Buying a Home in Wheaton or Glen Ellyn

Check out this graph below which accurately depicts the trend of 30 year fixed-rate mortgages in the US over the past thirty years. In 1981 the average home buyer locking in a mortgage received an average interest rate of 16.63%. Over the past 2 weeks, we have seen rates go down as low as 3.75%.  The average interest rate over the 30 year time span was right at 8.74%. If you are on the fence about purchasing, this chart should convince you that buying a home has really never been more affordable.
 
To browse available homes in your area visit WheatonHomes4Sale.com and begin your property search today. Want to learn how to get started in taking advantage of these rock bottom interest rates? Email Katie Oakes at KatieOakes@KW.com .

Wheaton Housing Market Trends: November 2011

For more accurate and detailed information on the housing market and trends in your area visit Wheaton Homes For Sale and then click on Market Insider and just input the desired areas zip code!

The median listing price for a home and/or condo in Wheaton (60187 and 60189) is just over $413,000 with homes actually selling around $375,000. As these homes are listed for sale it is taking about 106 days on the market in order to sell these homes.  There are currently 434 active listings in the Wheaton area with a little over 13% of those listings being distressed properties (foreclosures and short sales).

Price Trends Sold vs Listed in Wheaton 2011

Want further guidance on how to get your home sold in this market? Contact Katie Oakes at KatieOakes@KW.com or visit Wheaton Homes For Sale for further information on selling your home.

Interested in buying in Wheaton or the surrounding areas? Visit Wheaton Homes For Sale and start your free property search with access to 1,000's of homes listed for sale!

Current Home Affordability

30 years ago, the median mortgage payment was more than double what it is today.

Owning a home is more affordable than you probably think.

Affordability measures ability to buy - that is, the amount of a median family's income consumed by the median mortgage. In 1981, it took 36% of the median family's income to pay the mortgage on the median priced home. Today it takes 15% -- a historic low!

Visit WheatonHomes4Sale.com to view affordable homes in your area.


Email KatieOakes@KW.com for specific help and assitance on how you can take advantage of today's housing market.

Wheaton Housing Market Update: October 2011 (60187)

For more accurate and detailed information on the housing market and trends in your area visit Wheaton Homes For Sale and then click on Market Insider and just input the desired areas zip code.



The median listing price for a home and/or condo in Wheaton is right at $396,840. The list prices of homes have steadily decreased since the 6 month high in July with an average list price of $406,630. Without accurate data on the sold homes, as that information is still being processed, it is unknown as to whether home prices are dropping along with the list prices. 

After being listed for sale, it is taking about 114 days on the market in order to sell these homes, with a 30 days closing time period included.  There are currently 269 active listings in the Wheaton area (60187) with about 19% of those listings being distressed properties (foreclosures and short sales).

Visit WheatonHomes4Sale.com to browse homes currently for sale in Wheaton for free and to view commuity and market information for this areas and others.

Wheaton Home Inventory Trends

Market Inventory Trends for Wheaton (60187)

 Sold: Properties sold that month

 New: Properties that are new on the market

 Distressed: Properties that are short sales, bank owned, or up for auction.

 Standard: Non-distressed listings that are not brand new to the market.

By looking at the number of sold properties in comparison to the number of standard properties you can review the inventory and health of our local market. If the inventory is growing than the number of  new properties will be greater than the number of sold properties. Although all of the sold properties through September have not been tallied yet, you can see that the normal trend of sold properties per month is around 15-20 while the trend of new listings per month is closer to 40-50 per month. This trend is and has been occuring, creating a surplus of houses for sale in the Wheaton housing market (60187). This is also what REALTOR's

 

For more information on your local market visit WheatonHomes4Sale.com and click on Market Insider or just follow this link Market Insider Analysis and enter the zip code you wish to research.

 

For more questions and about your local housing market please email Katie Oakes at KatieOakes@KW.com.

New Luxury Home Listing in Elmhurst

474 South in Elmhurst

Just Listed For Sale



Click Here for Property Details for 474 South in Elmhurst



Resort living in the suburbs! Custom home is ideal for entertaining. Chef's dream kitchen has everything and more. Stellar craftmanship. First floor master makes this home an ideal floor plan. Over 5,000 sq. ft. main living + additional 1,000 in basement. Backs to park & prairie path. Nothing compares! 

Visit WheatonHomes4Sale.com to view this and other homes for sale in Elmhurst and the surrounding areas.

Remodeling Your Home? These 10 Items Should be Included in Your Remodel Contract

10 Things Every Remodeling Contract Should Include

1. The contractor’s name, address, phone number, and license number.
2. Details on what the contractor will and will not do.
3. A list of materials for the project in your contract. This includes information about the size, color, model, brand name, and product.
4. The approximate start date and completion date.
5. All required plans. Study them carefully for accuracy. Insist that you approve them and that they are identified in your written contract before any work begins.
6. Written notice of your right to, without penalty, cancel a contract within three business days of signing it.
7. Financial terms, spelled out in a way that you understand. This includes the total price, payment schedule, and any cancellation penalty.
8. A binding arbitration clause, which you’ll need in the event a disagreement occurs. Arbitration may enable you to resolve disputes without costly litigation.
9. Everything you’ve requested. Consider the scope of the project and make sure all items you’ve requested are included. If you do not see a specific item in the contract, consider it not included. Never sign an incomplete contract.
10. A warranty covering materials and workmanship for a minimum of one year. The warranty must be identified as either "full" or "limited." The name and address of the party who will honor the warranty (contractor, distributor, or manufacturer) must be identified. Make sure the time period for the warranty is specified.

Find out home much your home is worth! Visit WheatonHomes4Sale.com for a free estimate.

Article taken from RealtorMag.REATOR.com
April 09
Kelly Quigley