Sunday, May 27, 2012

RE MAX More Home Sales and More Stable Prices in April - Woodridge, IL Patch

Home sales transactions increased 14 percent in DuPage in April, compared with April 2011.

All seven metro-area counties saw gains, as well. The greatest gains were in Will County (up 38 percent) and McHenry County (up 25 percent). Transaction volume rose 18 percent in Cook, 22 percent in Kane, 8 percent in Lake and 1 percent in Kendall. In Chicago, home sales increased 18 percent.

Combined sales of attached and detached homes in the Chicago area were up 4.2 percent from March (6,501 to 6,771 units) and 18.5 percent up from April 2011 (5,713 to 6,771 units).

Sale prices for homes have stabilized, as well.

In DuPage County, the median price rose 10 percent to $209,000. The median price for the Chicago area was down 1.8 percent from April 2011 but 4.6 percent higher from March, when the median price was $153,000.

The April-to-April change in median price was the smallest 12-month price decline in the last two years, according to RE/MAX. Its analysis is based on transaction information compiled by Midwest Real Estate Data, LLC.

RE/MAX Northern Illinois spokesperson Laura Ortoleva said one important factor in the stabilization of home prices has been the decreasing inventory of Chicago-area homes for sale. The number of properties listed for sale fell 25 percent from the end of March to the end of April.

Another factor aiding prices was the continuing decline in the percentage of sales during March and April that involved distressed properties. Distressed sales, which include foreclosed homes and short sales, fell from 52 percent of all sales in February to 40 percent in April.

The average market time in April was 172 days, compared with 184 days in April of last year. The average market time declined in each of the seven counties.

Attached Homes

Sales of attached homes (primarily townhouses and condominium apartments) in the metro area rose 23 percent in April when compared with April 2011. Transaction volume in the seven-county area totaled 2,516 units compared to 2,044 a year earlier. April sales were also 6 percent higher than those in March of this year.

In DuPage County, transaction volume rose 6 percent to 267 units in DuPage County.

Overall, six of the seven counties showed an increase in sales activity, led by McHenry County where 60 closings constituted a 93 percent increase compared to April 2011. Sales activity was up 52 percent in Lake County to 150 units, up 38 percent in Will County to 117 units and up 36 percent in Kane County to 94 units. Transactions rose 22 percent in Cook to 1,790 units and 21 percent in Chicago, which accounted for 1,074 closings. 

The median price for attached homes sold in the seven-county area during March was $130,000, compared with $137,000 a year earlier and $123,550 during March of this year. The median price for attached sales rose in DuPage, Kane and McHenry counties, as well as in Chicago. The 9 percent increase in DuPage County, which resulted in a median of $122,500, was the largest gain. Kendall County had the most pronounced decline in median price, a 15 percent decrease to $91,000.

Detached Homes

Sales of detached homes were 16 percent higher in April than in the same month of 2011 rising to 4,255 units. April sales were 3.1 percent higher than in March of this year.

Six of the seven counties showed increases in detached sales compared to April 2011. Will County registered the largest increase, with a 38 percent gain. Sales were up 15 percent in Cook, 19 percent in DuPage, 20 percent in Kane, 5 percent in Kendall and 14 percent in McHenry. Sales in Chicago rose 14 percent. LakeCounty saw a slight decrease of 1.4 percent.

The median price of detached homes was nearly unchanged in April compared to a year ago, coming in at $176,500 compared to $177,000 in April 2011. The median price in March of this year was $169,000.

Three counties, DuPage, Kane and Kendall, recorded increases in the median sales price of detached homes. Kane had the biggest gain at 17 percent, followed by DuPage with 6 percent and Kendall with 4 percent. The other counties had declines in the median price that ranged from 13 percent in Lake and 4 percent in Cook to 2 percent in McHenry and 1 percent in Will. The median price in Chicago was down 0.4 percent.

