Wisconsin and llinois Real Estate

2012-01-31T18:05:00.001-06:00

SmartMove Loan Program, mortgage & down pmt/closing cost assistance program from Illinois Housing Development Authority (IHDA)- http://ht.ly/8DkyT

2012-01-27T18:35:00.001-06:00

5 Things to Do Now to Get Your Home Sold in 2012 -
http://ht.ly/8DgMc

2012-01-05T19:50:00.001-06:00

2011 home sales
Freeport, IL - 221, avg sale price $84,898 & avg 186 days on market
Janesville, WI - 596, avg sale price $103,145 & avg 97 days on market (increase from 2010)
Monroe, WI - 134, avg sale price $110,279 & avg 84 days on market (increase from 2010)
Rockford, IL - 1336, avg sale price $82,031 & avg 120 days on market

compare to 2010
Freeport, IL - 255, avg $86,835 & avg 158 days on mkt
Janesville, WI - 585, avg $103,696 & avg 96 days on mkt
Monroe, WI - 133, avg $127,181 & avg 101 days on mkt
Rockford, IL - 1439, avg $94,231 & avg 113 days on mkt

http://ht.ly/8jRFB - more local real estate statistics

2012-01-03T17:45:00.001-06:00

Looking to buy a foreclosure this New Year, ck out all our foreclosure properties @ MonroeWIHomes.com or stop in at 1015 18th Ave, Monroe

2011-12-28T10:55:00.001-06:00

Existing inventory fell from a record 4.48M July 08 to 3.33M Oct 11, an 8 mth supply. A healthy mkt typically has 6mth supply of inventory

2011-12-20T11:15:00.001-06:00

Improvements in employment & prices are starting to reduce the flow of delinquent borrowers to foreclosure inventory - http://t.co/ajahNjkR

2011-12-19T19:25:00.001-06:00

2012 Forecast-no recession, job growth est 1.5-2M, existing sales go up 5%, and home prices will turn positive - NAR - http://t.co/VQ0bzvSZ

2011-12-07T18:50:00.001-06:00

20 homes sold in Nov Freeport IL-$12,000 to $220,000, avg 267 days on market & avg sale price of $86,190, compare to 2010http://ht.ly/7QHmY

2011-12-06T13:34:00.001-06:00

10 homes sold in Nov Monroe WI-$28,000 to $200,000, avg 57 days on market & avg sale price of $106,640, compare to 2010http://ht.ly/7QHmY

2011-11-30T11:05:00.001-06:00

Wisconsin's October home sales up 13.5% from a year ago - http://ht.ly/7GNAw

5 Things Home Buyers Do That Turn Sellers Off (and Kill Deals)

2011-04-05T16:59:00.000-05:00

On today’s market, every savvy seller wants to know what turns buyers off, so they can get their homes sold as quickly as possible, for as much as possible. But buyers, take note – there is a minefield of seller turn-offs you can trigger that hold the potential to keep you from getting the home you want at the best price and terms, or to unnecessarily complicate dealings with your home’s seller.

Lest you think all of today’s sellers are under the gun and will just put up with whatever behavior buyers dish out, be aware that there are still many multiple offer situations in which buyers have to compete with each other to get a home – buyers who trigger these turnoffs tend to lose in those scenarios. Also, avoiding these seller turnoffs can create a transactional environment of cooperation and avoid things turning adversarial. That, in turn, can empower you to score a better price, get extra items you want thrown into the deal, and even negotiate more flexibility around your escrow and move-in timelines – all perks that can make your life easier and your budget go further.

For sellers, these turnoffs pose the potential of irritating you out of an otherwise good deal – maybe even the only deal you have!

Here’s a few of the most common buyer-perpetuated seller turnoffs, with tips for sellers on how to keep an emotional (and economic) even keel, even if your home’s buyer makes some of these waves:

1. Trash-talking. Trash-talkers are the home buyers who think they’re going to negotiate the list price down by slamming the house, telling the sellers how little it is really worth, how the house across the street sold for nothing, why the school on the corner should make them desperate to give the place away, etc. This strategy never works; in fact, when you attack a seller and their home, you only cause them to be defensive, and think up all the reasons that (a) their home is not what you say it is, and (b) they shouldn’t sell their home to you!

Sometimes this happens with buyers who actually love a house and just walk around it fantasizing about all the ways they would customize it to their tastes while a seller is there. Sellers: avoid being at home while your home is being shown. Buyers: save your commentary for your agent; if you do encounter the seller in person keep your conversation respectful and avoid critiquing the house or the list price.

