naperville real estate: Comparison of July and October Naperville Real Estate Stats - 11/03/08 01:22 PM
Naperville Single Family Stats Compared-July and October, 2008
ACTIVE LISTINGS
October, 2008
# Units Avg.   MT Avg.    List Price
    1016         237          $714,068
 
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)

naperville real estate: Buyer Wins Big - 09/27/08 09:49 AM
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)

naperville real estate: Seller Advice - 08/20/08 06:25 AM
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)

naperville real estate: Real Estate Trends for 2009 - 08/16/08 11:00 AM
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)

naperville real estate: Reverse Mortgages for Seniors over 62 - 08/06/08 08:00 AM
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)

naperville real estate: Questions to ask your real estate agent - 08/02/08 08:29 AM
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)

naperville real estate: My 2008 Real Estate Predictions-Revisited and Revised August 1, 2008 - 08/01/08 02:55 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 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)

naperville real estate: Failing Banks and Survival - 07/14/08 04:46 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)

naperville real estate: Poorly Designed Town homes - 06/29/08 05:57 AM
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)

naperville real estate: Countrywide is sued in Illinois - 06/25/08 04:07 AM
Go Lisa!
Our Illinois Atty. Gen. Lisa Madigan is filing a lawsuit today against Countrywide Financial Corp.
Madigan claims that the lender engaged in “unfair and deceptive” practices which enticed people to get those risky, adjustable mortgages back in the good old days of 2002 to 2006. You know, the mortgages that are now in foreclosure…or close to it.
And, of course, Countrywide is not the only lender who gave away money. So many lenders have or will disappear within the next 18 months, that when the smoke clears the landscape will not be recognizable.
Perhaps, we’ll go back to the … (6 comments)

naperville real estate: A true Rental Story - 06/25/08 02:53 AM
As many of you know, or are finding out, rentals have become a big part of our business.
So, after doing all the work of finding a rental home for your clients; taking them thru the credit part; collecting certified funds and doing a final walk thru of the property...when do you think you should be paid?
When you give the credit report?
When you give the certified funds?
When you turn over the keys?
At possession?
A month after possession?
 
Having just done a rental at the end of May, I'm still waiting to be paid! And, it just … (8 comments)

naperville real estate: Telephone Scams - 06/03/08 03:25 PM
I have been receiving calls and messages on my cell phone number. It was put on the do not call list long ago.
These callers/companies are making illegal calls and illegal offers. How do I know? Google is my friend.
Whenever I receive a toll-free number or one that I'm not familar with, I do a Google search and a reverse phone search. That generally brings me several pages of information regarding these sleazy callers. And, believe me, they are sleazy.
In fact, one California company was raided in 2007 by the FBI as they were stealing identities. As a result … (6 comments)

naperville real estate: Eileen's Naperville Single Family Stats for May, 2008 - 05/29/08 08:12 AM
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)

naperville real estate: A True Story - 05/13/08 08:21 AM
You have priced your home to perfection. You have banished all the extraneous "junk." You have hired a stager so that your home shows like a model.
You have had broker tours and Open Houses.
Now, you have an acceptable offer. You've signed the papers. The appraiser has been thru the house. The buyers have done their inspection. The buyers drive by your house daily. They're so excited!
The loan with all its paperwork has gone into underwriting, where it sits for a week. But, out it comes at last. Good to Close! Ah, those magic words. Both the buyers and … (7 comments)

naperville real estate: Some Rental Observations - 04/29/08 02:54 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)

naperville real estate: Naperville’s Single Family Stats for April, 2008 - 04/29/08 02:30 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)

naperville real estate: More Freight Trains through Naperville - 04/22/08 02:39 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 a 100 cars goes through, traffic stops.
The worst intersection is on Route 34, Ogden Avenue, which is a four lane highway at that point. Last summer I waited 20 minutes for a slow moving coal train to lumber by. Traffic was backed up for at least a mile.
Imagine, a freight … (0 comments)

naperville real estate: Are you Green? - 04/21/08 05:08 AM
Tomorrow, April 22nd, we will celebrate Earth Day.
And, I'm wondering what you're doing to "save" the planet.
Here are some of my eco-choices:
I purchased five hunter green reusable shopping bags at our local Jewel grocery store. I keep them in the car and I use them! I refuse all plastic bags whenever I can. In fact, I usually take one of my green bags into Target and have them put my purchases in it. And, I do bring back to the grocery store any plastic bags that have found their way into our place and give the heavier bags to our … (0 comments)

naperville real estate: Becoming a Rental Agent - 04/15/08 02:52 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)

naperville real estate: Modern Definition of Chutzpah - 04/10/08 10:44 AM
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

ABR, CRS, e-PRO

Naperville, IL

More about me…

BAIRD & WARNER, NAPERVILLE

Address: Serving Naperville Illinois

Office: (630) 778-1855

Mobile: (630) 297-7550

Email Me

An assortment of odds and ends that may or may not pertain to the greatest city in the Midwest: Naperville. Also some commentary on the Naperville real estate market.


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