Move UP to Naperville

Housing Recovery off in the Distance

2011-05-10T13:29:00.002-05:00

Interesting article today (May 10, 2011) by Doug Kass reprinted on REAL MONEY.

Essentially, Mr. Kass, quotes Zillow's Stan Humphries who concludes that: "we are going to see elevated rates of foreclosure for the next two to three years." Hmmmm.

I've been saying the market recovery will take at least this long! But, by 2015, we should see some stability in housing. Until then, as I've mentioned before, my daughter will continue renting out her condo. We did this back in the early 1980's when mortgage rates climbed up to 18% and homes became unaffordable. So, my sellers rented their properties for five or ten years. When they sold, they had a profit!

Zillow also says that homeowners are "drowning in negative equity" with Chicago having 45% of its homeowners in acute negative equity situations.

And, in Sunday's Tribune, there was an interesting article that Fair Isaac and Company (FICO) is attempting to discover which buyers might potentially "walk away" from their home.

There's a Chinese curse: May You Live in Interesting Times! I'd like to try living in a not so interesting time!

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Real Estate "on the turn"!

2011-04-29T11:45:00.001-05:00

According to Steve Harney, CEO of Keeping Matters Current (KMC) who spoke to over a thousand Baird and Warner agents yesterday, real estate is "on the turn."

And, that means that the local real estate market is coming out of straightway that has existed for the past four years. We're in the turn and can see better days ahead.

According to 110 economists the predictions are as follows:
2011 home prices continue to decrease with mortgage rates at all time lows
2012 home prices remain steady with mortgage rates moving slowly upward
2013 home prices increase by 2 to 3 per cent with higher mortgage rates
2014 home prices increase by up to 5 per cent with still higher mortgage rates

I feel pretty much the same way, which is why I had my daughter rent out her condo. The prices that her type of property is selling for is thousands of dollars less than she paid in 2002. And, as there is a strong demand for nice rental properties, that's the smart decision. She will have to hold the property for five to eight years...all the while having tenants pay down her mortgage. When she goes to sell, she will have a profit.

This is what we did in the early 1980's when interest rates at 18% made it impossible for most people to buy anything. Those sellers who rented out their homes and eventually sold them, made a profit!

So, as I keep telling you...NOW is really the year to buy! And what are you waiting for? Higher prices? Higher mortgage rates? You'll be sorry!

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Are You Improving Your Credit Score?

2011-04-06T09:14:00.000-05:00

According to CNNMoney.com, if you want to purchase a home now you'll need a high FICO score as well as an outstanding credit score.

... credit scores for loans financed with backing from Fannie Mae and Freddie Mac. The average credit score has risen to 760 from 720 a few years ago. For FHA loans, the average score has gone to 700 from 660. Loans made to borrowers with sub-620 scores are almost nonexistent.

This is a really big change. In the olden days, FHA would accept scores as low as 550! Not today.

So, you'll need to raise your credit score. How? Well, first pay your bills on time. This is the most important criteria. Late pays knock your credit scores down. Second, don't over extend your credit usage. If your credit limit is $5000, keep your usage below 80% or $4000. Third, save more money. Yeah, really. Do you need that Starbucks for $5.00 every morning? Do you have to eat lunch out daily? Think about ways that you can save.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

OK. You Win. Stop Listening to Real Estate Agents!

2011-04-05T10:06:00.000-05:00

OK. You Win. Stop Listening to Real Estate Agents!

So, I keep saying: Now is the Time to Buy! But nobody must be listening.

And, the linked article quotes the Wall Street Journal on an article about now is, indeed, the best time to buy a home. Low mortgage rates; loads of inventory; housing prices down in many markets by 30%. What's not to like?

Guess that I'm going to be saying "I told ya so."

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Home Prices Still Decreasing

2011-03-29T09:32:00.000-05:00

The just released Standard and Poor's Case-Shiller housing report shows a continuing home price decrease.

And, as I just did a market trends report for a client, this information seems validated. Over the course of the past 12 months the average sold price decreased in this particular sub-division. It went from $380,000 to $362,000. An $18,000 decrease in 12 months!

So, why are new listings coming on the market at over-inflated prices? And, I say that, because after doing some research, a property which was newly listed, that I showed this weekend was over-priced by almost $50,000. I have to wonder how motivated the seller is. Or did his agent just pull a number out of thin air?

Along with that came an expired listing in my neighborhood. This property has been on the market for 3 years! It started at $749,000 and ended up today at $590,000. UNSOLD! Yes, it's a nice house...but in this climate are buyers going to pay extra for an in-ground pool? Nope. In fact, most buyers would consider this a detriment, a very big one. Taxes are higher; insurance is higher and the pool requires more maintenance. I'd guess that when that home finally sells it will be closer to $550,000.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Spring Market is here

2011-03-25T11:09:00.000-05:00

Historically, the month of March has seen the most sales contracts written. And, based upon my observations, I think that we'll see a very nice number this year (2011).

Why? Well, as I've been out showing for the past five weeks, I've noticed that in many cases, there are other agents showing the same property I am. And, sometimes when I've called for a showing appointment, I've been told that there was a showing already scheduled for 11 am. And, could I do it later?

And, I've also noticed that the "sharp", well-priced homes are going under contract quickly...sometimes in days, instead of months!

We use an automated showing service which keeps track of the number of showings per day and on each listing. The past two weeks have shown a large jump. And for last week-end according to my manager, Bill Gill: The stats broke new records - 259 showings across 285 listings for a .908 showings per listing.

So what does this mean? If you're a seller, you want to be priced in the "sweet spot." You want your property to show well which means donating all the "stuff" and getting rid of "someday" items, especially old magazines! It means being ready for a showing immediately.

If you're a buyer? You'll want to have your mortgage approval in hand before you look at any homes. Because there is competition right now and an offer without an approval letter will not be readily accepted. You'll want to clearly define the type of property you want: single family home versus town home or condo. You'll want to know the area and sub-divisions. You'll want to be realistic on the price you can afford. Don't expect that sellers will "gift" you the house. Sure, some properties have been reduced...but, don't assume that all sellers will reduce another ten, twenty or fifty thousand dollars.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

We Think We’re Going to Believe Grandpa

2011-03-22T13:39:00.000-05:00

We Think We’re Going to Believe Grandpa

My grandparents believed in home ownership.

My parents believed in home ownership.

And, I believe in home ownership. Especially, when the
mortgage is paid off!

And, now, right this minute, is a fantastic time to buy
your first home, your first investment home or your
first retirement home.

Why? Large selection of available homes. Depressed
prices. And, low interest rates...currently around 5%.

What's not to like? And, there's still available FHA
programs that will permit (with good credit scores)
low down payments for owner occupied homes.

What are you waiting for? Your grandparents have spoken.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Inspection Reports

2011-03-18T05:49:00.000-05:00

Just received a 56 page inspection report! Glad that it came as a pdf as I'd hate to waste all that paper.

Now, there comes a time when you have to wonder. The report says that attached garages are dangerous as owners store chemicals and gasoline in them. Give me a break! Of course, we store chemicals, heck we even park our cars (loaded with gasoline) in them. Is this verbiage necessary? Nope.

Kinda looks like a lot of padding to me.

The inspection is done to reveal structural defects and not decor. So, you've purchased a home with flowery wallpaper. Does that have anything to do with structure? No. It's decoration. And, every buyer, no matter how much he/she loves the home is going to make changes and make this home his/her own. It's the nature of humans.

Give me a short, simple report that says the basement is leaking water 'cause there's a crack.
Bingo. This can be fixed. Don't tell me that basements are below ground and could leak.

OK...rant over.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

2928 Roberts, Woodridge Rental $1135 per month

2011-03-10T09:42:00.000-06:00

First Floor, south facing unit has its own private patio

Updated kitchen with new light "birch" colored cabinets, Corian counters
and laminate flooring, plus fan light fixture

Gas oven-range with exhaust fan, deep double sink, dishwasher,
and large drawers plus fan light fixture

Dining Room has painted west wall with window facing south,

fan light fixture, laminate flooring and vertical white blinds

Sliding patio door for easy access to the outside

Vertical blinds on all windows and plush neutral carpet

Corner area in spacious 24 foot long living room shows textured brick wall

Master Bedroom's south wall has designer painted sky with clouds,

fan light fixture, three closets with mirrored doors

Master bedroom view toward the north showing 3 closets

with mirrored doors and access to bath room

Second bedroom showing mirrored closet door reflecting the

fan light fixture, grey carpet, vertical blinds and closet shelving

Hallway has ivory ceramic tile and a large closet on the north side

and a smaller closet on the opposite side facing east

All applicants must furnish satisfactory credit reports. Security deposit: $1200
NO pets!

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Technology in Real Estate

2011-03-05T07:55:00.001-06:00

You might guess that I'm an early adapter. I got my first computer, a MAC IICX, back in 1989! Had my first webpage back in the mid-90's. Had my first website in 2000. Started this blog back in 2005.

So when I received an email from the National Association of REALTORS, asking if I'd like to go to a FREE technology seminar, I didn't even think about. Just hit the reply button.

And, here are the three real estate game changers for 2011 according to Max Pigman.

1) iphone or smart phone and mobile applications. Imagine driving by a house that has a 'FOR SALE' sign on it. You aim your smart phone at the house, then text 59559 and put BW in the text message section. Bingo! Within 5 seconds you'll receive a text which gives you the price and status of the listing (New Listing, Active Listing, Under Contract Listing). Then after a few more seconds you receive interior pictures of the listing. No getting out of your car to search for a brochure box, which is generally empty! And, if you want to see the property one of our "quick response" agents will be available to help you. Watch for this as it's coming....SOON!

2) ipad 2 and there's no picture because they arrive on March 11, 2011.
This second generation ipad is amazing. Two cameras, front and back. Two Intel chips so that it's fast. Great screen detail. Your high tech agent will be able to show you everything from MLS listings to mortgage information to signing and emailing a sales offer...right on this super-duper tablet. Donate your laptop to a needy school.

3) QR boxes and MSFT tags. You know what a bar code is and you've seen them used on merchandise in the grocery store, to track inventory in a department store or even on an auto assembly line. Now, imagine that bar code turned into a square with lots of black and white boxes and design spaces within it. You take your smart phone and aim it at the QR box and you automatically jump to the website, ad or picture.

So, perhaps if I take a picture of my house, my kids, my pets, I can turn that into a QR code and when they're lost, find them. Because this is relatively new high-tech, we haven't begun to explore all the possibilities...yet.

But, as soon as I have time...you'll be seeing a QR code and/or MSFT tag right here on my blog. It's just too much fun not to try it.

For further information, contact: Eileen.Landau@bairdwarner.com
Text or call: 630-297-7550 or email

© 2011 Move Up to Naperville Blog by Eileen Landau

Eileen Landau
MoveUPtoNaperville.com
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

If Your Goal Is to Buy Low, Buy Now!

2011-03-02T07:01:00.000-06:00

If Your Goal Is to Buy Low, Buy Now!

I keep on saying that now is the time to buy. The graph in the linked article points out how the market cycle works.

It's simple. Buy low. Stocks, groceries, cars or houses. That's a safe buy. Sell high. An easy way to make money.

The opposite? Well, if you bought your home between 2005 and 2007...you bought high. And, if you have to sell? You're selling low...and losing money.

Just had it happen...buyer bought in 2006 at the top of the market. And due to a job change had to sell. And, he sold for $70,000 less than he paid for the house. Was he happy? Not really, but he understood the market and knew that this was the cost of taking a new job.

See more affordable homes at: MoveUPtoNaperville.com

© 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

432 Prairie Knoll Dr., Naperville MLS #07728824

2011-03-02T01:57:00.000-06:00


Fantastic, bright and sunny, expansive family room

I was out showing lots of homes over the weekend and saw this family room and thought it was one of nicest that I had seen. Cathedral ceilings, skylight, brick fireplace and hard wood floors.

And, the rest of the house comes with it! A very attractively priced home in Winding Creek!

See more affordable homes at: MoveUPtoNaperville.com

© 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

10 Reasons People Decide to Buy a Home

2011-03-01T09:58:00.000-06:00

10 Reasons People Decide to Buy a Home

So, why do folks buy a home instead of rent?

For me and my family, who came from a family of home owners, there was never any question of renting. We wanted our own home. Period. Did we look at our home as an investment? Not really. But, we much preferred to have our own roof (even if it leaked) over our head instead of helping a landlord pay off his mortgage.

I like to garden and "play" in my backyard. I love fresh flowers in my house, especially, when they have come from my back yard. Fun to play and experiment with seed packets.

And our family needs lots of room for books as we're all heavy readers. So, we have bookcases in every room! And, a basement storage area loaded with old National Geographics (which will get donated).

Could I do this in a rental? Doubtful. So, as long as we can afford to own a home and as long as YOU can afford to buy and maintain a home, I say GO FOR IT!

