Everyone's looking for a prediction - My prediction for 2008 - the assessor's office is going to be one very busy office.  Inquiring minds want to know - I myself have already fielded requests from homeowners wanting to know if their home has been assessed fairly and is it likely that they will be victorious should they bring a claim to get a break on their taxes?  Realistically, the probability is not in their favor. Property values in Naperville, in both DuPage County & Will County are still on the rise.  Are they rising at the meteoric rates of earlier years?  Absolutely not, we are returning to normalcy, but the fundamentals for solid appreciation are still in tact -A natural choice for homebuyers / transferees is to live in communities with a thriving economic center, a strong scho... 01/06/2008

If you are looking to buy in Naperville or the surrounding areas, please call me at 630-341-1545 or visit http://www.lanitacates.com/. Whether you are a first-time buyer or a seasoned homeowner, I'd love to work with you. You don't pay me to help you buy a home so whether you buy next month or next year, I'd love to hear from you! 01/04/2008

When one thinks of Naperville, they usually conjure up visions of families with children, after all that's what drives Naperville real estate.  Although this is a large component of Naperville's make up, it certainly isn't limited to that.  There is a large contingency of students that attend local higher education institutions as well as active retirees that find this hub has plenty to offer.A preponderance of medical facilities, doctors and hospitals are easily accessible and provide peace of mind.  The air quality here is good.  The activities to choose from on any given day are plentiful.  The town sponsors festivals, art fairs, parades etc. Walking trails along the scenic Riverwalk make exercise simple and enjoyable.  Health clubs and excercise classes are abundant and provide clas... 12/31/2007

It's hard to write a blog that contains downbeat news. 2007 was just awful for real estate. And, 2008, I believe, will even be worse. According to RealtyTrac there are over 200,000 homes a month in the foreclosure process, and they expect that number to increase. By next summer we may have 2 million homes across the country in the foreclosure process.And, this means:1)Increased Inventory. More and more homes coming to market.2)Increased Market Time. In Naperville currently it's about six months for a home to sell.3)Decreased Prices. Sellers who have to sell will reduce their price.4)Increased Inducements. Sellers will offer to pay for closing costs; homeowner's association payments; and repairs.5)Tighter Lending Requirements. Those marginal buyers who might have purchased a home two yea... 12/31/2007

Are you still deliberating what to do on New Year's Eve?  Well if you're still waiting for that invitation, forget about it.  There's plenty to do out on the town.  And when it's time to go home there are plenty of taxi's to take you there safely.In typical Naperville fashion, there is a smorgasbord of options to choose from for New Year's Eve festivities.  The activities range from bars & clubs, to restaurants to local hotels.  Some of the places that will be hosting New Year's are Jilly's, Comedy Shrine,  Two-Nine, Meson Sabika, Timpano's & Tango to name a few.  Prices range from gratis to $375 a couple.  The fare ranges from a champagne toast to full course dinners and overnight stays.  For more information and an extensive listing of some of the events visit the New Year's Eve guide... 12/28/2007

In a newly released "America's Best High Schools" ranking by U.S. News and World report, both Naperville North and Naperville Central just recently ranked in the top 3% of high schools in the nation!  They were both awarded a Silver medal.  This prestigious honor was awarded to four schools in DuPage County.  The two Naperville schools, Wheaton North and Hinsdale Central.  No schools in Will county were awarded. So when you think about real estate & taxes - think about getting what you pay for.  Even if you don't have any children in the school system, this fact alone contributes considerably to resale value. Click this link for further detailed information   Keep up the good work!  12/26/2007

Just sold a home in Naperville, Illinois and the home inspector pointed out some electrical concerns.  If anyone in the AR community has used a reliable insured electrician please let me know.  You can reach me during normal business hours at 847.207.7398 or email me at Jim@NovakSellsHomes.com.  Let me thank you in advance for taking the time to share with me recommendations of people you have used in the past!  12/26/2007

As of 12/26/2007:  Number of Active listings: 948 Average list price:            $726,302    Average days on market: 226 The breakdown:  There are 193   3 bedroom homes on the market;  average price: $396,687.       Market time: 171 days There are 602   4 bedroom homes on the market;   average price: $728,764.      Market time: 237 days  There are 137   5+ bedroom homes on the market; average price: $1,216,136.   Market time: 259 days  Much longer market time...almost 6 months at the lower end of the price range.487 homes sold within the past six months. Average selling price: $497,521. 62 homes over One Million dollars sold so far in 2007. The most expensive was closed at $3,250,000. Stats courtesy of the Multiple Listing Service of Northern Illinois 12/26/2007

