There were 60 home sales in Joliet IL over the last 30 days. Of those 60 homes that sold 43% of them were short sale or REO properties.
The difference in the number between short sales and bank owned properties in Joliet IL is somewhat alarming. 40% of the homes were actual bank owned foreclosure sales, while only 3% of those sales were short sales.
The discrepancy in this number can either be attributed in the difficulty of getting a short sale accepted by the lender, or because more and more homeowners are simply walking away or giving up on trying to avoid a foreclosure.
The range in home prices that closed in Joliet IL over the last 30 days was $26,500 - $479,000
If you are looking for a home in the northwest side of Joliet IL, call me at 630-673-6233. I can help you get the best deal on a new Joliet IL home with my experience of the current real estate market, including my experience with short sales.
If you own a home in Joliet IL and you are behind in payments, call me about doing a short sale on your home at no cost to you to avoid a foreclosure.
Julie Ferenzi | Realtor® Joliet IL Homes 630-673-6233
The Plainfield IL home sales for the last 30 days from April 15th, 2009 through May 15th 2009 are now more than 50% short sales or foreclosure sales.
That's great news for buyers... but it's bad news for the economy and the real estate market in general. It means things aren't getting any better for homeowners in foreclosure, and homeowners who are current on their mortgages are losing the value of their homes at warp speed.
The price of homes sold in the last 30 days ranged in price from $119,000 to $430,255. Surprisingly the home that sold for $119,000 wasn't actually a distressed property. It was a small 2 bedroom ranch, sold by a motivated seller. The bulk of the short sale and bank owned properties that sold were definitely in the lower end of the price range, and the homes that sold in the higher price brackets were regular residential home sales, which makes sense.
Buyers have a great opportunity to purchase a lot of home for the money in Plainfield IL right now. The downside to making an offer on a bank owned home or a short sale listing is that there are often multiple offers on these homes, (especially the ones in great condition) and the wait time on a response for a short sale can take anywhere from 4-10 weeks to get approved.
There is definitely an upside to buying a foreclosure or short sale is priceless in a market like this. Buying below market value, while prices are still declining, offers a little more protection from depreciation than paying retail prices. The biggest difference will be in the amount of work you may need to put into the house to make it compare to some of the retail priced homes.
If you want to buy a home in Plainfield IL and are interested in purchasing a short sale or bank owned home, call me at 630-673-6233. It's important to work with an agent that not only has performed short sales, but understands the process involved.
Call me at 630-673-6233 and I can put you in touch with my mortgage broker who can help you determine what kind of a loan you qualify for.
This weekend is the Plainfield Spring Fest, starting this Friday May 15th and running through Sunday May 17th.
I saw a sign as I was driving through the downtown area this weekend with the dates and times:
Friday May 15th from 4:00 -midnight Saturday May 16th from 10:00-midnight Sunday May 17th from 12:00- 6:00 pm
Now don’t quote me on the times I’ve posted here… I was driving at the time, but I’m pretty sure this is what I stored in my brain from my photographic memory!
There will be a carnival, a craft show, food vendors, a beer garden, and live entertainment. One of my favorite booths had always been the fresh strawberry shortcake stand, but I haven’t seen it there for the past 3 years. I remember when we first moved to Plainfield that this Spring Fest was once called the Plainfield Strawberry Festival. I wonder why they changed the name, and where did those delicious strawberry shortcakes go?
Here is the schedule of events for the 2009 Plainfield IL Spring Fest:
Friday, May 15th 6:00-9:30pm Plainfield’s Biggest Open Mic Jam 9:30 -11:30pm Echo Son
Saturday, May 16th 11am - ATL Youth Cheerleaders 12:30 Elite Martial Arts 1:30-3:30pm Hot Hot Robot 4:00-6:00pm 40 Miles to Chicago 6:30-8:30pm The Catch 9:00-11:30pm Velocity
Sunday, May 17th 12:00-2:30pm The Debe Welch Band 3:00-6:00pm Beat Apple
If you’re able to make it out there this weekend, have fun! I know we are looking forward to it. The Plainfield Springfest is being supported by the MainStreet Plainfield Organization and it’s sponsors.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
In hopes of keeping my readers up to date on the rental market in Plainfield IL, I will start listing the properties that have rented month by month. Hopefully this will give anyone considering a rental home in Plainfield IL an idea of the price ranges of homes available for rent.