See affordable homes at: MoveUPtoNaperville.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Naperville Single Family Stats February, 2011

2011-02-28T21:06:00.000-06:00

It's always interesting check out market activity for our Naperville area. And, right now there are 856 active single family listings on the market. And, we've had 1150 homes or 76% of our market sell during the past 12 months. Average list price: $457,510 with an average final sale price of $432,207. The market time has dropped to 143 days. And, seems to me, last year we were seeing average market times of over 200 days.

In fact when I did a Market Trends search, I discovered that in February, 2010, there 246 new listings. This February? Only 147. It definitely looks like the market is slowly improving and sellers should be delighted!

I thought this was interesting...in the one million dollar plus category, one home had sold after 891 days! Better to be a seller in the lower priced range!

See affordable homes at: MoveUPtoNaperville.com
Stats courtesy of MRED

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Exclusive: Apple iPad 2 Event Set for March 2

2011-02-22T20:08:00.000-06:00

Exclusive: Apple iPad 2 Event Set for March 2

I'm betting that real estate will evolve within the next few years and that the iPad will be at the center of this change.

Imagine pulling listings off the internet that are clear and visible! And, then via the internet setting up a showing appointment. And after the buyers have seen the property, pulling a current contract out of "the cloud" and having them sign it on the iPad.

Is this futuristic thinking? Nope. We have several agents currently using an iPad, although I'm betting that they'd love to do more on it. But, it's coming...it's coming.

I'm sure that this Version 2 will have many improvements...enough, in fact, that I might get one. I learned early on not to get the first generation as there are too many bugs. But, the second generation? Now that's a different story.

Contact: Eileen.Landau at Bairdwarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Shhhhhhh...A 2 bedroom, 2 bath Rental is coming...

2011-02-19T15:56:00.000-06:00

If you're looking for a two bedroom, two bath, first floor unit...it's coming.

Let me know and you'll get first chance. The property will be on the market in March. It's quite nice and has a sunny exposure. Close to I-355 for easy travel.

Contact: Eileen.Landau at Bairdwarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Open House Wed. 2-16-2011, 10am-2pm, 1608 Mayapple, Naperville MLS #07722340

2011-02-15T09:33:00.000-06:00

Join me on Wednesday, February 16, 2011,

from 10am to 2pm at 1608 Mayapple, Naperville.

Tour this spacious, elegant home and enjoy award-winning brownies too!

And, if you'd like to see more pictures, click here

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Won't you be my valentine?

2011-02-14T06:16:00.001-06:00

Roses are Red

Violets are Blue

Is it time to sell (or rent) your house?

Trade old for new!

Money is Green

And some Roses are White

Your new home, smaller or larger

Can be a delight!

Violets are Blue

Roses are Yellow

Your new Naperville, Lisle or Woodridge home

Can make you mellow.

Roses are Red

Your savings are Green

When you email MoveUPtoNaperville@Yahoo.com

or call 630-778-1855

and confer with Eileen

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

1S572 Route 53, Glen Ellyn, MLS #07499210, $340,000

2011-02-13T19:06:00.000-06:00

1S572 Route 53, Glen Ellyn, IL 60137

Price Reduced to: $340,000

One acre lot that can be sub-divided!

Across the street from more expensive homes.

There's value here.

Whether you call this a hillside ranch or a raised ranch, it is

still a spacious, all brick home with land for gardens.

This is the west view from the kitchen over looking one patio

and the lannon stone wall with wild flowers in bloom.

A lovely spring time look!

Upon entering the house from the east stairs and patio

you'll see that the hardwood floors have been refinished.

They gleam! Also notice that nice wood burning fireplace.

On the west side of the fireplace is a glass brick window (very popular again)

which lets in additional light. The east side of the living room has windows

that face north, east and south. It's bright and light.

On the back side is the family room with its own fireplace, parquet floors

and plantation blinds on the windows. A cozy spot to watch TV or read.

The kitchen has been updated with lovely wood cabinets; a working island with double stainless steel sink and dishwasher; corian counter tops; built-in oven-range and black sun shades to keep the room cool in summer.

At the back of the kitchen there is a built-in china cabinet with glass panels on top; storage on the bottom; adjacent to the fridge is a corner planning desk. Also an entrance to the back door and to the living room on the east side.

This room could be used as a den, library or a bedroom. Lots of storage here. And, the closet also has built-in cabinets for even more storage!

If you'd like to see more pictures, click here.

And, if you'd like my help...just email me: Eileen.Landau@bairdwarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

1608 Mayapple, Naperville MLS #07722340

2011-02-13T15:29:00.001-06:00

Front walkway showing pavers and arched covered porch where

you can sit in the shade and walk Mother Nature while sipping ice tea.

After our blizzard the back yard was pristine and serene.

Warm yourself in front of the fireplace in the "lodge"

combination dining-living room which features hardwood

floors and wood cathedral ceiling.

From the dining area view the entrance hallway

with its turned antique door and fancy woodwork.

Here's the front of the house before the big snow. Lots of

perennial plants border the wallway.

The back yard showing some bird houses, tall trees

and just an idea of far back the lot goes.

If you'd like to see more pictures, click here.

And, if you'd like my help...just email me: Eileen.Landau@bairdwarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

The Cost of Waiting for Prices to Fall

2011-02-11T13:24:00.000-06:00

The Cost of Waiting for Prices to Fall

People make money when they go against the grain...just look at Warren Buffet.

Now, really is the time to buy. Why?

1) Congress is talking about doing away with FHA and its 30 year fixed mortgage product. This might mean that you, as a buyer, would have to purchase conventionally and have a larger down payment.

2) The inventory of homes available is high. Lots of properties to choose from. And, I'm not just talking about short sales and foreclosures. There are real people who have to sell and move due to job relocation. There is death, divorce and illness which forces owners to sell. Many reasons motivating sellers.

3) Interest rates are still historically very, very low. Over the past 50 years the average mortgage rate has been around 8.5%. So, a mortgage rate in the 5's is still a gift...take advantage of it. 'Cause in 2015 when the market starts behaving like a "normal" market, those rates will be gone as well as the overwhelming supply we have today.

So, if everybody is now renting (and those rents are going to increase by 7 or 8% this year), doesn't it make sense IF you have the money, the job and a decent credit score to buy a home?

If you'd like my help...just email me: Eileen.Landau@bairdwarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Is Baird & Warner the most "digitally aware?"

2011-02-06T15:11:00.000-06:00

Jennifer Alter Warden, President of Baird & Warner Residential Sales, sent us an email that included extracts from Phil Butler's blog at realtybiznews.com.

He says: "Baird & Warner is clearly the most respected, most visible...most digitally aware of Chicago's real estate companies. They dominate the digital landscape...Their website is cutting edge-tailored, professional, it exudes credibility and capability."

So, here's my challenge: Try our/my website: bairdwarner.com/eileen.landau and let me know what you think. And, any suggestions for improvements? I'll be happy to forward them to the powers that be.

(And, if you'd like to read the original post, click here.)

Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Google drops real estate listings | Inman News

2011-02-05T16:24:00.001-06:00

Google drops real estate listings | Inman News

I find this very interesting that Google has decided to quit its real estate listings.

However, after reading the story what becomes clear is that the consumer does not search for properties via their Google maps. So, in that sense, it doesn't make sense to continue putting time and money into an operation that requires massive amounts of employee hours.

Yet, it seems that if you put an address into the Google search bar, for example, 1608 Mayapple, Naperville, up pops pages of information scraped from the MLS listing. So, Zillow, Trulia and RedFin are still going to be showing listings.

Not all is lost!

Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

'Shadow' real estate inventory may take 4 years to clear

2011-02-04T07:31:00.002-06:00

'Shadow' real estate inventory may take 4 years to clear

Interesting story above.

So, we should end up with a "normal" market by 2015!

Can you wait that long?

If you can't wait and would like to see properties now:
Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

The Blizzard of 2011

2011-02-02T09:48:00.000-06:00

I lived thorough the record breaking blizzard of 1967...however, this blizzard, which I expect will break that record, had vicious winds that blew snow off the roof onto our deck (see above).

This massive drift is at least four feet high currently and as snow is still falling, I'm betting it will end close to five feet.

So, a snow day...with all the family home. I'm making a turkey, just like a thanksgiving party. I even have sweet potatoes and cranberries in the freezer, along with brownies for desert.

The city of Naperville has advised its residents to stay off the streets! Smart advice.

Would you like to see properties with or without snow? Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

1608 Mayapple, Naperville IL 60565 07722340

2011-01-31T12:16:00.003-06:00

Welcome to your private Naperville get-away

One acre lot, mature trees, professional landscape.

$525,000

After the Blizzard (see above)

Entrance way to home which was recently painted both inside and out. Look at previous blog for additional pictures.

View of the westside yard from the garage apron. Loads of perennials buried under the snow.

View of the combination living and dinning room showing vaulted ceiling, hardwood floors and entrance foyer.

If you'd like to see this listing and other listings. Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

4 Bedroom Naperville Home on Wooded One Acre Lot

2011-01-24T07:47:00.002-06:00

Lovely 2-story home surrounded by many old trees and beautiful perennial gardens. The living room (see picture below) has wood floors, a wood burning fireplace with gas starter, and floor-to-ceiling windows overlooking the wooded yard.

The house has been completely painted and updated with charming touches such as an antique glass panel in the front door and a hand turned newel post. The family room is at the west end of the house and over looks the scene below.

A grassy area is surrounded by a field of wildflowers and patios and perennial flowers. The perfect home for a gardener!

This is how the house looks today in the snow! Underneath that frozen blanket, flowers and shrubs are dreaming of Spring!

If you'd like to see this listing and others. Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

2011 Real Estate Predictions

2011-01-07T10:03:00.002-06:00

It's here! 2011.

And, my real estate prediction is that 2011 will be 2010, again. Just a few changes.

I'm seeing lower pricing on the foreclosures and short sales. Must mean that the banks and underwater sellers finally 'got the message.' Proper pricing sells homes!

Mortgage rates will tend upward, staying between 5% and 6%. Folks will complain 'cause the 4% money has disappeared. It was a gift...and I suspect it's gone. However, historically mortgage rates have been 8%...so these rates will still be a gift, just not as big a gift.

Lots of inventory available with approximately 30% of homes in the Chicagoland market termed "distressed." Now, that's a term for all problem properties, whether short sale, foreclosure or sitting atop a radon hot spot.

Lenders are looking at buyer's wanting every T crossed and I dotted. Proof and paperwork increase. So much for computers saving trees. Closings run routinely 2 to 3 hours.

And, if you can buy (maybe 'cause you rent) NOW, yes, NOW would be a great time!

If you'd like to see this listing and others. Sign up at: Move UP to Naperville
Or email me for additional information: Eileen.Landau@BairdWarner.com

C 2011 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Naperville website links

2010-08-24T10:25:00.000-05:00

If you'd like more Naperville information visit these sites.

www.napervillemagazine.com

(You can set up for a weekly email from them and read the current issue on-line.)

www.naperville.il.us

(The official city site)

www.visitnaperville.com

(The convention and visitors bureau)

www.naperville.net

(Chamber of Commerce site)

www.naperville-lib.org

(Public library site)

www.napervilletownship.com

(Township information including tax assessor)

www.suburbanchicagonews.com/napervillesun

(Naperville daily paper)

www.napervilleparks.org

(Information regarding classes and sign up information)

Naperville School District Information:

www.naperville203.org

(District #203)

www.ipsd.org

(District #204)

www.napervilleriverwalk.com

(Map and information about the Riverwalk)

www.napersettlement.org

(See how our Naperville pioneers lived)

Labels: Naperville information and hot links

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Naperville Single Family Stats-August 13, 2010

2010-08-14T06:04:00.000-05:00

Once again, it's obvious that homes that are priced too high, just sit. Click here:
http://tinyurl.com/naperstats

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Neuro Linguist Programming

2010-08-13T12:55:00.001-05:00

I've had many classes in linguistics, language and communication. So, my Broker, Bill Gill asked me to do a presentation as part of our summer series this week.

And, as our company has now moved its office email to a google platform, I decided to try using a presentation that was right there.

And, now thru the magic of the internet, you can see the seminar yourself. Click here: http://tinyurl.com/239bnes

This is just a beginning, of course. NLP has so much more to it...but, if you begin paying attention to the language you use that will be a good start.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600
Move Up to Naperville Blog, Eileen Landau

Walk-Away Mortgages?

2010-07-19T11:52:00.000-05:00

From USA Today...

"Borrowers who walk away from mortgages they can afford to pay — making "strategic defaults" — are running increasing risks that they'll be penalized for doing so.

Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default."

Looks like the gov is goin' to play tough. It only took them four years to figure this one out. I'm betting that many California home owners walked...and walked years ago.

I suspect that many people decided to cut their losses. So, I'm wondering how many people they'll actually find.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

New Appraisal Guide Lines

2010-07-09T08:37:00.000-05:00

Fannie Mae (and no, she's not a southern lady) came out with new guidelines for appraisers last week.

