eileen landau: Seller Advice - 08/20/08 01:25 PM
Yesterday I was out "on tour." That's where listings are available for agents to see without an appointment.
And, I noticed the following at one of the listings:
1) the lawn was brown and weedy
2) the cement pad at the front door was severely cracked and coming apart
3) there … (1 comments)
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eileen landau: Real Estate Trends for 2009 - 08/16/08 06:00 PM
What I see as key real estate trends for 2009
1) Social
A) Increasing numbers of SENIORS. Many will keep on working past their "normal" retirement age as they've lost money in the stock market in the past 8 years.
B) Pent-up demand from first-time buyers as they establish new households.
… (0 comments)
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eileen landau: Reverse Mortgages for Seniors over 62 - 08/06/08 03:00 PM
The new "housing" bill has a few interesting things to say about Reverse Mortgages.
These are "mortgages" where the lender pays you while you stay in the house. For many people that's the only way that they can maintain their property as living on a fixed income (social security and perhaps … (1 comments)
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eileen landau: Questions to ask your real estate agent - 08/02/08 03:29 PM
Here are some questions that you as a consumer might want to ask the agent that you hire to represent you.
1) How long have you been in the business? I started in real estate back in the pre-historic days. 1976 to be exact. Took a full year of business courses … (1 comments)
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eileen landau: My 2008 Real Estate Predictions-Revisited and Revised August 1, 2008 - 08/01/08 09:55 AM
My 2008 Real Estate Predictions-Revisited and Revised August 1, 2008
It's hard to write a blog that contains downbeat news. 2007 was just awful for real estate. And, 2008, I believe, will even be worse. Wow! How true.
This housing depression is almost as bad as the depression in the … (9 comments)
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eileen landau: Failing Banks and Survival - 07/14/08 11:46 AM
Don't you wanta know who has the lousy IndyMac foreclosure loans? I do.
I'm betting that a lot of foreclosure homes will be put into a "waiting" period...and that the owners or squatters (seems like lots of vacant homes in Florida and Ca) will have a much longer "free" period.
Now, … (4 comments)
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eileen landau: Poorly Designed Town homes - 06/29/08 12:57 PM
I worked with a townhouse buyer last week...she's over 50...but not a senior.
And as we viewed several properties I wondered about the "new" fashion in town homes in our area. In the past three years builders have been putting up townhomes which are above the garage.
This means that you … (4 comments)
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eileen landau: Naperville Single Family Stats for June, 2008 - 06/25/08 09:33 AM
Eileen's Naperville Single Family Stats for June, 2008
Currently we see the following market statistics:
ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS
Bedrooms #Active Avg LP Avg Market Time
ALL 1391 674,942 193 DAYS
3 290 386,406 156 DAYS
4 893 667,603 192 DAYS
5+ 181 1,224,732 258 DAYS
SOLDS
417 HOMES … (0 comments)
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eileen landau: Eileen's Naperville Single Family Stats for May, 2008 - 05/29/08 03:12 PM
Eileen's Naperville Single Family Stats for May, 2008
Once again the Case-Shiller monthly report shows that prices are down nationwide by as much as 20 percent in some markets, and inventory is up even more.
Currently we see the following market statistics:
ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS
Bedrooms #Active Avg LP … (0 comments)
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eileen landau: List to Sell Ratio - 05/16/08 10:30 AM
I've noticed that many consumers are searching for an explanation of "list to sell ratio."
So, I thought I'd try to give a simple explanation. In our area, our multiple listing service compiles data on a continuing basis and is able to spit out this information quickly.
The list to sell … (2 comments)
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eileen landau: Some Rental Observations - 04/29/08 09:54 AM
As so many of my clients are planning on renting I'd thought I'd share some observations.
The rental price of a property may have nothing to do with its selling price. Generally, we were told that to find the rental price of a property, you took 75% of 1% of the selling … (2 comments)
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eileen landau: Naperville’s Single Family Stats for April, 2008 - 04/29/08 09:30 AM
Eileen's Naperville Single Family Stats for April, 2008 Once again the Case-Shiller monthly report shows that prices are down nationwide by as much as 13 percent in some markets, and inventory is up. In fact, according to a report yesterday, the U.S. has never had as many vacant homes as … (0 comments)
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eileen landau: Becoming a Rental Agent - 04/15/08 09:52 AM
This market really brings back memories of the early 1980's.
