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Naperville, IL Real Estate News

By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
I've noticed that many consumers are searching for an explanation of "list to sell ratio." So, I thought I'd try to give a simple explanation. In our area, our multiple listing service compiles data on a continuing basis and is able to spit out this information quickly. The list to sell ratio is found by comparing the actual closed price with the listing price. Now, there is a problem here as some of you may have guessed. Here's an example: Property lists for $500,000 originally. But, it is reduced to $450,000 over a period of eight months. It finally sells for $400,000. So, what would you guess the list to sell ratio will show? In this case it would be 88%. This is based on the last price. But if we know the original listing price we can come out with a truer picture. However, I think ...
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By Ann deVane, Naperville Real Estate, GRI, CNC, CSC, ePRO
(john greene, Realtor)
With the end of the school year fast approaching, the home rental market is hotter than ever in the Naperville area.  There are students rushing to lock in housing for the upcoming school year.  Then too are the people that over leveraged and now find themselves out of their home.  Thankfully, there are many rentals available. Due to the fact that many builders are sitting on inventory homes that they had purchased when the market was hot there seems to be an adequate supply to meet this demand.  Reasoning behind this odd climate are due to the slow down in building.  Builders are not incurring risk by building spec homes, but rather waiting to pre-sell these homes so as to avoid unnecessary carrying costs.  While they wait, they are renting out these inventory homes which makes for a r...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
You have priced your home to perfection. You have banished all the extraneous "junk." You have hired a stager so that your home shows like a model. You have had broker tours and Open Houses. Now, you have an acceptable offer. You've signed the papers. The appraiser has been thru the house. The buyers have done their inspection. The buyers drive by your house daily. They're so excited! The loan with all its paperwork has gone into underwriting, where it sits for a week. But, out it comes at last. Good to Close! Ah, those magic words. Both the buyers and the sellers are packing. But...(you knew there was a "but") the property tax report comes back almost $2000 higher due to a re-assessment. (The original annual tax bill is now $10,000 instead of $8,000.) So, the loan goes back to underwri...
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By David Spencer, Show Me real estate in Kansas City
(Keller Williams Northland)
    The table below lists all of the single family detached and single family attached homes currently on the market in Naperville, IL.  The data lists available homes by price range with average time on market in each range. Should you have an interest in homes in a selected price range, send me your physical characteristics requirements. I will send complete details on those homes that meet your criteria.           Active Listings List Price Range # Listings Avg. Days on Mkt Less than $149,999 55 137 $150,000 - $199,999 166 152 $200,000 - $249,999 133 124 $250,000 - $299,999 102 108 $300,000 - $349,999 188 137 $350,000 - $399,999 132 165 $400,000 - $449,999 115 101 $450,000 - $499,999 113 138 $500,000 - $549,999 87 152 $550,000 - $599,999 74 165 $600,000 - $699,999 123 164 $700,000 -...
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By Julie Ferenzi, Julie Ferenzi
(john greene Realtor)
Naperville, IL is located just 30 miles west of Chicago.  Naperville has been recognized by Money Magazine as a best place to live, in 2006, 2005 and 2003.  It also ranked as one of the best places to raise a family in 1997 and 2001.  The popular Naperville Riverwalk was built by Naperville residents in 1981 to commemorate the cities 150th birthday. It is a huge attraction for many Naperville residents as well as many residents of neighboring cities like Aurora, Plainfield, Wheaton and Lisle.  The Riverwalk is located in downtown Naperville, just west of Washington Blvd.  Currently parts of the Riverwalk are undergoing renovations.   Naperville is home to a very large number of neighborhoods which border towns such as Plainfield, Lisle, Wheaton, Bolingbrook, Downers Grove and Aurora.  N...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
Some more interesting Naperville Stats Our Mainstreet Organization of REALTORS publishes monthly stats for each town in the Chicago Metro area.                                                         Here’s a comparison of March 2007 and March 2008 March 2008 March 2007 Naperville MLS properties sold 51 74 Average Sales Price $209,661 $228,830 Median Sales Price $208,000 $212,000 Wow! As there were 1179  homes on the market this March. So, I guess this is NAR’s definition of a “slow-down.” And, have we hit bottom yet? ©   Move UP to Naperville Blog, Eileen Landau 
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By Maria Mastrolonardo, IL Probate Specialist, Illinois Probate Realtor
(RE/MAX of Naperville & RE/MAX Enterprises)
Here are some of the reasons why I love living in Naperville, Illinois                                                     All photos are in and around the Naperville Area and Downtown Naperville. Our Downtown is our main attraction, gives visitors the feel of big city living but with a friendly small town atmospere. Many top rated restaurants are located in Downtown Naperville.       