The most important (to me, at least) was the requirement that the appraiser KNOW the area!

Back in the "old days" when prices were going up every minute, the lenders would send out appraisers who a) lived a 100 miles away; b) got lost trying to find the property; and c) knew nothing about the local market. Of course, it didn't matter then!

Now, it matters! So, I always want an appraiser who lives in the area (and remember Naperville is the third largest city in Illinois) and knows which sub-divisions are PUD's, have club houses, have assessments, are in DuPage county or in Will county (yup, properties south of 87th street are in Will county) and knows where to find the necessary documents to validate the sales price.

Hopefully, this will keep transactions together...as lately many sales have fallen because the appraisal was too low.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Successful Real Estate Agents

2010-06-28T09:08:00.000-05:00

Real Estate is hard, says Neil Schwartz on his website. In fact, according to the NAR … it’s so hard that more than 70% of newly licensed agents are out of the business within the first 7 months. Then, approximately another 50% of those new licensees fall out of the business within their first 1-2 years.

And, yes, I can attest to that! I found my old Rich Port Realtors class list from 1977. These were the agents who took the six week training class with me. And out of about 30 agents there are only three of us still in real estate. Some have died; some moved and retired; but, most just couldn't take the long hours; the isolation and the rejection.

The good agents, the successful agents make it look easy. It's not, as evidenced by the statistics that NAR puts out. I remember one of our instructors saying that only 5% of the agents in the class would survive!

Neil goes on to talk about the skills necessary to survive:

1) Time Management
2) Attracting new clients and retaining old ones
3) Pre-qualify our clients prior to either a showing appointment or a listing appointment
4) Follow-Up consistently

In the same vein, Mike Ferry used to say: Show up; pay attention; tell the truth; and don't be attached to the outcome!

Think you'd like to become a real estate agent?

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

How Long will It Last?

2010-06-21T14:28:00.001-05:00

I came across several charts from Home Inspection companies which give the estimated life span of home components. Thought I'd share their findings.

Air Conditioner Compressor                        8-15 years
Asphalt Driveway                                       10-15 years
Dishwasher                                                  7-10 years
Forced Air Furnace                                     15-20 years
Gutters                                                        15-30 years
Hot Water Heater                                        8-12 years
Microwave 10-12 years
Oven/Range                                                15-20 years
Refrigerator    15-20 years
Roof-Asphalt Shingle                                   16-20 years
Washer and Dryer                                        12-15 years
Wood Deck                                                   15-20 years

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Naperville Single Family Home Stats

2010-06-14T11:24:00.000-05:00

According to Jim Cramer on May 26, 2010, "there were 211,000 new homes in inventory (nationwide), the lowest in 42 years." And, that means that buyers who want a new home in the next few years will pay a higher price and also wait for construction to be completed as builders will not be doing "spec" homes.

In the meantime, here's some updated Naperville single family stats:

Total Naperville Active Listings: 1243
Average List Price: $595,572
Average Market Time: 217 days
Total Sold since 1/1/2010: 475
Average Sell Price: $418,390

Total Naperville Active 3 Bedroom Listings: 236
Average List Price: $342,345
Average Market Time: 208 days
Total Sold since 1/1/2010: 116
Average Sell Price: $283,696

One of our latest MLS reports is a tracking history called Market Trends and when I ran a one year search of Naperville single family homes (June 2009-June 2010), I noticed a few things.

The Average New List Price is lower by $13,000. The number of homes sold is about half of the number that come on the market each month. For example, There were 235 new listings in May, but only 121 homes sold. Also, the average days on market for May is down to 141, or just under 5 months.

So, have we hit bottom? Too soon to tell, but, I'm betting prices and interest rates will be higher next year. Moral? Buy now with lots of inventory to choose from and fixed mortgage rates at 5% or less.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Another Willow Adventure

2010-06-11T17:15:00.000-05:00

In Accordance with the Principal of Just Rewards (and maybe a biblical


and socialist saying or two): over the years Willow and I have walked


the Greene (a name-not a color) Valley Forest Preserve we have carted


out unknown poundage but at least a dozen 40# potting soil bags of


slightly used and consciously discarded assorted beverage containers


thoughtfully thrown as far into the woods as possible by beautiful and


handsome, carefree and considerate, lovely and loving individuals we're


sure in the belief they are providing much needed employment to starving


Preserve employees (whom Willow and I have yet to observe carrying out as


much as a gum wrapper)-so on this lovely morning, after making our


deepest off path journey ever (about a 100 ') to recover a brown beer


bottle glistening in the sun (undoubtedly thrown there by a strapping


lad to impress the fair maiden at his side) I decided to cut by half


Willow's exposure to the "Sprayed Herbicide " that the sign has been


warning us about straying off the crushed limestone path for months now


and return along the road when lo and behold! I found five, folded $1


dollar bills moistened by the morning mist-Willow thinks we should split


it but I'll distract her by throwing the Frisbee a bunch of times and


she'll soon forget-and I'll go on to try to find the leak in one of oura


bathrooms- dreaming about how many M and M's  5 bucks will buy-Happy Day!

(Thanks to my friend and his dog, Willow)

Move Up to Naperville Blog,  Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Credit Checks Immediately Prior to Closing!

2010-06-10T09:33:00.000-05:00

Fannie Mae’s Loan Quality Initiative : Repulling Your Credit Just Before Closing!

A new loan quality initiative from Fannie Mae is making it harder for Chicago home buyers and refinancing homeowners everywhere to close on a mortgage.

Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage.

If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown.

For Fannie Mae, the goal is to reduce the number of loans that go bad because of new, non-disclosed debt. Lenders have the freedom to verify in whatever manner they wish, but in most cases, the verification process will amount to a credit re-pull made just prior to closing.

The underwriters will be looking for 3 things in particular — even after your loan is approved.

First, your updated credit report will show your current credit card bills and minimum monthly payments. Those numbers will replace your original numbers made at the time of application. If the debts exceed a certain threshold, your loan will be denied.

Second, underwriters will be looking at your updated credit score. If your FICO has dropped below minimum lending standards, your loan will be denied. Or, you may be subject to a new loan-level pricing adjustment.

And, lastly, underwriters will be looking at your credit report’s Credit Inquiry section. The goal is to see if you’ve been applying for credit elsewhere. Underwriters can use this information at their discretion.

Fannie Mae’s Loan Quality Initiative is just one more way that the government-backed group is trying to improve its loan pools. Unfortunately, it’ll mean more turndowns for mortgage applicants.

Therefore, take extra care of your credit between the time of application and the time of closing. Don’t buy new cars, don’t buy new appliances, and — most definitely — don’t open new credit cards. Be extra safe with your credit because a mortgage application that’s supposedly cleared-to-close can be revoked at the eleventh hour.

When in doubt, talk to your loan officer about what may or may not trigger the Loan Quality Initiative. Your loan approval is at stake.

The above warning came today (June 10, 2010) from Kris Patras, our in-house mortgage broker. And, what does it mean? Well, I tell everyone of my buyers that once that contract is signed they may NOT buy anything! OK...we'll permit groceries. But, big ticket purchases will change your credit report and make it more difficult to get the terms you want. So, be safe and buy AFTER you've CLOSED on your new home.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Upgrades Still Alive and Kicking

2010-06-08T12:01:00.000-05:00

The leaded glass front door with side panels pictured here from a new house built in 2007. This is still very much the "in thing." Many of my neighbors have removed their old metal doors and replaced them with some variation of glass and/or wood. When you live with glass doors you also run around your house fully dressed!

The wood banister with fancy wrought iron metal spindles is still seen, along with wood banisters that have painted spindles in white. Makes for an interesting variety in style.

The quintessential kitchen with granite counter tops, stainless steel appliances and an island. Notice that the island counter top is a different color than the rest of the counter top in the background. Also, we have under cabinet lighting, tile splash-back in a diagonal pattern and
a fancy light fixture for an accent.

Here's another kitchen that's very similar but with dark cherry wood and wood flooring thorough out the entire first floor. Wood flooring is BIG and builders, re-modellers and the rest of us have put down wood or a wood-looking laminate.

Closet built-ins complete with drawers and shelving for shoes. OK...I'd like this upgrade and you can do it yourself. It is a space saver and makes a closet look organized.

The upscale Master Bath features its own water closet hiding behind that white door. Notice we have two sinks and sometimes one sink is higher, makes sense if "the master" is seven feet tall! Also the soaking tub for two with water jets and perhaps a fireplace or flat television mounted on the mirror.

Many of these upscale items are now expected in most homes! And, an updated home will sell faster in this market.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Naperville's Fifth Avenue Market

2010-06-05T16:53:00.000-05:00

It's now officially summer and our Saturday morning market has opened. And, usually, the first Saturday morning is grey and wet. Today was no exception.

And the tents are up displaying vegetables, early fruits, cheese, honey and mushrooms.

And, wonderful, glorious flowers. I buy my Glads here, every color under the rainbow!

Come, join us. Best get here early, around 7am and yeah, bring your coffee.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

2712 Salix Circle, Naperville-#07448600 Price Reduced to: $459,900!

2010-06-05T10:40:00.001-05:00

2712 Salix Circle, Naperville

Wow! Seller just reduced property to $459,900.

So, even though it may be raining, see this clean, spacious 4 bedroom Willow Ridge Home this afternoon, Saturday, June 5, 2010 from 1:30-3:30pm.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

2712 Salix Circle, Naperville #07448600 Saturday 6-5-2010 Open House

2010-06-03T22:00:00.002-05:00

                                       2712 Salix Circle, Naperville Il 60564
                                          WILLOW RIDGE SUBDIVISION

                  OPEN HOUSE, SATURDAY 6-5-2010 FROM 1:30 PM TO 3:30 PM

Come see this spacious James Scott builders home which has two offices (his and hers),
fireplace in sunken family room that connects to the spacious kitchen area with huge island great for family parties, plus deck off the kitchen for summer barbeques . Master bedroom has an attached luxury bathroom which features both a shower and tub. And a full basement to finish as you'd like. Move-in condition! Best priced home in Willow Ridge!       $479,900

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Summer's Here!

2010-06-01T15:46:00.002-05:00

School's out! And, summer is in full swing. Heck, our office will be doing the beer honors at Ribfest on Thursday, July 1st. And, if Ribfest is coming, then you know it's summer.

And one of my favorite open air markets, Fifth Avenue Station opens this Saturday morning. The market runs from the first week in June thorough the end of October. We have local farmers along with a fruit and vegetable guy who drives in from Michigan every week. They sell honey, mushrooms, cheeses and bakery goods. Not to mention flowers and all those fruits and vegetables in season. Last year I spent a whole day pitting sour cherries...but it was worth it.

And, we now have a garden market at Freedom Commons. It's new and I'll take a gander as they're selling perennials, annuals and houseplants. Sponsored by Freedom Commons to benefit We Grow Dreams, a not-for-profit greenhouse. A worthy cause.

Also on Saturday the City is hosting a one-day reuse/recycle event at the Alcatel-Lucent building at 1960 Lucent Lane, off Warrenville Road. Guess it's time to get rid of my old, old Mac, which is almost an antique as it has a floppy drive!

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

C 2010 Move Up to Naperville Blog,

My Garden

2010-05-29T15:34:00.001-05:00

One of the nice things about a long weekend is the extra time I get to work in the garden.

At least, to try to get ahead of the weeds!

I love Japanese Iris with their dark purple color. Especially when used as a background to the lighter blue of my balloon flowers. Not to mention the dark red of the Dianthus, which survived winter very nicely.

You can plant a garden...and even add vegetables to it so that it's not only pretty, but practical as well. And, gardens always make a house...a home!

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Baird & Warner ranked #13 by REAL TRENDS

2010-05-28T17:54:00.002-05:00

Baird and Warner ranked #13 nationally in this year's REAL Trends 500, the industry's most respected brokerage performance report. Now in its 23rd year, the REAL Trends 500 ranks the nation's top firms on the basis of closed transaction sides first and then by sales volume.

With more than 1,000 additional transactions year-over-year, B&W moved up five places in transaction sides and four in sales volume compared to the 2009 report.
"That we were able to increase our production in this difficult environment is a testament to the skill and dedication of our sales associates," said Jennifer Alter Warden, President of B&W Residential Sales.

Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Where are prices headed?

2010-05-24T10:59:00.000-05:00

It seems that economist must have three hands! On the one hand, prices will go up; on the other hand, prices will go down; and on the third hand, who really knows!

Mary Ellen Podmolik says on the Mary 24, 2010 online edition of the Chicago Tribune: Existing home sales in the Chicago area rose for the 10th consecutive month on a year-over-year basis in April and though there still isn't much price appreciation, it appears that the declines are moderating.

Greg Burns says in the May 24, 2010 print edition of the Chicago Tribune: Housing prices still going nowhere. Potential buyers staying put keeping home market flat.