I was curious about the number of active agents in our MLS. During the summer when I checked we had over 53,000. Today, there are 48,957 active MLS agents. And, I suspect that in January that number will decrease when the Brokers receive bills and have to pay for non-productive agents.And, then I was curious as to how many agents work out of Naperville real estate offices: 2168. Hmmmmmmm...and we only show 1450 closed Naperville single family closed units. So, there's not a lot of business out there.Those 1450 single family homes were on the market on average for over 222 days. And, the average list-to-sell number was 96% if the property was under $500,000; 95% if the property was above $500,000.948 homes which sold, were sold for under $500,000...and that's 65% of the market. And, yes,... 12/21/2007

Fannie Mae and Freddie Mac quietly announced a new, up-front fee of 0.25% on all of the mortgages they buy or guarantee -- regardless of the credit quality of the borrower. So on a mortgage of $417,000, the highest amount that Fannie and Freddie can buy, that would mean an additional $1,042.50 in up front costs to the buyer. This fee is supposed to be in effect on all mortgages after March 3, 2008. So, those buyers even with good credit scores will be paying to help out these entities stay solvent. And, what it means is that most lenders sell their mortgages to Fannie or Freddie...so buyers will be paying more closing costs. Moral: If you're going to buy a property and use government financing...do it now and save some money. 12/13/2007

Edward Hospital is just south of downtown Naperville, a few blocks north of my office. I drive past it several times a week. And, there is always a construction crane on the property. In fact, I'd think that the crane should be part of their logo.They announced yet another addition to the hospital. Originally they wanted to buy some of the adjacent homes but there were problems with pricing and with the homeowner rules and regulations. So, they revised their plans and will now build a smaller addition.When we first came here in 1975 the hospital was tiny. You could find your way around. Today, you need to take a large bowl filled either with breadcrumbs, or string. The corridors twist and turn and double back.It has become a very large complex with additional doctor's offices surroundin... 12/07/2007

An article reported in today's news: The S&P/Case-Shiller U.S. National Home Price Index dropped 4.5% from last year's third quarter, Standard & Poor's said Tuesday. The drop from the second quarter marks the largest sequential decline in the index's 21-year history. The HGX Housing Index has come back to where it was in 2002, when the bubble began. Although prices have not come down that far...yet. Every housing market is now seeing longer days on market, greater inventory and lower prices. And, the housing recession, yes, it is a recession, is slowly affecting our economy. The consumer, you and me, is loosing confidence. And, we intend to carefully watch our holiday speading and stick, if we can, to a budget. A budget where food prices, electricity, natural gas and gasoline have incre... 11/27/2007

Eileen's Naperville Single Family Statistics for November, 2007   As of  11/25/2007:  Number of Active listings: 1061 Average list price:            $705,936    Average days on market: 208 The breakdown:  There are 213   3 bedroom homes on the market;  average price: $388,903.       Market time: 164 days There are 671   4 bedroom homes on the market;   average price: $706,060.      Market time: 216 days  There are 155   5+ bedroom homes on the market; average price: $1,185,768.   Market time: 240 days  Longer Market time, between 6 and 8 months...have some sellers have just given up and taken their home off the market for winter?  Stats courtesy of the Multiple Listing Service of Northern Illinois 11/26/2007

and that means that I sell residential homes. I do NOT sell insurance, siding, roofing, lawn care or any other products.Now, why am I so adament? I just received the following email:Hi! My name is Cynthia and I am a recruiter with Allstate Insurance Company. I'd like to disucss the possibility of you running your own business as an Allstate Exclusive Agent. Key advantage of becoming an Allstate Agent is that you have an economic interest in your book of business from day one. Furthermore, with Allstate, you can...I'm guessing that AR is a find for recruiters who need people with some sales background. And, they probably believe that many agents will be leaving the business. I've had people try to recruit me everytime the market heads south. I've always said: NO.Real Estate is my career,... 11/12/2007