2. Being unqualified for mortgage financing. When a seller signs a buyer’s offer, most often the seller agrees to effectively pull the home off the market, forgoing other buyers who might be interested. As such, the only thing worse than getting no offers on your home is getting an offer, getting into contract, then having the whole thing fall apart when the buyer’s loan falls through – especially if that could have been predicted or avoided up front.

Sellers: Work with your agent to vet your home’s buyers’ qualifications, including their loan approval, down payment and earnest money deposit – before you sign a contract. It’s not overkill for your agent to call the buyers’ mortgage pro before you sign the contract and get a level of comfort for how robust their qualifications are. Buyers: Get pre-approved. Seriously. And make sure that you don’t buy a car, quit your job, deposit lottery winnings or do any other financial twitchery between the time you get loan approval and the time you close escrow on your home.

3. Making unjustified lowball offers. No one likes to feel like they are being taken advantage of. And sellers generally know the ballpark amount that their home is worth, as well as what they need to sell it for to get their mortgage paid off. Yes – the price you pay for a home should be driven by its fair market value, rather than the seller’s financial needs, and deals are more available in a market like the current one, in which supply so vastly outpaces demand. But just throwing uber-lowball offers out at sellers hoping one will hit the spot is not generally a successful strategy, especially if you really, really want a given property.

Sellers: Don’t get overly emotional about receiving a lowball offer; counter at the price you and your agent decide makes sense based on the total circumstances, including your motivation level, recent comps and the interest/activity level your listing is receiving. Buyers: Work through the similar, nearby homes that have recently sold (a/k/a comparables) before you make an offer to factor the home’s fair market value into your offer price – also factor in how much you want the place, too. Don’t be amazed if you make an offer far below asking, and don’t get a response.

4. Renegotiating mid-stream. Sellers plan their finances, moves and - to some extent – their lives around the purchase price a buyer agrees to pay for their home. If you get into contract to buy a home, find out during inspections that costly repairs need to be made, then propose a lower sale price, repair credit or even actual repairs to the seller, that’s sensible and fair. But if you were aware that the property needed a lot of work before you made an offer on it, then you come back asking for beaucoup bucks’ worth of credit or price reductions midstream, expect the seller to cry foul. And holding the seller up two weeks into the transaction because you caught a case of buyer's remorse? Not cool, and not likely to foster the spirit of cooperation you may need to get your deal closed.

Sellers: avoid mid-stream price renegotiations by having a full set of inspection reports and repair bids at hand when you list your home. Buyers: try to avoid renegotiating the entire deal unless you get some major surprises at your inspections or inflating small repairs to try to justify a major price cut.

5. Misleading or setting the seller up. Remember when we talked about buyer turn-offs? Being misled by listing photos or very fluffy property descriptions was high on the list. The same goes for sellers.Offering way over asking with the plan to hammer the seller for a reduction when the house doesn’t appraise at the purchase price? #LAME Making an as-is offer planning the whole time to come back and ask for every penny ante repair called out by the inspectors? Lame squared.

Sellers: If you get multiple offers and are tempted to take a sky-high one or one that claims to be all cash, consider requesting proof that the buyer has sufficient funds to make up the difference between what you think the home will appraise for and the actual sale price, and statements showing the cash truly exists. Buyers: Don’t be lame. I’m not saying you have to tell the seller exactly what your top dollar is, but making offers with terms designed to intentionally mislead is really, really bad form – and can result in losing the home entirely if and when your bluff gets called.

5 Mortgage and Foreclosure Myths

2011-04-05T16:30:00.000-05:00

In a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction. For buyers, misinformation can be the difference between qualifying for a home loan or not. Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.

1. Myth: Buyers with bad credit can’t qualify for home loans. Obviously, mortgage guidelines have tightened up, big time, since the housing bubble burst, and they seem likely to tighten even further over the long-term. But just this moment, they have relaxed a bit. In the last couple of weeks, two of the nation’s largest lenders of FHA loans announced that they’ve dropped the minimum FICO score guideline from 620 (which allows for some credit imperfections) to 580, which is actually a fairly low score.

At a FICO score of 620, buyers can qualify for FHA loans at many lenders with only 3.5 percent down. With a score of 580, the lenders are looking for more like 5 to 10 percent down – they want to see you put more of your own skin in the game, and the higher down payment lowers the risk that you’ll default. However, if your credit has taken a recessionary hit, like that of so many Americans, this might create a glimmer of hope that you’ll be able to take advantage of low prices and interest rates without needing years of credit repair.

2. Myth: The Mortgage Interest Deduction isn’t long for this world. Homeowners saved over $85 billion in 2008 by deducting their mortgage interest on their income tax returns. A few months ago, the National Commission on Fiscal Responsibility and Reform caused a massive wave of fear to ripple throughout the world of real estate consumers and professionals when they recommended Mortgage Interest Deduction (MID) reform, which would dramatically reduce the size of the deduction.