As reported by James Hagerty, (WSJ) last week, Robert Shiller of the monthly Case-Shiller Housing Report and Yale University professor who warned that prices could fall brutally, said: excess inventories, including those from looming foreclosures, will pull prices down.

The Wall Street Journal featured a survey conducted by MacroMarkets which interviewed 92 economist and housing analysts. And, even they couldn't reach the same conclusion.

And the Tribune's Sunday's housing section had their DuPage housing price chart. They compare the median price from the last three months of 2009 with 2008. So dollarwise, Downers Grove homes were down $35,000 to $265,000; Naperville homes were down $27,500 to $288,500; Glen Ellyn homes were down $28,250 to $310,00. And, this just confirms what many of the pundits are saying.

So, I'll stick my neck out and say that what I'm seeing in our market is that prices are finding a bottom. And, that eventually, these prices will start to increase as the inventory decreases. But, will it be this year or next? Can't tell yet. I keep reading about the "shadow" inventory, which are foreclosed homes yet to come on the market. And, I'm not seeing them.

However, I think that many folks who are just starting their families are going to need bigger homes. It's not fun raising two kids in a 2 bedroom condo. So, I do expect that those folks will be in the market both this year and next.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Baird & Warner Updates their Website

2010-05-18T07:30:00.000-05:00

Over 90% of today's buyers are on the web searching for homes. And, it's great to know that:

BairdWarner.com remains Chicagoland's #1 real estate website portal! And they are constantly in the process of refining and updating their online presence.

The latest improvements include:

Finding Foreclosures. It's more accurate and easier to use and is located on the homepage!

Search results now display the number of photos available for each property. And, our Baird and Warner listings have professional photographers who take the pictures!

We also feature a Luxury Home Portfolio Showcase, where the upper-end homes are available to be viewed.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

1S572 Route 53, Glen Ellyn, MLS # 07499210

2010-05-13T21:08:00.003-05:00

1 S 572 ROUTE 53, GLEN ELLYN, IL 60127 (NW CORNER OF MARSTON AND RTE 53)

4 BEDROOM HILLSIDE BRICK RANCH
A SUB-DIVIDABLE LOT!
HARDWOOD FLOORS,
JUST REFINISHED.
2 FIREPLACES
UPDATED KITCHEN
2 CAR GARAGE WITH ADDITONAL STORAGE

For inside pictures, click here. And, if you'd like some
help, email me at: eileen.landau@bairdwarner.com

And if you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

C 2010 Move Up to Naperville Blog,

Green in a Homeowners Association?

2010-05-13T08:54:00.000-05:00

I live in a sub-division which has a Homeowners Association. The documents were written in the 1980's if not earlier. Written way before every home had a computer; had digital TV; cable and a host of other modern necessities.

And in order to change these rules and regulations you need to get 66% of the folks to agree. Well, that's not likely, is it? In fact, dish satellite antennas went up, even though those same rules expressly prohibited "attachments" to our homes. Times change. But the the rules and regulations? Never!

So I was pleased to read that the state of Illinois has a bill that would permit homeowners in associations to put up solar panels. The bill is awaiting a House vote on the Senate amendments. Good. We need some common sense.

The old saw that these rules and regulations keep the neighborhood's value up just doesn't add up. Most people keep their properties up...and the few who let their grass and weeds overtake their homestead? Nothing is done. Because no one enforces these rules and regulations?

We're paying the Association to mow the back public path. However, so far nothing's been mowed. The grass is a foot high. So, are we, the homeowners going to fine the Association? Don't think so.

I'm guessing that individual states will create laws which override these old rules and regulations. We need it.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Do you need a certified deed?

2010-05-07T15:49:00.000-05:00

The answer: NO! You don't need a certified deed. I wrote about a company back in 2006 that was sending out mailings saying that you need a certified deed, and they'd be happy getting one for you...if you paid them.

I wrote back in 2006 that it seemed like a scam to me, and just yesterday I received a call from a feature writer with a newspaper in Decatur, Illinois. She was upset that people in her area were getting these letters (she got one). And, she talked to the township assessor's office who was extremely concerned that this could be an area for fraud. Her question: What's to stop someone from getting a certified deed when they don't own the property? I don't have the answer, but it made me think that today's environment is very different from 2006.

I said then to check with your attorney; your local township assessor and the Better Business Bureau. And, today, I say, before you spend any money, find out first, why you need a certified copy of your deed and second what your local assessor will charge you. I betting it's a lot less.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

The Sherwin Avenue Gang

2010-05-03T11:23:00.000-05:00

I read in Sunday's Trib that Scott Turow's new novel, Innocence, will be out tomorrow. (I'll be buying a copy.) And, this put me in a reflective mood.

Growing up on Sherwin Avenue was nothing special, or so we thought. But, when I reflect upon the numerous successful people who came from our small neighborhood, it struck me that there was something special. What? An overwhelming desire to achieve and succeed fostered by our parents, family and neighbors. We were not allowed to fail.

We had Andy Singer, who became a Washington D.C., attorney. Myron Kaplan, who graduated Harvard and was so smart (he read more books in 8th grade than anyone else). On my block, Neil Agruss became a cardiologist associated with Central DuPage Hospital. The next block west gave us Jeffery Siegel whose teaching, Keyboard Conversations and piano playing has enlightened thousands, especially during summers at Ravinia. And, then the last block (which in those days was a dead-end) gave us Scott Turow, attorney and well-known fiction writer.

Are there still neighborhoods today which perpetuate excellence?

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Baird & Warner Real Estate
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Absorption Rate in Naperville

2010-04-27T09:17:00.000-05:00

And, just what does "absorption rate" mean? And, why is it important?

Here's an example from our AgentMetrics monthly report. In March, 2010 (the most recent month for our data) there were 1,156 single family homes on the market with an average Days On Market of 145 or just under 5 months.

153 homes were under contract and 91 homes were sold and closed. When we do the math, it shows us that with all the combined active, under contract and sold properties, our Months Supply of Inventory (MSI) is 5.8 months. And, let's not forget those 333 new listings.

If you are thinking about selling your home, you need to know this so that you can price your home to sell. If you want your home to sell (and only 244 out of 1,156 [21%] went under contract or closed) then you'll need to price your home at, or below that average selling price point for your sub-division.

Example: Your sub-division average price is $400,000. In Naperville there are 47 single family homes on the market between $390,000 and $410,000. All these homes are competition for you. So, you want to beat the odds...and knowing that it might take almost 6 months to sell, you price your property at the low end of the range, $390,000. And, there are always more buyers looking for better pricing, than buyers willing and able to pay full retail price.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Dropping Sales Prices

2010-04-18T10:53:00.000-05:00

Interesting chart this morning in the Tribune. They run a chart of sales prices on Sunday.

This week, it's DuPage county. The time periods compared: August to October, 2008 with August to October, 2009. So, OK...this is ancient history...but still interesting.

And the numbers for DuPage-Naperville are also interesting. (Remember that Naperville is large enough that the southern portion is in Will county, which is NOT included in these numbers.)

Aug-Oct. 2008 # sold: 329
Median Price: $312,500

Aug-Oct. 2009 # sold: 330
Median Price: $294,750

I'm curious as to what the numbers look like today. So, from November 1, 2009 to April 18, 2010, the number of closed single-family homes: 400.

The average sold price: $427,141
The median sold price: $370,000
The average Market time: 189 days

I suspect that the reason the numbers are lower is that the Trib includes attached housing in their survey. But, still, prices are lower than 2006 and 2007.

Wanta check out the numbers, click here

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Tom Ferry: Your Coach.com

2010-04-15T08:05:00.001-05:00

Tom Ferry is one of Mike Ferry's sons. And, you're probably asking: who? Well, I've been trained by Mike Ferry for many years. Met him around 1990 when he was relatively unknown in the midwest. Enjoyed his seminars. Laughed and learned. Not a bad combination.

Now both of his older sons are in the coaching business. Matthew (I remember when we called him Matt) does Life Coaching, and he's really good. Tom does more business coaching, and his seminar near O'Hare airport yesterday was a fast three hours (no potty breaks even!), filed with lots of really good information. And, this information was up-to-date and covered social media.

Heck, I was going to blog about the changes in real estate and how social media (blogs, facebook, twitter and websites) have fundamentally changed real estate. In fact, over 90% of all buyers start their house search online!

Tom talked about these changes and how agents have to adapt...or leave the business. True. If we aren't texting, blogging, facebooking (is that a word?), then we're probably doing things "The Old Fashioned Way." And, that way is quickly disappearing.

(I tried to get a picture of Tom...but he moves so fast that everything was a blur!)

For more information about Tom, click here.

C 2010 Move Up to Naperville Blog, Eileen Landau

If you'd like to search for properties, just click here: moveuptonaperville.com

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Tree Removal Expert

2010-04-14T16:29:00.000-05:00

Over the years we've planted over 10 trees on our property. And, they've grown much taller.

One, a white pine, became infected and died. And, I've noticed that many other white pines in the area are also dying. So, time for removing and trimming.

And, I'd like to recommend Gary Parquette of DuPage Tree Experts, 630-393-2916. Gary's cut down branches and tree limbs over the years for us. He does a nice job at a reasonable price!

Give Gary a call!

C 2010 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

Naperville Single Family Stats-April, 2010

2010-04-12T06:59:00.000-05:00

Naperville Single-Family Stats, April 11, 2010

Number of Active Listings                       1188
Average List Price                            $600,063
Average Days on Market                           219    (7+ months)

Number of Sold Listings 1163 (since 4/1/2009)
Percent of the market 32%
Original List Price $595,483
Average List Price                            $468,479
Average Sold Price $439,307
Final List-to-sell ratio                                  94%
Original List-to-sell ratio    74%
Average Days on Market 180 (6 months)

So, what can we deduce from the above numbers?

1) Homes are selling...but,
2) Selling prices are "reasonable" and lower.
3) Market time is shorter.
4) A big difference between original List Price and Sell Price. Over $150,000 on average.
5) Less than 1/3 of the listings have sold!

So, for buyers, this is good news. Plenty of inventory to choose from with reasonable prices. Although, as we're now in our Spring Market, the competition among buyers is heating up as well as the weather. Also, interest rates are currently at 5.25% for loans under $417,000; jumbo mortgages, those above $417,000, are around 6.25%.

As for sellers, reality is necessary. If you really HAVE to sell, then you really HAVE to price your property where it WILL sell, not just sit and sit and sit. The longer your property remains on the market, unsold, the lower its eventual selling price. That's why there's a 74% difference between the original list price and the final sale price. And, sure, there are exceptions...but just not a lot.

If you'd like see Naperville listings, click on moveuptonaperville.com

C 2010 Move Up to Naperville Blog, Eileen Landau

Eileen Landau
Over 800 Homes Sold
Naperville Illinois
630-297-7550
630-961-2600

John Veneris

2010-04-04T10:56:00.004-05:00

John Veneris, my long time broker, died yesterday from cancer.

I first met John when we worked at Rich Port Realtors back in the late 1970's. Then in 1980 I joined the Re/Max North office in Downers Grove. Within a year, John was in our office working on opening up a Re/Max South office near 75th street. And our friendship grew.

I remember going to the 1988 National Association of REALTORS annual meeting with John and several other colleagues. It was in New Orleans and we had a fun time eating out and walking thru the French quarter in addition to listening to many lectures and speakers.

Then in 1990, John, Phil Bowers, Mary Jean Moen and I went to the annual Re/Max convention in Atlanta to get our "Hall of Fame" awards. Again, we had a great time.

In 1994, John made a big business decision: to buy a Realty Executive franchise. As luck would have it, our Re/Max office space was now available. So, all John had to do was move-in. He had a loyal following and the agents who came with him stayed for many years.

John was kind and always had a smile for us. As well as: "How you doin' kiddo?" He also was one of the most ethical people in the business and we appreciated how he handled difficult situations.

John will be greatly missed. And, the leadership role will pass to his son, TJ, whom I remember working in our office during his high school years.

Contributions, in John's memory, can be made to The American Cancer Society, 1801 S. Meyers Road, Suite 100, Oakbrook Terrace, IL 60181.

It's Still Winter

2010-02-25T10:18:00.007-06:00

Thanks to Tina, we have a wonderful picture of Winter in Naperville. I just love the contrast of Tina and her neighbor both wearing bright red coats while out shoveling and walking the dog.

Yes, we've had a lot of snow this year and that could explain why so few buyers have appeared.

(And in today's Tribune, 2-26-2010, we found out that this has been one of the snowiest winters we've had. And, get this, there's still the possibility of at least 7 more inches of the white stuff during March!)

Guess they don't want to shovel their way into a property.

And with March just around the corner, we'll see both buyers and dandelions popping up.

If you'd like to search for properties, just click here: moveuptonaperville.com

C 2010 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove, Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

I am a Buyer's Agent

2010-02-04T14:46:00.004-06:00

Buying a home is probably the most expensive financial decision you will make. As your agent, here are the things that I will do:

Send you new listings via e-mail every day.