Yesterday, I talked to a client from Michigan who has decided to rent a house in Naperville for the next year. That was in the morning. In the afternoon, I received a referral from a Florida agent. Again, his client wanted to … (4 comments)
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eileen landau: Modern Definition of Chutzpah - 04/10/08 05:44 PM
Here's the old definition: A young man kills his parents, then asks the judge for mercy because he's now an orphan.And, here's the new definition: A builder sues the bank that gave them money to operate. Their rationale: The bank should have known that the builder was overdrawing its line of … (1 comments)
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eileen landau: Seeing Some Market Changes - 04/03/08 10:40 AM
The nice thing about keeping a paper record of my Naperville market stats is that I can spot trends quickly.
Here's an example:
January 14, 2008 we had 581 Four bedroom homes on the market for an average price of $725,817 with a market time of 239 days. And, yes, January is usually … (2 comments)
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eileen landau: Naperville's Single Family Stats for March, 2008 - 03/26/08 05:51 PM
From the Case-Shiller monthly report we now know that prices are down nationwide (19 out of the top 20 metropolitan areas) and inventory is up. And, we've yet to hit bottom. So, our Spring market may not have much spring in it.Currently we see the following market statistics:ACTIVE NAPERVILLE SINGLE FAMILY … (0 comments)
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eileen landau: The University of Illinois and computers - 03/19/08 11:32 AM
I am soooooooooooooo tired writing about the 'sub-slime' mortage mess, that I thought I'd changed the topic.In this moring's Chicago Tribune (which I still read both online and in hard copy) there was an interesting story that both Microsoft and Intel were investing 10 Million dollars in a new research center … (1 comments)
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eileen landau: Chicago Area FHA limit increased to $410,000 - 03/08/08 10:33 PM
OK...we have a temporary limit increase till the end of December, 2008. And, hopefully, they (the government) will make this increase permanent.In Naperville, the majority of the single family homes are over $400,000. And, we used conventional mortgages because FHA didn't go up high enough. And, truthfully, they still don't. But … (0 comments)
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eileen landau: Upping Fannie and Freddie's Investment Limits - 02/27/08 11:34 AM
Hot off the AP wire this morning:
The federal regulator for Fannie Mae and Freddie Mac said Wednesday it would lift restrictions later this week on the amount of mortgages the government-sponsored companies can hold on their books.
The Office of Federal Housing Enterprise Oversight, acting after Fannie Mae published audited … (1 comments)
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eileen landau: More bad news for Chicago Metro real estate - 02/25/08 09:40 PM
According to the Illinois Association of REALTORS, Chicago-Metro area home sales took their worst one-month plunge since at least 1998. The trade group said on Monday that January sales of both single-family homes and condos were off 34 percent, compared to the same month in 2007. Thirty-four percent? That's over a third … (1 comments)
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eileen landau: Naperville's Single Family Stats for February, 2008 - 02/25/08 09:48 AM
To paraphrase Tolstoy's opening sentence in Anna Karenina: Happy real estate markets are all alike; every unhappy real estate market is unhappy in its own way. Currently we see the following market statistics: ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS | Bedrooms #Active Avg LP Avg MT |---- ---- -------- ------- ----------- ---------- | ALL … (0 comments)
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eileen landau: Oh NO! Not another mini reduction! - 02/23/08 01:14 PM
Do you remember I showed a previous mini-reduction email about two months ago?Well, this morning's email brought me another amazing mini-reduction.Eileen, You showed my listing at xxxx Lane, Plainfield on 8/9/2006.I have recently reduced the price on this listing from $549,000 to $548,500 and thought you may want to bring your … (2 comments)
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eileen landau: Conditional Commissions - 02/21/08 10:33 AM
If you saw a listing that limited your commission by specifically requiring you to:1) show the property2) attend the inspection3) attend the final walk-thru4) attend the closingWhat would you make of this?Our MLS of Northern Illinois has concluded that this violates NAR rules (which it does) and have posted the following … (11 comments)
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eileen landau: Snow and Pot holes, Oh My! - 02/12/08 04:13 PM
Snow falling softly...and more snow and yet more snow! So far, February has been one of the snowiest and greyish on record. According to one of our local weather people, we've had only 11 minutes of sun this month! There's been snow almost every day and there was so much that … (0 comments)
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eileen landau: MGIC, restricts underwriting areas effective March 3, 2008 - 02/11/08 08:36 AM
Here's a memo, from the Mortgage Guaranty Insurance Company, February 6, 2008 Dear Valued Customer: As a result of our ongoing evaluation of market conditions and loan performance, we are making a number of changes to our base underwriting guidelines and have created a new set of guidelines for areas exhibiting … (5 comments)
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eileen landau: Heart Attack Snow - 02/06/08 06:02 PM
This winter has been one of the snowiest in our records.
