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Frankfort, IL Real Estate News

By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
Mortgage Payments Have Become More Affordable Relative to Rents as the JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY reports it is difficult to argue that overbuilding is dragging down the housing market.   Instead, the excess housing supply largely reflects the sharp slowdown in average annual household growth in 2007–11 to just 568,000—less than half the pace in the first half of the 2000s or even the 1.15 million averaged in the late 1990     Two factors are responsible for this drop: a decline in the rate at which individuals (particularly those under age 35) form independent households, and a sharp drop in immigration. While  a variety of forces contributed to these trends, the severity of the economic recession clearly played a significant role. As 2012 began, the ingred...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
If you are either buying or selling a home in today’s market, you need a real estate expert like me. However, we must realize what the term ‘expert’ actually means. An expert in any area cannot give perfect advice as no one can predict the future. But they can give excellent advice based on their insight into their field.If you go to an attorney with a legal challenge, he/she will look over your case and give you your options. They realize they cannot guarantee the outcome of any of the options. Still, they give the best advice possible and allow you to decide the option with which you feel most comfortable. They then will put together a strategy which hopefully will bring about the most favorable conclusion.If you go to a doctor with a serious ailment, he/she will give you your options...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
With interest rates at near record lows, many consumers are looking to buy their first home or refinance their current mortgage. Home loans and mortgages are among the biggest financial decisions you'll make, and being prepared to choose the best options can help you save thousands over the life of your loan. Here are several tips to make your road to the perfect home mortgage a little less bumpy: 1) Create a housing budget. Knowing how much you're able to spend on your home puts you in a better position when shopping around for interest rates. In general, housing costs (including property taxes, utilities, maintenance and homeowners insurance) should not be more than 28 percent of your pretax income. If you can afford it, negotiate for a larger down payment or a shorter loan term to re...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
A respected Mortgage Professional Angela Davis-Watkins reminds us the number of homes on the market has dropped precipitously over the last 12 months. According to the Wall Street Journal's MarketWatch, "even hard-hit areas" that suffered foreclosures and housing gluts "have seen substantial decreases in for-sale inventory." The National Association of REALTORS® says that national inventory was down 20.4% in May as compared to numbers from a year earlier. It's true that inventories haven't dropped everywhere, but this looks like a trend that will continue to spread as foreclosures slow down and sellers see other homes selling for more and more money. Rising PricesWhich leads us to rising housing prices, also popping up in diverse markets across the nation. After seven straight months of...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
The relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.” In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). MORE….. Most real estate professionals know, or at least have a good idea of, the month’s supply of inventory in their market. But why? Because of its effect on pricing moving forward. While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline by which to go:     1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.    5-6...
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By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
    TEAL for TOES ... SALON  EVANIA  and  Edible  Arrangements/Frankfort efforts Benefit The Cancer Support Center during the Month of September                   All during the month of September,  TEAL for TOES   is taking place at  SALON  EVANIA,  located at  13 Old Frankfort Way  in Frankfort.      Paint your toes and/or nails TEAL  and make a small,  $5 Donation  and you will receive an empty box, good for a  FREE  6-count gourmet, chocolate-covered fruit assortment when you visit  Edible  Arrangements/Frankfort,  located at  590 Bankview Drive.        SALON  EVANIA  is offering 10% of their salon service proceeds on September 22nd ... and 10% of all proceeds from TEAL manicures and pedicures provided during the entire month of September to  The Cancer Support Center.        Edible...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
Making sound investments in your home can improve the "bottom line" when the time comes to sell your home. The trick is, knowing what to improve. Making home improvements prior to listing it is a common practice. However, improvements should be selected carefully if the primary goal is to increase the profitability of your property. Return on Investment is a phrase that quantifies how much an investment returns compared to what you spent on the investment. For example, if a homeowner remodels a kitchen, and the home sells for a higher price (after covering the remodel costs), then they achieved a positive return on investment. If the property sells quicker because the new kitchen makes the property more attractive, additional benefits may be realized with the elimination of additional m...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