Help you determine your correct price range. Suggest several lenders to get written loan approvals and Good Faith Estimates. Some foreclosure listings require that a faxed copy of the approval be faxed to the listing agent prior to viewing.

With advance notice, generally 24 hours, show you properties that meet your criteria.

Explain pricing in our market. (Did you know that we don't use square footage to establish price?)

Do a market history and market analysis on the property BEFORE you write an offer.

Negotiate on your behalf.

Keep in touch, via e-mail, text or phone, on a constant basis.

Help solve problems that might come up.

Recommend, nay, insist that the following inspections are done: General inspection; radon; and possibly a mold or terminate inspection depending upon the information in the general inspection. I will be with you at the property during the inspection.

Recommend that you contact three different insurance companies within the first ten days of your accepted offer, as you must have proof that the property can be insured.

Recommend you hire an attorney to represent your interests in your purchase and review the legal paperwork. The seller will have an attorney, you should have too. I CAN NOT PRACTICE LAW.

Recommend a final walk-thru prior to closing. I will meet you at the property for this.

I will be at the closing, held either at a title company or the seller's attorney's office. The closing will probably take two hours. You need to bring the following items: 1) a certified check in the amount that your lender tells you, made payable to yourself; 2) your current driver's license; and
3) a pre-paid one year property insurance policy.

And time is running out for the $8,000 first-time buyer's credit. Also, the newer $6,500 credit for move-up/move-down buyer's credit. You must purchase by April 30, 2010.

C 2010 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove, Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

FHA Changes the Game

2010-01-21T09:13:00.003-06:00

FHA financing in the past 18 months has been the financing of choice. That is about to change.

FHA which insures its loans, and needs more money to operate, has announced the following
changes which should take place within the next six months:

FICO score of at least 580 to get a 3.5% down payment loan. Currently, a 500 FICO score is enough.

What is FICO? That's an assessment by "Fair Isaac" company that gives a number between 300 and 850 which is a risk assessment. So, if your FICO score is above 750 you'll receive the lowest
rates and the best deals. If your FICO is 600, it will be harder to find low mortgage rates and you'll probably pay more in closing costs.

FICO score of 500 would require a 10% down payment. No different than conventional financing and some conventional lenders may offer lower closing costs and lower private mortgage insurance.

Mortgage insurance premium, which is paid as a monthly amount and/or an upfront fee, will increase to 2.25% up from its current 1.75%.

And, sellers can ONLY pay 3% of the buyer's closing costs instead of the current 6%. Wow! This is a big hit.

So, along with the tax credits which end April 30, 2010, NOW...yes, NOW is the time to buy!

So, if you'd like to look at potential homes, just sign-in at: MoveUPtoNaperville.com

C 2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Predictions for real estate

2009-12-29T09:07:00.006-06:00

So, it's the end of the year and I made my predictions months ago.

How did I do? Let's see. (Green comments are December, 2009)

1) Good News! With the incoming administration's zeal to get both the housing and stock market in a recovery mode, we'll see enticingly low mortgage rates. They could even get down to 4.5%. If they do, I'll be refinancing too. And, there's a 15 year no-interest loan of $7500 (payable at $500 per year) available to buyers until June, 2009. We could get other programs. I bet we do!

And, again rates dropped in the fall below 5% and stayed there for two months.

And, the first-time buyer tax credit has been extended until April 30, 2010. And, "move up" or "move down" buyers can also get a tax credit if they write an offer and negotiate it prior to April 30, 2010.

Interest rates got down under 5% in April and May and yes, lots of refinancing according to my mortgage people. Better yet the first-time buyer credit was changed to $8000 without any repayment requirement. And, HUD just released a letter saying that the $8000 could be used as additional down payment or for closing costs. At present this deal will end December 1, 2009.

2) Bad News! You'll need to have a really good credit score (FICO) to get these low mortgage rates. Many lenders are using a tiered rate plan. If your FICO score is above 750, you get the best rate, (but, call around and check with at least three lenders, as they all have different standards). If your FICO score is above 680 you'll still get a good rate. If your FICO is below 680, then you'll need to consider an FHA/VA loan. If your down payment is less than 20% you'll also pay an additional mortgage insurance payment. And, there are ways to improve your credit score...but, they will take time. Do make sure to check your credit report annually at www.annualcreditreport.com. You can do this online now.

Nothing has changed here, except the underwriters are checking out everything!

In fact, the underwriters have been more demanding. And new appraisal guidelines are in effect which can change the final selling price. I don't expect to see any changes in this area, as the barn door is firmly closed.

3) The first quarter of 2009 will be rough as unemployment zooms up to 9%, and many people are laid off or let go as businesses close their doors. Expect several big name retailers to call it quits. Foreclosures will continue to increase and those people without jobs can no longer make their payments. Sadly, almost 50% of the properties that had loan modifications in early 2008 are once again heading into foreclosure.

Well, unemployment is almost at 9% and with the auto industry closures taking place, we’ll probably hit that number later in the year.

Unemployment now is over 10%, so we've reached the magic number that most economist have predicted. And, as a result, many of our inventory consists of foreclosed and short sale properties.

Buyers have discovered that foreclosed properties are not that great, as the expense of making them livable can run into the thousands.

4) Banks will need to set up a simple system so that these foreclosured homes can be sold in a quick and efficient manner. Currently, we've had situations where the banks never responded to offers, or came back five months later with a yes. Of course, the buyers had given up and purchased another property. Buying a foreclosure home takes great patience and handyman abilities as many of these properties have been neglected.

Not only the foreclosed homes…but the many, many short sales where the lender takes months to decide, then wants to close the next day. Banks know nothing about real estate and it’s obvious now. Many of our sales are “short” or “cram-downs” where the lender ends up loosing money…but at least gets the property off his books.

Not much has changed here. And, now, we're discovering that some of these "banks" don't even hold the underlying mortgage and therefore, legally can't sell these properties. There have been several law suits in this regard.

5) The lower end of our market, properties under $250,000 will start selling in under four months. Expensive homes, defined as over $500,000 will languish. And, those McMansions that builders put up several years ago, will either get rented out or just sit on the market. Builders have to realize that price is the determining factor in buying a home. And, yes, several area builders have gone under. I'm guessing that we'll see one or two more during 2009.

Still true today. I drove past several McMansions that have been just sitting for over two years. Can’t imagine that those builders are too pleased. And, yes, we’ve had several additional builders go under.

And, the market under $250,000 is active. I’m seeing lots of sales in this price range as most first-time buyers can afford it. Many will see their housing payments less than rent.

Again no changes here. A single family home under $250,000 will sell. A single family home over $500,000 may eventually sell, but it could take years.

6) One of the biggest holiday gifts this year: a porcelain piggy bank! Saving money is in! Using a budget is in! Reusing, repairing and fixing items is in! Barter is in! The bromides of our parents are coming back to haunt us. Here we are in a depression, remembering our parent's wisdom.
Some irony!

Seems like our savings rate went from ZERO to 4% in the past few months! What a change. And, many people are paying off their credit cards and opting to use CASH…what a novel idea!

Our children and grandchildren will better manage their money as they’ve seen first-hand what can happen. We’ll be the last of the plastic generation.

More and more of us are finding ways to save, from using coupons to trying 'private' label brands. I expect that this will continue. Today's buyers will expect to get a good discount on their purchase.

7) If I were a seller and had to sell:
I'd clean out and declutter my house
Hire a professional cleaning crew
Price my home under my competition
Offer to pay buyer's closing costs
Throw in my first-born, if it made the sale!

Additionally, have my lawn professionally managed; paint my exterior if it needs it and definitely my interior. Heck, the place might seem so nice that if I had to stay another few years, I’d be able to.

And, I'd add: Up my pay out! Pay more to the selling agency. Remember, agents will "push" a property if they get paid more. Most relocation companies know this and price their properties at the low end of the market and raise their pay outs. Just follow their lead.

8) If I were a buyer and had to buy:
I'd sign up at: www.moveuptonaperville.com
I’d plan on using that tax credit
I’d buy within the next three months
I'd check out homes, sub-divisions and areas in DuPage County
I'd get a mortgage approval from my lender before I looked at any homes
I'd hire the most dedicated, experienced, smart agent I could find
I'd email Eileen Landau at MoveUPtoNaperville@Yahoo.com
and ask for help! Because it's too hard to do this alone.

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

Well, the above advice hasn't changed. Expect to see a more active Spring Market this year as pent-up demand will factor into it. We may actually see several buyers making offers on the same property!

Hmmmmm...how would you rate my predictions?

C 2009 Move UP to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Deer in Naperville

2009-12-28T11:37:00.006-06:00

One of my clients, Tina, emailed me the above picture of deer in her backyard. I thought the contrast with the "white" deer was funny.

You just never know who will show up! Ah, life in bucolic Naperville.

C 2009 Move UP to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Things My Father Taught Me

2009-12-18T08:48:00.003-06:00

One of the fun things about cleaning out desk drawers is the papers you come across.

I found the following comments recently:

My Dad was always teaching...and here are several major lessons I learned.

1) Duct Tape. When my sister married in California back in the early 1990's, I met Dad at the airport. He strolled up to me with a suitcase in one hand and a bracelet of duct tape on the other wrist.

I asked him if he always traveled like that..."Yes," he replied, "You never know in life when something will break and I find duct tape always fixes things."

I glanced at his suitcase and noticed the decorative design, courtesy of duct tape.

2) Bright winter clothes. In Chicago most winter days are dull, grey and just awful. So, my Dad bought us bright red winter wool coats. He said that the bright colors would cheer us up on a dull, grey winter day.

Again, he was right! So, now I have a bright red parka as well as a black coat.

3) Eat dessert first. My Dad's last words were: "I want ice cream." Now, it was understood that he meant chocolate ice cream. He was a dark chocolate lover and always hid bars of bittersweet chocolate in the house.

I understood this lesson to mean: Chocolate in any form makes life sweeter!

C 2009 Move UP to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Online scams and phishing expeditions

2009-12-09T12:16:00.003-06:00

THIS IS TO LET YOU KNOW THAT WE HAVE RECEIVED AN INSTRUCTION FROM BEN S. BERNANKE CHAIRMAN FEDERAL RESERVE BANK NEW YORK TO TRANSFER THE SUM OF TEN MILLION FIVE HUNDRED THOUSAND DOLLARS INTO YOUR BANK ACCOUNT.

Wow, the Federal Reserve Chairman is sending me money! Yeah, right.

Now, the above was the first paragraph of an email that I received this morning. Ah, I just love these. Now, what would I do with ten million dollars? Hmmmmmmm...maybe buy a few houses...or countries.

And, of course, they expect me to give them my banking account numbers.
Don't think so.

So, if you receive an email that asks for personal information such as:
checking account
social security number
savings account number
date of birth information

DELETE...DELETE and again, DELETE.

And, be aware that there's currently an email coming from Amazon saying that your account has been suspended. Don't respond; always check Snopes.com for the latest updates on email scams.

I also forward these missives to the appropriate authorities.

c 2009 Move UP to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

90% of Buyers

2009-11-27T21:05:00.003-06:00

The most recent report from the National Association of REALTORS profile of home buyers said that 90% of ALL buyers used the internet to search for homes and to find a real estate agent to work with.

The buyers wanted to see lots of pictures of potential homes...make that lots of good, clear pictures of properties (and exclude the bathrooms, please).

They also wanted an agent to help them find a home! Interesting, huh? They're expecting an agent to know the area, the good and the bad. And, they're expecting their agent to tell them the truth.

In fact, the top skills that buyers wanted in their agent: honest and integrity.

Most buyers obtained a fixed-rate mortgage using either conventional loans or FHA loans which have become much more prevalent in the past year.

So, if you'd like to look over the area, just sign-in at: MoveUPtoNaperville.com

C 2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Chicago Area School Rankings

2009-10-30T08:06:00.006-05:00

For the past several years the Chicago Tribune has reported on the local school systems. And, it makes for interesting reading.

The paper today (10-30-09) had a list of the top 50 schools and where they ranked. It's nice to know that Naperville District 203 and 204 appeared in the top 6 times. Quite an achievement.

Even more interesting is Kennedy Junior High, located in Lisle, but part of District 203. The school scored a 97.3 on all 2009 tests, putting it way up on the list. The school has achieved this by doing a lot of things. (My daughter went there and has now taught there too.)

To check out the schools go to ChicagoTribune.com and search for 2009 Illinois School Report Card Database.

It's worth the extra expense to purchase a home in a good, solid school district. Your kids will thank you when they're old enough to appreciate their education!

C 2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

How Do You Learn?

2009-10-20T10:11:00.005-05:00

I consider that most of my real estate business involves educating my clients. And, remember as a former teacher, that's something I know and understand.

