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ACTIVE LISTINGS July, 2008 # Units Avg. MT Avg. List Price 1356 191 $680,191
From the above charts we can notice several things. 1) The number of homes on the market has decreased. 2) The Average Market Time has increased to almost 8 months. 3) The Average List Price has increased.
SOLDS # Sold Avg LP Sold Avg SP SP:LP Ratio Avg MT 720 $515,447 $490,300 95% 137 And, yet there's a big (1 comments)
eileen landau: Buyer Wins Big - 09/27/08 04:49 PM
I thought that I'd share my latest experience with a relocating buyer. We've been working together since April. They knew that they wanted Naperville but just weren't too sure on which sub-division. The decision was made by their son's after-school sports events. They decided that they wanted to be close to his school and activities, even though it meant a longer commute for Dad. So, we looked at more homes. The wife and I would go out during the week and then report back our findings. On one of these trips we looked at a vacant, relocation home. And, many of (7 comments)
eileen landau: Government Take Over of Fannie and Freddie this weekend - 09/06/08 07:24 AM
According to high government sources reported by both the New York Times and the Washington Post late last night the government is planning to take control of both Fannie Mae and Freddie Mac. This move, which I thought might have happened last weekend, will protect the quasi-governmental agencies while they continue to operate. According to the NY Times, over 70% of the mortgages written are backed by either Fannie or Freddie. As part of the take over, there will be changes in the operational aspects of the company. The take over will also wipe out both the common and preferred stock (0 comments)
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 were weeds in the landscape area near the front door 4) the screen door was ripped 5) there were rust stains on the front door Now, these were just the front door impressions. In today's market, when a buyer has a choice of 25, 50 or even 100 homes in (1 comments)
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. C) People staying in place while aging. My "average" client has now lived in his home for 19 years. D) More real estate people using Linked-in, YouTube and FaceBook. E) Fewer real estate companies and agents. Those that survive take larger market share. 2) Economic A) Continuing high rates (0 comments)
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 a pension) just doesn't cover the inflationary rise of medicines, utilities and food. One of my clients, took a reverse mortgage when she turned 62...and that made her life good. However, there are some drawbacks...high closing costs and a limited amount of money that you can withdraw. So, if you (1 comments)
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 which included real estate sales and management. And, passed my exam and got my assigned desk in a brand-new office with several other brand-new agents. No computers in those days. No electronic keyboxes. No internet. We kept a black notebook and made changes to it on a daily basis. We (1 comments)
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 1930’s. Some people feel it is 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 have 2 million homes across the country in the foreclosure process. Yes, the Case-Shiller monthly housing report (9 comments)
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, I also think that we'll see mergers with the backing of the Fed. Washington Mutual, Citigroup and all those fearless lenders who are still around will be "asked" to merge to guarantee the safety of the markets. This is looking somewhat like 1990-1991 Long Term Capitol Mgmt fiasco, which also (4 comments)
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 have to walk up a full flight of stairs. Now, I don't know about you, but I no longer have kids to carry in the groceries. I can't imagine dragging up several bags of groceries every week. In fact, as the laundry rooms are also on the bottom level, I (4 comments)
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 SOLD 61 PER CENT OF MARKET SOLD $464,003 AVERAGE SALES PRICE 94 DAYS ON MARKET So, about a third of listed single family homes have sold in the past six months. And, the biggest selling range is the four bedroom homes. Notice that prices have dropped by $7,000 in this (0 comments)
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 Avg Market Time ALL 1363 673,873 186 DAYS 3 296 381,558 147 DAYS 4 860 675,863 190 DAYS 5+ 180 1,194,897 236 DAYS
56%, or 361 homes, of all active MLS listings have sold in the past six months. Our prices are coming down as are days on market. (0 comments)
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 ratio is found by comparing the actual closed price with the listing price. Now, there is a problem here as some of you may have guessed. Here's an example: Property lists for $500,000 originally. But, it is reduced to $450,000 over a period of eight months. It finally sells for (2 comments)
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 price. Example: Sales price of a property: $500,000. One percent of that number: $5000. 75% of that number: $3750. But, I'm not finding that. In fact, I'm seeing rental prices closer to 55% of 1%. In the example above, the rental amount would be: $2750. And, that's what I'm finding. Why? Probably (2 comments)
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 we have now. And, many economist are predicting that we've yet to hit bottom. When we do hit, it’s going to hurt...more! Currently we see the following market statistics: ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS Bedrooms #Active Avg LP Avg Market Time |---- ---- -------- ------- ----------- ---------- (0 comments)
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 rent a home in our area. And, yes, they can search thru our rental listings. There are over a 100 properties for rent, ranging from one bedroom condo units to five bedroom 2-story homes priced over $3000 monthly. Currently, I have five clients coming to our area from California, Michigan, Florida, (5 comments)
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 credit and should have stopped it. Yes...this is a real lawsuit that was filed in Chicago in March, 2008 against Harris, Bank of Montreal by Kennedy Homes. And, yes, Kennedy Homes is insolvent and has laid off most of its staff. But, I'm curious, where is Kennedy Homes getting the money to (1 comments)
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 a slow month in our selling cycle. Too much snow (especially this winter) and too much cold! April 3, 2008 we have 774 Four bedroom homes on the market for an average price of $686,130 with a market time of 196 days. My take-away. Prices have come down! $39,000 by these figures. (2 comments)
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 LISTINGS Bedrooms #Active Avg LP Avg Market Time |---- ---- -------- ------- ----------- ---------- | ALL 1179 687,123 197 DAYS | 2 23 378,084 179 DAYS | 3 252 386,304 151 DAYS | 4 749 691,067 203 DAYS | 5 + 155 1,202,996 249 DAYS And, only 47% of these active listings have sold in the past (0 comments)
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 at the University of Illinois' downstate campus in Champaign-Urbana. And that brought back memories of my campus days and our ILLIAC computer, built in 1952. Right in the heart of the campus, there was this monstrous building with no windows. It was enormous and definitely gothic inside. At the time, I was (1 comments)
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