I exercise daily by shoveling the driveway. This morning's snow started as sleet and froze. Then heavy wet snow fell on top of that. Ugh. Cold too.
I learned many years ago to shovel this type of snow very carefully. Because … (5 comments)
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eileen landau: SIRVA Relocation files Chapter 11 - 02/06/08 02:52 PM
Moving company Allied Van Lines Inc., along with its corporate parent Sirva Inc., filed for bankruptcy protection Tuesday, the latest victim of a heavy debt load and the downturn in the U.S. housing industry.The company, which is based in Westmont, Ill., (which is really near Naperville), although they used to tell … (3 comments)
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eileen landau: Foreclosure Helps - 01/30/08 11:58 AM
Every season comes to an end. Winter will end. And, Spring will come.
The number of foreclosures will increase for the next few months; inventory will increase for the next few months and all statistics that we're getting will show just how terrible the real estate market has been.
RealtyTrac just … (3 comments)
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eileen landau: Re-financing Caution - 01/28/08 12:46 PM
With mortgage rates down (in our area around 5.5%) folks with adjustable mortgages will try to refinance. Especially if they expect their rate to re-adjust up.
However, here's a warning. If you have your house on the market for sale, you probably will not be able to refinance. If you had your … (2 comments)
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eileen landau: Comparison of Naperville's Stats of January 2007 and January 2008 - 01/25/08 06:42 PM
Interesting playing around with year over year stats. Almost the same number of homes are on the market.
But, notice that the market time has increased. The active listings for 4 bedroom homes have been on the market for approximately 8 months. No wonder, I've been showing so many vacant properties!
And, … (0 comments)
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eileen landau: FHA RAISES THEIR LIMIT TO $725,000 - 01/24/08 02:23 PM
As part of the congressional rebate program to stimulate the economy, FHA will now insure mortgage loans up to $725,000. However, I'm betting that amount will only be good in limited markets such as New York City, Chicago Metro area, San Francisco, San Diego and possibly Miami.Our Naperville area had/has conventional … (2 comments)
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eileen landau: Naperville School District #204 contemplates 3rd High School - 01/23/08 10:44 AM
The school district has chosen a less expensive location for its third high school to be called Metea Valley.
The land is on the east side of Eola Road, north of North Aurora Road and just south of the Illinois Prairie Path. Originally, they were going to build the third high school … (1 comments)
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eileen landau: Case-Shiller Single-Family Price Index - 01/21/08 01:36 PM
Case-Shiller reports monthly on single-family homes in the 20 top markets. Their latest report was for data from October, 2007.It shows how much prices have fallen or risen on a one-year rolling basis. So, here's some figures to chew on:City Percent Prices Down Miami … (0 comments)
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eileen landau: If I were a Rich Man.... - 01/18/08 09:37 AM
You remember the song? "If I were a rich man" from Fiddler on the Roof.
Well, in today's real estate market, here's what I'd do.
Let's suppose that I had a million dollars (remember this is my fairy tale). I'd go out looking to buy four Naperville homes whose value would range between … (7 comments)
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eileen landau: How the real estate mess affects the economy - 01/17/08 11:00 AM
According the Beige Book reports, all sectors of the economy are seeing the effects of the housing slump. In fact, the "R" word is now being tossed about. And, in the housing market, it's the "d" word. (If you don't know to what I'm referring, here's the answers: Recession and Depression.)
We … (4 comments)
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eileen landau: Harmony Grove and Ashwood Creek and Ashwood Park Prices - 01/16/08 07:51 AM
I was out showing homes in Naperville school district #204 before my vacation and I had the distinct impression that prices were lower. So, this morning I did some research which backs up my "feeling."Harmony Grove 2006 Closed Sales27 homes closed$420,000 to $575,000 sales priceAverage Price: $483,000Harmony Grove 2007 Closed Sales17 … (1 comments)
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eileen landau: My Real Estate Predictions for 2008 - 12/31/07 02:58 PM
It's hard to write a blog that contains downbeat news. 2007 was just awful for real estate. And, 2008, I believe, will even be worse. According to RealtyTrac there are over 200,000 homes a month in the foreclosure process, and they expect that number to increase. By next summer we may … (2 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for December, 2007 - 12/26/07 02:02 PM
As of 12/26/2007: Number of Active listings: 948 Average list price: $726,302 Average days on market: 226 The breakdown: There are 193 3 bedroom homes on the market; average price: $396,687. Market time: 171 days There are 602 4 bedroom homes on the market; average price: $728,764. Market time: 237 days There are 137 … (0 comments)
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eileen landau: Some Interesting Naperville Stats - 12/21/07 05:57 PM
I was curious about the number of active agents in our MLS. During the summer when I checked we had over 53,000. Today, there are 48,957 active MLS agents. And, I suspect that in January that number will decrease when the Brokers receive bills and have to pay for non-productive agents.
