There are some great buys for homes in Burr Ridge, Bolingbrook, Glen Ellyn, Downers Grove, Woodridge, Oak Brook and Lisle. Our knowledge and experience with real estate in the Naperville region can be immensely helpful.

The following list details a New Year’s Resolution every step of the way to your new home in the Naperville area. You can start the ball rolling by putting the following action plan on your kitchen cupboard. Make adjustments as necessary and keep marching towards your goal.

January 1, 2008 (6 months before Moving Day)

• Narrow down your territory. First, look for the right town. Then we will zero in on the neighborhood and find a house. Get a map and cancel out the towns and neighborhoods that you are eliminating.

• Know your financial situation. That means finding out your credit score and dealing with any problems on your credit report.

• Decide exactly how much money you can comfortably pay for a monthly mortgage. Be honest with yourself and refrain from imagining that your ship will be coming in someday, etc. The mortgage lender will give you a top dollar qualification later, but you may be more comfortable at a lower figure.

• Be realistic with your budget and the options available for townhouses, single-family, suburbs or country properties.

• Talk to Realtors and find one to help you with your search.

March 1, 2008 (4 months before Moving Day)

• Select a mortgage broker or a mortgage lender. They will run your credit information and obtain preliminary information about your accounts. Determine how much house can you afford and do not waste time looking at properties out of your price range.

• Get pre-approved for a mortgage by applying and turning in all required documents and paperwork.

• Ask your lender for a copy of a Housing and Urban Development publication called “Your Settlement Costs” that explains all the fees and expenses involved.

• Find a local real-estate attorney at this point in the game.

January, February, March 2008 (Ideal time to spot your new home)

• When you find a house, make an offer. Either you or the lender should initiate a title search to be sure the property is free of liens or encumbrances. Your Realtor will recommend a home inspection and the lender will hire an appraiser to be sure the home is as valuable as you are planning to pay. You, the buyer, should purchase homeowners insurance and have it faxed to the closing agent. It is also a good idea to purchase a home warranty if it does not already come with the listing.

May 15, 2008 (6 weeks before Moving Day)

• If your company is transferring you, find out exactly which responsibilities are your and what things the company covers. Make a list of everyone who needs to know of the move — friends, relatives, creditors, schools, doctors and dentists.

May 22, 2008 (5 weeks before Moving Day)

• Select a mover. The moving company carries basic insurance, probably by the pound, and you may need to supplement their coverage. If you anticipate an interim period between moving out and moving to your new home, arrange for a storage facility.

• Contact insurance companies to insure your belongings during the move. If appropriate, have an appraisal of expensive items you want shipped by the mover and obtain extra insurance.

June 15, 2008 (2 weeks before Moving Day)

• Arrange to have utilities and phone service in your old home shut off after the movers leave. If you are moving locally, simply have them transferred.

June 22, 2008 (1 week before Moving Day)

• Close safe-deposit box. Keep important papers and valuables with you during the move. Keep checking accounts open until you open them again in the new location. Get a cashier’s check for the movers.

July 1, 2008 (Moving Day)

• Carefully review the bill of lading, give keys to your old property to a relative or a real-estate agent. Do a final walk through of the house the day of the closing or the day before closing. Be sure you have all of the payments needed to take possession of the home.

Even though new residents of Naperville real estate can expect to find excellent schools, wonderful Naperville neighborhoods, communities, recreational leagues, every kind of lesson, and activities galore, parents know that none of this replaces existing heart ties—best friends, relatives, neighbors, teachers, coaches, and teammates. All of these will bloom again in the springtime of life in the new property in Naperville, but the children—and especially the youth in the family—may not understand this during the emotional winter of the relocation.

Some teenagers, especially those who are very involved with friends and activities at their existing school, may become overwhelmed at the idea of moving. Matter of fact, we know of one teen who cried for days at the thought of moving. Another refused to go to the new school, even with counseling, an assigned “buddy”, and the ability to visit old friends on weekends.

Grown children from military families may talk about the excitement of moving and living around the world. Bases are similar and many of the children move frequently. In contrast, the overwhelming number of students in America may have known each other all of their lives and a newcomer may feel quite left out.

Short of reading one of the many books available on the subject, here are some pointers for parents.

• Keep children informed about any moving plans. Avoid sudden announcements.

• Allow time and space for the children to discuss their feelings about the move.

• Show them maps, information packets, and internet sites that will familiarize them with the new community.

• If possible, involve older children in the house hunting experience. Take them to the new city to help find a home, even if your company will not foot the bill.

• Share pictures of possible homes and anything about the new area that may be important to your children.

• Ask your children to make amends in their relationships and show them how they will be able to continue relationships over the miles via e-mail and occasional visits.

