Wednesday, November 28, 2012

Glen Ellyn Housing Market: November 2012 Update

Market Statistics for Glen Ellyn - Updated November 2012
The inventory of homes for sale in Glen Ellyn has been contracting over the past year homes listed for sale have decreased by 11.1% (homes listed for sale in October 2011 compared to October 2012 have dropped a staggering 29.5%). Over the same time frame homes under contract are up by 77.6% and homes that have sold have increased by 117.2%. 

The median price of homes in Glen Ellyn have also been experiencing some noticeable changes from 2011 to 2012. Homes that are closing now are selling at a staggering 19.1% increase from year over while homes that are just being listed for sale now are up 14.5% higher than they were from last year.

This trend continuation of the shrinking number of homes on the market along with other indications of prices having hit bottom and even consistent price increases over the past few months signify a turn around in the housing market, specifically in Glen Ellyn. Take advantage of these rock bottom prices while they are still around and visit WheatonHomes4Sale.com to start searching for available properties right now!

As a local Realtor I take pride in staying informed on local markets, please do not hesitate to contact me with any real estate questions or concerns. Looking to buy, sell or invest in real estate? I would love to help, please contact me and let me know how I can be of service!


Information and service provided by Katie Oakes at Keller Williams Premiere Properties.

Tuesday, November 27, 2012

Winfield Housing Market: November 2012 Update

The influx of homes hitting the market for sale has slowed tremendously and this month only shows about a 1% increase year over of home being listed for sale in Winfield compared to 12 months ago. Over the same time frame homes under contract (homes that have waiting to close) are up by 35.5% and homes that have sold (or closed) have increased by a dramatic 67.7%. From looking at the numbers it is clear that the rate of homes being put on the market is slowing dramatically while the increase of homes under contract as well as the number of sold are increasing at a much higher rate. This is an indication that a turn around may be starting in Winfield, following suit to other local areas like Wheaton and Glen Ellyn.

The median price of homes in Winfield have also been experiencing some noticeable changes from 12 months prior. Homes that are selling now are selling at a staggering 33% increase from a year ago while homes that are just being listed for sale now are also up about 12% higher than they were from last year.

Take advantage of these rock bottom prices while they are still around and visit WheatonHomes4Sale.com to start searching for available properties right now!

As a local Realtor I take pride in staying informed on local markets, please do not hesitate to contact me with any real estate questions or concerns. Looking to buy, sell or invest in real estate? I would love to help, please contact me and let me know how I can be of service!


Service and information provided by Katie Oakes with Keller Williams Premiere Properties.

Wednesday, November 21, 2012

Wheaton Housing Market: November 2012 Update

The inventory of homes for sale in Wheaton has been contracting over the past year homes listed for sale have decreased by 11.2% (homes listed for sale in October 2011 compared to October of 2012 have dropped a staggering 22.3%). Over the same time frame homes under contract are up by 106.9% and homes that have sold have increased by 101.7%. 

The median price of homes in Wheaton have also been experiencing some noticeable changes from October 2011 to October 2012. Homes that are selling now are selling at a staggering 11.7% increase from a year ago while homes that are just being listed for sale now are up 14.2% higher than they were from last October.

This trend continuation of the shrinking number of homes on the market along with other indications of prices having hit bottom and even consistent price increases over the past few months signify a turn around in the housing market, specifically in Wheaton. Take advantage of these rock bottom prices while they are still around and visit WheatonHomes4Sale.com to start searching for available properties right now!

As a local Realtor I take pride in staying informed on local markets, please do not hesitate to contact me with any real estate questions or concerns. Looking to buy, sell or invest in real estate? I would love to help, please contact me and let me know how I can be of service!


Information and service provided by Katie Oakes at Keller Williams Premiere Properties.

Tuesday, November 20, 2012

Help Sell My Home Fast: Should I Sell My House and Carry the Contract?

In slow markets, when homes just don't seem to move as quickly as we'd like them to, offering seller financing may be the key to getting a home sold. With the sluggish real estate market of the last few years, seller financing has been dramatically increasing in popularity, but is it a smart move for you?

If you just can't bear to let your home go for a fraction of what you paid for it, or you really need to sell quickly, then it may be a great option for you. Offering to carry the contract makes it easier for interested buyers who simply can't get a home loan in today's tough lending environment. Owner financing could help you avoid the nasty consequences of a foreclosure or allow you to trade up and take advantage of a great deal on a better home while prices are low, without juggling two mortgage payments.
Offering any form of seller financing can instantly make your home more attractive and stand out in the sea of properties on the market. It can also allow you to set a far higher price than you could get if you sold it to a cash buyer today. Just make sure you are aware of all your options and how badly it could turn out if things go wrong.
First make sure you find out how much your home is worth by entering all your home's information here - Home For Sale - Price Evaluation

How Dangerous is It?