The following properties rented in Plainfield IL in the month of April 2009:
2 Bedrooms Single Family Plainfield IL Rental Homes:
13918 S. Oakdale Ct. rented for $1,200
2414 Millpond Ct. rented for $1,230
5007 Elmira Ct. rented for $1,300
16250 Fairfield Dr. rented for $1,350
5102 Edgewater Ct. rented for $1,395
21316 W. Douglas Ln. rented for $1,500
13212 Lake Mary Dr. rented for $2,100
3 Bedroom Single Family Plainfield IL Rental Homes:
14052 Edgewater Ln. rented for $1,275
5520 Stonybrook rented for $1,275
21512 S. Empress rented for $$1,300
14219 S. Napa Cir. rented for $1,300
4920 Montauk Dr. rented for $1,375
21252 Edison Ln. rented for $1,395
23814 Mistwood Dr. rented for $1,400
14624 Samuel Adams Dr. rented for $1,500
2018 Alpine Way rented for $1,550
5307 Riviera Blvd. rented for $1,595
1304 Broadlawn Dr. rented for $1,700
12925 Tipperary Ln. rented for $2,175
4 Bedroom Single Family Plainfield IL Rental Homes:
1617 Brighton Ln. rented for $1,625
2817 Stonebridge Dr. rented for $1,850
6307 Ventura Ct. rented for $2,000
13358 Wellesley Ct. rented for $2,250
If you or someone you know are thinking of renting a home in Plainfield IL call me at 630-673-6233. I’ve been working the rental market in Plainfield IL since the beginning of the real estate market decline. I’ve placed 7 families in rental properties in the last 2 months. No one works harder when it comes to placing families into new homes!
If you are behind in payments you may qualify for a loan modification or a short sale. Contact me to find out if you might qualify for one of these options to avoid a foreclosure.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
Short sales offer a pretty fair discount on single family homes in the area and right now there are many homes in Plainfield IL available to chose from, but the banks aren’t going to give them away for pennies on the dollar.
Here are a few things you can expect when writing an offer on homes that require 3rd party lender approval:
Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
The lower the price, the less likely your offer is to be accepted. The further your offer is from the list price on the MLS, the less interested the bank will be in your offer.
Be prepared to submit a counter offer. Lenders always counter the original offer, so be prepared to increase the ante, even by a little or the lender will close the file and wait for another offer.
Cash offers don’t always entice lenders. If the offer is too low, it doesn’t matter how it is financed or paid for.
The homeowner is still in control of all decisions regarding the property, with the exception of requiring lender approval to sell the home for less than what is owed. The submission of all offers to the bank is at the discretion of the homeowner, not the Realtor® or bank.
A general rule of thumb for acceptance on a short sale is about 70-80% of the fair market value. The lender will order a Brokers Price Opinion or BPO on the property to determine fair market value. While the bank will usually not disclose the determination of that report, I can provide a market analysis of the area and provide a reasonable value for the property.
If you are buyer or investor looking for a great deal on Plainfield IL real estate, call me at 630-673-6233 for your complimentary list of short sale listings available now.
With all of the news on t.v. and talk on the radio, you might be wondering how the value of your Plainfield IL townhouse or duplex is doing. Many homeowners today are keeping a close eye on their Plainfield IL property values with good cause.
While there is definitely depreciation going on in the market, there are other factors contributing to the health of the Plainfield town home and duplex market.
The volume of sales for the attached single family market in Plainfield IL is down drastically from March of 2008 when compared to March of 2009 by approximately 72%. There has also been an increase in market times of about 26% for those sales on average, meaning it’s taking about 26% longer to sell 72% less homes.
The townhome and duplex market in Plainfield IL has suffered an approximate 19% decrease in property value on average in March 2008, when compared to the same month in 2009.
Homes are still sold at approximately 95% of their asking price in both 2008 and 2009, meaning that for reasonably priced townhomes or duplexes, homeowners could expect to get about 95% of their list price and concede about 5% in the process of negotiation.
Plainfield IL Townhome and Duplex Market Data For March 2008:
Plainfield IL Townhome and Duplex Market Data for March 2009:
If you or someone you know has a property to sell in Plainfield IL, call me at 630-673-6233.
If you are behind in payments or in foreclosure, you may qualify for a loan modification or short sale. Call me to confidentially discuss the possibility of avoiding a foreclosure through one of these options.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
Comparing the 4th quarter of 2008 to the first quarter of 2009 in Plainfield IL:
There were 197 new filings in the 4th quarter of 2008, compared to the 250 filings in the first quarter of 2009 for an increase between the quarters of 21.2%.
