Condo Seller, listed at $151,500, a nice 2 bedroom, 2 bath, first floor unit with a courtyard view. Condo Buyer, pre-approved to $160,000, who wants a nice, updated 2 bedroom unit.
Currently, there are approximately 8 other units on the market, priced from $140,000 to $158,000. I ran the list of solds for 2007. Only 3 units have closed. Their sold prices: $139,000, $140,000 and $143,000.
Buyer writes offer for: $140,000, a July close, $1500 earnest money Seller responds at: $150,000, July close OK, earnest money OK
Where do you think the final price will be? And, based upon the above, what price do you think … (9 comments)
Eileen, You showed my listing at (deleted address), Aurora on 4/21/2007.I have recently reduced the price on this listing from $250,000 to $249,900 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 a showing appointment.
Did I read this correctly? A hundred dollar reduction? 8 weeks after I've shown the property and my buyers long ago closed on the property that they purchased. Either the agent … (12 comments)
naperville real estate: Because You Can, Doesn't Mean You Should!
- 06/12/07 09:39 AM
Our multiple listing recently increased the number of photos that we may upload to nine. Now, that's a nice number as it permits pictures of the front and back of the house; the living and dining room; the kitchen and dinette; the family room; the master bedroom and perhaps a finished basement. So, why are agents including pictures of toilets? Especially when the seat is up and all you see is white porcelain? It just boggles my mind. The photos rotate. So, it's more than likely that when that listing is sent out that the first thing a buyer will see is: The TOILET! Hmmmmmmmmmm...seems … (8 comments)
naperville real estate: Is your listing agent ignorant or lazy?
- 06/07/07 02:12 PM
From a marketing stand point one of the most important parts of selling a home is putting together a detailed, correct MLS info sheet. You know, the one that goes to the agents. Yesterday, as I was trying to set up showings I ran across so many goofs and omissions that I wondered if I had entered an alternative universe. I was setting up showings in the same condo sub-division. All these units are identical...but, not the information on the sheets. Here's what I found missing, incorrect or wrong. Latest tax amount. We pay taxes in arrears. So, a listing that comes out in April … (3 comments)
naperville real estate: The remains of Eola, Illinois
- 06/07/07 11:59 AM
The building above is what remains of Eola, a small farm community just west of Naperville. It is now part of Aurora, Illinois. And, the post office is no more. In fact, if you look closely you'll see a FOR SALE sign in the window. I remember when there was a sign on the building that said: EOLA Instead, today, we have an eight lane divided highway which rumbles just east of the building as drivers pass over the Burlington railroad tracks, unaware of the passing of history. I imagine that in the "olden" days this post office was the hub of the … (25 comments)
naperville real estate: Naperville Foreclosures increase
- 06/01/07 06:31 AM
Today's Naperville Sun reported an increase in foreclosure properties in Naperville. ( Read the complete story: http://tinyurl.com/2b9eux ) The threat of foreclosure affected 57 percent more Naperville families in 2006 than it did in 2005, according to a recent report by the National Training and Information Center, a Chicago affordable housing advocacy group. According to the report, foreclosure proceedings were initiated on 209 Naperville properties in 2006, compared to 133 in 2005. And, how did I find out? Well, thanks to Jeff Merrinette our Board's government affairs person, in his update on our state legislature. And, it's also on his blog: … (1 comments)
naperville real estate: When is a deed a deed or a scam a scam?
- 05/31/07 06:55 AM
If you've been reading my blogs for the past year or so, you'll know that I sparked a small fire regarding a national deed company. This company was sending out mailings saying that you needed a certified deed (you don't) and that they'd do it for only $60, $70, $80 or even $90 depending upon location. This afternoon I received a call from the Guilford N.C. Recorder of Deeds, Jeff Thigpen. Seems that these letters had made their way to his area and he was mad. Why? Because seniors on fixed income were sending money to this company to get certified deeds. So, … (3 comments)
naperville real estate: Profile of a REALTOR
- 05/30/07 07:26 AM
I just love the surveys and reports that the National Association of REALTORS does every year. Such interesting reading. So, here's what they've concluded is our "typical" REALTOR: FEMALE AGE 51 MARRIED KIDS GONE ATTENDED COLLEGE OWNS HER OWN HOUSE (WITH SPOUSE) VOTES 90% OF THE TIME So interesting that I fit into this picture. Although I not only attended college but received a Master's Degree in Teaching prior to "falling" into real estate. 59% of REALTORS are FEMALE And, when I started, real estate was mostly made up of older (at least to me) men. All the managers were men, and today, it seems that there are more male managers. … (5 comments)
naperville real estate: Who are your clients?
- 05/25/07 09:54 AM
I'm really very logical and analytical (well, my spouse might not agree). But, my clients seem to feel that I am. In fact, I had an interesting conversation this afternoon with a gentleman who is a scientist with a PhD. And, somehow the conversation got around to how he found me (online, of course and by Googling). But, what he said really opened my eyes. He commented on my use of statistics to back up some of my reflections on our local real estate market. And, I started wondering (to myself) is that why currently I have several scientist who are working on … (6 comments)
naperville real estate: Closer's Comments
- 05/24/07 07:32 AM
I was at an uneventful closing this morning. All closings should be this uneventful. Buyers and sellers were cordial; paperwork was complete and accurate. We were done in an hour. After the folks and attorneys had left I asked the closer what she was seeing in the real estate market. And, learned several things. She said that she was only doing 10 closings a month. But several years ago when the bubble was ready to burst, she would routinely do 20 to 30 closings a month. And, on the last Friday of the month, she might have 5 closings running from 8 in the morning … (1 comments)
naperville real estate: Downtown Naperville
- 05/23/07 03:12 PM
After a hectic afternoon of previewing homes I stopped downtown to buy some spices from our local Penzey's store. Walking to the store I saw the following sign: Now I have to admit I don't recall seeing this sign before. But, then again, I'm not a cruiser. But, I'm wondering, can I cruise the sidewalks? Or am I restricted to the streets? And, would I be out at 1 in the morning? Then in front of Penzey's, I spied this new sign:
And, they mean NO PARKING. Now that sign really gets your attention. And, across the street this is what I saw: … (1 comments)
Number of Active listings: 1388 Average list price: $680,734 Average days on market: 157 The breakdown: There are 239 3 bedroom homes on the market; average price: $410,898. Market time: 120 days There are 956 4 bedroom homes on the market; average price: $691,346. Market time: 160 days There are 172 5+ bedroom homes on the market; average price: $1,030,392. Market time: 198 days
We've added another 100 new listings since April 22nd. Days on market slightly shorter and prices have also come down. The average list-to-sell ratio is 96%.