Fact is, the Commission made a sweeping set of deficit-busting recommendations to Congress, a few of which are likely to be adopted. Fortunately for buyers and sellers, MID reform is not one of them. Very powerful industry groups and economists have been working with Congress to plead the case that MID reform any time in the near future would only handicap the housing recovery. Congress-folk aren’t interested in stopping the stabilization of the real estate market. As such, the MID is nearly universally thought of as safe – even by those who disagree that it should be.

3. Myth: It’s just a matter of time before loan guidelines loosen up. The US Treasury Department recently recommended the elimination of mortgage industry giants Fannie Mae and Freddie Mac. I won’t get into the eye-glazing details of it here, but the long and the short is that (a) this is highly likely to happen, and (b) it will make mortgage loans much harder and costlier to get, for both buyers and homeowners. It’s possible that loans are as easy to get as they’re going to get. So don’t expect that if you hold out, zero-down mortgages will come back into vogue anytime soon. Fortunately, Fannie and Freddie aren't likely to disappear for another 5-7 years, so you have a little time to pull your down payment and credit together. If you want to get into the market, the time to get yourself ready is now!

4. Myth: If you don’t have equity, you can’t refi. Much ado is being made about how stuck so many people are in their bad loans, because they don’t have the equity to refinance their way out of them. If you’re severely upside down (meaning you own much, much more than your home is worth), stuck may be the situation. But there are actually a couple of ways homeowners can refi their underwater home loans. If your loan is held by Fannie or Freddie (which you can find out, here), they will actually refinance it up to 125% of its current value, assuming you otherwise qualify for the loan. That means, if your home is worth $100,000, you could refinance a loan up to $125,000, despite the fact that your home can’t secure the full amount of the loan.

If your loan is not owned by Fannie or Freddie, you might be a candidate for the FHA “Short Refi” program. While most mortgage workout plans are only available to people who are behind on their loans, the Short Refi program is only available to homeowners who are current on their mortgages and need to refinance up to 115 percent of their homes’ value. So, if you owe $250,000 on your home, you can refinance via an FHA Short Refi even if your home’s value is as low as $217,000. If you think you’re a good candidate for a short refi, contact your mortgage broker, stat – there are some in Congress who think that this program is so underutilized (only 245 applications have been submitted since it rolled out in September – no typo!) that its funding should be diverted to other needy programs.

5. Myth: If you’ve lost your job and can’t make your mortgage payment, you might as well mail your keys in. Until recently, this was essentially true – virtually every loan modification and refinancing opportunity required that your economic hardship be over before you could qualify. And documenting income has always been high on the requirements checklist. But there are some new funds available in the states with the hardest hit housing and job markets, which have been designated specifically for out-of-work homeowners.

The US Treasury Department’s Hardest Hit Fund allocated $7.6 billion to the states listed below – all of which are now using some portion of these funds to offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure. Contact the state agency listed below if you need this sort of help Illinois - http://www.ihda.org/

Why Owning a Home Rocks

2011-04-04T12:37:00.000-05:00

Homeownership has been part of the American Dream for centuries, and it's no wonder why. It rocks.

First, owning a home is an investment. No, it's not a sure-fire way to get rich-quick. It is a long-term investment. Over the course of many years, even through times of economic upheaval, you can build wealth over time.

An average appreciation rate during normal times is around 6.5 percent a year. That means if you buy a home for $100,000, in just ten years you will have a home that could feasibly sell for around $174,000.

During that time you build equity, as well. Equity is the value of your property minus what you owe. So even if you still owe $60,000 on your home after 10 years, you will now have $114,000 in equity. Many homeowners use this equity to take out loans to use for home improvement projects, such as adding on new additions.

Owning a home also comes with less tangible benefits. Studies have shown that it creates a sense of community, motivating community involvement. And family stability is manifested through higher graduation rates and lower crime rates.

When you own a home, you take control of the creation of your surroundings. You can paint, make updates, and style the home to your liking -- all things not possible with most rentals.

You have even further stability when you have a fixed-rate mortgage. A fixed-rate means your rate will never increase. This means you will know the cost of your mortgage for the life of the loan. There won't be any surprises, which is what caught many homeowners off guard during the sub-prime mess. And there aren't any worries about the cost of rent going up each year. You can budget for life!

Don't forget about those great tax breaks, such as deducting your mortgage interest, and tax credits, such as money back for making energy efficient upgrades!

And of course, just think of all the fun times you can have with your family and friends. Memories will be made that will last a lifetime!

