Real Estate Information Archive

The National Association of Realtors (NAR) polls buyers and sellers every year. This information is very specific and is public knowledge. What does the average consumer expect from their Realtor? 

Honesty tops the list!  98% say honesty is the most important quality they seek in their Realtor.  95% say knowledge of the purchase process is very important to them. They want a Realtor who will stick with them and educate them every step of the way.  92% say market knowledge is very critical. Most buyers have reviewed homes of interest on the Internet first. However, they do not necessarily know the neighborhood or community they are interested in that well.  93% say responsiveness is right at the top of their list of important qualities in a Realtor.  Nothing is worse for a buyer or seller working with a Realtor who does not return their calls, text or emails in a timely manner. 

Great Service is the name of the game. It is the it separates the great Realtors from the ones without business!

If you are buying a home through FHA, you should check this out. Have you looked at a home and thought it would be perfect if only the kitchen was updated? Or had newer carpet? Different bath fixtures? Now you can buy the home and have the work folded into the mortgage.

The FHA 203k Renovation loans allows repair/renovation costs to be rolled into the loan. Major items are allowed; foundation repair, kitchen & bath rehabs etc. Low down payment (3.5%) and seller can pay up to 6% towards closing costs. Only one closing. Money disbursed on a draw basis. The loan can go up to 110% of the “after improved value” from the appraisal.

Interested?? Give us a call: 630-803-2437.

Are you being held prisoner by a home that’s too small, too big or just not where you want to be? We moved a client a while back who described their living situation as “being held prisoner by their home and not pursuing the rest of their life’s dreams”. They ultimately refused to be held prisoner, sold that home and now are very happy with the new home they bought and they got that home for a great price.

This is definitely a market that favors buyers. Sellers are not realizing the gains of two years ago. If you want to relocate consider the following, you’ll get less than you would have two years ago….you’ll also spend less on the new home you buy.  Most importantly, you’ll move on with your life’s dreams and not be held prisoner by your existing home.  Just imagine that the current home you live in now is in the past and you are settled into that new dream home. That will help you get through this challenging yet rewarding move.  One last question, how much are you willing to pay to stay in a depreciating asset?   

Short sales are increasing at an accelerating rate. A “short sale” is much different than a “foreclosure or bank owned property”. The seller in a short sale situation is still the current owner of record. The owner is in a situation where the amount owed on the mortgage is higher than the value of the property. They are selling the property for less than the mortgage payoff, thus being “short” of what they owe. The seller/owner accepts a “short” contract and the sale becomes contingent on the bank (lien holder) agreeing to accept the “short“ payoff of the loan.

The good news for buyers is they are purchasing homes at lower prices than they normally would. The bad news for sellers is they are walking away with no capital from the home and they will get a ding on their credit report.

Short sales are definitely increasing at a accelerated rate. From 2009 to 2010 YTD, short sales have increased 19% in Plainfield, 53% in Oswego, 21% in Bolingbrook and 35% in Naperville. For more information regarding short sales, please email us at piketteamrealtors@hotmail.com.

The first time home buyers tax credit of up to $8,000 is set to expire on April 30th, 2010. The same is true of the $6,500 move up tax credit available to buyers who have lived in the same house for five of the past eight years. Contracts must be written and signed by midnight on April 30^th, 2010 to qualify. Closings on those homes must occur prior to midnight on June 30^th, 2010 to qualify.

Signs are also pointing to higher interest rates in the near future. The Fed has accumulated a trillion dollar portfolio of mortgage backed securities. They have been indicating for some time that this will not continue. If private investors do not step up and purchase these securities, mortgage loans will get tighter and rates could move up.

Now is the to purchase that new home!!

YES!  Now is the perfect time to put your home on the market. On 12/24/2009 Forbes.com said “experts predict that the selling boom which normally starts in the spring, will hit at a different time than it has in the past. Sellers with flexibility should market their homes earlier in the year."