Saturday, May 26, 2012

Lowes Top 10 Tips for Making Your Home More Saleable

Wondering which home improvements will help you sell your home fast? Our list of "Top Ten" home improvements will help you make the right choices to sell your home quicker.
  • Repaint Rooms. Paint with a buyer's sensibilities in mind. Use neutral colors throughout your home to lend continuity from room to room. Paint with light colors to make living areas appear roomier and darker colors for a cozier feel.
  • Wash and Paint the Exterior. Repainting your exterior increases curb appeal. Spruce it up with a thorough power washing. If your house's exterior paint has faded, a new coat will add value and attract more house hunters.
  • Shine with New Lighting. Bring out the best features of your house with a new lighting layout. A brighter room will appear more spacious and inviting to potential buyers. Accentuate your house's distinctive elements with track lighting, table and floor lamps, or wall and ceiling fixtures.
  • Organize and De-Personalize. Cleanliness leads to closing. Clear your house of clutter with new storage or shelving. At the same time, help buyers envision the house as their own by removing personal items like knick-knacks and photographs.
  • Repair or Replace Window Screens. Fixing sagging, dirty or ripped screens is one of the easiest and most inexpensive home improvements for home sellers. Take an afternoon and rejuvenate your windows and doors with just a few simple tools.
  • Patch Drywall Dings and Dents Imperfections like drywall divots suggest larger problems with the integrity of your house. Patching dings and dents is crucial to a fast sell, especially if you plan on painting. Make your walls flawless before showing the house.
  • Unstick Stubborn Doors. Sticking doors are bothersome, and even more so to prospective buyers touring your home for the first time. With some sanding and varnish, you can quickly eliminate this common irritation.
  • Repair Tile Grout. Make your bath and kitchen look brand new by ridding these rooms of shabby and damaged grout. Repairing grout could take some time, depending on the magnitude of the project. But the striking results will be well worth the time spent.
  • Upgrade Kitchen and Bath Faucets. Replace faucets to give your kitchen or bathroom a quick facelift. A new faucet can set a more contemporary aesthetic and pique interest from home buyers. If your current faucets are leaking or worn, a new faucet is an absolute necessity.
  • Clean Your Gutters. Clogged gutters could make a great house look neglected. Clean your gutters twice a year. While cleaning, look for trouble areas that need repair like holes and leaking joints. As a convenient perk for the buyer, install gutter screens.

Wednesday, May 23, 2012

Maybe This Affects You: BofA Halts Foreclosure Sales in 50 States

We've reprinted this article from AP because we feel it may affect some who read our blog. If you are currently going through a foreclosure, the action taken by BofA (and most certainly to be followed by other banks very soon), may give you some hope of halting your foreclosure. If you think you might fall into this category, you might consider contacting your lender and/or your attorney regarding this matter -- it may save your home!

October 8, 2010

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 20 mins ago

WASHINGTON – Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states.

The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers.

Charlotte, N.C.-based Bank of America Corp., the nation's largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews documents used to process foreclosures. A week earlier, the company had said it would only stop such sales in the 23 states where foreclosures must be approved by a judge.

"We will stop foreclosure sales until our assessment has been satisfactorily completed," company spokesman Dan Frahm said in a statement. "Our ongoing assessment shows the basis for our past foreclosure decisions is accurate."

Bank of America did not disclose how many homeowners would be affected.

State and federal officials have been ramping up pressure on the mortgage industry over worries about potential legal violations amid growing evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them. Also Friday, Sen. Christopher Dodd, D-Conn, the chairman of the Senate Banking Committee, said he would hold a hearing on the issue next month.

"American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud," Dodd said. "Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law."

A document obtained last week by the Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn't read them. The official, Renee Hertzler, said in a February deposition that she signed 7,000 to 8,000 foreclosure documents a month.

Earlier in the week, Senate Majority Leader Harry Reid, D-Nev., urged five large mortgage lenders to suspend foreclosures in Nevada until they have set up systems to make sure homeowners aren't "improperly directed into foreclosure proceedings." Nevada is not among the states where banks had suspended foreclosures.

Also Friday, PNC Financial Services Group Inc. said it is halting most foreclosures and evictions in 23 states for a month so it can review whether documents it submitted to courts complied with state laws. An official at the Pittsburgh-based bank confirmed the decision on Friday, which was reported earlier by the New York Times. The official requested anonymity because the decision hasn't been publicly announced.

PNC becomes the fourth major U.S. lender to halt some foreclosures amid evidence that mortgage company employees or their lawyers signed documents in foreclosure cases without verifying the information in them.

In addition to PNC and Bank of America, Ally Financial's GMAC Mortgage unit and JPMorgan Chase & Co. have announced similar moves in the past two weeks.

In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.

*************

If you're in a pre-foreclosure situation, perhaps it's time to consider finding someone to take over your mortgage payments -- a rent to own tenant, or possibly a real estate investor willing to work with you to keep you from foreclosure. Call us and let us discuss your options: 630-780-HOME (4663).

Seller Testimonial: A Happy Homes Client Talks About Selling His Home Through Our Rent To Own Program

Kurt is a Happy Home Solutions client who had been trying to sell or rent his beautiful townhome in Carol Stream, IL, for months with no offers.

We found him a great Rent to Own tenant in less than two weeks, from the day we first spoke with him about helping to market his home.

"I wish I had done it months ago," is how Kurt now feels about Renting to Own his property with Happy Home Solutions.

Hear what else Kurt has to say:



Do you have a vacant rental property you can't seem to fill? An ongoing series of bad tenants and evictions? A home you're paying the mortgage on that is causing stress in your life and marriage?

If you'd like more info on how Happy Home Solutions can help solve these problems, please call Diane or Adam St. James at 630-780-4663, or email diane@myhappyhomesolutions.com

MyHappyHomeSolutions.com

Happy Home Solutions Can Help Move Your Home!

April 9, 2010 -- Happy Home Solutions can help you move your home now. Watch this video explaining how we can help you!



Whether you're in Wheaton -- or anywhere else -- Contact us today for more information, and an OFFER ON YOUR HOME: 630-780-HOME (4663) or email diane@myhappyhomesolutions.com