March 29, 2011 -- Realty Times Feature Article by Carla Hill

Surprising Insider Secrets for the 5 Stages of Buying Your First Home

2011-03-02T20:27:00.001-06:00

Buying a home is not a discrete event; it's a process - a sequence of events that happens over time, sometimes over as long as several months or even years! While general guides to buying a home are a dime a dozen, I'm excited to share with you some insider secrets you may not have heard elsewhere - one for each stage involved in buying a home. Here's to helping you make the best decisions at every phase of your homebuying process!

Stage One: Deciding Whether It's The Right Time to Buy.
Insider Secret: The market is the least important factor you should consider when deciding whether and when to buy a home.
Why: Everyone knows affordability is at an all-time high. Home prices are low, and so are interest rates. But trying to time the market is a fool's errand; many who get caught up in that game of trying to make sure they buy at the absolute bottom will end up losing out on very, very favorable conditions.

Beyond that, the most important considerations when deciding whether and when you should buy a home are personal, not market driven. On today's market, it only makes sense to buy a place if it's going to be sustainable and work for you for at least the next 4-5 years [if your town's real estate market has been fairly recession-proof] or 7-10 years [if the housing/foreclosure crisis has hit your area pretty hard].

Against this "smart holding period" backdrop, smart buyers decide to buy when it makes sense for:

•their life plans (i.e., they are comfortable making the commitment to live in the same town, and the commitment to )
•their family plans (i.e., whether they plan to get married, have children or empty their nest in the time they plan to own the home - and the implications of these plans on their space needs and location priorities)
•their career plans (including, but not limited to: whether they have job or income security, whether they feel they will be working in the same area for the foreseeable future, and whether they want to work less or start their own business in the months or years to come)
•their financial plans (including foreseeable changes in income and expenses, e.g., kids going to college or making partner at the firm).

Stage Two: Getting Pre-Approved.
Insider Secret: Working with a mortgage broker referred by your real estate broker or agent may save you money.
Why: Bolstered by the real-life stories of a couple of bad apples, TV pundits and some consumer advocates have spun the tale of a real estate industry cartel, whereby sinister agents hook unsuspecting buyers up with shady mortgage brokers, who place them in crappy loans and kick back some bucks to the agent. I'm here to tell you, in my experience, the opposite is true the vast majority of the time.

When you work with a mortgage broker who has a strong track record of helping your real estate agent's clients out, you end up in a best of all worlds situation, nine times out of ten. First off, your agent will take you much more seriously once a mortgage broker they know and trust has run your credit, checked your income and approved you for a loan, as well as communicated with your real estate pro about your qualifications and what you can afford. Secondly, your agent can help you communicate with your mortgage broker, sometimes helping get past appraisal glitches or facilitating other workarounds, as they come up. Third, you get the assurance of working with a mortgage pro who has been vetted and vouched for by someone you not only trust, but someone who can verify that the mortgage broker has the ability to get transactions closed in the timely manner required of today's real estate sales contract. Otherwise, you may end up working with a competent mortgage broker who has a great track record when it comes to refinancing, but can't keep up with the pace and common obstacles to getting a home financed in the context of a sale.

On top of that, sometimes the relationship can help you negotiate out of a couple of line item loan fees (if your particular mortgage rep has the power to get them down at all), if push comes to shove and cash is tight to close the deal. Assuming you are working with a real estate pro you really trust, working with a mortgage broker they trust can save you, rather than cost you, money.

Stage Three: House Hunting
Insider Secret: "Distressed" doesn't always equal "discounted" - in some cases, a "regular" sale can be a deeper deal.
Why: Short sales and foreclosures have grown to comprise roughly 30 percent of the homes sold on today's market, even higher in some areas. The average sale price of foreclosed homes was 32% lower than the average sale price of non-foreclosed homes, at last count. However, it's not always the case that foreclosed homes or short sales - homes which are being sold for less than what the seller owes on their mortgage(s) - offer the buyer a fabulous discount.

Mortgage servicers and asset managers who make decisions about distressed properties are on the hook to their investors to recoup as close as possible to the current fair market value of every home they sell. Some banks even have a general rule of rejecting offers more than 10 percent or so below the home's list price, preferring instead to reduce the price by that amount and put the home back on the open market to see if any new buyers are activated by the price reduction to make an offer better than the lowball offer that was initially put on the table. On short sales, the bank is trying to get as close as possible to recovering what the seller owes - and may or may not be concerned with what the fair market value of the home is. (Nine times out of ten, there will be a big gap between fair market value and the seller's outstanding mortgage balance. If there wasn't, the seller wouldn't need to do a short sale!)

