to trade up to larger and/or more expensive homes.

One bright spot following the release of the report was the weekly mortgage applications survey from the Mortgage Bankers Association. The trade organization's Market Composite Index found that purchase loan applications increased 5.4 percent from a week earlier. And the Refinance Index found that refinance applications increased 3.4 percent.

Because mortgage interest rates rose slightly for the week, to 5.78 percent from 5.75 percent, the implication is that flat rates weren't the reason for the rise in applications, but that consumers may simply be moving off the bench for the spring homebuying season.

We'll know more as the weeks continue, if there is a relationship between rising rents, and rising home sales and mortgage applications.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

Cheryl Bowers, REALTOR® (630) 712-1921