Leave a comment »

Owning a home will always have financial benefits that far outweigh the cost of renting a home or apartment in the Chicagland area. If you are in a favorable financial position to purchase a home, and have good credit and a down payment, here are some examples of the financial benefits to owning real estate in Chicago and the suburbs:

1. Federal Tax deductions baby! It’s a big one, especially in the early years of your mortgage before the payment becomes amortized. The interest on your mortgage is tax deductible, and it can add up to some hefty savings when it comes to filing your W-2’s. Isn’t money always more fun when it’s in your pocket!
2. Real Estate has traditionally been known as owning an appreciating asset. A well kept home in a stable market can double or even triple in value at the end of a 30 fixed rate mortgage. I know, I know… homes aren’t really appreciating right now. (that’s a whole other story) The fact is, right now is a great time to buy because as the prices begin to plateau at the bottom of the decline, they should begin to appreciate at the average rate of 3-5% per year rather quickly. Purchasing a home in the Chicagoland area in the next 18 months, before the aniticipated end of the decline in home values, will place a homeowner in a position to begin building equity. Buying low and selling high are the key to maximizing real estate appreciation in the Chicago suburbs.
3. Being able to turn your equity into a liquid asset. Home equity lines of credit (HELOC’s) or home equity loans (second mortgages) have their benefits if you know how to make them work for you. Instead of applying for a traditional bank loan or maxing out a high interest credit card for big purchases or emergency situations when you have the ability to pay them back is a great example of a good use of a home equity loan. Using them to go shopping or to buy a new car… not so much.

And now for the fun side of owning your own home in Chicago and the suburbs:

1. You can paint, wallpaper, carpet and tile any room your house without permission.
   
2. You can grow a garden, or plant a tree anywhere in your yard.
3. You can wash your car in the driveway.
4. You get to have backyard barbeque’s in your own backyard.
5. You can surprise your son or daughter with new puppy for Christmas without getting permission from the Grinch.
6. You don’t have to call the landlord when the above mentioned puppy chews off a corner of the drywall in the living room!
7. You can hang pictures on any wall in the house without fear of losing your security deposit.

I know I got a little silly with the last part, but owning a home IS fun, and it comes with a sense of pride and accomplishment. For anyone that’s carefully taken the steps necessary to become a homeowner, it’s a decision most people make without looking back!

Do you want to know more about real estate in Chicago and the suburbs? Subscribe to my site! New content will be delivered directly to your Inbox!

 Leave a comment »

Buying a house under market value in Plainfield and Naperville is easy if you know what to do, and what to look for. 

There are a lot of opportunities to purchase a Plainfield or Naperville under market value if you work with an agent who understands these situations.  The biggest thing to keep in mind when entering the market of under valued homes is knowing when to make a move, and being ready to do it. 

Here are just a few of the reasons why you might be able to find an home under market value in Plainfield, Naperville or anywhere in Chicagoland.

• Pre-Foreclosures as short sales!  They are everywhere, in every neighborhood, all over the Chicagoland area.  Most of these homes are still in great condition because the owners still care about their home, and are looking for a way out of their situation by working with their lender to be able to sell the house for less than what they owe.  If the loan is federally insured as an FHA loan it’s almost a slam dunk that they will take a net offer of 82% of the homes currently appraised value.  If it’s a conventional loan, a successful short sale can save you anywhere between 60-70%.  Offers “subject to bank approval” are a the mercy of the lender, but they can be an amazing way to save some cash on your next Plainfield or Naperville home.

• Divorces make for liquidation sales.  Imagine the motivation of two sellers who’s main goal is to cut all ties from one another as quickly as possible…  There aren’t many sure fire ways to seek out these situations, but it’s a good thing to keep in mind when making an offer on your next house.  Make sure you’re working with Naperville or Plainfield Realtor who is willing to dig deep into the reason of why the sellers are selling.  Their answers will tell volumes about the motivation behind accepting an offer and how they will negotiate.

• Vacant houses on the MLS.  A vacant house is either a “holding cost” for an investor, or a non-performing asset to a bank.  Either way, they scream motivated seller!  As I mentioned before, working with an Illinois Realtor who is willing to ask questions and dig deep about the reason the house is on the market, will ALWAYS give you the upper hand in the negotiation process.