So, let's look at the three major mechanics of learning:

Visual
Auditory
Kinesthetic

Generally people fall into one category. And, the majority of people are visuals. They have to SEE it. It has to be "crystal clear", "focused", "clear cut" and "looks like." These are all terms that visuals use.

People who learn by hearing are auditory. Obviously, a sightless person depends upon audio. And, some of us are "all ears", "tuned in", "describe in detail" and "rings a bell". These terms are what auditory people use.

The smallest group of people are the kinesthetics. They learn by doing, by getting "in there", "sensing", "perceiving", "touch base" and "come to grips with it." Touch is very important to them.

And, if you know what type you are, it will make it easier to both sell and buy real estate. Why?

Because you will recognize what "turns you on" and also know that not all buyers or sellers learn the same way you do.

Accountants and engineers need to see the numbers, in black and white. That's how they decide things.

Most of this approach comes under the aegis of NLP (Neural Linguist Programming). A fascinating area that has become more available than when it was first posited back in my college days. There are many books available that explain and show more in depth situations. And, always interesting.

C 2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville
630-297-7550

Don't Over Price Your Property

2009-10-03T14:17:00.003-05:00

I'm cleaning out "stuff", meaning old articles from various sources. And, I just found an article titled "Don't Over Price a Seller's House" which appeared in one of our real estate journals from 1996!

Amazing! The “experts” were telling us then the importance of pricing properties correctly so that they could sell.

In fact, my earliest training at Rich Port REALTORS, emphasized that the single most important factor in getting a home sold was its list price.

Too high a list price (which is the most common error) meant that the property just sat, unsold for months and buyers would pass it up.

Then the seller had to start a process of reducing, and reducing the price, until the property sold. And, all the studies that I’ve seen over the years talk about the right price gets the property sold faster and for a higher price.

Information from 1996, 1976 or 2006 regarding price in selling a property doesn’t change, no matter what type of market we’re in.

So for 2009-2010 selling season, price your property correctly. And, that probably means a price that’s lower than you thought.

But do you want to sell? Or would you rather be an expired, unsold listing?

C2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville

Interesting Lunch

2009-09-28T20:27:00.006-05:00

I had lunch with a client last week and she said something that I thought was very insightful.

She had purchased stocks in 1999 and lost most of her money between 2000 and 20001. And, she decided that she had no control over the "market." But, she could buy rental property and have control over that.

So, she saved her money and purchased a small condo, which she rented out. She tells me that she will have it paid off in five years! And, she also purchased a larger condo and has that rented out as well.

She feels that when she retires that both units will be paid in full, and the monthly rental income will give her some peace of mind and freedom.

Smart lady! You might also consider doing this as prices are down and interest rates are very, very low today.

C2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville

Illinois Association of REALTORS Convention

2009-09-16T11:56:00.005-05:00

Every year in September we hold our annual state convention. I always go. Why? Because they have good speakers, updates, continuing education classes and many service providers who offer discount prices.

So, I already know that I'm getting my magnets here at a substantial discount. And, I'll talk to people about their products and see what might be helpful for my business.

And, considering that the convention location is about 2 miles from my office, I'm surprised that more agents don't attend.

Off to convention...

C2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville

Shred Baby Shred

2009-09-12T09:41:00.004-05:00

By now some of you know that I've sold lots of homes during the past 30 years! And, believe it or not, most of those old files are sitting in my basement storage area.

However, I need more space. So, I'm getting rid of those files from the 1990's. And, unlike today's contracts, the earlier listing and sales contract required a social security number.

And, as identity theft is rampant, I'm now in the process of reading thru all those files and shredding (with a heavy duty shredder) anything that could be used for ill.

It probably would be a good idea to ask your "old" agent, if you can remember who she was, if how your old files are being deposed of. Imagine an office just dumping hundreds of files into a dumpster. All you'd need is for some enterprising identity thefter to go thru those files.

So, it's probably time for office policies on old files and folders, both in hard copy (paper) and on disk. Hmmmmmmm, I wonder if they have their computers completely cleaned when they discard or donate them.

C2009 Move Up to Naperville Blog, Eileen Landau
Realty Executives Pro/Team
Downers Grove Illinois
Serving Downers Grove, Lisle and Naperville

Summer's Over

2009-09-08T14:18:00.004-05:00

For me, Labor Day marks the end of summer. It's back to school for everybody.

And during the summer what changes evolved in real estate?

First (and I'll write more about this) we now have a new contract. We're up to sales contract 5.0.
And, unlike a certain well known software developer, we don't get 5.1, 5.2, etc. We'll next see in about 3 years, contract 6.0.

Secondly, the governor signed a law in August which added a new question to our old 22 questionnaire regarding property disclosure. So, if you have/had a meth lab in your house would you tell everyone? I don't think so.

Thirdly, we also had a change to our radon disclosure. So, if you live in a condo building on the third floor or higher, you don't have to worry about radon. Have you ever heard of radon being found that high up? I haven't.

Fourthly, our first-time buyer credit of $8000 looks like it will vanish into the ether as of December 1st, 2009. The economy is slowly improving and I don't think that congress will extend this great deal. There's going to be a lot of disappointed buyers who just waited too long.

There are currently 1111 (for real!) single family homes on the Naperville market. They have an average listing price of $640,000 and an average market time of 248.

But, should you want to sell a million dollar plus home in Naperville, the market time increases to 318 days!

Time to hit the books.

Naperville 18 month Single Family Closed Homes

2009-08-12T13:17:00.003-05:00

The other day, I blogged about the difference in listing prices on January 26, 2008 and listing prices as of August 7, 2009. That's the time frame of our obvious real estate down turn.

So, let me present the actual closed prices from January, 2008:

Total number of homes closed: 391 (this is a 6 month backward looking history)
Average List Price: $519,747 (this only counted from the last listing price)
Average Sold Price: $494,655
Average Market time: 143

Now, let's look at our, new improved stats for August, 2009:

Total number of homes closed: 565
Average OLD List Price: $488,549
Final List Price: $463,189
Average Sold Price: $434,840
Average Market Time: 175

And, what do we see? That the average selling prices are approximately $60,000 less today than they were in January, 2008. More homes sold (could be due to seasonal influences). But also I think that more first-time buyers have purchased many homes under $400,000. And, market time is almost 6 months, showing an increase of an additional 32 days.

And, if you're a first-time buyer, you need to hurry. To get that $8000 tax credit you must close on your first property by November 30, 2009.

Do you want to see homes? Then click and sign-up here: www.moveuptonaperville.com

C 2009 Move UP to Naperville Blog, Eileen Landau
* Stats courtesy of MLSNI

18 months comparison stats

2009-08-10T08:11:00.003-05:00

The nice thing about cleaning off my desk is finding some little gems such as this:

January 31, 2008 Naperville single family stats:

Active listings: 957
Average List Price: $735,120
Average Market time: 229 days

Now, let's compare the above to August 9, 2009 Naperville single family stats:

Active listings: 1203
Average List Price:$641,896
Average Market time: 238 days

So right away what's hits me is the BIG price decrease. That's $94,000!!! Or an 87% reduction in asking price. Wow! And, someone asked me if our market has changed! There's proof.

C 2009 Move UP to Naperville Blog, Eileen Landau

Bungalow

2009-07-21T21:25:00.003-05:00

Just the name alone connotes something foreign, different.

But, the Chicago Bungalow may actually resolve our aging population's quandary: stairs!

Let me go back in time to when I was growing up in Chicago. I lived on a street that was mostly built in the 1930's under Roosevelt's WPA (Works Progress Administration). The depression stimulus plan.

Our area had all the streets and alleys paved; sidewalks paved; street lights installed and all the other utilities put in place. Then the area just sat until after WWII, when the housing boom exploded. But my block had homes built of all brick, not just face brick, and the majority of these homes were bungalows. Nothing fancy.

The city lots were 30 feet wide and the bungalows generally had a side entrance, so that the sidewalk to get to the "front" door took two feet of space, leaving 26 feet of width for these homes. They were long homes and filled up the lot, especially if a detached garage (which you approached from paved back alley) sat at the back of the lot. That left maybe 15 feet of grass...or just enough for a small garden.

The beauty of the bungalow was that once you went up one flight of stairs everything was on the same level: Living room, dinning room, kitchen, 2 bedrooms and 1 bath. So, you could stay on the same level all day, from sunrise to sunset. That's as long as you had someone to do the laundry and shovel the coal into the furnace!

The Sunday Chicago Tribune had an interesting story about a woman who updated her bungalow and put her master bedroom in the attic space after she added a dormer.

So we baby boomers could stay on the first level and let our kids live upstairs with very thick carpeting.

Of course, I can't think of a single bungalow out here in the 'burbs. I'm sure they're around, I just can't remember seeing one in Naperville or Downers Grove! Here our older homes are either ranch houses or generic two story homes.

And, that exotic name? Why from India when the British ruled and they brought back the term.

If you'd like to search for Naperville properties or even Bungalows, click here: moveuptonaperville.com

C 2009 Move UP to Naperville Blog, Eileen Landau

2009 Naperville Single Family Stats

2009-07-14T08:50:00.004-05:00

2009 Naperville Single Family Stats

Closed Homes (January 1 thru July 13, 2009)

Number closed
489

Market Time
181

Median Sold Price
$387,500

Average Sold Price
$431,898

Active Listings

Active Homes
1050

Market Time
240

Median List Price
$514,900

Average Sold Price
$672,399

So not much has changed, has it? However, our multiple listing service has added some new goodies. And, we now can see that the actual selling price in the past year has been 86% of the first listing price.

So, lots of properties have been reduced and reduced until they hit that magic selling number. And, that takes time.

Of course, there are always a few homes that are priced to sell and they do mess up our nice statistics. Also, notice the big disconnect between the average sold price and the average list price.

And for those you first-time buyers, get moving. The $8000 credit will end on December 1, 2009 (at this point). And, that means that you must have closed on your first home by that date.

Want to see Naperville homes? Click and sign up: MoveUPtoNaperville

Stats courtesy of MLSNI; comments, my own.

C 2009 Move UP to Naperville, Eileen Landau

2009 Predictions Updated

2009-06-04T11:11:00.003-05:00

My 2009 Real Estate Predictions-Updated and Revised June 4, 2009

In the Naperville area we've been in a real estate depression since April 1, 2006. That's over 2.5 years! So, what's different in 2009?

1) Good News! With the incoming administration's zeal to get both the housing and stock market in a recovery mode, we'll see enticingly low mortgage rates. They could even get down to 4.5%. If they do, I'll be refinancing too. And, there's a 15 year no-interest loan of $7500 (payable at $500 per year) available to buyers until June, 2009. We could get other programs. I bet we do!

Interest rates got down under 5% in April and May and yes, lots of refinancing according to my mortgage people. Better yet the first-time buyer credit was changed to $8000 without any repayment requirement. And, HUD just released a letter saying that the $8000 could be used as additional down payment or for closing costs. At present this deal will end December 1, 2009.

2) Bad News! You'll need to have a really good credit score (FICO) to get these low mortgage rates. Many lenders are using a tiered rate plan. If your FICO score is above 750, you get the best rate, (but, call around and check with at least three lenders, as they all have different standards). If your FICO score is above 680 you'll still get a good rate. If your FICO is below 680, then you'll need to consider an FHA/VA loan. If your down payment is less than 20% you'll also pay an additional mortgage insurance payment. And, there are ways to improve your credit score...but, they will take time. Do make sure to check your credit report annually at www.annualcreditreport.com. You can do this online now.

Nothing has changed here, except the underwriters are checking out everything!

3) The first quarter of 2009 will be rough as unemployment zooms up to 9%, and many people are laid off or let go as businesses close their doors. Expect several big name retailers to call it quits. Foreclosures will continue to increase and those people without jobs can no longer make their payments. Sadly, almost 50% of the properties that had loan modifications in early 2008 are once again heading into foreclosure.

Well, unemployment is almost at 9% and with the auto industry closures taking place, we’ll probably hit that number later in the year.

4) Banks will need to set up a simple system so that these foreclosured homes can be sold in a quick and efficient manner. Currently, we've had situations where the banks never responded to offers, or came back five months later with a yes. Of course, the buyers had given up and purchased another property. Buying a foreclosure home takes great patience and handyman abilities as many of these properties have been neglected.

Not only the foreclosed homes…but the many, many short sales where the lender takes months to decide, then wants to close the next day. Banks know nothing about real estate and it’s obvious now. Many of our sales are “short” or “cram-downs” where the lender ends up loosing money…but at least gets the property off his books.

5) The lower end of our market, properties under $250,000 will start selling in under four months. Expensive homes, defined as over $500,000 will languish. And, those McMansions that builders put up several years ago, will either get rented out or just sit on the market. Builders have to realize that price is the determining factor in buying a home. And, yes, several area builders have gone under. I'm guessing that we'll see one or two more during 2009.

Still true today. I drove past several McMansions that have been just sitting for over two years. Can’t imagine that those builders are too pleased. And, yes, we’ve had several additional builders go under.