And, … (0 comments)
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eileen landau: New closing fees with government loans - 12/13/07 11:02 AM
Fannie Mae and Freddie Mac quietly announced a new, up-front fee of 0.25% on all of the mortgages they buy or guarantee -- regardless of the credit quality of the borrower. So on a mortgage of $417,000, the highest amount that Fannie and Freddie can buy, that would mean an additional … (0 comments)
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eileen landau: The Promenade in Bolingbrook, Illinois - 12/11/07 08:50 PM
The Promenade in Bolingbrook opened last April and I saw it then with construction people still putting things in place. So, now that the holidays have arrived, I thought I drop in again.
Holiday music was playing thru speakers that I assume were placed in the street lights. Very festive!
Lots of nice … (0 comments)
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eileen landau: Edward Hospital in Naperville - 12/07/07 09:34 AM
Edward Hospital is just south of downtown Naperville, a few blocks north of my office. I drive past it several times a week. And, there is always a construction crane on the property. In fact, I'd think that the crane should be part of their logo.
They announced yet another addition to … (1 comments)
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eileen landau: Housing Recession is Nationwide - 11/27/07 02:20 PM
An article reported in today's news:
The S&P/Case-Shiller U.S. National Home Price Index dropped 4.5% from last year's third quarter, Standard & Poor's said Tuesday. The drop from the second quarter marks the largest sequential decline in the index's 21-year history. The HGX Housing Index has come back to where it … (5 comments)
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eileen landau: The Sub-slime Mess - 11/26/07 11:17 AM
It seems to me that we're entering into a very difficult time in our economy.
Each new housing report shows declining sales. Major banks and lenders who originally reported write-downs of ONLY 2 or 3 billion are now saying that the real amounts will be closer to 7 or 8 billion. Now, … (0 comments)
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eileen landau: Eileen's Woodrige Single Family Stats, November, 2007 - 11/26/07 10:48 AM
Eileen's Woodrige Single Family Stats, November, 2007
Woodridge Single Family Active Listings, November 25, 2007:
There are a total of 132 homes on the market; Average price: $372,254 Days on Market: 135
There are 59 3 bedroom homes on the market; average list price $315,866; days on market: 144
There are 59 4 … (2 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for November, 2007 - 11/26/07 10:34 AM
Eileen's Naperville Single Family Statistics for November, 2007
As of 11/25/2007:
Number of Active listings: 1061
Average list price: $705,936
Average days on market: 208
The breakdown:
There are 213 3 bedroom homes on the market; average price: $388,903. Market time: 164 days
There are 671 4 bedroom homes on the market; average … (2 comments)
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eileen landau: Estimated Home Appliance Life Span - 11/20/07 09:13 AM
Have you ever wondered if an appliance should be repaired or replaced? Here's a list which should help you decide.
Appliance Estimated Life Span
Compactor 7-10 Years
Dishwasher 7-10 Years
Disposal … (0 comments)
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eileen landau: I repeat, I am a REAL ESTATE Broker! - 11/12/07 03:57 PM
and that means that I sell residential homes. I do NOT sell insurance, siding, roofing, lawn care or any other products.
Now, why am I so adament? I just received the following email:
Hi! My name is Cynthia and I am a recruiter with Allstate Insurance Company. I'd like to disucss the possibility … (6 comments)
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eileen landau: It's Smarter to Buy a Pre-existing Home Today - 11/06/07 10:16 AM
So you've fallen in love with a model home floor plan. What do you know about the builder? Do you think the builder will show you his accounts so that you know he has the money to build your home? Do you know that the builder can finish the sub-division that … (2 comments)
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eileen landau: Congratulations Kennedy Junior High School, Lisle - 11/02/07 10:09 PM
The 2007 Illinois School Report Card results was released this week. And, Naperville School District 203's top ranking school was Kennedy Junior High. The school is located in an area of Lisle that's adjacent to Naperville. Many of the children who attend come from the Green Trails subdivision and also Seven … (1 comments)
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eileen landau: Some Halloween Observations - 11/01/07 09:41 PM
Yesterday as I was giving out candy bars to the youngsters who came to my door, I noticed something very disturbing.