With so many distressed properties and homes with depressed values on the market, in many areas, the individual, non-distressed home sellers who are putting their homes up for sale right now are those who are very motivated to sell. Further, they are more likely to be flexible with you on everything that is negotiable, from contingency and escrow periods, to price, to repairs and included items.

Also, individual sellers can be emotionally motivated to sell to move on with their lives, get into their bigger (or smaller) house, or move on to their next job; banks, on the other hand, aren't people (!), so lack that emotional sense of urgency to get the properties sold, no matter how urgently you may think they should be trying to get rid of the foreclosed properties they own. (If you've heard the old advice that banks don't want to be in the home-owning business, I can tell you this. That is true, in a very general sense, but now they are and will be - for a long time to come. They have no emotions, have no urgent need to sell or move, and are not willing to give houses away at pennies on the dollar to get out of it, no matter what those infomercial folks say.)

Long story short: you can sometimes negotiate a better deal with an individual seller on a "regular" sale than with a bank on a distressed home sale. So, don't limit your house hunt to foreclosures and short sales, if you're looking for a good deal on your home.

Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.
Why: With so much information on the web and the news every day about the recession and the buyer's market, everyone seems to be an armchair economist/real estate savant. But much of that news is national and based on medians, averages and trends. That is, it might not necessarily apply to every home on the market in every city, and more importantly, it might have nothing to do with "your" particular home.

When I was a little girl, my best friend's grandfather would very carefully hand each of us a quarter, always doling it out with the sage admonition: "Don't spend it all in one place." We'd always smile, look at each other, then go ask our Moms for ten bucks apiece. In the same vein, people who are not currently in the market for a home have no idea what an individual home should "go for." If you tell your parents, church pals, or colleagues at work the blow-by-blow details of your offer, counteroffers, etc., you should expect to hear things like, "Oh, you're paying way too much!", "I think you should push them down another $10K," or "You know, you're in a better bargaining position than that." And sometimes, taking that sort of advice will end up blowing your deal. Work with your trusty real estate broker or agent to develop a smart strategy - with their experience in your local market - about what price and terms to offer. Then keep working with them to manage and maintain realistic expectations as you proceed through negotiating the contract to buy your home.

Stage Five: Escrow, Inspections and Underwriting
Insider Secret: It's critical that you attend your home inspections.
Why: When it comes to inspections, many first-time buyers expect that a home will either pass or fail. Except in a few jurisdictions where the government imposes certain condition requirements for a home to be sold, the home inspection is more about educating you, the buyer, as to the details and nuances of the home's condition than about seeing if the place hits a particular target for "good" or "bad" condition.

Home inspectors don't just look for things that need fixing, they also look to understand the home's systems and features, as well as to point out areas that will require your ongoing maintenance, highlight emergency shutoffs and other need-to-knows, and indicating where you should have specialists further inspect items of concern. Many home inspectors create vivid, detailed electronic reports - some, complete with color photos. But that's not enough!

If you're physically onsite at the home during the inspections, the inspector can physically show you the shutoffs for water, gas and electric - and how to use them. They can also point out, in person, any things that need repair, and give you some tips for maintaining the place in tip-top shape. Also, in many states, the general home inspector is legally prohibited (vs. the pest, roof or other "specialty" inspectors) from issuing a written quote or bid for repairs, to avoid a conflict of interest where they'd try to fabricate flaws in the home to get the repair job. However, the repair costs are one of the most important things a smart buyer wants to know!

If you show up, many inspectors will give you a rough range it would cost you to do various repairs, or otherwise indicate to you whether the needed repairs are "big deal" or "$10 home improvement store" fixes; some will even give you a few references to contractors they trust.

All around, you'll get much more of the detailed information you need to know whether and how to move forward with the transaction if you should up in person to the home inspections, rather than just waiting for a copy of the report to come to your email.

2010 Monroe WI Real Estate

2011-02-11T09:20:00.000-06:00

133 Monroe WI Homes Sold in 2010, but what was selling most;

101 purchased via conventional loans
21 purchased with cash

12 homes sold from $80,000 to $90,000
14 homes sold from $100,000 to $110,000
11 homes sold from $110,000 to $120,000
11 homes sold from $120,000 to $130,000

Those were the "hot" price ranges in the 2010 Monroe real estate market!

For more information email aubra@AubraRealtor or call 866-332-7228

2010 Freeport IL Real Estate

2011-01-31T09:13:00.002-06:00

255 Freeport Homes Sold in 2010, but what was selling most;

102 purchased via conventional loans
83 purchased with cash

91% list price to sale price, on average

29 homes sold from $10,000 to $20,000
24 homes sold from $50,000 to $60,000
24 homes sold from $60,000 to $70,000
23 homes sold from $80,000 to $90,000

Those were the "hot" price ranges in the 2010 Freeport real estate market!