And, the market under $250,000 is active. I’m seeing lots of sales in this price range as most first-time buyers can afford it. Many will see their housing payments less than rent.

6) One of the biggest holiday gifts this year: a porcelain piggy bank! Saving money is in! Using a budget is in! Reusing, repairing and fixing items is in! Barter is in! The bromides of our parents are coming back to haunt us. Here we are in a depression, remembering our parent's wisdom.
Some irony!

Seems like our savings rate went from ZERO to 4% in the past few months! What a change. And, many people are paying off their credit cards and opting to use CASH…what a novel idea!

Our children and grandchildren will better manage their money as they’ve seen first-hand what can happen. We’ll be the last of the plastic generation.

7) If I were a seller and had to sell:
I'd clean out and declutter my house
Hire a professional cleaning crew
Price my home under my competition
Offer to pay buyer's closing costs
Throw in my first-born, if it made the sale!

Additionally, have my lawn professionally managed; paint my exterior if it needs it and definitely my interior. Heck, the place might seem so nice that if I had to stay another few years, I’d be able to.

8) If I were a buyer and had to buy:
I'd sign up at: www.moveuptonaperville.com
I’d plan on using that tax credit
I’d buy within the next three months
I'd check out homes, sub-divisions and areas in DuPage County
I'd get a mortgage approval from my lender before I looked at any homes
I'd hire the most dedicated, experienced, smart agent I could find
I'd email Eileen Landau at MoveUPtoNaperville@Yahoo.com
and ask for help! Because it's too hard to do this alone.

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

We've hit Bottom

2009-06-03T07:57:00.002-05:00

Yup, I'm going out on a limb...but, hey, it's my blog!

From my perspective, our local real estate market has bottomed. If you were able to purchase in April or May you not only got the lowest interest rates in years, but you also got the lowest price as sellers just wanted to get out. Many of them still do.

In following the stats it's interesting to see that the lowest prices properties across the board have been selling. Most of these properties are foreclosed or short sales which the banks want off their books.

When will prices start going up? Not for a while. We still have too much inventory and not enough buyers.

Some Naperville Stats:

# of Active Single Family Homes

1257

Avg. List Price

$641,676

Average Market Time

234 Days

Homes Sold since 1/1/09

316

Average List Price

$449,612

Average Sold Price

$420,822

List to sell ratio

94%

Market time

184

When Bad News is Good News

2009-05-20T15:21:00.003-05:00

The talking heads were decrying the low number of housing starts that were reported the other day. They opined that the world was coming to an end, or least, the housing market was swallowed up into a black hole.

Well sure the numbers were down. The lowest ever recorded, since they started recording these things.

But they (those pundits) miss the importance of these numbers. With fewer homes being started, this gives us a chance to sell off the existing inventory within the next 12 months. There's something close to 3 million newly formed family units each year, and many of them would like to have a home of their own.

Housing bottom? You betcha! And, just from my own observations as the lower priced short sale, REO and foreclosure properties sell (and they are selling), prices will start slowly increasing.

Back in the "old days" our average home appreciated between 3 and 5 per cent a year and most people were thrilled with that. The bubble years of 15, 20 and 30 per cent of appreciation is gone. I, for one, would be happy to start seeing that good old 5 per cent appreciation. Will it happen? Yup, just don't know when.

In the meantime, with our subdivisions down by $50,0000, $100,000 or more, we're just delighted that homes are selling. And, hope that the appraisers can bring in a reasonble price. But that's another blog.

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

Naperville Single Family Prices as of 5-15-09

2009-05-15T12:46:00.001-05:00

Naperville Stats as of May 15, 2009

Active Naperville Single Family Homes

1032 Home on the market

240 Average market time

$519,900 Median Listing Price

$673,645 Average Listing Price

Sold Properties Summary

1056 Single family homes sold in the past 12 months

149 Average market time

$407,000 Median Sold Price

$468,308 Average Sold Price

The average market time is still high…8 months, which is why many listing agents are taking one year listings!

There’s a big difference between the median and the average list price, over $150,000. Not small change.

On the sold side of the equation, shorter market time and another difference between the median sold and the average sold. What does this mean? Homes that are priced between $300,000 and $400,000 are moving faster than higher priced homes. And, you don’t need a degree to figure that one out. It also means that some of bank owned, foreclosure and short sales are actually closing! Yeah!

We have 216 active listings between $300,000 and $400,000. Average market time: 189.

We’ve had 313 homes sell in this price range during the past 12 months. Average sold price: $352,342.

If you'd like to search for Naperville area properties, click and sign up here: moveuptonaperville.com

The housing market is improving!

2009-05-09T09:53:00.003-05:00

No stats to prove my impression...just anecdotal evidence.

Yesterday, I received a phone call from a buyer. She said that she'd been following a property that came on the market a month ago. And, she figured that the price would be reduced after 30 days. Surprize! The property price wasn't reduced and the property went under contract! And, this was an expensive home. The buyer was disappointed and opined that yes, the market was picking up.

Also, I've noticed that the foreclosures, REO and short sale properties are going under contract at a faster rate. So, the lower end of the market is seeing lots of activity. I suspect that first-time buyers appreciate the potential $8000 tax credit; the mortgage interest deduction and the low, low 30 year fixed interest rates. Could be that we'll have dual offers on some of these properties.

Historically, in our area, winter is slow...but once the dandelions appear, so do the buyers. I expect that our market now will see more activity and yes, higher prices even.

Is it too late to buy? Nope. But if I were contemplating a move, I'd do it now while rates, inventory and good weather are in abundance.

And, if you'd like to see homes in our area, just click and sign up here:MoveUPtoNaperville.com

Buyer's Seminar!

2009-04-28T09:15:00.004-05:00

NOW IS THE TIME TO BUY!

HOME BUYER SEMINAR

MAY 6TH, 6:30 PM

DOWNERS GROVE PARK DISTRICT
935 MAPLE AVENUE, RM 202
DOWNERS GROVE IL 60515

We’ll have the following people give you hints on buying your first home, a foreclosed home or a short sale home:

Attorney: Rey Meadowcroft
Lender: Mary Glavin of Wintrust Mortgage
Inspector: Michael Spaargaren

You may qualify for the $8,000 tax credit. You may be able to purchase with only 3.5% down payment! Learn about FHA financing.

Limited Seating! Reserve your place now by calling: 630-515-9500.

NOW IS THE TIME TO BUY!

And, if you'd like to search for local properties, just click and sign up: MoveUPtoNaperville.com

More on Appraisal Changes

2009-04-23T09:32:00.006-05:00

Earlier in the month I blogged about an appraisal that was $12,000 lower than the original purchase price. And, here's why we will see appraisals coming in low:

FHA Adopts Fannie Mae 1004MC Market Conditions Addendum

Effective April 1, 2009, the Federal Housing Administration will require appraisers to use the Market Conditions Addendum (Fannie Mae 1004MC, Freddie Mac Form 71). According to Mortgagee Letter 2009-09 released on March 23, 2009, this will ensure greater transparency and accuracy of appraisals performed for FHA-insured financing. Properties located in declining markets must include at least two comparable sales that closed within 90 days of the effective date of the appraisal. A lack of available market data must be accompanied by a detailed explanation.

FHA states that a declining market is any “neighborhood, market area, or region that demonstrates a decline in prices or deterioration in other market conditions as evidenced by an oversupply of existing inventory or extended marketing times.” The 1004MC form will identify a declining trend in the market. FHA reminds Direct Endorsed lenders that both the lender and the appraiser are equally responsible for the integrity, accuracy, and thoroughness of an appraisal submitted to FHA.

FHA also is restating its warning that..."Direct Endorsement Lenders are reminded that if the appraiser they selected provides a poor or fraudulent appraisal that leads FHA to insure a mortgage at an inflated amount, the lender is held responsible equally with the appraiser for the integrity, accuracy and thoroughness of an appraisal submitted to FHA."

The biggest catch? That the appraisal can only go back several months to find comparables. And, in our market during December and January, there's not a lot of activity. So, if you're a seller, again, I caution that your final selling price may be a lot lower than you thought.

And, if you're a buyer? You may get the "deal" of the year. This is a good time to buy!
If you'd like to search for local properties, click here: moveuptonaperville.com

Naperville Single Family Prices as of 4-18-09

2009-04-19T16:09:00.004-05:00

Naperville SF Stats as of 4-18-09

# Active 1181

Avg. LP $650,011

Avg. MT 248

Number Sold 1089

Avg LP (Sold) $497,539

Avg SP $471,163

SP:LP Ratio 95%

Avg MT (Sold) 146

There's still a big disconnect between average listing price and average selling price.
That's great for buyers who jump in now.

Interesting Factoid: The median home sale price for the Chicago Metro Area was $183,625 in February 2009, down 23.5 percent from $240,000 in February 2008.

That makes homes more affordable! And, there are many areas near Naperville that have affordable homes. If you'd like to search for homes, sign in here:
MoveUPtoNaperville.com

Cramer calls a housing bottom

2009-04-16T13:07:00.004-05:00

This Is What a Housing Bottom Looks Like

By Jim Cramer
RealMoney Columnist
4/16/2009 11:25 AM EDT

Housing bottoms form when homebuilders finally stop building. They come when permits dry up. They come when foreclosures are so many that they drive down the prices to affordable levels. Housing bottoms come when the homebuilders give up and merge. They come when mortgage rates go really low. They come when unemployment claims level out.

The bottom, well, now. We are seeing a huge wave of buying of foreclosed homes in Northern and Southern California and in Florida. The numbers are too positive to think that these, the hardest-hit areas, aren't putting in long-term bottoms. Of course, where legacy housing is coming on, most notably in Florida and Las Vegas, where lenders like Corus Bank (CORS - commentary - Cramer's Take) abetted ridiculous levels of condominium construction, or New York, where the economy was on fire, courtesy the brokers and the lawyers and the foreign tourists taking advantage of a cheap dollar, you are not going to get a bottom for a year. In New York's case, the building continued right through the layoffs because of tax advantages that ran out inopportunely right at the top. It will most likely be a tough market for a while.

The areas surrounding General Motors (GM - commentary - Cramer's Take) and Chrysler plants will also take some time, and I suspect that many houses will be razed in the end.

But when you stop new housing, it makes old housing much more valuable, so we are in the final throes of the debacle that got us here. This will make the public-private partnerships tempting for those who simply don't seem interested right now or haven't been able to raise the money yet, because the risk capital in the country has been so decimated.

The desire to avoid calling a housing bottom is so pronounced that it will obviously happen long before it is remarked upon, just like the recession that began in September of 2007. It also means that the bottom in banks gets put in earlier, and I believe we have seen it. The bottom might be drawn out by capital raises -- witness fears of such capital increases in Bank of New York Mellon and State Street today.

And we know there are some big shotgun wedding to occur -- they haven't since the disastrous deals done in anticipation of selling bad properties to TARP by the likes of PNC (National City), Bank of Americ (Merrill Lynch, which had a considerable bad loan portfolio), Wells Fargo Wachovia, which every short believes will be the end of the bank, but I believe WFC will earn its way out of the jam through the yield curve and the bottom in California housing and JPMorgan Chase with Washington Mutual, which I believe is already being well-integrated making, the bank a huge buy.

The stubborn home builders have almost all refused to merge - thanks, Centex -- and that will drag out the bottom until the summer, but I am quite confident that my once-reviled call that the housing bottom will come this summer now seems almost late!

No matter, the markets should know better than to even contemplate selling off on bad permits and housing starts.

How do people think housing bottoms, with loads of new construction and burgeoning inventories and higher rates?

Nope, just the opposite.

Soon you will hear people say, "I have to move and buy a home now." You will also hear people say, "The stock market's corrupt and dirty, thanks to the shorts and the absent regulators, so I might as well buy something substantial like a house, as they may never be this affordable again."

I agree with all of the sentiments above.

YES! We just had this same discussion at our office meeting this morning! Low interest rates...lots of homes still out there...and financing programs, especially FHA all geared to the first-time buyers and the move-up buyers. Don't miss this...because next year you'll see higher prices and higher interest rates!

If you'd like to search for available properties, click here: moveuptonaperville.com

The Appraisal

2009-04-15T20:29:00.004-05:00

So, yes, you know that it's now longer 2005 in the real estate market when the appraisal comes in $12000 BELOW the selling price.

Yup...first time in 25 years or so that an appraisal was not at the selling price! So, what happens?

If you're rich and have the money and want the house, you come up with the difference. So in the above case, the buyer would add another $12,000 into the pot. But...like most buyers there's no extra money to spare. So, we're back to renegotiating the price. And, we do reach agreement because the seller wants to sell and the buyer wants to buy.

And, what does this mean to you as a seller? That, until that appraisal comes back at or near your selling price, don't start your packing. The sale can fall apart on this issue.