The girls were all dressed up in costumes. They smiled. They said, "Thank you."
The boys, on the other hand, were not in costume, unless you call a sweatshirt a costume. None … (3 comments)
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eileen landau: Auctions: Another Marketing Technique - 10/31/07 11:37 AM
I was looking at the real estate ads in the paper the other day and a company that has auctions caught my eye.
They had pictures of 20 homes that will be auctioned off November 10th. One of these homes is a newly constructed property in Ashwood Creek that I showed in … (0 comments)
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eileen landau: Is the Sky Falling Chicken Little? - 10/26/07 11:17 AM
"From now on, I am presuming that the mortgage insurers will go under. I am presuming bankruptcy for Countrywide Financial. I am also presuming that Washington Mutual will fail." wrote Jim Cramer on RealMoney.com.
And, let's also add those private mortgage insurers, title companies, and home builders. Even Fannie Mae is … (6 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for October, 2007 - 10/24/07 07:40 PM
As of 10/24/2007:
Number of Active listings: 1141
Average list price: $693,003
Average days on market: 193
The breakdown:
There are 242 3 bedroom homes on the market; average price: $397,181. Market time: 155 days
There are 718 4 bedroom homes on the market; average price: $691,014. Market time: 200 days
There are 160 5+ … (2 comments)
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eileen landau: Happy Halloween House - 10/17/07 06:07 PM
Isn't this a blast. Makes me want to get out my Witch's costume and sit in that rocking chair. This home is creatively decorated by my client, Judy. She does fun stuff all year long...and now the world can see her talents.
I keep telling her that she needs a house with … (5 comments)
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eileen landau: Update on 2007 real estate predictions - 10/16/07 03:22 PM
It's time to look ahead and make predictions for 2007
Now, we’re heading into the final months of the year… and what’s happening?
1) Our Naperville market is now officially in a "slower" market. Days on market, or the length of time that listings take to sell has doubled or … (1 comments)
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eileen landau: What Buyers Want! - 10/16/07 10:06 AM
The NATIONAL ASSOCIATION OF REALTORS does annual surveys on buyers and their wants and expectations.
So it's no surprize that the number one item these buyers want is as big a garage as they can afford. And, yes, I agree and completely understand. A two car garage offers just enough space for … (5 comments)
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eileen landau: Copper Thieves - 10/15/07 07:12 PM
There has been a rash of copper thefts. Just recently thieves made off with over $5,000 worth of copper that was to be installed at a new home. There's a reward of $1000 if you help the Naperville police find the thieves.
All of the infill homes are required to have a … (3 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for September, 2007 - 09/20/07 09:23 AM
Naperville Single Family September, 2007 StatsAs of 9/20/2007: Number of Active listings: 1197 Average list price: $678,366 Average days on market: 180 The breakdown: There are 251 3 bedroom homes on the market; average price: $399,877. Market time: 142 days There are 766 4 bedroom homes on the market; average price: $684,143. Market time: 185 days There are 158 … (0 comments)
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eileen landau: A New Kind of Spam - 09/18/07 06:35 PM
I've had my websites for a long time. And lately, I've been seeing a new spam technique.
My websites are for my clients, both buyers and sellers. And, they're free to sign up and use the IDX. And, that's fine with me.
However, lately, I'm getting sign ups from OUT OF AREA inspectors. … (6 comments)
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eileen landau: Your Style of Communicating - 09/17/07 10:45 AM
Are you aware that we each have a style of communicating?We can divide most of the world into three categories:1) Visual2) Auditory3) Kinesthetic The majority of people are visuals. They need to see things. And, they love to look at lots of pictures online. They have to see that red dining room; … (1 comments)
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eileen landau: Pre-foreclosure Help: FHA Secure Program - 09/12/07 10:22 AM
The Illinois Association of REALTORS sends us a weekly email newsletter and I found the following information helpful. Also, visit: www.FHA.gov and www.HUD.gov for more information and details.
Key elements of the new FHA Secure program to help homeowners avoid foreclosure.