In comparing the number of newly filed foreclosures in Plainfield IL from the 1st quarter of 2007, 2008, and 2009 there is a steady increase in the number of foreclosures each year.
1st Quarter Figures for newly filed single family Plainfield IL foreclosures by year:
2007: 116 new filings
2008: 218 new filings
2009: 250 new filings
There was a 12.8% increase in foreclosures from 2008 to 2009 There was a 46.8% increase in foreclosure from 2007 to 2008
As you can see from these figures, Plainfield has not seen the bottom of this market yet, though it does seem to be slowing down. The second quarter of 2009 will paint a better picture of the trajectory of the market, and the time frame in which we can expect to see a recovery in the market values of Plainfield IL.
Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.
Julie Ferenzi | Realtor® Plainfield IL Homes 630-673-6233
Many analysts believe the number of new home sales is an indicator of the health of the real estate market. Today I contacted the Village of Plainfield to get some figures on the number of permits requested by new home builders in Plainfield IL.
New permits issued for new construction:
2007 = 404 permits
2008 = 172 permits
In the last 6 months only 26 new permits were requested through the village. As you can see there has been a drastic reduction in the amount of permits that have been applied for between 2007 and 2008, which shows a decrease of 57.5%.
Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.
Julie Ferenzi | Realtor® Plainfield IL Homes 630-673-6233
I never stop moving and I'm always on the go. I feel compelled to propel myself forward even when every ounce of my being wants to throw it in reverse. When there is peace in my world, I often invite chaos. I've never slowed down long enough to ever question why, although I think I know the answer. When you are busy, you don't have time to be disappointed or let down. You don't have time to analyze or assess the possibility of failure.
Being just 8.5 weeks from delivering my 5th child, I collapsed on the couch. It wasn't a choice... it was completely involuntary. I knew it couldn't last long; I had to pack up the kids and show 3 houses in less than 30 minutes, but as I sat there I heard a voice in my head that said, "Be still."
"What? Be still? Yeah, right. Like that's going to happen! Don't you know how busy I've been? I can't stop, there's too much to do. Be still... what is that supposed to mean anyway?"
Then I realized I was talking to myself. Well, thinking to myself at any rate, but either way I was having a conversation with myself in my head.
Just as I was about question my own sanity, my normally rambunctious 2 year old climbed in my lap and quietly cuddled in my arms. He whispered his ABC's to me and then sat next to me in silence for about 10 minutes, and no... he wasn't sleeping :)
Nothing could have been more important to me at that moment. I wonder how many more moments like this I have missed because I have simply never allowed myself to not be busy? Too many I am certain.
I never want to wonder what I might have missed out on again.
Nothing is more important than the moment in front of you right now. The road ahead will be there when you're done taking in the scenery from your vantage point on the trail.
The 1st quarter numbers for the single-family Naperville IL market are in:
In the first quarter of this year, 145 single-family homes were sold.
The average list price for a single-family home in Naperville is $436,662. The average sale price is $405,476. Based on these numbers if you are selling a home in Naperville IL you can expect to get about 93% of your asking price in this market.
Homes with 4 bedrooms made up 66.2% of the homes sold in the first 3 months of 2009, while homes with 3 bedrooms made up about 24.1% of the market share.
4 bedroom homes are selling at about 93% of the average list price of $455,102, which means they are selling for an average closed price of $424,604. 3 bedroom homes are selling at about 94% of the average list price of $290,046 for a single-family home in Naperville, which means they are closing at an average closed sale price of $272,886. 5 bedroom single-family homes in Naperville only make up about 7.5% of the total sales. The 5 bedroom homes are only getting about 89% of their average list price of $770,495 for an average sale price of $689,500.
If you, or someone you know are thinking about listing your home for sale in Naperville IL this Spring call me at 630-673-6233.
If you are behind in payments you may qualify for a short sale or loan modification. Call me to confidentially discuss your options regarding foreclosure.
Julie Ferenzi | Realtor® Naperville IL Homes 630-673-6233
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
I never stop moving and I'm always on the go. I feel compelled to propel myself forward even when every ounce of my being wants to throw it in reverse. When there is peace in my world, I often invite chaos. I've never slowed down long enough to ever question why, although I think I know the answer. When you are busy, you don't have time to be disappointed or let down. You don't have time to analyze or assess the possibility of failure.
;)
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