For more information email aubra@AubraRealtor or call 866-332-7228

Don't Overlook a Home's Potential

2011-01-19T12:17:00.001-06:00

Cosmetic issues are easy to remedy...

Home shopping for first-time homebuyers it's an exciting, albeit nerve-wracking, experience. If you're like others in the market for their first home, you probably have in mind exactly how your soon-to-be home will look.

But it's important not to fall into the bad decorating, dingy walls and dirt-bare back yard equals bad-home trap. If you don't see past the hideous wallpaper, funky light fixtures and avocado green carpeting, you may miss out on a home with great potential.

And, if you're looking for a home in a seller's market where homes are being snatched up as soon as they go on the market, you'll come to realize you can't be choosy if you want to make a competitive offer.

One of the first things to do is to get pre-approved for a loan and determine the maximum you can afford to offer for a house. Don't look at homes that are asking for more than 5 percent above your maximum, otherwise you'll be setting yourself up for disappointment if you find the perfect—but outside your budget—home.

So what to do?

The floor plan of the home is extremely important. If a floor plan isn't quite to your liking, consider rearranging it or adding on. If you're looking at an existing home and will need to remodel or expand to suit your needs, the estimated cost of renovation needs to be considered when making an offer.

Also, consider the features of a home:

•Walls. While these are among the easiest to remedy, they also make a huge first impression. If the walls need to be painted, are covered in wallpaper or are painted a color you find distasteful, picture them crisp and clean in the color of your choice—that's how they could look after you paint them.

•Floors. Like walls, carpet or floor surfaces that are old or outdated can be easily replaced. You could even ask for a carpet allowance in your bid, especially if you're in a buyer's market.

•View. Things like old, ugly—even dirty—windows and window treatments can make a view appear less desirable. Those things can be improved, so unless the only view you have is of your neighbor's clunker on the side of the house, don't get hung up on what is surely a fixable view.

•Landscaping. Your best bet is a moderately landscaped yard because you can always improve landscaping without spending too much. Worst case, even if you're looking at dirt, landscaping is one of the easier projects to tackle. Plus you get to design it however you'd like if you're starting from scratch.

•Closets and garages. You can never have too much storage space, which is why so many newer homes have three-car garages. But if you encounter a converted garage that is now a bedroom or storage room, don't give up. Converted garages can almost always go back to their original purpose without much cost or labor.

•Kitchen. The most popular room in the house, many homeowners want their kitchen to be large and have modern appliances. Don't let outdated color schemes deter you because there's nothing like a fresh coat (or two) of paint to make a kitchen your own. Plus, if you like the rest of the house enough to make an offer, you can give the kitchen a minor spruce-up with some new appliances or a major overhaul complete with new countertops, cabinets, and flooring.

•The exterior. If the home doesn't have good curb appeal, try to picture it with a fresh coat of paint and revitalized landscaping.

•Pools. If you want a pool, buy a home with a pool already built in. Pools are expensive and you will not get a full return on the cost when you go to sell. Let someone else lose the return. The cost of repairing a pool is less than putting one in, so if you're looking at a home with an old pool that looks like it's in bad shape, it's still a better bet than putting one in later.

When making an offer, consider what you can't live without, as well as your budget. Also, be sure you hire a professional home inspector to inspect the house. If the home's systems are in good working order and the house has everything you want except a minor item or two, make an offer accordingly.

Most importantly, keep in mind that unless you're building your dream home from scratch, you'll probably never find the perfect home. But seeing past a previous owner's bad decorating choices to the core of the home and its potential for livability will yield you the home you've always wanted. It may take some work, but hey—it's yours.

Copyright © by Realty Times By Michele Dawson

Home Sellers: Cut to the Chase in Home Repairs and Enhancements

2011-01-12T09:08:00.001-06:00

2011 opens as a strong buyer’s market so home sellers must be on their toes to give their homes maximum appeal. Not only should sellers complete the home repairs they know must be made, they should also hire a certified home inspector to thoroughly and impartially evaluate their properties.

If this inspection results in a fix-it list, review the list with your real estate professional to establish necessities and priorities. Depending on your budget and objectives, you may want to repair only items that could cause significant deterioration to your property, such as a leaky roof. Ideally, the closer you can get your home to “move-in-ready” status, the more likely you are to attract today’s cautious and discerning buyers.