In a key policy shift, the federal mortgage insurer FHA is allowing … (1 comments)
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eileen landau: Checking out Information - 09/10/07 12:07 PM
I received an AMBER ALERT email this morning. A young man from the area has been missing for two weeks. His mother asked for help in finding him.Now, on the face of the email it seemed valid...and I was considering putting the picture and information up on my blog. But, being … (5 comments)
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eileen landau: Luciano Pavarotti: The Golden Voice is Silent - 09/06/07 01:41 PM
Today is a sad day for opera lovers everywhere. After a year long battle with pancreatic cancer Luciano Pavarotti died this morning. And, while the majority of our blog postings are about real estate, we remember that real estate is not the only thing in our world. We agents are: … (1 comments)
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eileen landau: A Suggestion - 09/05/07 10:05 AM
Eileen, You showed my listing at XXXXX, Aurora on 4/21/2007.I have recently reduced the price on this listing from $246,900 to $243,900 and thought you may want to bring your buyers back for another look. You may reach me at 630-XXX-XXXX if you have any questions or would like to schedule … (3 comments)
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eileen landau: Can You Over Stage Your Home? - 09/04/07 09:41 AM
In a word: YES.Let me give you an example. I showed a Naperville home last summer. When we opened the front door there sat an opera chair with long black opera gloves and a red rose (fake) on it. Next, we saw that the furniture in the small living room had … (8 comments)
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eileen landau: A Solution for the Mortgage Mess - 08/29/07 02:21 PM
Most of you do not remember much about The Great Depression. You may have heard stories that your grandparents told you. How they lost their homes in the early 1930's. Many people did. And, one of the reasons that Franklin D. Roosevelt won the election in 1933 was his promise of … (5 comments)
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eileen landau: Continuing Education - 08/27/07 11:49 AM
As a broker, I am required to take 18 hours of CE in this renewal period. The state just upped the number of hours from 12 to 18. The additional six hours are in Broker Management.
So, on Friday, I spent the entire day inside a classroom with 50 other brokers. And, … (6 comments)
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eileen landau: Summer 2007 Plagues - 08/23/07 01:13 PM
And the summer of '07 bought the plagues: Came the swarm of 17-year LOCUSTS or cicadas with their beady red eyes, who ate the tender tips of trees and shrubs; then their brethren, the 13-year cicadas, and lo and behold, finally the annual cicadas who found that all the best food had been … (4 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for August, 2007 - 08/22/07 03:30 PM
Naperville Single Family August, 2007 Stats As of 8/22/2007: Number of Active listings: 1236Average list price: $675,413 Average days on market: 170 The breakdown: There are 263 3 bedroom homes on the market; average price: $402,2404. Market time: 129 days There are 801 4 bedroom homes on the market; average price: $689,135. Market time: 177 days There … (2 comments)
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eileen landau: Sellers, why oh why? - 08/17/07 02:25 PM
OK...I'm showing homes yesterday to one of my RELO buyers.
We pull up to an average looking house. Open it up by using the Supra...and then stumble in the dark. Blacker than a closed coffin.
All the blinds were closed; all the drapes pulled shut. Madly searching for a light switch, we finally … (4 comments)
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eileen landau: A Stranger in a Strange Land - 08/14/07 06:49 PM
We spent the last week in Portland, Oregon. A lovely city overflowing with flowers and gardens. We visited the Japanese Gardens, The Rose Gardens, The Chinese Gardens and viewed more gardens at the fish hatchery along the Columbia River.
Now, I've never been to Portland and didn't know what to expect. But, … (5 comments)
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eileen landau: Remember this number: $417,000 - 08/04/07 08:20 PM
That's the magic number.
If your loan amount is below that number you'll be able to get conventional or FHA funding at the best rate.
However, should your mortgage be above that number, expect to see the loan quote (loan rate) higher. It seems that lenders are now more worried about these jumbo loans … (1 comments)
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eileen landau: Mortgage Mess Hits the Stock Market - 08/03/07 05:16 PM
Today, American Home Mortgage closed its doors and released 7000 employees. They are out of business.
We will see more fall out, especially as many hedge funds lent money to lenders to underwrite these mortgages.
We have buyers who got loans in the past few years with 100% NO MONEY DOWN as the … (7 comments)
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eileen landau: House Values goes on a diet - 08/01/07 06:57 PM
House Values, which is one of the early lead generating companies, just announced that they're closing their Yakima office and 'letting go' of 100 of their employees there. They cite the poor market and that agents haven't learned how to manage internet leads as some of their reasons for dieting.
