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Naperville, IL Real Estate News

By Daniel Firks
(Re/Max Of Naperville)
 It's a dream we all have - to own our own home and stop paying rent. But if you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. How could it when you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home. Don't Feel Trapped AnymoreIt doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can: - save for a Downpayment- stop lining your landlord's pockets, and - stop wasti...
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Hi allRan across this and thought you might like!Winter is a cold, dark time in Grand Rapids, Mich. But inside Scott Zomerlei's house there's always a hint of spring. The downstairs hallway of his two-story home has a modest lettuce garden growing under a light. In the upstairs hall, strawberries thrive. "I can have a fresh salad anytime I want for pretty much no money, and I know it's totally organic because I grew it myself," said the 24-year-old, who works at a hydroponic equipment store. He says he enjoys living with the glow of growing lights and the lush smell of plants.  Small citrus trees, like this dwarf orange tree, can provide homegrown fruit year-round wherever you live. Larry Crowe / The Associated Press On the Net • Aerogrow: www.aerogrow.com • Herbkits.com: www.herbkits.c...
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By Daniel Firks
(Re/Max Of Naperville)
Exposure to the cold can lead to frostbite or hypothermia. The elderly, children and pets are particularly vulnerable to the bitterly cold conditions. If you are traveling, store a survival kit in your vehicle, especially if your travels take you through an isolated area. According to the Associated Press, at least six deaths have also been blamed on the cold in Kentucky, Michigan, Ohio and Illinois. CBS2Chicago.com reports that two people died from exposure to the cold in Chicago on Monday, where the temperature peaked at 5° with a wind chill factor of -10°PLEASE THINK BEFORE YOU TRAVEL OR GO OUT DOORS!Take care all! Spring is on the way!Dan Firks
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By Daniel Firks
(Re/Max Of Naperville)
Buying Land There is something romantic in the idea of buying an open plot of land, a place untouched by human hands and open to a world of possibilities. One might think that buying land is a simple process, but in actuality it can be surprisingly complicated and in many ways is more difficult than buying a home. Despite the challenges, many consumers decide that vacant land is the right real estate investment for them. Location As with single family homes, one of the most important factors to consider when buying vacant land is location. Land that is near shopping centers, schools and other community features will be higher in price but is much more likely to increase in value. When looking at land in an undeveloped or underdeveloped area, it's important to investigate the future of t...
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By Eric Rogers
(Century 21 Pro-Team)
Naperville Market Trends - Naperville Real EstateDetached Style HomesThe median price of homes in Naperville remained rose slightly in January, going from $574,800 in December to $585,000 in January. However, the average price of homes sold during the month of January fell significantly from $467,700 in November to $415,000 - largely erasing the gains seen in December. The number of homes on the market rose in January from nearly a 1 year low of of 979 to 1,031 - further indication of an early spring market. During the same month, the number of homes sold in Naperville dropped fairly sharply from 90 in December to 65. Despite this, the supply of inventory actually dropped during January from 9.6 months to 8.2 while average days on the market also fell from 74 to 68.Attached Style HomesT...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
My friend, Mary Umberger of the Chicago Tribune's real estate section, had an interesting paragraph in this morning's Trib.   Chicago area builders "according to a study by Metrostudy...builders are sitting on 63,000 vacant lots." This represents a 22% DECREASE in the number of unsold lots.   Now, that's a lot of land that the builders are holding. And, they're paying interest, taxes and doing engineering work to get the streets and utilities in. And, many of their spec homes are still sitting unsold. I suspect that some builders are getting desperate as this market slowdown has been going on for a year.   So, the take-away? It's a great time for a buyer, especially if he doesn't have a property to sell. Builders are very happy to see you.   Want to search for newer properties? Visit: h...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