People have been selling their homes like this for decades, and real estate investors have used the process to make millions, so what it there to worry about?
There are three main threats to those who are considering offering some type of creative financing to prospective buyers.
Your Home Just got Demolished.
Until your contract or seller-held mortgage is paid off, any damage to the property could devalue it further, leaving you with a pile of rubble you can never sell. The last thing you want is someone smashing up the place or a hoarder getting your home condemned!
You Just Gave Away Your Home.
Depending on how you put your documents together, and your state laws, you could be giving up "equitable rights" to your property or creating a shared ownership arrangement. If your buyer defaults, this is going to make it even more of a mess to evict him or her. Get ready to take a number and step to the back of the line behind the banks waiting two years to foreclose on their deadbeats.
No, Those Aren't Pandora Bracelets the Nice Man in Uniform is Bringing You.
No, the sheriff didn't just get a part-time job as a jewelry delivery guy. If you are underwater on your mortgage, and you can't keep up on payments, selling and carrying the contract may be difficult. Obviously, you can't sell the home for less than you owe without your lender's approval, and if the incoming rent or mortgage payments aren't enough to cover your home loan, you could find yourself in big trouble. If your new resident gets a foreclosure notice, you can bet they will be contacting an attorney, the local news, and demanding a warrant put out for your arrest for defrauding them out of their money.
If this is you, get a loan modification or ask your lender about a short sale.

How do I Sell My House and Carry the Contract Safely?

Be extremely wary of signing any document that shady guy with the beat up truck and "We Buy Houses for Cash" magnet sign tries to shove in front of you.
There are a number of ways to offer seller financing, including:
Land contracts
Trust deeds
Seller held private first or second mortgages
Lease options
Rent-to-own
Each has its own pros and cons. What is right for you really depends on your local laws and current situation. All of these choices essentially allow you to demand a higher price tag than the current market would allow and can provide you income as well as a big cash payday later. However, seriously consider consulting an attorney for help drafting the agreement before signing away the deed to your home.
Tip: You may have an assumable mortgage, which a new buyer can simply take over, relieving you from the debt and accelerating the transaction while making your home far more attractive. VA loans closed before March 1, 1988 are typically assumable (lender approval is required for loans closed after that date), so check your loan paperwork carefully.

Know Someone Who Badly Needs to Sell His Home?

Finally, whether or not this is a good move for you, if you have any friends or family members wondering if they should sell their house and carry the contract, suggest that they take the time to vet any potential buyers carefully before entering into a contract, and of course seek the advice of an attorney.
Find out how much your home is worth by visiting "Wheaton Homes For Sale"

Service and information provided by Katie Oakes with Keller Williams Premiere Properties; your Wheaton, Glen Ellyn, and Winfield real estate expert.

Thursday, November 15, 2012

How Your Credit Score Affects Your Mortgage Rate

Credit checks are a necessary part of applying for any loan, but they are especially important during two stages of the loan process: on the day you apply for a mortgage and shortly before closing on the loan. The first credit check is to ensure that you pay your bills on time and have sufficient income to purchase the property. The last credit check before closing is the lender's last assurance that you are, indeed, creditworthy.

Knowing what lenders look for on your credit report and in your FICO® score is important information and can help you prepare to get the best mortgage possible.

Mortgage Lenders

Mortgage lenders take your credit score very seriously. Even though studies show that applicants with high FICO® (Fair Isaac Corporation) scores are more likely to strategically default on a mortgage loan (walk away from it), applicants with low scores are still considered a greater risk by lenders.
Generally, the better your score, the more options you have. You'll be able to buy with a lower down payment, access a wider variety of loan types, and pay fewer points for a lower mortgage interest rate.

Good Score? Lower Mortgage Interest Rate

How much lower will your interest rates be if you have a good credit score? This will vary from individual to individual.
Keep in mind that the FICO® scoring range runs from 300 to 850. Let's say you're applying for a 30-year mortgage and your FICO® score is 760, which is a very good score. Your interest rate may be among the lowest on the market.
Now, let's assume your FICO® score is quite a bit lower: only 620. Suddenly your interest rate is dramatically higher. If your score falls between 500 and 520, you will have much higher interest rates and you'll find fewer lenders willing to work with you.
Borrowers with scores between 300 and 500 are generally not considered creditworthy. If you're interested in learning more about how your score impacts the interest rate on your new mortgage loan, see the chart at MyFico.com.

My Score was Fine. Why Wasn't I Approved?

Even with a sterling FICO® score, you may still be turned down for a mortgage loan. If you are unemployed or have been within the past two years, you may not be approved for a loan. If you don't make enough money to cover the monthly payments, you may be denied a loan. There are any number of reasons a lender may not want to work with you, even with a high FICO® score.