Associated Press writers Jennifer C. Kerr, Seth Borenstein and Hope Yen, and Deputy Director of Polling Jennifer Agiesta contributed to this report form WASHINGTON (AP) today declaring — We're heavier in pounds and hotter by degrees than Americans of old. We're starting to snub our noses at distant suburbs after generations of burbs in our blood. Our roads and bridges are kind of a mess. There are many more poor, and that's almost sure to get worse. The oddly American obsession with picking up and moving on — "this spectacle of so many lucky men restless in the midst of abundance," as Alexis de Tocqueville noted nearly 200 years ago — has given way to the un-American activity of going nowhere. But check back tomorrow. Such swirling changes are not fodder for a State of the Union speech,...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
THE PROSPECTS FOR HOUSEHOLD GROWTH The joint center for housing studies at Harvard University reports Given that the number of new homes added in 2002–11 was lower than in any other ten-year period since the early 1970s, it is difficult to argue that overbuilding is dragging down the housing market. Instead, the excess housing supply largely reflects the sharp slowdown in average annual household growth in 2007–11 to just 568,000—less than half the pace in the first half of the 2000s or even the 1.15 million averaged in the late 1990s       are responsible for this drop: a decline in the rate at which individuals (particularly those under age 35) form independent households, and a sharp drop in immigration. While a variety of forces contributed to these trends, the severity of  the eco...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
CONTINUING SLIDE IN HOMEOWNERSHIP The joint center of housing studies at Harvard University reports Declines in the national homeownership rate accelerated in 2011 as increasing numbers of households opted—or were forced by foreclosure—to rent. The national homeownership rate dipped to 66.1 percent, down 0.7 percentage point from a year earlier and 2.9 percentage points from the 2004 peak. Despite the drop in rates for all age groups under 65, however, the overall rate stands well above the 64 percent prevailing in the 1980s and first half of the 1990s. Indeed, the national rate remains relatively strong both because the ranks of households with heads aged 65 and over are growing and because homeownership rates among this age group are near record highs    While rates for younger house...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
SIGNS OF RECOVERY IN THE FOR-SALE MARKET The joint center for housing study at Harvard University reports The for-sale housing market remained depressed for much of 2011. House prices in most areas continued to slide, sales were lackluster, and single-family construction hit a record low. But as the year ended, steadier job growth and improving consumer confidence boosted sales of both new and existing homes     With demand reviving and inventories of homes for sale depleted, home prices may well find a bottom this year. Moreover, stronger sales should pave the way for a pickup in single-family construction over the course of 2012. Nevertheless, a number of conditions may keep the recovery in the owner-occupied market relatively subdued. The backlog of  roughly two million loans in for...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
June home sales in Illinois up 18.0 percent from a year ago; Median prices also post year-over-year increases SPRINGFIELD, Ill. — Home sales surged 18 percent over previous year levels, with data released today by the Illinois Association of REALTORS® showing signs that the state’s housing market is strengthening. Statewide home sales (including single-family homes and condominiums) in June 2012 totaled 13,111 homes sold, up 18.0 percent from 11,108 home sales in June 2011. This was the best June performance since 2010 when 13,144 homes were sold in Illinois. The statewide median price in June was $155,000, up 3.3 percent from June 2011 when the median price was $150,000. This was the fourth straight month of median price increases in Illinois, and marked a $32,650 jump in median prices...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
When a Homeowner calls me and ask me to stop by to list their home as a Short-sale, the one thing I already know before they have made the call to me is, it has taken courage to get to the point of deciding it is time to release the home for now and move on with their lives.  My assignment becomes to help them understand how much more courage is required of them. Before I meet in person with a potential Seller Client, I ask them to contact their Lender and inquire all of their options for being released of the mortgage obligation.  The reason I do this is because I want them to get familiar with all the routes out of their present financial hardship.  I ask them to also consult with a Bankruptcy Attorney, so they understand how selling their home could be effected by the decisions they ...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
