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This meticulously kept town-home in Brookside Glen in Tinley Park features 2 bedrooms plus a large loft, PLUS... a 1st floor master suite with a walk in closet and luxury master bath!  There is also a huge unfinished basement, dual sliding patio doors, volume ceilings in the great room, and all of the appliances are included.  A new job forces the sale of this great property, so let his loss be your gain. 

Call the office today at 815-609-0100 to schedule your private showing of 8382 Dunmore Dr. in Tinley Park and you won't be disappointed!

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Anyone who planned on using the down payment assitance programs of AmeriDream, etc... had better move quick!

All FHA loans requiring the down payment assistance of a variety of programs better plan on closing prior to September 30th, 2008. 

As of October 1st, no down payment assitance programs will qualify for FHA financing.  All FHA financing down payment assistance will have to come in the form of a gift via an immediate family member. No matter when the contract was written, all offer must close before September 30th to qualify for the down payment assistance.  NO EXCEPTIONS!!!

I have been working with a buyer that will immediately be disqualified if we aren't able to write a qualifying offer by this Friday, August 29th...  disappointing to say the least.

If you require down payment assitance, don't delay... you will need to be under contract no later than Friday Sept. 29th to close on your property!

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The market has been a little off recently with the amount of foreclosures and pre-foreclosure short sales taking over the real estate market in Plainfield and Naperville, but not all properties in both Plainfield and Naperville are being sold a deep discounts.  Buyers always ask me how much they should offer if they want to have their offer accepted by the seller.  Sellers likewise ask how much they can expect to be offered for their Plainfield and Naperville properties.

On average over the last 6 months, sellers in Plainfield got about 96% of their asking price for both town homes and single family properties, with the exception of single family homes with 5 or more bedrooms, which got about 94% of their asking price. One reason that the sellers with 5+ bedroom houses may have gotten less than asking price is because it was over priced to begin with.  Bedrooms typically add between $7-10K to the value of a house, but not often more than that.  Another reason is that there is not as great of a market for homes with more than 4 bedrooms, lessening the interest that buyers would have in a home that may be more than what they need.

In Naperville, it's a similar story but the numbers are down just a bit. For all single family homes available in Naperville that closed in the first 6 months of 2008, the single family home sellers are are closing at about 95% of their asking price with the exception again being the 5+bedroom market.  Those homes are fetching about 94% on average.  Attached single family homes are fairing a little better with a sale to list price ratio of about 96%.  The exception is one 4 bedroom attached single family home that closed at 98% of the asking price, which strangely enough, is converse to the situation with 5+ single family homes in Naperville.

Plainfield Market Statistics for the last 6 months:

Naperville Market Statistics for the last 6 months:

A few things to remember about how much you should offer on a properties in Plainfield and Naperville are:

• Is the house you are interested in over-priced?  Any good Realtor would, and should, pull the neighborhood comps and do a market analysis on the property you are interested in BEFORE you make an offer.  Find the true market value before you start negotiating and then go from there.
  

• Owners of exceptionally well kept homes in Plainfield or Naperville that are already priced well may be less willing to negotiate.  They know they will sell their home to the next person if you make an offer that is too low.  Often these sellers are often willing to wait for a higher priced offer.
  

• Ask about their motivation.  Do they need to move? Are they just testing the market? Have they been transferred?  Experiencing a life change due to birth, death, marriage, divorce or illness? 
  

• Does the property need repairs or have deferred maintenance that needs to be addressed?  If so, how much do you think it will cost to repair?  Is the house priced accordingly?

• Does the property have some kind of functional obsolesce that will make it difficult for you to sell in the future?  Power-lines or freight train tracks cutting through the back yard?

• How much have similar properties sold for in the neighborhood?

• And finally....How much do you really want that house?!
  

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Under the new housing bill that gives first time home buyers a tax credit, first time home buyers will be eligible for a tax credit for up to 10% of the property up to a maximum of $7,500.  In order to qualify a buyer can not have owned a home in the last 3 years.

Here's how the new first time buyers tax credit works...

• Married couples who file separately will each get a credit of $3,750, and unmarried couples who file jointly can divide the $7,500 credit between them.

• This program is actually a loan that must be paid back over the next 15 years at 0% interest, in the second year of home ownership.  A 1st time home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

• The credit will only apply to homes bought after April 9,2008 and before July 1, 2009.

• High-income home buyers dont qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

While having to pay back the credit over time seems like it dilutes the benefit, many homeowners will  enjoy the benefits of a higher tax return. I'm sure the money can be put to good use for home improvements and some of the higher cost home purchases such as appliances and furniture.

Under the new FHA guidelines it just got a little tougher for 1st time buyers to purchase their first home with an FHA loan, but hopefully this new bill will help soften the blow.

Just to be clear, it's not a credit you have to take if you meet the criteria, but just know that it is available to you. 

It's still a great time to buy a house!  If you are in the market to buy or sell a home, or know someone who is, it would be my pleasure to help you with all of your home buying or selling needs in the Plainfield or Naperville area.  Call me at 630-673-6233.

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Tour 3 of the most desirable townhomes and floorplans in the town houses in Brookside Glen this Sunday, July 27th, from 1-4 pm!

Start your tour at 8382 Dunmore Dr., Tinley Park in Brookside Glen and pick up a list of homes available for viewing. 

To get to the townhomes at Brookside in Tinley Park take I-80 and exit at LaGrange Rd and head south to 191st Street.  Turn left at 191st Street and then right at 88th Street.  From 88th Street turn left at Bantry and then left on Dunmore.