Stats courtesy of the Northern Illinois Multiple Listing Service. … (0 comments)
naperville real estate: On-line home evaluations
- 05/17/07 04:05 AM
There was an interesting article in one of the business magazines touting all the computer generated on-line "appraisals". So, for the sake of science I decided to see what these brillant computers thought of my house. And, I wasn't impressed. All of the websites that I tried valued my home way below its actual market price. In fact, one website gave me a range price with a difference from high to low of $150,000. Well, that's enough to buy a one bedroom condo! So, a word of advice. If you're a seller and you're using these websites to determine your home's value, you'll … (0 comments)
naperville real estate: New Listing in Heritage Knolls $579,900
- 05/09/07 08:47 AM
A spacious 2-story brick front Georgian with a 3 car garage, a first floor office plus a sun room, updated kitchen and lovely paver patio with a screened-in gazebo. For additional pictures visit: www.dreamhouses.blogspot.com Call Eileen Landau, 630-961-2700 for your personal showing.
… (1 comments)
naperville real estate: For Sale by Owner Email
- 05/08/07 04:50 AM
I received the following email today: "3.25% Commission. Our home needs your buyer. Bring them and make 3.25% Commission We're seeking active home buyers. Close the deal and earn 3.25% Commission. Custom built home in XXX Subdivision. 4 bedrooms & 4 baths. 3464 sq ft. See attached for additional details and pictures of our home. I must stress that we aren't looking for a listing agent. Please do not call us to solicit your listing services. Don't miss your chance to earn more commission during this market lull. Call or email today to schedule a showing." Here's some background. There are 65 homes on the market today … (9 comments)
naperville real estate: What are you doing for your sellers?
- 05/03/07 06:32 AM
I received this email this morning. Thank you for showing my listing. FYI there is a $1000 bonus to the buyers agent if you write a contract by May 15. The owner is also considering finishing the basemant, which is very important for many buyers. So please if your buyer is still loking or you have a new buyer in mind considering making an extra $1000 this month and make another buyer happy. I emailed her back and suggested the following: 1) REDUCE the price. The home has been on the market forever and there's a ton of competing homes. 2) INCREASE the commission. A … (5 comments)
naperville real estate: REALTOR or Relator
- 05/02/07 07:41 AM
Today was career day at the middle school where my daughter teaches. I was asked to talk about real estate as a career. And, I did. However, the folder I was given had this written on the front: RELATOR And, a teacher had written that! Now, I wonder how many people think that we are re-lators, that we relate to our buyers and sellers. Hence, our most commonly mis-spelled term. Yet...a good REALTOR does in fact relate well. A good REALTOR listens to her clients; advises her clients and helps her clients thorough every aspect of the transaction. So, whether you call me a … (4 comments)
naperville real estate: What, no MLS?
- 04/27/07 09:07 AM
Our multiple listing service, MLSNI, Multpile Listing Service of Northern Illinois, is one of the strictest in the country. They've sent out a letter to all the designated brokers informing them that the use of "MLS" is against their section 38 rules and regulations. And, any website that says, "Search MLS", "Multiple Listing Service" will be in violation and they must cease and desist. After September 15, 2007, those violators will be fined and probably not able to receive listings for their websites until they delete those terms. Our MLS is zealous in following these rules. They cut off service to HouseValues in February, because … (5 comments)
naperville real estate: The Promenade
- 04/25/07 02:30 PM
Thursday, April 26, 2007, will inaugurate Sandburg Drive, the main street of our newest shopping mall. I took a drive down there yesterday to check it out, not to buy anything, as the stores were stocking their inventory. Lots of hard hats in the area putting up signs and finishing inside work. There were probably 100 workers, like bees, swarming over the area. Macy's will be the main anchor and sits at the north end of the Promenade. Lots stores from Barnes and Noble to Starbucks to Coach and H&M. Restaurants on the outer sides. And, hopefully, some of the planted flowers will … (2 comments)
naperville real estate: Naperville single family active statistics
- 04/22/07 11:48 AM
As of 4/22/2007: Number of Active listings: 1272 Average list price: $694,438 Average days on market: 167 The breakdown: There are 222 3 bedroom homes on the market; average price: $410,660. Market time: 124 days There are 874 4 bedroom homes on the market; average price: $708,588. Market time: 173 days There are 158 5+ bedroom homes on the market; average price: $1,047,343. Market time: 194 days
We've added over 100 new listings since March 22nd. Days on market is slightly shorter and prices have also come down. This is NOT the Spring market that we usually have. It's still slow, especially in the higher priced homes. Stats courtesy of the Northern … (3 comments)
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.
Ok...here's the scenario:;)
;)