Be alert to any changes in a child’s behavior before and after the move. Some children may cry or get aggressive; others paralyze with fear. Sometimes, from one school to another the standards and curriculum vary, making academics more challenging. Watch for the gaps and seek help if needed. Most children, however, are resilient and adaptable. Within a few months, they will find new friends and activities—and so will you.

Also fashionable are “off-grid” Naperville homes that sport solar panels, windmills, and inverters. Yes, hybrid home-energy options that offer partial off-grid options will do—anything to help the growing number of eco-conscious folks to be environmentally responsible. Responsibility for some buyers of Naperville real estate begins with easier fixes like using healthy paints and light bulbs/fixtures and recycling.

Along the same healthy lines, some buyers are requesting non-smoking neighborhoods. How do we come up that those in today’s free society? Check into neighborhood rule. Some Homeowner Associations are rewriting the by-laws and declarations to include smoke-free common areas, building-code ventilation systems, fresh-smelling hallways, and entryways. When we did not know of the detrimental effects of smoking and second-hand smoke, we could tolerate more of the stuff in our environment. Ignorance is an odd kind of bliss….

Homebuyers are asking about reused construction materials, energy-friendly mechanical systems and appliances and how their potential new homes will reduce the use of fossil fuels and save the planet. How can we use technology to eliminate waste? Tech-savvy homebuyers want systems that allow them to turn the heat or air-conditioning up or down, turn off lights, and open and close blinds from a remote location.

What other amenities do they want at their fingertips? Master baths with freestanding bath thrones in soaking rooms set up for multi-tasking. The bathroom suites have handy multiple flat screen TVs and wireless internet , handy bathroom serving bars with wine coolers and espresso machines, and some want in-home hair salons—eliminating the waste of time and gas?

Homebuyers want the feeling of space and they are looking outside for living areas. How about a massive cut-stone fireplace on the patio floored with heated tile, outfitted with a full-size kitchen, and decorated to the tee? Outdoor spaces may feature weatherproof artwork, fabrics, and finishes only seen indoors in the past.

However, the outdoors is not the place to bathe the dog; nor is the kitchen or the work sink. Homebuyers want dedicated dog showers. The dog shower can be in the mudroom or utility room, in the corner of the garage or basement, but only the dog uses the ceramic shower built just for him/her.

One last element for today’s boomer shopper is the sleek elevator, an almost invisible little comportment that conserves on hip and knee power.

The Number One distasteful feature of homes today is over pricing. Buyers are looking for Naperville homes that are priced right, home-sale contingencies, and offer closing-cost givebacks. They want breathing room(s)!

Formal living rooms with invisible “Do Not Touch” signs are not welcoming to homebuyers these days. They are more likely selling as exercise rooms, hobby rooms, and home offices. Buyers are still looking for places to connect with family and friends as they go about their busy lives—like open eating, cooking, and living spaces.

It seems that sellers have a difficult time creating value inside homes on the market. Completely empty homes have a cold feel, making it harder to imagine actually living in there. The flea-market look is offensive, too. You know, it happens when a family moves out all of their nice furnishings and bring up the basement couch and some faded silk flowers for staging the home. Just as difficult for a buyer is trying to see through very upscale staged furniture that will be gone by the time they have the deed. The middle way is best: neutrals, a few personal objects, thoughtful furniture rental, and a few items in the refrigerator for a lightly lived in feel.

Remember that if you installed fancy, expensive mosaic tile, chances are that another buyer will not be impressed. Colorful and complicated tiling can be a distraction for a person viewing your home. No matter what the cost to you, consider having it removed before selling the home. Today’s conservative buyers are not into very unusual features or white elephants.

Another leftover from the boom years is the very large home with low-cost finishes. Buyers want quality. Ballroom-sized mansions with fake wood floors, fiberglass tubs, and cheap carpet are unpopular. Likewise, buyers are looking for homes that have balance. Any size house with extreme ceiling heights, especially in small rooms, may give the sense of wasted space. Sellers owning a home with this design may consider adding a loft. Also out are the tiny balconies that too small for anything but flower boxes. They want to use their patios, decks, and balconies for grilling, entertaining, and at the very least, to sit outside and chat with a friend.

When it comes to new homes, buyers are tired of being nickel and dimed. Buyers want builders to make decisions and put realistic price tags on homes rather than lure them in with low prices that keep going up with every extra cabinet feature or trim. A little bit more cautious, buyers are also more hesitant to move out to a new development where they have no sense of what the future surroundings will be. They are more inclined to purchase a tried-and-true address to ensure better resale value.