It's that time of year again, ALREADY. Mark your calendars for one of my favorite events:Naperville Garden Club's AnnualCUP OF CHEERTickets are on SALE NOW - Hurry only a limited number available and they do sell out      Friday, December 7,  2007  ($30)  Homes are open from 9:00a - 5:00p for touringOR  (preview day Thursday, December 6, 2007 for a premium $50) Homes open from 10:00a - 2:00p ONLYPlease Note:  There are no refunds due to inclement weather, the homes will be open rain/snow or shine.  The 2007 Naperville Cup of Cheer takes you through homes located in both DuPage & Will Countyin the following subdivisions:HOBSON MEADOWS ENGLISH ROWS  DOWNTOWN NAPERVILLEBRECKENRIDGEThese beautifully decorated  homes will inspire you with creative ideas for your own holiday entertaining.Wher... 11/09/2007

For those of you traveling south of Naperville to Bolingbrook and beyond, there are two reasons to celebrate.First, the Red-Light Camera program that was in force at Weber & Boughton Roads was suspended today!  Yeah!  If a driver crossed that little white line before coming to a full stop, they were automatically issued a $100.00 ticket - ouch.  Well it seems folks got the message (good ole Pavlov) in the past 6 months, and the police claim that they've reduced accidents by 40% when they compare the same stats for last year.  They feel we've learned our lesson, and now know how to stop, so they won't be using the camera any longer.Second, starting this Monday Nov 12th the I-355 extension south extension will be open!  Woo-hoo!  Finally after three excruciating years!  IT'S DONE!!  It wi... 11/08/2007

Naperville Metra ParkingDOWNTOWN NAPERVILLE (5th Avenue Station)Daily Spots = 375 Spaces - Cost $2.00/day (filled by 6:30a)Permit Spots = 960 - Cost $60.00/quarter (8-9 year wait)  for realKroehler Lot  - $50/quarter ROUTE 59 (Naperville Side)Daily Spots = 500 Spaces - Cost $2.00/day (filled by 6:30a)Permit Spots = 1100 Spaces - Cost $60.00/quarter (resident)                                           Cost $65.00/quarter (non resident)                                           2-3 year wait  - CALL 630.420.6059 to be placed on list ROUTE 59 (Aurora Side) Daily Spots = 1500 Spaces - Cost $2.00/day (filled by 7:00a - 7:30a)Permit Spots = 850 Spaces - Cost $60.00/quarter                                         2-3 year wait - CALL 1.800.676.1611 to be placed on list Aurora/Naperville 59 Sta... 11/07/2007

The 2007 Illinois School Report Card results was released this week. And, Naperville School District 203's top ranking school was Kennedy Junior High. The school is located in an area of Lisle that's adjacent to Naperville. Many of the children who attend come from the Green Trails subdivision and also Seven Bridges, Woodridge, and of course, those Naperville subdivisions directly south of the school.Its award winning score: 97.8  Very impressive. There was 15 additional District #203 schools which received scores above 90. It's nice to know where my tax dollars are being used.You can check out Illinois schools at: www.Chicagotribune.com/reportcard What was interesting in the full story was that the girls scored higher than the boys in all subjects! In the past, the girls have had highe... 11/02/2007

Yesterday as I was giving out candy bars to the youngsters who came to my door, I noticed something very disturbing.The girls were all dressed up in costumes. They smiled. They said, "Thank you."The boys, on the other hand, were not in costume, unless you call a sweatshirt a costume. None of them smiled. It was the silent, sullen look. And, did they even say, "trick or treat?" Nope. And, as for "thank You"...that had to be coaxed out of them.And, to add to this observation, the morning's Chicago Tribune had its front page story about the statewide testing results. It seems that the ladies had surpassed the men in all categories and in all age groups. Interesting. I wonder if there's any relation to smiling, saying please, thank you, you're welcome and getting better tests results! 11/01/2007

I was looking at the real estate ads in the paper the other day and a company that has auctions caught my eye.They had pictures of 20 homes that will be auctioned off November 10th. One of these homes is a newly constructed property in Ashwood Creek that I showed in the spring and summer of 2006. And, it's still unsold! It was priced just under $700,000 and according to the ad the opening bid is $340,000. Wow!That seems like a great deal, doesn't it? But wait. This is an auction and that means the STARTING price is $340,000...not the ending price.So, of course, I was curious and called the company and discovered that there is a reserve price that MUST be met. So, for the sake of argument, let's say that the reserve price on this property is $575,000. That means that the hopeful buyer wh... 10/31/2007