March Home Sales: Woodridge Market Shows Decline; Median Price Makes Gains

Republished from an article in the Woodridge Patch by Mary Ann Lopez on April 23, 2013

Woodridge saw a moderate decrease in the number of homes sold during the month of March. The median home price rose more than 25 percent, according to the Mainstreet Organization of Realtors.

The 9 homes sold in Woodridge during March 2013 represented a -18.2 percent decrease over March 2012, when 11 homes were sold, according to the Mainstreet Organization of Realtors (MORe). While the number of homes sold decreased, the median price of homes sold in March increased moderately in Woodridge. The median price increased 27.7 percent to $212,000 from $166,000 in March 2012.
The market for detached, single-family homes in suburbs throughout DuPage County experienced notable sales gains in March, MORe reported. MORe gets its statistics from Midwest Real Estate Data.
Hinsdale had the biggest percentage drop in the number of homes sold, with -37.9 percent fewer homes sold year over year. That adds up to 18 homes sold during March 2013 compared with 29 sold in March 2012.
Elmhurst had the biggest percentage increase, with 64.3 percent more homes sold year over year. That adds up to 46 homes sold during March 2013 compared with 28 sold in March 2012.
Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park, cautioned sellers that the market still needs to shed more distressed properties before home prices make a complete recovery.
“The spring market hasn’t been this busy since 2007,” Corder said. “For homes that are priced right, multiple offers are coming in.”

	# of homes sold			Median sale price
Town	2013	2012	% change	2013	2012	% change
Burr Ridge	15	19	-21.1%	655,000	658,000	-0.5%
Darien	7	10	-30%	246,000	239,500	2.7%
Downers Grove	39	25	56%	274,000	267,000	2.6%
Elmhurst	46	28	64.3%	375,500	351,500	6.8%
Glen Ellyn	32	32	0%	338,500	255,625	32.4%
Hinsdale	18	29	-37.9%	775,000	780,000	-0.6%
Lemont	16	13	23%	326,250	192,000	69.9%
Lisle	8	12	-33.3%	272,050	261,000	4.2%
Naperville	102	85	20%	379,950	335,000	13.4%
Wheaton	44	35	25.7%	324,000	285,500	13.5%
Woodridge	9	11	-18.2%	212,000	166,000	27.7%

Illinois Supreme Court Rolls Out New Foreclosure Rules

On Feb. 22, the Illinois Supreme Court announced new rules establishing a uniform protocol when it comes to the foreclosure process. Among the rules outlined in the court's news release:

• Lenders must provide homeowners with information about the process and consequences of foreclosure.
• Lenders must seek modifications with eligible homeowners before completing a foreclosure.
• Improved legal notices to owners are required throughout the process and before a foreclosure sale.

Illinois Circuit Courts with mediation programs will be required to provide resources for HUD-certified consultation, free legal help and language interpretive services to those eligible and in need of them. Find media coverage of the new rules in the Chicago Tribune article, "New rules to govern Illinois foreclosures," and in the State Journal-Register, "Illinois Supreme Court issues rules on foreclosures."

Illinois' Right to Redemption During Foreclosure

On behalf of Sulaiman Law Group, LTD posted on November 3, 2011

Illinois is still suffering from the worst housing market crisis in history; in fact, areas of Chicago are still experiencing a record number of foreclosures. Many homeowners feel helpless and trapped as they struggle to make mortgage payments - while banks seem as if they can't process foreclosures fast enough. However, not all is lost for Illinois homeowners, as they possess something known as the "right to redemption." This ability to redeem real estate subject to foreclosure can even be exercised after a bank has obtained a foreclosure judgment against them.

Right to Redemption

Under Illinois' statutory right of redemption, only the owner can exercise the right to redeem. Moreover, the amount required to redeem can include not only the principal and interest owed on a mortgage, but also the costs associated with collection, attorney's fee, court costs and additional per diem interest.

Unfortunately for homeowners, the right to redemption cannot be enforced following the judicial sale of the property. Consequently, under Illinois law the right of redemption can generally be exercised during the following periods:

• When the property subject to foreclosure is residential real estate, the borrower may redeem the property within seven months of being served with summons or by publication, or within three months after the date of entry of judgment of foreclosure, whichever is later.
• When the property subject to foreclosure is NOT residential real estate, the borrower may redeem the property within six months of being served with summons or by publication, or within three months after the date of entry of judgment of foreclosure, whichever is later.

However, the redemption period can be shortened in the following circumstances:

• When the value of the real estate on the date of judgment is less than 90 percent of the amount required to redeem AND the lender waives any and all rights to a deficiency judgment against the borrower, the redemption period will be shortened to 60 days after the date of judgment of foreclosure or the expiration of any reinstatement period, whichever is later.
• When the court deems a property abandoned, the redemption period expires 30 days after the date of judgment for foreclosure.

Under Illinois law, this right of redemption is guaranteed for residential properties - if fact, statutory language states that any attempt to waive this right for residential properties is void. However, this same restriction is not available for commercial properties, and often commercial mortgages contain an expressed provision that does waive redemption rights.

A property owner - regardless of whether they own residential or commercial real estate - needs to be vigilant in protecting their property rights during foreclosure proceedings. An experienced foreclosure attorney can help navigate Illinois' complex foreclosure laws and advise you of your rights and options.

Chicago-area home prices post first gain in 50 months

Source: chicagotribune.com
By Mary Ellen Podmolik Tribune staff reporter
8:28 a.m. CDT, June 21, 2012

It took 50 months to happen, but the median selling price of a home in the Chicago area posted a year-over-year gain in May.

With the city of Chicago, the median sales price increased even more, the Illinois Association of Realtors reported Thursday.

It was the smallest of median price gains for the nine-county Chicago area - $170,000 last month compared with $169,900 in May 2011- but the last time prices rose on a year-over-year basis was in March 2008.

"One event does not a trend make, but the numbers have been going in the right direction to this point," said Jon Broadbooks, a spokesman for the association.

That price increase accompanied a 25.3 percent increase in sales volume. Last month, 8,276 homes were sold in the Chicago area, compared with 6,605 homes in May 2011.

Within the city of Chicago, May home sales totaled 2,037, rising 19.6 percent from May. The median home price within the city, of $203,000, was up 6.8 percent from last year's $190,000.

The gain within the city came from sales of single-family homes, not condos. A 8.9 percent uptick year-over-year in the number of single-family homes sold was accompanied by a 11.9 percent increase in the median selling price, to $151,000.

While the city's condo market saw sales rise 26.8 percent, to 1,290 units sold during the month, the median price of $249,400 was a 0.2 percent decline from May 2011.

Home sales volume was expected to rise locally heading into summer. May closings reflect homes that went under contract two to three months ago, and area real estate agents were busy with showings in February and March, in part thanks to a mild winter.

"For the first time since the recession began, median house prices are increasing on an annual basis and are forecast to continue this trend through the end of the summer," said Geoffrey J.D. Hewings, director of University of Illinois' regional economics applications laboratory, in a statement.

"The weaker than expected job figures for the last few months appear not to have affected the housing market; inventories are down, sales volumes are up and the pending sales index is at its highest point since 2008."

from CNBC's "Buffett Watch" Interview, Monday, 27 Feb 2012

On February 27, 2012, Warren Buffett was interview by CNBC and as a part of that interview, he talked about investing in single family homes. Serrus Capital Partners was excited to hear his comments and want to share with you that small part of the complete interview.

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.

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.