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
As so many of my clients are planning on renting I'd thought I'd share some observations.The rental price of a property may have nothing to do with its selling price. Generally, we were told that to find the rental price of a property, you took 75% of 1% of the selling price.Example: Sales price of a property: $500,000. One percent of that number: $5000. 75% of that number: $3750.But, I'm not finding that. In fact, I'm seeing rental prices closer to 55% of 1%. In the example above, the rental amount would be: $2750. And, that's what I'm finding. Why? Probably because there is so much competition and owners are tired of paying a mortgage payment on a vacant home.Also, I'm seeing where the owners expect the tenant to maintain the house, to the extent that the tenant must replace furnace f...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
Eileen's Naperville Single Family Stats for April, 2008 Once again the Case-Shiller monthly report shows that prices are down nationwide by as much as 13 percent in some markets, and inventory is up. In fact, according to a report yesterday, the U.S. has never had as many vacant homes as we have now. And, many economist are predicting that we've yet to hit bottom. When we do hit, it’s going to hurt...more! Currently we see the following market statistics: ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS                                                                        Bedrooms     #Active     Avg LP        Avg Market Time                              |---- ---- --------  ------- ----------- ----------                            |        ALL            1309        671,256    188 DAYS      ...
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By LaNita Cates
(REMAX of Joliet)
If you are thinking to relocate to the Will County or DuPage County suburbs, please give me a call.  I've worked with a large number of relocations from throughout the United States. I can help you with locating the perfect home by setting you up on an MLS search based on your specific criteria. I will assist you to learn the areas in which you are wanting to buy. Visit my website at www.lanitacates.com or call me at 630-341-1545. I look forward to hearing from you!
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By LaNita Cates
(REMAX of Joliet)
Go to www.lanitacates.com to sign up to receive listings via email based on your criteria. Looking for a 3 bedroom, 2 bath, 2 car garage home under $250,000? No problem. Looking for a home you would like to rehab and flip? No problem. I will help you find the home perfect for your budget and timeframe. Call me at 630-341-1545 to discuss your needs. Make sure to visit my website and read my testimonials so you know the type of agent I am.  I look forward to helping you.
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
Canadian National Railway is trying to acquire the EJ&E railroad tracks for $300 million.I hope that they're stopped. Why?Because they would increase the number of freight trains going through Naperville and DuPage county horrifically. The old EJ&E tracks for the most part are at ground level. When a freight train with a 100 cars goes through, traffic stops.The worst intersection is on Route 34, Ogden Avenue, which is a four lane highway at that point. Last summer I waited 20 minutes for a slow moving coal train to lumber by. Traffic was backed up for at least a mile.Imagine, a freight train coming through every hour! And, is there enough money to build over passes or under passes? Probably not.Also, the track runs right on the western border of Ashwood Creek and Ashwood Park. Would you...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
Tomorrow, April 22nd, we will celebrate Earth Day. And, I'm wondering what you're doing to "save" the planet.Here are some of my eco-choices:I purchased five hunter green reusable shopping bags at our local Jewel grocery store. I keep them in the car and I use them! I refuse all plastic bags whenever I can. In fact, I usually take one of my green bags into Target and have them put my purchases in it. And, I do bring back to the grocery store any plastic bags that have found their way into our place and give the heavier bags to our local used book store.In many foreign countries, the shoppers carry straw baskets for their daily grocery shopping. And, I don't recall at the farmer's markets in France, that they gave us plastic bags...paper, yes, especially for mushrooms. I've also purchase...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
This market really brings back memories of the early 1980's.Yesterday, I talked to a client from Michigan who has decided to rent a house in Naperville for the next year. That was in the morning. In the afternoon, I received a referral from a Florida agent. Again, his client wanted to rent a home in our area. And, yes, they can search thru our rental listings. There are over a 100 properties for rent, ranging from one bedroom condo units to five bedroom 2-story homes priced over $3000 monthly.Currently, I have five clients coming to our area from California, Michigan, Florida, New Mexico and Nevada who are looking to rent as they can't buy. Why? Well, their homes are on the market...unsold...and they are afraid of owning two homes. I can't blame them. It's a tough decision to leave your...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