E. Scott Reckard explains the typical rate on a 30-year fixed mortgage tumbled below 3.5% for the first time this week, Freddie Mac said -- the latest record low in a trend that has fired up refinancings but done little to ignite housing demand. Freddie Mac's weekly survey of what lenders are offering to rock-solid borrowers showed the 30-year rate at an average of 3.49%, down from 3.53% last week. The 15-year fixed loan fell from 2.83% to 2.8%. Borrowers would have paid 0.7% of the loan amount in lender fees and points to obtain the rates, according to Freddie Mac. The survey underscores the success of the Federal Reserve in pushing down interest rates to support a sputtering economy that shows few signs of inflation. In late July 2010 and 2011 the typical 30-year rate in the Freddie M...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
  Picture Your Property Selling: Two Ways to Use a Camera to Sell Your Home Making a Picture Perfect First Impression Smart sellers know that presenting a home for sale means putting it in the best shape ever. Of course, all that work deserves to be shown to the best advantage - both in "real life" and in each and every view of your home. Often, this first impression comes from photographs. Putting your home on the market without a photo is essentially not putting your home on the market at all. People want to peek before taking the time to view. Newspaper advertising, online listings, take-sheets - each contain photographs designed to draw potential buyers to come walk through the home and to experience your property with a view towards ownership. Often photographs are what people keep...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
5 Fast Paced Market Tips for Buyers   When prices and interest rates fall, new buyers are itching to take advantage of them and get into a new home.  But what happens when buyers find there is little available to them?  That's right: bidding wars and multiple offers.When real estate is moving fast, it can pay off big to understand how to move quickly, and take advantage of opportunities that others miss out on.  In real estate, the early bird doesn't get the worm, the early bird gets the home.  Making a big decision in a fast paced market doesn't have to be high pressure.  If you go into your purchase prepared, you'll be in great shape to make that offer when the right home comes available.  Here are the best techniques to make sure you're able to beat out everyone else.1)  Get a Savvy ...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
How to Pass a Home Inspection: Solve Problems First       Richard M Hartian reminds us One of the biggest roadblocks standing between you and the successful sale of your home could be the home inspection. Don’t lie awake nights worrying about what the inspector might find. Instead, conduct your own inspection, with the help of experts if you need them, and pass the inspection with flying colors. Here are some potential problem areas to investigate:   Wipe out mold and mildew Terminate the termites Climb up higher Wash up The devil in the details Wipe out mold and mildewToxic mold has gone high profile in recent years. So mold and mildew stains and odors can scare buyers away on sight. Chances are you won’t even get a reasonable offer if mold and mildew are suspected. Not all mold is tox...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
Fight For Your Clients By Megan Oster http://www.youtube.com/watch?v=Oa0yUrCkEzs In real estate, the modern definition of customer service means getting in the trenches with clients. Think you provide your clients with superb customer service? Dale Taylor, a broker with RE/MAX All Properties in New Lenox, literally cleaned up feces for a client. The tenant to whom the client had been renting had, without the client’s knowledge, been breeding dogs in the basement of the property – without disposing of their fecal matter. Hoping to list the home for sale, the client invited Taylor to the property – then burst into tears upon discovering the condition of the basement. Taylor leapt to her rescue without a moment’s hesitation. “Sometimes, in order to provide excellent customer service, you h...
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By Judy Orr, Scottsdale AZ and surrounding towns
(HomeSmart)
The charts and table below will show real estate market trends for single family Frankfort homes from February 2011 through February 2012.  The chart below shows the number of listings for each month over the past year.  As you can see, listings peaked in March and May of last year and have declined with a small uptick in 2012. Anyone can list their home for sale, so the next graph shows how many actually sold and closed.  The peak month was August, which means that the contracts were accepted generally anywhere from May through July.  It has been downhill since but looks like a slight upswing in February 2012. The next graph shows average list prices for the time period.  There are a couple peaks and valleys but for the most part it has stayed pretty even. The next chart shows what buy...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois http://dtaylor.remax.com)
There are home buying mistakes that every buyer should avoid, mainly because of the extent of their impact on the buyer. For first time home buyers, it is even more important to be aware of the common errors committed by home buyers so that their first foray into homeownership will be a memorable one – for all the right reasons. The good news is that it is quite easy to avoid these mistakes, as long as the buyer remains open-minded and willing to listen to me. To be a happier home shopper and, eventually, a content homeowner, here are some things you should never do. 1. Favoring looks over function. As a first time home buyer, it is to be expected that you will have a picture in your mind of what your house should look like. It is fine, as long as you can afford it. However, even if you...
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