What is "H.O."? You can probably guess--it means "home odors".Be careful of odors in your home. If your family room smells stuffy and stale, or if your cat or dog has left a distinctive odor in the hallway, take action by eliminating the source of the odor rather than merely treating the effects. Smells have a powerful effect on the way people react to a house, and no amount of room freshener or vanilla on the light bulbs can mask a serious odor problem. In fact, such remedies may draw attention to the problem. We have seen homes with an odor problem languish unsold on the market for months or sell for significantly less than comparable homes in the neighborhood.If you think that you may have a problem, talk candidly with your real estate agent. Your agent should be able to offer some c...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
A family pet often represents a major challenge when a house is being marketed. Your family may call your large dog "Fido"--but your real estate agent calls him "Fang"! This is a sensitive issue for a real estate agent to communicate to sellers.Even though he is just doing "his job", a dog's bark will sound ferocious to anyone who is knocking at the door. This is usually a good thing, but when your home is on the market, real estate agents will be bringing a lot of strangers to the door. Most agents are concerned about the unpredictability of dogs they don't know. When they are greeted by a barking dog, they may not be willing to enter the house unless the owner is at home. If your dog is confined to part of the house, such as a basement, be sure to put up a sign informing people of tha...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
If your house is a typical one, there is probably some kind of small, leggy creature that makes its home with you. Whether they are termites, fleas, roaches, ants, or spiders, it is a good idea to serve them with an eviction notice before you put your home on the market. If home remedies like ionized boric acid don't work, paying a professional exterminator will be money well spent. Most standard sales agreements require that a property be inspected before the closing and treated for termite infestation, if necessary. It is a good idea to check for insect problems as soon as you sign a listing agreement, so that they don't become an issue of contention in the sale. Some insects may not physically damage the house, but may reduce its chances of selling for top dollar. Constantly having t...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
Does it cost the homebuyer more to be represented by a buyer's agent who serves their interests exclusively? No, because the listing agent splits the sales commission, which is customarily paid by the seller of the home, with the buyer's agent. The sales commission split is usually 50-50, but the listing agent and buyer's agent will sometimes make another agreement and split the commission unequally. There is one very unusual circumstance in which the homebuyer might pay a commission to their buyer's agent. The real estate agent might show the buyer a local "for sale by owner" (FSBO) home which the client decides to purchase. In most cases, the FSBO seller who is presented with a qualified buyer is glad to pay the buyer's agent a reduced fee of about 3 percent, or half of a normal sales...
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By Daniel Firks
(Re/Max Of Naperville)
Reported this week based on estimates that U.S. home foreclosures are on the rise. Foreclosures represent a growing opportunity for investors and first-time home buyers looking to enter specific markets. Foreclosure activity in September 2006 showed an estimated 103,000 properties entering some stage of the foreclosure process during the 30-day period. Five states -- Florida, California, Michigan, Texas and Colorado -- accounted for an estimated 66 percent of September's foreclosure filing action.September figures, along with figures from July and August, show one new property entering some stage of the foreclosure process for every 1,122 U.S. households, up 14 percent compared to the second quarter of 2006. There are a few factors responsible for this recent increase in foreclosures. M...
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By Daniel Firks
(Re/Max Of Naperville)
Sure, prices fell. But look at the big picture: The market is adjusting to reality and some of the news is better than expected.If you're a homeowner, the recent movement of home prices is as sickening to watch as a mountaineer falling off a cliff. As recently as a year ago, prices of existing homes were rising an amazing 15 percent a year. But the rate of increase has been going down, down, down. In August, the year-over-year change went below zero for the first time since 1995. The National Association of Realtors announced Sept. 25 that the median price nationally in August 2006, was $225,000, 1.7 percent lower than in August 2005.Time to punch that pulsing-red panic button? Not yet. Because several other pieces of news in the Realtors report were better than expected, indicating tha...
