1st Quarter Single Family Detached 2011 vs 2012 in Elmhurst
Houses are definitely selling this year! The combination of early warm weather, pent-up demand for buying and selling, lower house prices and the concern that interest rates may continually go up has made buyers come out of the woodwork!!
However this does not mean this is seller’s market. While there are multiple offers on some homes buyers don’t always go full price and if they do they want something in return like a credit at closing or the flat screen TV on the wall. Buyers are smarter than they ever were and they know what is priced correctly and what isn’t. They are much less emotional than in the past. If something isn’t to their liking – they keep on looking – because they can. There will be more houses coming on the market and the buyers know it.
On the whole prices have come down for single family detached homes 15% between the 1st quarter of 2011 and the first quarter of 2012 in Elmhurst. The average days on market in the first quarter of 2011 was 207 days and the average days on market in the first quarter of 2012 is 141 days. Buyers see the value of home shopping right now but we are not seeing average home prices increase as a result as of the 1st quarter of 2012.
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Best to Be Committed in Today’s Real Estate Market
Dawn Maloney From Active Rain blog… wrote about Total Committment in Today’s Market by reminding us of an old joke. I have to admit this is the first time I have ever heard this joke but it certainly makes a point!!
Have you heard the old joke… A pig and a chicken were walking by a church where a gala charity event was taking place.
Getting caught up in the spirit, the pig suggested to the chicken that they each make a contribution. “Great idea!” the chicken cried. “Let’s offer them bacon and eggs?” 
“Not so fast,” said the pig testily. “For you, that’s a contribution. For me, it’s a total commitment.”
As a seller, you are either eggs or bacon. One is total commitment. Do or die. Not just trying it out. Total commitment.
If you are eggs, you are not committed to selling…but if you do sell, that is great. Continue reading
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10 Reasons NOT to Stage Your Home.
I love this post from Janet Jones from Active Rain! Staging is so important in today’s Real Estate Market!!
10 REASONS NOT TO STAGE YOUR HOME
1. We want to test the market for 90 days. And on the 91st day? Price reduction–and 90 days worth of potential buyers who have already eliminated your property.
2. It costs too much money. I have never seen a home where the staging costs would have exceeded the first price reduction. And that doesn’t even factor in the monthly carrying cost of the home.
3. We can’t stage the house, we’re living in it. One common misconception is that staging is only for vacant homes. Every home/condo can be staged, and you can actually live in it after staging. Continue reading
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Short Sale Vs. Foreclosure: A Short Sale Always Wins
Great post by KCM Blog about why a seller should opt for a short sale rather than foreclosure.
Best Post of 2011: Short Sales
by Christopher Reale on December 29, 2011
Today’s ever changing real estate industry has brought upon some very challenging questions from our clients. We as counselors, want to put forth the best, non-emotional advice that we can, in hopes that we can help our clients and their families navigate the rough waters of the short sale process.
The most prevalent question and one that continues to permeate the industry is:
“Why should a seller go through the short sale process rather than letting their house be foreclosed upon?”
While we cannot speak to every client circumstance, we can say one thing with complete conviction. In almost all instances in which a potential seller is contemplating whether they should short sell their house or let it go through the foreclosure process, a short sale is the better option. The following are examples to consider: Continue reading
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Bees and Beeks New York City
In November I blogged about honey bees. I just read a blog by Emily Anne Vaugh about honey bees in New York City. In March of this year The New York City Board of Health and Mental Hygiene took the common honeybee off their list of insects and animals considered too dangerous for city life. As a result, beekeepers registered a record number of hives with the board in 2011. So many, in fact, that local suppliers were unable to meet the unprecedented demand for starter colonies. Yeah!!
O’Neal says the event confirmed what he had already begun to suspect: The beekeeping community is expanding and diversifying, virtually overnight. “New York is now host to a huge number of organizations, businesses, and individuals who all keep bees and interact with each other and the wider community in increasingly creative and meaningful ways,” he says.Emily Anne Vaughn is an apprentice to two beehives in Fort Greene, Brooklyn and contributes to the blog BoroughBees.com. As a staffer for Slow Food USA she also supports regional biodiversity and school food projects around the country.
Vacant Properties in Cook County IL
On December 14, the Cook County Board of Commissioners passed a new ordinance which requires properties with vacant buildings to be registered with either the county (if the property is in unincorporated Cook County) or the municipality (if the municipality where the property is located chooses to partner with the county).
This ordinance will go into effect on February 14.
- All owners of vacant buildings (whether a mortgagee or
not) will have 30 days after the building becomes vacant to get it
registered. - There is a $250 registration fee and the owner must
provide contact information of an agent who is authorized to receive
notices from the county or municipality. - The owner must also show proof of liability insurance
or homeowner’s insurance that covers third party liability for the
duration of the vacant status registration. Specific property maintenance
standards are also spelled out in the ordinance.
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Make Your Short Sale a Successful One!
Over 50% of all the distressed sales since January 1st 2011 in Elmhurst IL have been short sales. A short sale will net less than is currently owed on the mortgage securing the home loan. This is one of the best articles I’ve read about what steps are to be taken in order to increase the chances of a short sale success from KCM blog. Many short sales do not end with a successful sale. I hope this post helps shed light on steps to take if you or someone you know is contemplating a short sale.
The Proper Short Sale Application
We are again honored to have Christopher Reale, Director of Short Sale Operations at Lepizzera and Laprocina Title and Escrow Services, as today’s guest blogger. He is an expert on the short sale process and will share his knowledge with us on a regular basis. – The KCM Crew
In any business, whether it be real estate or other, in order to be successful one must have a systematic approach to their craft. This holds true when putting a short sale transaction together. During our 5 year tenure negotiating short sales, we have found that some Real Estate professionals lack such an approach. Continue reading
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