Let us now talk about legalities. Starting with your advertising campaign in the newspapers and online, be aware of the use of certain terms. These words cannot be included in any advertisement because they are in violation of the Fair Housing Laws. Look at these terms:
• Bachelor apartment, singles only, sports minded
• Children welcome, married, couples
• Handicapped, professional, integrated
• Mature, mother-in-law quarters, golden agers, seniors

Some of these terms seem common. This is another reason why we recommend hiring a real-estate professional for guidance.

Another legal aspect comes into play with the Federal Fair Housing Act. It is illegal to discriminate against seven different classes of people when selling a home. The classes protected against discrimination include race, color, national origin, sex, religion, handicap, and familial status. If you do not enlist the help of a real estate agent, you might inadvertently put yourself at risk of violating this act if you refuse to sell your home to an interested buyer in a protected class.

Now, the Illinois State real estate laws may differ from other states. If a seller is not up on all of the state laws, especially those that define a seller’s rights, he or she may unknowingly break a law and create some troubles. Some sellers do not understand the laws, or are unaware of them and may actually lose money during the transaction because of it.

Homeowners selling their property are under no obligation to hire real-estate agents or brokers to help sell their homes. Most people, however, prefer to hire professionals in order to protect themselves and more quickly sell their homes. Remember that the real estate agent brings years of experience and understanding of nuances that an untrained person cannot be expected to comprehend. Contact Larry Shakman at 630-921-0611 or Larry@FeaturedHome.com for assistance when you are ready to sell your home.

Digging deep into statistics, we know that real estate in Naperville brings healthy long-term gains in value. The basics in the market are solid. There are low mortgage rates, a strong household formation rate, and new employment opportunities. These factors are extremely important for the stability of the Naperville real estate market.

The long-term investment in a home in Naperville will pay off. The $10,000 down payment on an average home with the average 5 percent appreciation in ten years will increase in value to $110,000. The same investment in the stock market growing at 10 percent would be worth $23,600. Buyers who learn the facts like these will not hesitate in today’s market.

What a great way to increase net worth! Data from the Federal Reserve shows that a typical renter is worth $4,000. The average homeowner is worth $184,400.

According to the National Association of Realtors this year, one out of sixteen U.S. households purchased—or they are in the midst of purchasing—a home. These people are enjoying the wide selection of available homes on the market. They are increasing their net worth by investing in themselves instead of paying for the property owners’ investments.

Because the mortgage interest rates remain low, buyers are willing to pay good prices for homes. Conforming loans are at historically favorable rates. However, credit is tighter. Since the August credit crunch, FHA loans are replacing subprime mortgages. The tightening of credit for jumbo mortgage loans has contributed to the slow movement of nicer homes, but that is somewhat offset by commercial development.

A necessary adjustment has occurred. Home sales are returning to the fundamentally healthy levels present before speculative excesses took over. Overly cautious buyers will find more competition in the New Year when the economy takes off again.

Surface perceptions will always fluctuate. If you want to invest in yourself and your family, dig a little deeper on a new land lot or in your new backyard. Contact Larry Shakman at 630-921-0611 or Larry@FeaturedHome.com for assistance when you are ready to make it happen.

To help you discriminate, here are some important characteristics of a good Naperville real-estate agent:
1. Knows local market
2. Provides open and ongoing communication
3. Offers fair evaluation of property
4. Recommend changes to make home saleable
5. Puts together a marketing strategy
6. Provides sounds advice and negotiation skills

A good real estate agent knows the local market. The person is communicative and you have a repertoire with him or her. An honest Realtor will fairly evaluate the worth of your home based on recent comparable home sales in the area so that you can set a realistic price. An inferior agent will try to get the listing by escalating the price and when it doesn’t sell, you are forced to lower the price.

A good real estate agent will recommend specific upgrades like painting, replacing damaged items, and removing pet and smoker’s odors to make your home saleable. Anxious agents will ignore problems so as to not rock the boat.

Good agents study the area, put together a marketing plan, and are able to tell you exactly how they plan to sell the home. The plan may be a series of ads, a number of open houses, being available to show during evenings and weekends. Avoid the agent that will list the home on Multiple Listings, post a sign out front, and disappear. Good agents are accessible and keep you informed about progress whereas questionable agents are hard to reach and can be unorganized.

When an offer comes in, a good agent provides sound advice and uses negotiating skills that can mean a difference of thousands of dollars. Stay away from agents who would encourage you to accept any offer so they can be paid and move on.

Really, selling your home can be a comfortable experience if you have the right real-estate agent rooting for you. So don’t be afraid to interview, ask questions, and find the right one for you. Contact Larry Shakman at 630-921-0611 or Larry@FeaturedHome.com for assistance in selling your home.