Among the most common repairs and enhancements yielding immediate buyer appeal include:
• Paint inside and outside in neutral colors
• Steam clean or replace carpets
• Polish or replace hardwood floors
• Clean or re-grout kitchen and bathrooms
• Replace light fixtures
• Change light bulbs throughout and replace wall-switch covers
• Repair dripping faucets
• Fix sticking doors
• Repair broken fencing

Home sellers wanting to do more should consider the findings of Remodeling magazine’s 2010-’11 Cost vs. Value Report, released in December 2010. The survey used input from REALTORS in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at sale.

Many of the top projects focus on exterior replacements, as replacements are generally less expensive than other types of projects and they add all-important curb appeal – essential for today’s competitive market or any other.

The Top Five projects in the Cost vs. Value Report include:
No. 1 – Entry door replacement (steel)
No. 2 – Garage door replacement (four-section door, reuse existing motorized opener)
No. 3 – Siding replacement (fiber-cement siding)
No. 4 – Kitchen remodel (minor: new cabinet doors, drawers and hardware, plus new energy-efficient appliances, flooring, counters, sink and faucet)
No. 5 – Deck addition (wood)

When the dust clears and projects are complete, be sure that you and your real estate professional document your repairs and enhancements, and share the report with prospective buyers. Walk prospects through the enhancements and include their costs.

A home in good condition demonstrates pride of ownership. Taking the time to make enhancements helps ensure your home is presented in its best-possible light, primed for sale.

By Aubra Palermo, 815-275-6610, aubra@aubrarealtor.com
Prudential Towne Square, REALTORS an independently owned and operated member of The Prudential Real Estate Affiliates, Inc., a Prudential company.
Equal Housing Opportunity.

2010-12-20T15:40:00.001-06:00

Monroe WI Nov Real Estate - 11 SOLD avg $89,772 and 73 dom, 16 NEW avg $186,593 - http://ht.ly/3mM04

2010-12-16T15:55:00.001-06:00

Freeport IL Nov Real Estate - 18 SOLD avg $129,227 and 161 dom, 25 NEW avg $ 84,008 - http://ht.ly/3mM04

2010-12-07T16:15:00.001-06:00

Galena real estate Sold stats thru Oct comparted to 10/09 - # of trans UP 15%, volume total UP 27%, avg price per trans UP 10%, this is a great sign for the entire mkt

New first-time buyer program for Illinois

2010-11-29T14:49:00.000-06:00

As the state’s housing finance agency, the Illinois Housing Development Authority (IHDA) offers SmartMove—a suite of safe and reliable homebuyer loan products available statewide.

SmartMove mortgage products can make the difference in landing a home sale with incentives such as affordable interest rates and down payment assistance.

“Our SmartMove programs provide a secure and affordable way for first-time buyers and Veterans to purchase a home,” says Gloria L. Materre, IHDA executive director.

SmartMove features up to $6,000 for down payment and closing costs as a 10-year zero percent forgivable loan. IHDA’s programs are geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.

SmartMove features:

Maximum LTVs from 96.5 to 100 percent
Conventional, FHA, USDA products available
Fixed-rate loans with up to 30-year terms
Mortgage insurance requirements at one-third less than other conventional products
Qualifications include:

Minimum credit score = 620 (FHA and USDA loans) or 660 (conventional loans)
Buyer must contribute 1 percent or $1,000 of purchase price, whichever is greater
Household income and purchase price limits apply
HUD-approved homeownership counseling required
For a list of lenders offering SmartMove, see www.ihda.org. Call 312-836-5200 to speak with the Homeownership Originations department.

by Rebecca Boykin, Communications Manager, Illinois Housing Development Authority

5 Ways Real Estate is on Sale this Black Friday

2010-11-22T11:50:00.001-06:00

Like everyone else - I love a great deal. So much so that last year's advertised Black Friday laptop deals had yours truly at the biggest big box store at 6 am with the rest of town. (To my credit, I turned right back around and marched right out the door - after a woman passed out at my feet (in excitement) and the human chain of security guards posted around the iPhone display had to break formation to come to her aid. No joke.)

Point is, steep holiday discounts can be good enough to activate the hesitant. (Not good enough to pass out over, though - ever.) And when it comes to real estate, everything seems to be on sale this holiday season. Getting a good discount on your largest purchase is the financial equivalent of fire sale pricing on a million everyday purchases. If you're the type who salivates over a 30% department store sale or the $4 in bonus bucks you get at the drugstore, these 5 Ways Real Estate is on Sale This Black Friday might literally put you over the moon!