• Job transfers.  If the job transfer did not include the services of a RELO company, you are most likely dealing with sellers that are eager to reunite with a spouse that had to “go ahead” without them. Occasionally they are making two house payments, but at the very least, they are almost always paying for alternative living expenses.  (and if a mom who has suddenly finds herself as a single parent has anything to do with the negotiation process, you’ll be moving in faster than you can say “escrow")

• Bank owned or REO properties.  These are houses that the bank wasn’t able to sell at the auction.  In situations like this the bank has borrowed money to the former owner, and when the owner lost the home to foreclosure, the bank took back the house as a collateral per the terms of the mortgage note.  Most of the time these houses need varying degrees of repairs. Make sure you are ready to factor the cost of the repairs into the final fair market value of the home to make it worth your while.  If the house is selling for $25K under market value and it needs $35K in repairs, it wouldn’t make much sense to rush to the closing table on this one…

For more advice on how to get the best deals on real estate in Plainfied, Naperville, Romeoville and Joliet, subscribe to my site, just enter your e-mail address to the subscribe box to get all the latest news and information delivered directly to your inbox! 

 Leave a comment »

White Eagle of Naperville was established in 1989 and built around the 27 hole Arnold Palmer Signature Golf Course as a country club community.  White Eagle is located just off of Rt. 59 and 87th Street across from the Stillwater Shopping Plaza, and spans 754 acres. 

White Eagle’s amenities include an 8,000 sq ft. community clubhouse, a zero depth community pool, 8 lighted tennis courts, ponds, walking trails, park, and security.  The striking and beautifully landscaped entrance and common areas are well groomed and maintained as part of the quarterly association fee of $225, which also includes use of all of the above mentioned amenities. 

School aged residents of White Eagle attend the Indian Prarie district #204 schools which include White Eagle Elementary, Scullen Middle School, and Nequa Valley High School.

Homes in the White Eagle Subdivision range in price from $499,000 up to $1,350,000.

If you are looking for a Naperville real estate in and exclusive golf club community, White Eagle might just be the place for you!  To schedule a private showing of any of the homes currently available for sale in White Eagle, call me at 630-673-6233.

 Leave a comment »

If you are considering selling or purchasing a new home in White Eagle in Naperville, IL, you’re probably wondering what is happening to property values in this upscale, luxury Naperville golf club community.

There are currently 37 active single family luxury homes available for sale ranging in price from $499,900 up to $1,350,00 with an average list price of $755,915.  The average market time for these White Eagle luxury homes is about 117 days.

There are 9 active listings for attached single family homes available in White Eagle with an average list price of $326,478 and an average of 164 days on the market.

In the last 6 months 15 single family homes have closed with an average list price of $631,947 and an average sold sale price of $594,116.  Homes are closing at about 94% of the asking price which means that on average sellers accepted offers that were 94% of their asking price.  These homes sold in an average of about 161 days.  62% of the total White Eagle single family home sellers who were looking to sell their homes during this time were successful while 38% of the sellers let their listing contracts expire without selling.

There were 4 attached single family homes that sold in the same 6 months with an average list price of $325,675 and a closed sale price of $310,500.  These attached single family homes are closing at about 95% of their list asking price and closing in about 55 days.  67% of the total volume of homes available during this time sold, while 33% of the White Eagle attached single family home sellers let their listings expire.

If you want to know more about the value of your home, or the what the market is doing in White Eagle, give me a call at 630-673-6233.  I’d be happy to send you a complimentary market value report on any White Eagle home currently available for sale.

 Leave a comment »

Selling a home in Plainfield or Naperville?  Here’s are some of the things that Plainfield and Naperville sellers can expect when selling a home in this market.

Choosing the right Painfield or Naperville Realtor to represent you in the sale of your home is critical to getting an offer. Interview your agent and ask questions like: What will you do to market my home?  How many open houses will you do?  What kind of advertising will you do?  Do you attend your closings?  Do you follow up with other Realtors who have shown our home?  It’s your agents job to get the word out that your property is available and to market it aggressively in a positive light.

After choosing your Plainfield or Naperville Realtor, you need to decide on an asking price for your Plainfield or Naperville home.  Utilize your Realtors knowledge of the market, and access to closed comps to help make this decision.  Closed comps will be the first thing a buyer references when making an offer, so keep that in mind when deciding what price to market your home at. Pricing your house correctly is the KEY to getting an offer quickly!  Most homes in this market are closing at 96-97% of their asking price right now.

Showings on your Plainfield or Naperville home are opportunities for buyers to preview your home.  Don’t be too restrictive with requests from agents to bring buyers to your home, (because of a Realtors cooperative agreement with each other) they will probably be the one who actually sells your house to their buyer.  Before a showing make sure the house is tidy and clean and put away any valuables or personal items you might have laying out.

Read more »