Credit Checks and Life

Your financial history will not only affect your chances of buying a house, but may impact your ability to receive financing for a car, a vacation or for home renovations.
Insurance rates may also be affected by your rating, as poor ratings usually mean higher premiums. Many colleges will consider your financial history before they approve student assistance programs. Even employment may be affected, as many employers require a credit check as a character reference before offering a position.

Service and information provided by Katie Oakes with Keller Williams Premiere Properties. Visit WheatonHomes4Sale.com to start your home search today or just begin looking at homes that are currently for sale in your area!

Tuesday, November 6, 2012

Safety for Children: A Homebuyer's Guide to Kids' Rooms and Play Areas

Children alter how families look at homes during the home buying process. A family with children has to consider extra bedrooms, extra bathrooms, and safe places for children to learn and play. Indoor and outdoor recreation should be fun and comfortable, while safety should always remain the highest priority.


Kids' Rooms

Kids' rooms should be large enough for children to grow in. A tiny room may work for a 6-year-old, but could be terribly cramped for a teenager. Kid's rooms should include the following:
  • Room to grow
  • Accessibility
  • Storage space
  • A safe exit for emergencies
Families generally want kids' rooms on the same level of the house as the master bedroom. While a teenager might accept, or even want, a basement bedroom, small children's rooms should be close enough for you to access them quickly at night.
Consider the amenities you want in kids' rooms. Bookcases, closet organizers, and other storage space can be a real asset. Some solutions can be added after the home is purchased, but a house with built-in storage can be a plus.
Safety is also a consideration: In case of fire or similar emergency, you'll want to make sure that your children will be able to safely escape their bedrooms. Children's Hospital Boston reports that "over half of children ages five and under who die from home fires are asleep at the time of the fire," but also that "children in homes without working smoke alarms are at greater risk of fire-related death and injury in the event of a fire." This means that you should consider several fire escape routes when looking at the bedroom configuration in your prospective home, but you should also carefully assess the number, location, and condition of smoke detectors in your home no matter where the children will sleep.

Family Rooms and Dens

A home with a family room and a separate, more formal living room will let you relax while the kids are watching shows or host guests while your kids enjoy a minefield of Legos® on the floor in the adjacent room. When the children grow older, the toys can be picked up and the family room can become a place for study, arts and crafts, or hanging out with friends. A den can become a home fitness center, a library, or a guest room when your children fly the coop.

Play Sets and Play Areas

Outdoor playsets and play areas can be real bonuses when families with children go house hunting, but always keep safety in mind. Playgrounds and play areas are only an advantage if they are safe areas for children. While your kids may be delighted by a ramshackle tree house, your first thought should be whether or not it's safe.
Generally speaking, store-bought playsets are safer than DIY play areas slapped together by an inexperienced handyman. Having said that, some amateur-built jungle gyms are well thought-out, inventive, beautifully-constructed, and safe enough for children to use. The U.S. Consumer Product Safety Commission (CPSC) publishes a broad variety of safety information on playground construction, materials, and components.
When building or buying a play structure, think about its placement in relation to your home and the street. Constant supervision is important whenever children play, so make sure the space is visible from where you plan to spend time. The National Program for Playground Safety also recommends watching out for age-inappropriate equipment, hard surfaces, poorly-maintained equipment, and protuberances where children can become trapped.

Swimming Pools

At first glance, a swimming pool seems like a great idea for families with children - it sounds great to have pool parties or just cool off on a hot day. Take a step back, however, and consider swimming pool safety.
According to the U.S. Consumer Product Safety Commission, approximately 350 children under the age of five drown every year in swimming pools - more than three times as many as drown in all other areas of the home (like bathtubs, hot tubs, landscape ponds, and other water containers). A swimming pool safety cover is essential for a backyard pool, but it isn't enough. Many other precautions are recommended to make swimming pools safe places for children:
  • Constant parental supervision
  • Door alarms
  • Safety fences
  • Underwater motion detectors
Even all of these safety precautions don't completely guarantee your child's safety around swimming pools. Many parents decide the allure of a swimming pool isn't worth the safety issues. Those parents who do purchase a home with a swimming pool must commit to enclosing the pool securely and remaining vigilant as long as they have children in the home.

Safety, Comfort and Growing Room

Family homes should be safe and comfortable. While children do need practical and fun spaces to relax, play, and grow, parents should also consider safety when looking for the place that their children will call home. If you're shopping for a home for your young children, think ahead to what they'll need when they're in high school. If your family might grow, think about whether you need extra space now or whether you can plan for a future addition. Consider whether the pool, playground, or tree house you're looking at is more likely to enrich your children's lives or endanger them. When you look at potential homes with your kids in mind, you can choose a home that offers the promise of a safe and enjoyable childhood.

Visit WheatonHomes4Sale.com to view homes for sale in Wheaton and the greater Chicagoland area.

Information provided by Katie Oakes with Keller Williams Premiere Properties.