1) Homes. Word on the street is that home prices have now rolled back to 2003 levels. That's right - if you're one of those folks who always thought you were born too late to get a great price on your home, 40 (or however old you are) is the new 32 (or however old you are minus about 7 years). Of course, remember, real estate is hyperlocal. That just means that it varies from market to market. It's a strong buyer's market everywhere, relative to five years ago, but what that means for your situation will vary from market to market. Everywhere, homes are on sale relative to what they were a few years ago.

Since most of your fellow Americans will spend their Black Friday shopping for iPhones and Pillow Pets, they won't be shopping for homes. The low numbers of active, qualified buyers hunting for homes during the holiday season may make some sellers even more motivated to negotiate a good deal with you! The latest Trulia price reduction report showed that a record-high 27 percent of homes listed for sale on Trulia as of November 1st had had at least one price cut - in some cities, 33 percent, 39 percent - even 46 percent of the homes for sale had already been discounted by their sellers. Sellers who are serious about getting their homes sold are putting them on sale this season.

Note to buyers - some homes' list prices already reflect a great discount. To know whether you're getting a good deal, check your negotiated sale price against the fair market value of the home (i.e., the recent sales prices of similar, nearby homes - ask your broker or agent to help you figure this out). It is not always the case that you must have a huge discount off the list price for a home to represent a good deal!

2) Property Taxes. Many a buyer isn't aware, but in most places and most cases, property taxes are determined by the price you pay for your home! So, if you get your home for a "sale" price, you'll be getting a sale on your property taxes as well!

3) Interest Rates. So, last week, rates went up. We can no longer say they are at historic lows. But seriously, people - they are still approximately 4.5% on a 30-year fixed; even lower on 15-year loans. Rates may not be the lowest we've ever seen them, but they are still very, very low. Chances that they'll stay that way through the holidays?

As we've already discussed, the holiday decline in numbers of buyers may motivate some sellers to make good deals. What's more, sellers who have their homes on the market during the holidays tend to be the most motivated sellers anyway - less motivated sellers would rather not have buyers tracking into their homes while they host holiday dinners and guests, or are trying to relax during their time off work. The best way to make your own sale on interest rates is to ask a motivated seller to "pay a point" for you. Some sellers might be willing to credit you the cash at closing to buy your interest rate down. Your mortgage professional can brief you on how much your rate (and, correspondingly, your monthly payment) will decrease for every "point" (1% of your loan amount) you pay; then, when you make an offer, include the amount you need to buy your interest rate down in your offer. Most brokers and agents would do this by requesting a closing cost credit that covers/includes the cost of the interest rate buydown.

4) Closing Cost Credits. More than most holiday buys, real estate costs quite a bit of money to purchase. There are loan origination fees, title insurance costs, escrow fees and even transfer taxes charged just for the privilege of buying a home. You know those Black Friday retailers who offer to pay the sales tax for you? Well, some home sellers take a similar tack, offering to cover some or all of the transaction costs their home's buyer will incur. Lenders vary, but most will limit the closing cost credit from sellers to 3% of the home's sale price; check with your agent and your mortgage broker about lender guidelines before you write your offer, if you plan to ask "your" home's seller to cover some of your closing costs.

5) "Included" Items. Some of the best Black Friday sale can include a bonus item the retailer throws in! Same goes for real estate; some sellers don't have much room to go down on the price, but may be able to include some personal property in the sale. Many buyers relish the thought of moving in to a home complete with new appliances, wall-mounted flat-screen televisions, furniture that suits the space exceptionally well. Some sellers get even more outrageous with this; I recently read a report of a Connecticut seller who threw in - get this - another whole property (their Florida vacation condo), with their home, just to get it sold. Check with your broker or agent and your mortgage pro to make sure any included items won't run afoul of appraisal or lender guidelines.

With all that said, neither the promise of a great deal, nor the fear of losing out on one! - should be the primary motivator for you making the massive life and financial commitment to buying a home. When I got up at 0-dark-thirty for laptops on Black Friday 2009, I was motivated to buy then and there by the pricing, but I had already planned on making those purchases sometime and somewhere over that holiday season. Similarly, buyers should move forward with the process of buying a home when - and only when - it makes sense for their lives, their vision of their future, their families, their jobs and their finances.

But if you've already decided you're ready to buy and have just been waiting for the bottom of the market, the weather to warm up or the mood to strike - these Black Friday (and Saturday, and Sunday) deals on real estate can be a good reason to activate yourself and put your home buying plans in play.

By Tara-Nicholle Nelson | Broker in San Francisco, CA

2010-11-19T19:05:00.001-06:00

both small & regional banks are starting to let Jumbo Loans Come Out of Hiding - http://ht.ly/3ahAb

2010-11-18T16:05:00.001-06:00

Local Real Estate Market Reports, Stats and the Latest News - http://ht.ly/3a7NA