Remember that the appraisal is done by the buyer's lender to make sure that there's a property standing and that it's worth the money the lender is loaning to the buyer.

And, for you as a buyer? Well, in our neck of the woods, if the appraisal doesn't come out to the selling price, you can offer to purchase the house for the appraised price...or you can thank the seller, get your earnest money back and start all over again. (This rarely happens!)

We're back to the old days when appraisals matter. Heck, I can remember when the appraisers would drive by the house, take a picture and the appraisal equaled your selling price. No longer.

This is a different market! And, if you'd like to see some of our local properties, then click here:
MoveUPtoNaperville.com

305 Primrose, Aurora Illinois

2009-04-06T08:10:00.008-05:00

First-time buyers: Stop, Look and Buy! This affordable 2 bedroom first-floor condo comes with all its appliances: oven/range, refrigerator, dishwasher and stackable washer and dryer.

This is a fantastic kitchen ready for entertaining!

A spacious living-family room is adjacent, with a sliding patio door to the back patio. To the side is the second bedroom/den/office area.

The backyard has several trees which offer privacy and a place to feed the birds. It also has an attached one car garage.

All of this, and more, for the affordable price of: $136,800

If you'd like to search for homes, click here: moveuptonaperville.com

Spring Morning?

2009-04-06T08:05:00.003-05:00

This "lovely" sight greeted me this morning! Spring in Naperville means snow! Saturday had been warm enough though breezy to work in the garden. Luckily, this wet snow will melt quickly as the temperature will rise to the upper '30's this afternoon. Planting time here is usually around May 15th, not April 15th.

DuPage County Listing Prices March 30, 2009

2009-03-30T09:59:00.005-05:00

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot

DuPage County, IL March 28, 2009

Single Family under $500,000
Median List Price:$279,900
Market time: 126 days

Single Family over $500,000
Median List Price:$799,900
Market time: 160 days

Condo/Townhome under $300,000
Median List Price: $174,900
Market time: 136 days

Condo/Townhome over $300,000
Median List Price: $398,900
Market time: 183 days

It's obvious that the days on market have come down. Remember all those homes just sitting in the dead of winter? Well, those at the bottom are moving, because buyers are seeing reasonable prices and great, low mortgage rates.

The above list includes all of DuPage county. I'll be doing a Naperville specific list tomorrow as we reach the end of the first quarter of 2009. I suspect that those prices will be higher...heck, I know that they'll be higher.

However, I noticed in the past few weeks, having written several offers, that a well-priced home sells quickly. I showed a beautiful home with a score of 9.3 on the Landau Scale that sold in 3 days. And, wrote an offer on another beautiful home with a score of 9.5 on the Landau Scale that had come on the market two days before we saw it. The buyers just knew walking in that this was their "dream" home. So, seeing new listings sell fast tells me that the market has definitely improved!

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

Spring has Sprung

2009-03-23T09:29:00.007-05:00

This is the first blooming flowers in my yard: Iris Reticulata. They're small, but perfect in every detail. They can come up thru snow, and sometimes do. However, their blooms only last a few days, so if you don't happen to visit your yard, you can miss them. And, that's a shame as this is such a wonderful sign of spring.

Next to the miniature Iris are early blooming daffodills which will show their yellow blooms this week along with some crocus.

As I was out showing homes during the weekend and saw many people working in their yards. So, I imagine that there will be a lot of sore backs and aching muscles unused to this work after a long snowy winter.

And one of things that my buyers noticed were that many homes needed better landscaping. It makes such a difference and helps when it's time to resell your house.

REALTOR OF THE YEAR: JOHN VENERIS

2009-03-23T09:12:00.006-05:00

My broker, John Veneris, has been chosen as THE REALTOR OF THE YEAR by the Illinois Association of REALTORS. John will be honored at our annual state convention held in September in Lombard.

John has been my friend and colleague for 30 years. We first met when we were young and had hair. OK...for those of you who don't know John, back in the '80's he had longish black hair and a big, bushy mustache! Today, his hair has many shades of grey...all from helping his agents and colleagues navigate thorough the varied waters of the real estate business.

John is compassionate, kind and always helpful. He always has time to answer questions. And, he also wants all agents to succeed!

I'm delighted that he's receiving this recognition. It's well earned.

The Market’s getting Warm

2009-03-13T09:50:00.002-05:00

I follow several sub-divisions to get a feel for the general market, so I was delighted to see SOLD activity in the past month in Seven Bridges which is adjacent to the golf course.

There are currently five active listings…and three of them are now under contract.

A property listed at $540,000 has been on the market for over two years. During that time the priced decreased from $620,000 to its present price. I showed the home probably three or four times and when it hit $550,000 I thought it had value.

Next, a home that was on the market for most of last year, priced originally at $719,000 relisted at the end of January for $600,000 and sold within weeks. The fact that its master bedroom was on the first floor most likely was an important consideration.

Third, a ranch home (which are hard to find) came on the market at $570,000 in February and went under contract within a month.

Now, we don’t know the final selling price, but we can see that activity has increased. And, we also know that buyers are finding these lower prices attractive.

If you'd like to search for these properties, click here: moveuptonaperville.com

Tall Grass Subdivision Pricing

2009-03-12T11:12:00.001-05:00

I really like the homes in Tall Grass and have shown them often in the past few years. So, I was showing a buyer homes in the sub-division recently and I was surprised to find homes there below $500,000. That was not the case back in 2005.

Currently we have 36 homes on the market with an average list price of $620,861 and an average market time of 197 days. This figure is misleading as there are 18 homes priced between $500,000 and $600,000. That’s 50% of the market is below the average price!

Now back in 2005, we had 131 units sell with an average market time of 96 days.
The average selling price: $646,054 with a 98% list to sell ratio. 48 homes sold between $600,000 and $700,000.

And for 2008, we had 44 units sell with an average market time of 132 days.
The average selling price: $589,234 with a 94% list to sell ratio.

We can see that market time has definitely increased and prices have come down and buyers are in a stronger negotiating mode.

Comparing 2007 and 2009 Naperville Home Prices

2009-02-26T08:31:00.004-06:00

Naperville Active Single Family Homes Stats: A comparison

February 25, 2009
Active Homes
on Market 1027
Average Price $681,176
Days on Market 268 = 9 months

November 25, 2007
Active Homes
on Market 1061
Average Price $705,936
Days on Market 208 = 7 months

Wow…we’re seeing a longer market time, aren’t we? And, an average
price decrease of approximately $25,000.

In fact, Tall Grass sub-division on the south side of town now has homes
priced under $500,000. At the height of the bubble, you couldn’t buy in
there for under $600,000.

And, there’s even six newer homes in Ashwood Creek that are under $600,000.

Again in the bubble years, those prices started in the $600,000's.

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

Stats courtesy of the Multiple Listing Service of Northern Illinois

The $8000 Credit for First-Time Buyers

2009-02-25T09:01:00.004-06:00

The Illinois Association of REALTORS sent out the following information regarding the first-time buyer credit of $8000.

The temporary credit is only available for
home purchases made from Jan. 1, 2009 to
before Dec. 1, 2009 and is equal to 10 per-
cent of the cost of the home, up to a maxi-
mum credit of $8,000.

Buyers claim the credit on their federal tax
return to reduce their tax liability. If the credit
is more their total tax liability that year, the
buyer will get a refund check for the balance.

Only first-time homebuyers can take advan-
tage of the tax credit. A first-time buyer is
defined under the tax credit as an
individual who has not owned a home
in the last three years.

For married joint filers, both must meet the first-time
homebuyer test to take the credit on a joint return.

Eligible properties include anything that will
be used as a principal single-family resi-
dence—including condos and townhouses.

There are income guidelines on the credit. In-
dividuals with an adjusted gross income up to
$75,000 (or $150,000 if filing jointly) are eli-
gible for the full tax credit. The credit is
phased down for those earning more and is
not available for those with an income above
$95,000 (or $170,000 if filing jointly).

The new tax credit does not have to be repaid
if the buyer stays in the home at least three
years. But if the home is sold before that, the
entire amount of the credit is recaptured on
the sale.

People who purchased homes under the
2008 $7,500 tax credit program will still be
required to repay that credit to the govern-
ment over a 15-year period.

The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

BYOB-Bring Your Own Bag

2009-02-24T19:59:00.002-06:00

(From Shawna's blog)

Retailers listen up - -Bag? Who needs a stinkin bag?

Posted: 23 Feb 2009 12:27 PM PST

Bags. We get them at every store we go to. Heaps and heaps of bags.

It takes a lot of energy and resources to make a bag and each year across the globe an estimated 500 billion to one trillion plastic bags are used according to www.reusablebags.com. Only a small fraction of plastic bags are recycled.

Plastic bags are made from ethylene, a petroleum byproduct. In the United States, approximately 12 million barrels of oil is used annually to make plastic bags that Americans consume.Book Receipt

You can imagine my happy surprise when I received this email from my friend and green enthusiast, Eileen Landau, the other day, “Yesterday I stopped at Borders. The cashier rang me up and put the receipt inside the book...then handed the book to me. I was stunned and asked her about bags. She said that the company decided several weeks ago to only use bags if the customer asked. Great. Less use of plastic! Might get more people to carry a reusable bag around with them. Like I only have five or so in the car at all times, right? It reminds me of shopping in England back in the '70's. You went from store to store and carried net bags to hold your food in.”

Today I tested it out – went to the nearest Borders to purchase a paperback and you can see above how they handed it to me – with the receipts tucked in the front cover. LOVE IT!

What a fantastic idea. Retailers heed the example of Border Books and stop handing out useless oil-based plastic bags. Make a difference for our world!

Shawna Coronado says Get Healthy! Get Green! Get Community! http://www.thecasualgardener.com, The Green Blog - http://www.gardeningnude.com, or The Garden Blog - http://thecasualgardener.blogspot.com

Odds and Ends

2009-02-18T10:10:00.003-06:00

I was in a national book store chain yesterday and at check-out the cashier handed me back my book with the receipt tucked inside. I asked her why no bag? She replied that the company had started a policy of not giving out plastic bags unless a customer asked for it.

Now, this is great! Fewer plastic bags flying around parking lots or filling up landfills.

I have several woven, reusable grocery bags that I keep in my car all the time. And, when I go into a store I always carry one of these. Just makes sense to me.

And, now I also have my own GLASS water bottle! Yup, my daughter bought me one and I just fill it with good-old Lake Michigan water (one of the best rated waters!) and I'm set.

Another thought. All of these real estate agents who blog, twitter, face-book, U-tube and Link-In...when do they find time to work? Well, yes, the market is slow...but that
slow? I'd think that spending some time "working" might be better for their wallets.

That's my opinion after attending a social media presentation for local Realtors. I'd suspect that an agent who can do one thing well, would do better and be more focused.
But, bet there are tweets saying I'm an old fuddy-duddy, which I am.

Housing Updates

2009-02-18T10:01:00.004-06:00

According to figures from the Commerce Department today in Washington Housing starts plunged 17 percent last month, January, to an annual rate of 466,000.

That's a really low number...but a necessary number if we're going to recover from our current housing depression.

Construction of single-family homes decreased 12 percent to a 347,000 rate, today’s report showed.

Yet, even with this decrease we still have a year's worth of inventory out there. And, until that inventory gets sold, prices will be "soft."

However, first time buyers if they can afford to buy are in a great position. They get an $8000 tax credit; low mortgage rates and lots to choose from. Definitely time to get out and find your home!

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

Roses are Red

2009-02-13T08:17:00.005-06:00

Roses are Red
Violets are Blue
Time to sell your home
Trade old for new!

Money is Green
Roses are White
Your new home
Will be a delight!

Violets are Blue
Roses are Yellow
A warm new home
Will make you mellow.

Roses are Red
Your savings are Green
When you call...
Eileen!

If you'd like to search for Naperville properties, click here: moveuptonaperville.com

C 2009 Move UP to Naperville Blog, Eileen Landau

Illinois Housing Price Decline

2009-02-12T11:59:00.003-06:00

According to press releases yesterday, the median prices for homes in Illinois dropped $25,000! In our Naperville area we've seen larger price drops as our housing prices were higher to begin with.

We're getting to the point where it becomes worthwhile to buy a home now, especially if the new stimulus bill keeps the $8,000 tax credit (that's the latest amount). And, now you don't have to pay it back...if you stay in your home for at least three years.

“As the U.S. economy's recession deepened in the fourth quarter, the state's already bleak housing market worsened, with the number of Illinois homes sold slumping by 22 percent despite a 13 percent decline in the median price.

Statewide, according to the Illinois Association of Realtors, the number of homes sold dropped to 21,382 from 27,483 in the year-ago quarter. The association's data measures single-family homes and condominiums.

In line with national trends, the median price -- the price, that is, at which half the sales were higher and half were lower -- slid to $165,000 from $190,000 in the fourth quarter of 2007.”

If you'd like to search for Naperville properties, click here: moveuptonaperville.com