Leave a comment »

As I often do, I spent some time analyzing some data on Plainfield in the MLS today from the last 3 months.  I actually looked at all of the pending and contingent sales for all of Plainfield and what I discovered, while not surprising, confirmed what Ive been preaching for months now.

There are two factors that seem to affect market time in dramatic ways:

1. Price. Price. Price!
2. The condition of the home.

This is what has been happening in real estate in Plainfield over the last 3 months:

Its kind of depressing to be in real estate in such a… well, depressing market.  Well Im tired of being discouraged  and melancholy about this whole situation.  When I was combing through the MLS today, it really all started to make sense.  Over-priced listings wont sell and the only way to get an offer on a home is to “drive it to market value” over a period of 60 days.

I used to say “no thank-you” to over-priced listings, but if Im willing to try it your way… but you have to be willing to try mine.  If you have not had any activity (showings, inquiries, offers) after 2 weeks, its time for a 3% price reduction.  After 2 more weeks if nothing happens its time to re-assess the situation again with another 3% reduction.  “Driving it to market value” is a sure fire way to find out what your house is really worth.  When you finally have interest in the property you know its priced correctly.  I have no interest in hanging a sign up in your yard in this market.  I will however, pour my heart into selling your house… if you are willing to do what it takes to get it to sell.

The market time in Plainfield is about 4 months right now for all closed 3-4 bedroom single family homes in Plainfield.  Thats really great news.  (Surprising huh?  Lol.)  Those homes also closed at 94-95% of their asking price.  That is fantastic news!

Here is the reality of situation right now though; nearly 50% of all the homes in Plainfield that were listed on the MLS over the last 3 months had their listing expire before their home sold.  The other cold hard fact about those homes was that for the Plainfield 3-4 bedroom single family homes, the asking price of the homes that did not sell were approximately $50,000 more than the average list price of similar homes, and approximately $60,000 above the average closed sale price.  Im not surprised at all that they did not sell, especially since todays savvy buyers are out there looking for a deal.

People will always need a place to live.  If you want them to choose your house, you better make it the sweetest deal in the market!

Julie Ferenzi | Realtor
Plainfield Real Estate
630-673-6233

 Leave a comment »

HUD TO ALLOW DOWN PAYMENT ASSISTANCE PROGRAM TO CONTINUE

• Allow down payment assistance for a mortgage where the mortgagor has a credit score equivalent to a           FICO score of 680 or greater.

• Allows down payment assistance where the mortgagor has a credit score equivalent to a FICO score of 620 to 679 and the mortgage insurance premium charged would be based upon the score and risk involved.

For credit repair go to: www.htdimortgage.net/zagreb

 Leave a comment »

Buyers know they have the upper hand in negotiating in this real estate market, and they are using that power to get the best deal on a new home in Illinois. But what can you do as a seller to get the best price for your home in shortest amount of time?

There are a couple of things to understand about the market that can help you equalize the playing field with qualified buyers when it comes to negotiating a sales contract:

• Price your home between the highest and lowest priced comparable home on the MLS. You never want to be the highest priced home on the market.

• Keep close tabs on what the competition is doing. New listings, price adjustments, and price reductions will affect your position on the MLS so it’s really important to know where you rank among the competition.

• Instead of lowering your asking price to create new interest in your property, considering offering the buyer a 2-night stay at the Wisconsin Dells or at a hotel in downtown Chicago. Even offering an Illinois home warranty can be enticing for many nervous first time homebuyers.

• If parts of your home need cosmetic updating consider offering an allowance for things such as carpet, paint or new appliances. Allowances are great ways to leverage the contract negotiation back in the sellers favor, at no up front cost to you for repairs.

• Don’t leave any unfinished projects for your buyer to have to finish. Buyers detract $$$ every time they lay eyes on one of your ambitious unfinished weekend projects. It doesn’t only cost you money on the final sale price it costs you precious market time.

I can help you get the most for your Illinois property, but I can’t do it alone.  I’ll need your help to get the SOLD sign in your yard!  By working closely with sellers and keeping a close on the competition you can get the best price for your home in the shortest amount of time… even in a down market.

If you are thinking about buying or selling a home in Will or DuPage County, let’s talk!  Call me at 630-673-6233.  I always answer my phone!

 Leave a comment »

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!