Seems to … (10 comments)
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eileen landau: More Lender problems - 07/31/07 01:57 PM
American Home Mortgage, a New York based lender, is broke. No money. And, it didn't fund its scheduled closings Monday or today. Reminds me of Sun Mortgage back in the '80's. They were advertising and funding loans at "low" rates...somewhere between 8 and 10 percent (that was low!). Comes an … (7 comments)
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eileen landau: The horse has left the barn - 07/28/07 11:14 AM
You just have to wonder about our government at times.According to Sandra Braunstein, the Federal Reserve's director of consumer affairs, THE FED is writing rules to regulate prepayment penalties, escrow accounts and stated-income loans she reported this past week.D'uh? So, if I may inquire: What took so long? These rules/regulations should … (4 comments)
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eileen landau: Curb Appeal: What is it? - 07/27/07 12:16 PM
The old bromide: "I know it when I see it" is so apt when we talk about curb appeal. So, what things can you do to get 'curb appeal?' First, if your front lawn is brown and filled with weeds many buyers will not venture into the house. If … (4 comments)
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eileen landau: An American Tradition: The Front Porch - 07/26/07 11:42 AM
We've always purchased a home with a front porch. That's been a requirement. And, at first, I just didn't 'get it.'
Now...I love my front porch!
And here's where I go to read the morning paper with my first cuppa, before the day gets hectic or overwhelming, before the temperature gets too hot … (4 comments)
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eileen landau: Eileen's Naperville Single Family Statistics for July, 2007 - 07/25/07 12:25 PM
Naperville Single Family July, 2007 Stats As of 7/25/2007: Number of Active listings: 1343
Average list price: $675,709
Average days on market: 160
The breakdown:
There are 261 3 bedroom homes on the market; average price: $404,252. Market time: 128 days
There are 900 4 bedroom homes on the market; average price: $686,715. Market … (4 comments)
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eileen landau: Predictions? - 07/24/07 06:26 PM
While Harry Potter may be able to see the future, the CEO of Countrywide Mortgage, Angelo Mozilo, has cracked his crystal ball. He "thinks" that the housing market will improve in 2009, as there is still too much inventory out there according to a report on TheStreet.com. So at last, we're getting … (0 comments)
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eileen landau: Butterflies in My Garden - 07/20/07 06:51 PM
Today was the perfect summer day...sunny with a cool breeze. Just perfect.And my eldest came over (with the girls) to take pictures of my garden. Shawna is http://www.thecasualgardner.com/ and she's had an interest in flowers for years. She used to paint them. Now she writes about them and is making a pilot … (6 comments)
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eileen landau: The Next Hot Button - 07/19/07 01:24 PM
I just read an article that the next "hot button" for upscale homes will be a wine cellar.
And, that's probably correct...as I recall seeing really nice rooms fitted out for storing wine in new construction homes and recently built homes. Some of these rooms would make a restaurant envious. Temperature controls, … (6 comments)
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eileen landau: Harry Potter Comes to Naperville - 07/18/07 11:39 AM
Ok...even we Muggles know that Friday is the BIG day. The last of the Harry books will be released.And, movie Number 5 just came out. It's fast-moving and has a darker tone throughout the film. And has a villian you'll love to hate who could be an advertisement for VS's PINK … (2 comments)
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eileen landau: Reverse Migration - 07/16/07 05:19 PM
There was an interesting story in the Chicago Tribune this past week.
It seems that more elderly seniors are returning to the Chicagoland area. And, less seniors are moving south.