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By Daniel Firks
(Re/Max Of Naperville)
Real Estate Trends For 2007 The national and local real estate markets are made up primarily of five sectors, Residential, Retail, Industrial, Commercial and Investment, which all overlap on their fringes. While it should be noted that national trends can differ drastically from local trends, and that there are economic influences such as interest rates that affect all markets, overall, all sectors are currently healthy and will be getting healthier through 2007. Now let me tell you why, sector by sector. Residential: The news you've been reading over the past year is either grossly overstated or just plain wrong. There has been no crash in real estate pricing and only in certain select markets has there been a bubble that has now mostly deflated. The strength of a residential market is...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
Which party in a real estate transaction is represented by the real estate agent--the buyer or the seller? Until recently that question was never asked because the answer was always the same. Traditionally all the marketing professionals involved in real estate transactions were legally and ethically obligated to conduct business on behalf of the seller. They may have aided the buyer in certain situations, but their client was the seller. Today that is not necessarily the case.In a time of increasing specialization, buyers can be represented by a real estate agent who functions solely as a buyer's broker. In this case, the sales professional helps the buyer locate a home, negotiate the price, and is responsible to the buyer only, for an agreed-upon fee or a percentage commission.In any ...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
What happens when you are interested in purchasing property that is being sold by the same real estate agency in charge of your buying needs? You may have concerns about a dual buyer/seller agent. Will this form of agency protect your interests, or that of the seller? Will you as buyer be able to share confidential information about your needs?In states where dual agency is legal, the real estate agent will serve the needs of both parties fully, because good business practices and professional integrity require honesty and fairness. If a buyer and seller are both represented by the same agency, they will be asked to sign a dual agent contract acknowledging the affirmative obligations of the real estate agent. Neither party should fear being shortchanged because the other party's interes...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
In our neck of the woods, each city can choose to impose a transfer tax on the close of a property.Transfer taxes started around 1980 with the Village of Woodridge explaining that it needed more revenue and what better way than to collect $2.50 per thousand from sellers. When homes were selling for $100,000 it wasn't fun but it was bearable.(Real Estate Transfer TaxThe seller pays $2.50 per $1,000 of the sale price for each piece of property sold.)Then other towns started adding their own transfer tax to the mix. Naperville decided to charge the buyer.(Tax RateThis tax is based on the sale price of each piece of property sold. The buyer currently pays $3 per $1000 of the sale price.) So, if you're a Naperville buyer and a Woodridge seller it's going to cost you a lot more.However, that'...
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
 As of 1/27/07, there was a total of 948 single family homes on the market. Average list price: $733,873 Average days on market: 196 The breakdown:There are 157 3 bedroom homes on the market; average price: $428,703. Market time: 158 daysThere are 654 4 bedroom homes on the market; average price: $735,423. Market time: 204 daysThere are 121 5+ bedroom homes on the market; average price: $1,166,593. Market time: 211 daysThese stats are courtesy of the Northern Illinois Multiple Listing Service, MLSNI.        
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By Eileen Landau, ABR, CRS, e-PRO
(BAIRD & WARNER, NAPERVILLE)
I've been talking with many real estate editors and writers for the past year.And several weeks ago, I received a call from Sharon Stangenes, one of the Chicago Tribune's real estate editors.Her question: Are Baby Boomers moving to Ranch homes? "Well," I replied, "there just aren't many ranch homes on the market."In fact, today, January 26, 2007, in Naperville, there are 73 ranch homes for sale as compared to 744 2-story homes. This is out of a total of 955 active listings. The active list price: $731,000. The average market time: 195 days.Naperville has been a growing town for years and years. Its attractions are known world-wide. And, the builders have been building for these families whose general age range is between 30 and 50. And, most of the builders never considered that their b...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
People who are moving to another state are usually concerned about how they will be able to monitor the purchase or sale of a home across state lines. Your local real estate agent can assist you in the process of buying or selling property out-of-state.The National Association of Realtors is a nation-wide network of real estate sales professionals, similar to the local Association of Realtors. Almost every real estate professional is who is a member of the local association is also a member of the national organization. This professional affiliation among real estate agents all across the country works to your advantage when you buy or sell out-of-state property. Your local real estate agent can contact an agency in the area where you want to buy or sell. When the relationship with the ...
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By Scott Gerami, Helping people find their place in the world!
(Real Time Realty)
In the history of the real estate industry, there has been a single approach to working with a real estate agent. If you wanted to purchase a home, an agent showed you properties on behalf of the sellers of those homes. As a buyer, you were not represented by anyone other than yourself. Negotiation over price and terms were entirely your responsibility.Now there is another way to handle buying property. With buyer agency, your real estate sales associate acts on your behalf in all negotiations. That agent is committed to being your advocate in finding and purchasing your next home, and at no cost to you.In many cities across the United States, buyer agency is used in the majority of home purchases. With buyer agency, all fiduciary duties are owed to the buyer, not to the seller. The buy...
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