market: Fair Market Value - 12/11/06 02:04 PM
What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but how is this price determined? The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar … (0 comments)

market: A Market Analysis - 12/10/06 08:30 AM
Setting the right price is an important first step in the process of selling a home. Is it necessary to spend $200 to $400 for a professional appraisal of your property before placing your home on the market?A professional appraiser's opinion of a property's market value is based on the recent sales of similar homes in the neighborhood, and on the square footage and condition of the property. Different appraisers might come up with different figures. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property. An alternative to … (0 comments)

market: A Time For Yellow Flags - 11/28/06 06:16 PM
November 28, 2006Figures from the National Association of Realtors show that the market has done fairly well. Of 148 metro areas, 102 showed year-to-year price gains, 45 were down and one was unchanged.
Twenty-one metro markets actually showed doubled digit price increases. Overall, prices nationwide dipped 1.2 percent to $224,900 from $227,600 a year earlier. As to sales, they're down 12.7 percent when compared to the third quarter of 2005, but 2005 was an amazing year. As things now stand, the country will sell better than 6.25 million homes this year, one of the best years on record.
As good as … (0 comments)

market: Are Seller's Going Crazy? - 11/19/06 09:13 AM
I was reading a local magazine this morning and I ran across an article that was talking about how desperate sellers are becoming. Apparently a seller of a 1.475m house offered a brand new H3 Hummer as part of the deal! What would happen if we were in a bad market? Naperville has enjoyed many years of double digit appreciation that houses selling before they hit the market that now that we are experiencing a Normal market Sellers are freaking out and Buyers think they could pick up properties at 80-90% of asking price. I feel that if a seller properly … (6 comments)

market: Market Stats for Oswego, IL 2005 vs 2006 - 11/17/06 04:33 PM
  Summary
  
2006 Closed Volume is 27.05% less then 2005
  
Closed Listings average days on market increased 77 days in 2005 to 101 days in 2006
  
Average Sales price to list price ratio 100% in 2006 vs.  104.35% in 2005
  
Average Sales Price increased in 2006 by 7.47%
  
2006 SOLD LISTINGS
   
 
 
… (0 comments)

market: Market Stats for Plainfield Illinois 2005 vs 2006 - 11/17/06 04:26 PM
Summary: 
2006 Closed volume is 30.82% less than 2005
Closed Listings average days on market increased from 87 days in 2005 to 131 days in 2006
Average sale price to list price ratio 97.92% in 2006 vs. 98.98% in 2005
Average sale price decreased in 2006 by .42%
2006 SOLD LISTINGS
… (0 comments)

market: What is Happening to the Naperville Real Estate Market? - 11/15/06 08:39 AM
I just compared data for closed properties in Naperville Illinois for October 1st 2005 thru October 31st 2005 and compared it to the same time this year.
Findings:#1-27.74% less homes closed in 2006. #2-The homes that did close took 21.68% longer than the homes closed in 2005. (101 days in 2006 vs. 83 days in 2005)
#3-The sale Price to list price ratio dropped from 97.12% in 2005 to 96.21 in 2006.
#4-The average sale price of closed properties rose in 2006. 17.45%
I think it's interesting that the prices are going up but the volume is going down? I will … (1 comments)

market: Seller's Home Appeal for Today's Market - 11/14/06 05:03 PM
After years of hearing from successful sellers that they didn't have to do a thing to sell, they now need to understand how they can stand out from their competition. Here is a handy list to help sellers determine if some features in their home might need some attention.
Test all door and cabinet knobs. Replace mismatched or inexpensive hardware for a quick update. Buyers rarely can get beyond a knob that comes off in their hand as they attempt to use a door.  
Take the time to paint walls, trim and ceilings. Keep adjoining rooms in one color palette, which … (3 comments)

 
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Scott Gerami

Naperville, IL

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