34,000 seniors over the age of 85, returned to the Chicagoland Metro area this past year, while only 17,000 left for warmer climates. … (3 comments)
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eileen landau: NAR Economist Foretells Future - 07/14/07 12:31 PM
"Construction of single-family homes will probably decline for a third straight year in 2008, according to the latest monthly forecast from the National Association of Realtors. Housing starts are expected to drop 20.6% in 2007..." This information is courtesy of our economists at the National Association of Realtors. Probably? How … (3 comments)
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eileen landau: So, How's the Market? - 07/13/07 01:45 PM
We were having an online discussion and one of the newer agents asked us what we respond when asked:How's the market?There's any number of answers. Some of us were trained many years ago by Tommy Hopkins to say: Unbelievable! And, that word could cover a multiple of sins.Some of us will … (6 comments)
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eileen landau: It's a Difficult Year for Builders - 07/11/07 12:53 PM
"There is no real decline in homes being built from these guys. But there are huge declines and cancellations of orders," says Jim Cramer, speaking of national builders: Lennar, Toll Brothers, Pulte, Horton and K&B.Yes, I heard that there was over 37% cancellations of builder sales contracts. And, that's a lot, … (1 comments)
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eileen landau: Taffic in Naperville - 07/09/07 12:52 PM
We have some really busy streets that run thorough our city.Route 59 which is at the western edge of town and travels north and south is a major, commercial road just touching The Fox Valley Mall.Ogden Avenue is another commercial street, meandering its way south-west and north-east. Every car dealership is … (3 comments)
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eileen landau: Some Insurance changes - 07/08/07 12:46 PM
We live in a pretty moderate climate.The last big earthquake was in 1812...so that's almost 200 years ago. The last big, bad blizzard was in January, 1967. The last nasty, destructive tornado was down in Plainfield in the '90's. The last 500-year flood was in 1995. The last dustbowl drought was … (0 comments)
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eileen landau: The Average Agent in Illinois - 07/02/07 08:40 PM
My broker and I were talking the other day.He asked how many agents I thought were in our MLS. Last I looked there were 50,000 agents. He tells me that today there are 53,000 agents. Wow!Then we look at stats. Based on that figure, the "average" agent sold 3.5 homes. Getting … (8 comments)
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eileen landau: Let's Negotiate! Part 3 - 07/02/07 02:08 PM
If you've followed the story...buyer and seller finally agree on price.Buyer has the inspection done and it reveals that the side windows in the living room are both rotted and the seals are gone. It will cost approximately $1000 to replace.Seller says NO! Buyer is getting tired of the seller's "NO's".And, … (5 comments)
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eileen landau: The last Friday of the Month - 06/29/07 06:30 PM
Today, is the last Friday of the month, of the quarter and of the first half of the year.
Historically, this day has always had tons of closings. In fact, you could bet that your closing will be backed up.
So, imagine my surprize, when I went to our closing this morning at … (4 comments)
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eileen landau: A Cup of Tea and Sympathy - 06/26/07 08:46 PM
OK...you know when you have those days or weeks!
Last week in the middle of its wash cycle the dishwasher DIED! 16 minutes into the cycle it went to dishwasher heaven, leaving a lake on my kitchen floor.
Out came the consumer reports. Hmmmmmmmmm. Lots of choices. Some really expensive. Off to a … (3 comments)
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eileen landau: Do you want the listing agent there? - 06/25/07 01:48 PM
Sunday's Chicago Tribune had a big feature story about what your listing agent "should" be doing. The first suggestion was that the listing agent attend all showings.
Now, I think that's a stupid, crazy, waste-of-time idea. And here's why.
In this market when I show a property I am representing the buyer. I'm … (8 comments)
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eileen landau: Are You Guilty? - 06/25/07 09:03 AM
I had a sales person over the other day to discuss a remodeling project. As he talked about his products and what he could do, I noticed that he'd check his treo/blackberry/phone on the sly. Yes, he had it on vibrate. But the more I thought about it, the more I … (4 comments)
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eileen landau: Let's Negotiate! Part 2 - 06/24/07 12:45 PM
Back on June 14, 2007, I posted a scenario with a buyer and seller getting together on a sales price. http://activerain.com/blogsview/123771/Let-s-negotiateNow, however, we've finished the inspection and the inspector found that two huge side windows have broken thermo-seals.Buyer requests that the seller repair them.Seller's attorney response: "No. Seller bought the unit … (4 comments)
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eileen landau: Eileen's Woodrige Single Family Stats, June, 2007 - 06/22/07 11:48 AM
Woodridge Single Family Active Lisitngs, May 22, 2007: There are a total of 151 homes on the market. Average price: $399,309 Days on Market: 113 There are 71 3 bedroom homes on the market; average list price $313,382; days on market: 90 There are 68 4 bedroom homes on the market; average … (0 comments)
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eileen landau: Eileen's Naperville Single Family June, 2007 statistics - 06/22/07 11:34 AM
Naperville Single Family June, 2007 Stats As of 6/22/2007:
Number of Active listings: 1392
Average list price: $682,398
Average days on market: 159
The breakdown:
There are 252 3 bedroom homes on the market; average price: $405,706. Market time: 122 days
There are 938 4 bedroom homes on the market; average price: $688,971. … (0 comments)
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eileen landau: Radon Disclosure starts January 1, 2008 - 06/15/07 03:39 PM
We have radon in this area. And, what is radon? It's a colorless, odorless gas that comes up from underground rivers, cavities or old mines. As I understand it, it's due to the natural decay of matter. And I expect that the complete explanation may get too scientific for me.
Radon has … (0 comments)
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