The nice thing about keeping a paper record of my Naperville market stats is that I can spot trends quickly.Here's an example:January 14, 2008 we had 581 Four bedroom homes on the market for an average price of $725,817 with a market time of 239 days. And, yes, January is usually a slow month in our selling cycle. Too much snow (especially this winter) and too much cold!April 3, 2008 we have 774 Four bedroom homes on the market for an average price of $686,130 with a market time of 196 days.My take-away. Prices have come down! $39,000 by these figures. Could be a function of inventory. There's 193 more homes in the four bedroom classification. Lots more competition. Market time has shortened. Why? The mortgage loan limit has been increased to $410,000; FHA/VA remains at $417,000. Still ...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
From the Case-Shiller monthly report we now know that prices are down nationwide (19 out of the top 20 metropolitan areas) and inventory is up. And, we've yet to hit bottom. So, our Spring market may not have much spring in it.Currently we see the following market statistics:ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS                                                                       Bedrooms     #Active     Avg LP        Avg Market Time                              |---- ---- --------  ------- ----------- ----------                            |        ALL             1179         687,123    197 DAYS                        |          2                  23        378,084     179 DAYS                          |          3                252        386,304     151 DAYS                     ...
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If you are relocating to the Naperville, Plainfield, Aurora or Bolingbrook area, please call LaNita at 630-341-1545 or visit http://www.lanitacates.com/. Having worked with families relocating to these areas, LaNita is the obvious choice to help you find your new home. As a full-time licensed realtor serving Naperville, Plainfield, Aurora, Bolingbrook and the Joliet IL (illinois) real estate market, LaNita is the type of agent that will work with you from the beginning all the way to sitting with you at the closing table.
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
OK...we have a temporary limit increase till the end of December, 2008. And, hopefully, they (the government) will make this increase permanent.In Naperville, the majority of the single family homes are over $400,000. And, we used conventional mortgages because FHA didn't go up high enough. And, truthfully, they still don't. But that's another rant.Right now, first-time buyers who have a small down payment, generally 3%, will be able to purchase a condo, townhouse or small single family in the Chicago area. For example: a $200,000 property will require $6000 as down payment...and additional savings. FHA likes to see some money in the buyer's checkbook so that they can eat and pay for the move. Now, that certainly seems like Uncle Sam is looking out for us.But with all government types o...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
Hot off the AP wire this morning:The federal regulator for Fannie Mae and Freddie Mac said Wednesday it would lift restrictions later this week on the amount of mortgages the government-sponsored companies can hold on their books.   The Office of Federal Housing Enterprise Oversight, acting after Fannie Mae published audited financial results for 2007 on Wednesday morning, (which showed a BIG loss) said the two companies' mortgage investment limits, currently at around a combined $1.5 billion, would be lifted effective Saturday, March 1, 2008. The caps were imposed in 2006 in response to the companies' multibillion-dollar accounting lapses, thereby limiting their participation in the market for securities backed by home mortgages.So, what does that mean for us? It means that FHA can do ...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
To paraphrase Tolstoy's opening sentence in Anna Karenina: Happy real estate markets are all alike; every unhappy real estate market is unhappy in its own way. Currently we see the following market statistics: ACTIVE NAPERVILLE SINGLE FAMILY LISTINGS                                                                                                                                            | Bedrooms     #Active  Avg LP   Avg MT                              |---- ---- --------  ------- ----------- ----------                            |        ALL           1035         717,751   221 DAYS                        |          2                  21        388,721   161 DAYS                          |          3                210        391,757   167 DAYS                           |          4 ...
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