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!

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.

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?   

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.

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!!

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!

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.

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.

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. 

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.

Now, to the question of waiting to sell your home; the current tax credit through April, 30, 2010 should stimulate buyers in the first quarter.  Business Week in 9/09 says “With any luck, three years should be long enough for the U.S. economy to recover and for the nation’s housing inventory to shrink to more normal levels.”

USA Today has looked at the housing situation by state.  Illinois' excess housing is predicted to be reduced by 2012 or later. If you want to sell or need to sell January through June 2010 seems to be a good time.  After that, we’ll have to wait and see how fast housing inventories will grow.  For more details, please contact us at piketteamrealtors@hotmail.com.

Marc goes on to say “As of today, the average 30 year fixed rate loan with no points or fees is around 5%.”

You should also consider the large selection of homes and declining prices. It's like a candy store for buyers...for the time being. We expect that home pricing is beginning to stabilize. Once new construction kicks back in…we should see a slow rise in pricing.

Don’t forget the tax credits are good through April, 30^th with a close of June 30^th, 2010.  If you want more information or want to be set up on a home search, please email us at piketteamrealtors@hotmail.com or kevinpiket@johngreenerealtor.com.

IS THERE A LIGHT AT THE END OF THE TUNNEL? YES AND IT IS NOT A TRAIN!!!

U.S. Treasury released new rules regarding short sales. New guidelines include $1,000 to $1,500 payments to homeowners to help cover moving costs and TIMELINES, and now has a more standardized process. Effective date for this new guideline is April 5, 2010.  In the interim buyers & sellers will just have to be patient.  To learn more about short sales, please contact us at piketteamrealtors@hotmail.com. 

Neighborhoods will continue to be impacted by foreclosure pricing throughout 2010. BUYERS WILL CONTINUE TO HAVE THE UPPER HAND. Sellers with good equity or a need to move will continue to list and sell homes. The lenders will, most likely, begin to become more aggressive to fund buyers with good credit. However, all of this will lead to a major adjustment of home values in our market. The recommendation is to BUY!! The recommendation to sellers is to come on the market early, price your home to sell and get your home professionally staged for a successful and quick sale. 

If you want to learn what the value of your home is, please email us at piketteamrealtors@hotmail.com.  If you are looking to be set up on one of our free home searches, please email us at kevinpiket@johngreenerealtor.com.

Question: I owned my home for seven years, but sold it two years ago and I have been renting ever since. If I buy a home today will I qualify for the $6500 tax credit?

Answer: If you meet all the eligibility tests on income of $125,000(single) or $225,000(married), the purchase price is under $800,000 and you close before July 1, 2010........then yes you qualify. Also as long as you lived in the home 5 years straight, the 2 years rental period did not disqualify you.

I am eligible first time homebuyer and I entered into a contract to purchase on Nov. 1, 2009. Do I have to close before 12/01/2009? How does the extension affect me?  Answer: You do not have to close before Dec. 1, 2009 since the legislation has been signed. Therefore, as long as the contract is closed before April, 30, 2010 the purchaser will be eligible for the tax credit.

To keep up with the Homebuyer's Tax Credit follow our blog @ www.piketteamrealtors.com or email us at piketteamrealtors@hotmail.com.

First time homebuyers will continue to receive tax credits up to $8,000. The program intended to expire on Nov.30, 2009 has been extended to April 30, 2010 for sales contract. Homes must be closed by 06/30/2010 to qualify. In addition, buyers who have owned their current home for at least five years would be eligible for tax credits of up to $6,500.

The U.S. extended and expanded the bill yesterday. President Obama is expected to sign this week. For more details continue to watch this blog or email us at piketteamrealtors@hotmail.com

If the current resale inventory continues to decrease due to an increase in home sales....then new construction business could begin to rebound too. This means more jobs to help our economy grow. More jobs leads to more consumer spending and Real Estate definitely takes a lead in the recovering economy!!

1. Get preapproved by a lender, in writing, before you start. Lenders are under pressure and very stingy with approvals.
2. You may have to compete with multiple offers for the really great buys. Be aggressive with you offer.
3. Many foreclosed properties need repairs. If serious, FHA loans may not qualify. Also do you have backup abilities or funds to repair?
4. Prices are still dropping. Appraiser may come in lower than sale price. Back to the negotiating table.
5. Check property taxes and condo feed, if applicable. May run more than mortgage payment.
6. "Short Sales" are a different ball game from bank owned foreclosed properties. The seller still holds title. Expect a minimum of 90 days for approval, "if approved".

Foreclosures are definitely worth buying. You just need to be prepared for the sequence of events that lead to a successful purchase. Make sure you work with a Realtor with foreclosure experience. You will avoid that "trail of tears"!  If you have more questions, please contact us at piketteamrealtors@hotmail.com.