move up to naperville: 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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move up to naperville: More Freight Trains through Naperville - 04/22/08 09:39 AM
Canadian National Railway is trying to acquire the EJ&E railroad tracks for $300 million.
I hope that they're stopped. Why?
Because they would increase the number of freight trains going through Naperville and DuPage county horrifically. The old EJ&E tracks for the most part are at ground level. When a freight train with … (0 comments)
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move up to naperville: 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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move up to naperville: 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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move up to naperville: So long, farewell...Countrywide's on its last legs - 03/08/08 10:22 PM
Countrywide, a California lender, which did lots of business in the Chicago area is being investigated by Lisa Madigan, our Illinois Attorney General. She has asked them to provide her with files of Chicago closings from the past few years. She believes that there is evidence of fraud...and redlining.
And today the … (3 comments)
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move up to naperville: 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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move up to naperville: 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 … (5 comments)
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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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 Sales
27 homes closed
$420,000 to $575,000 sales price
Average Price: $483,000
Harmony Grove 2007 Closed Sales
17 … (1 comments)
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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: Neumann Builders to File for Chapter 11 - 10/23/07 05:13 PM
Neumann Builders of Warrenville, Illinois will be filing for Chapter 11. They've laid off 110 out of 130 employees in addition to closing all their sales offices and building sites.
Currently they have 135 homes under construction which they hope to complete. All other sales contracts will be voided and earnest money … (1 comments)
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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: Eileen's Naperville Single Family Statistics for September, 2007 - 09/20/07 09:23 AM
Naperville Single Family September, 2007 Stats
As 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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move up to naperville: 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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move up to naperville: 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) Visual
2) Auditory
3) 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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: 1236
Average 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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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move up to naperville: 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-negotiate
Now, 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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move up to naperville: 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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move up to naperville: 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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