Mortgage rates are still very good. However later in the year the Wall Street Journal on Nov. 3, 2009 said, “Some bond investors are expecting mortgage rates to rise as the Federal Reserve finishes its planned purchases of nearly $1.5 trillion in mortgage-related bonds.” Rates are predicted to rise 5% to 8%, depending who you are talking with.

The CME group on January 1, 2010 predicted a fall in the home prices at the beginning of 2011 and will not start rising back up to 2010 levels until November 2013. So it looks like 2010 will be the best year to sell in the next three years!

Here are three simple reasons why you should buy a home today!!  

1. The $8,000 First Time Homebuyer tax credit extended to April 30^th, 2010 & close by June 30, 2010. Also a $6,500 credit for homebuyers who have lived in their present home for 5 consecutive years within the last 8 years.
2. Interest rates are still low! You can lock now in for the life of the loan.
3. Home prices are at the lowest in years. Values are everywhere and in all price ranges. 

Please email us today for a free online home search in the area and price range of interest. piketteamrealtors@hotmail.com or kevinpiket@johngreenerealtor.com.

S. Nesmith of Chicago asked: “I found a home in Naperville that we liked very much. It has a Dryvit exterior. Some of my friends said to be careful of Dryvit due to the moisture problems that can occur. What is dryvit and is there a problem?”

Dryvit is a common name for EFIS-Exterior Insulation and Finish Systems. It is sometimes referred to as Synthetic Stucco. It is a well insulated exterior with an elegant stucco look. Many homes use brick or stone trim with the EFIS. There are several manufactures of this type of exterior; Dryvit, Sto, and Senergy are the major players in the industry.

When first introduced to the Chicago suburbs, many builders were not careful in the selection of application subcontractors. Thus, due to faulty installation, moisture problems and subsequent class action lawsuits plagued the industry. Corrections in application procedures and quality of subcontractors have resulted in much better results.

Synthetic Stucco is more energy efficient than other types other exteriors. The EFIS systems add more “R” value to the home, less expensive gas and electric bills. The Oak Ridge National Laboratory funded through The U.S. Dept. of Energy completed a study in 2007 highlighting the benefits of Synthetic Stucco. For more information on Oak Ridge Labs see www.ornl.gov.

With proper maintenance your Dryvit home will put you ahead of the “going green” movement in the country. For more information on Dryvit please e-mail us at pikettrealtors@hotmail.com, or call 630-803-2437.

First time buyer’s that are sitting on the fence with their mug on one side and their wump on the other who are “thinking about buying” in this market are running out of time! At least running out of time to take advantage of the $8,000 first time home buyer’s tax credit! You still have until April 30, 2010 to put a contract on a home and to June 30, 2010 to close on that home.

The first time home buyer is defined as someone who has never owned a home or has not had any ownership in a home for three years prior to the new purchase.  Income limitations are $125,000 for single people and $225,000 for married people.  The limitation on the sale price of the purchased home is $800,000. 

This tax credit is a true credit. There is no payback required as long as the buyer stays in the home, as a principal residence, for three years from purchase date.  Please contact us for further details on the tax credit or to set you up on a home search at kevinpiket@johngreenerealtor.com. 

Most buyers are looking for “move in “condition homes. However many buyers are now beginning to recognize that foreclosed or bank owned homes even in rough shape, present more value in the long run for them.

Consider FHA’s 203K loans for homes in need of improvement and repairs. The FHA section 203k program is specifically designed to rehab and provide repair dollars for single family homes. This includes improvements to the kitchen, bath rooms and basement for updates and upgrades.

The most popular version is the 203k “streamline” loan. This is limited to $35,000 for the rehab portion of the purchase. The streamline version is for cosmetic improvements only. Structural improvements fall into the regular 203K program.

If you desire more information regarding this program, e-mail us at piketteamrealtors@hotmail.com or call 630-803-2437.