Market Statistics Criteria
Status: Closed
Area: Naperville, Illinois
Property Type: Detached Single
Closed Date: 09/01/2007-10/01/2007

There were 109 closings of Naperville single family homes from September 1, 2007 to October 1, 2007. In the same period last year there were 127 closings, or 18 more. The average list price in September 2007 was $538,767, while the average sale price came in at just under $519,000. This gave us a sale price to list price ratio of 96%.

Last year the same period sale price to list price ratio was 97%. When we take into account that we are in the midst of an extended soft market it is easy to see that this is quite good. The average sold market time was 109 days from listing date.

Closed Sales: 109

Average List Price: $538,767

Average Sale Price: $518,509

Sale Price/List Price Ratio: 96%

Average Market Time: 109 Days

All in all, the market continues to weather the storm and move along. Buyers and sellers continue to move closer to each other’s level of expectation when negotiating for the best possible deal. As we move into the fall and winter months sellers will continue to feel the pressure of a buyer’s market, and buyers will have to be realistic with their expectations of huge price reductions.

For more information regarding the real estate market in Naperville and the entire Chicagoland area, call Larry Shakman, InterMLS Real Estate at 630-921-0611 or e-mail Larry@FeaturedHome.com.

Sellers may be inclined to price their homes using a mixture of sentimental value, insurance replacement value, the appraised value, a tax-assessed value, etc. But, is the banker, the insurance company or the appraiser going to write out a check for the Naperville property? The value of the Naperville real estate is determined only by what a reasonable buyer will pay for it.

The safety latch is that every buyer knows that the seller has no obligation to sell his home at any price. If the buyer wants the home, he will have to make an offer that the seller will not refuse. On the flip side, buyers are under no obligation to buy any particular home. No amount of marketing, continual open houses, websites ads, or signage will motivate a buyer to purchase an overpriced home. They can and will buy another home for less.

This brings up one of the most important considerations in pricing your home: Price versus Time. What is more important to you, price or time? Most people want both. But really think about the equation. You can’t whip your Realtor into making someone buy your overpriced house by next week. You must choose between price and time and set a marketing strategy accordingly.

For sellers this boils down to the need to sell within a set time frame or instead to hold out for the best possible price, and for buyers it is the need to buy within a set time frame or to purchase a home for the lowest possible price. A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. No matter how much a seller yells, screams, and kicks a real estate agent, they don’t do miracles.

Successful sellers understand that, while a real estate agent’s job is to provide marketing, expert advice, and negotiating services, the Realtor does not own the property. Realtors do not make the final decisions on pricing. The seller does. Ultimately, the seller’s asking price will in large part determine how slowly or quickly the home will sell. Successful sellers take ownership of their pricing decisions by making a clear decision about which is more important to them: selling quickly or selling for top dollar.

Successful sellers have learned that to price their home accurately means they need to look at the world through a buyer’s eyes. Doing some footwork as a “buyer”, the seller gets the uncanny ability to predict listing prices. Then, a seller can get really scientific and review a Comparative Market Analysis (CMA).

A CMA is a report that compares a specific home, often called the “subject home” with other homes in a specific neighborhood. This analysis is then used to provide an anticipated sales price or price range for the subject property. Although not formally called an appraisal, the report provides a similar function by giving home buyers and home sellers a clear understanding of the market data that might affect their opinion of value. To learn more about using a CMA to help price your home, talk to Larry Shakman at FeaturedHome.com for expert advice and service.

Status: Active, Back on Market, New, Price Change, Re-activated
Property Type: Detached Single Family Home
Area: Naperville, Illinois
Months Back: All Months

The Naperville Active Listings Survey represents all current active detached single family homes on the market in Naperville, IL as of October 10, 2007. As of this date, there are currently 1019 detached single family homes on the market in Naperville, IL, representing a total dollar value of $713,000,000. The average market time is 186 days with the median list price coming in right at $540,000. This includes 174 homes that are listed at $1,000,000 or more which have been on the market for an average of 250 days. The lowest priced listing is $160,009, while the highest priced listing came in at $3,350,000. The average list price in Naperville, IL for a single family home is currently at $699,288.

It definitely is still a buyer’s market due to the vast inventory of homes currently available. Buyers are taking their time when it comes to making a decision about their purchase. Naperville real estate still represents an area where buyers can find very affordable housing in the $250,000 to $400,000 range. There are approximately 300 properties on the market in Naperville that are within this price range.

There are a number of dynamics that can affect a property’s market time. The single most important thing a seller can do to lessen the time their home is on the market is to price their home correctly the first time.

Naperville sellers typically see the highest number of showings when the house first comes on the market. Although we currently find ourselves in a softer market we can see fluctuation in the number of showings. The main reason a home will languish on the market without selling is incorrect pricing. It’s important to get the benefit of an experienced real estate agent, particularly in a market where you are competing with many more properties and fewer buyers.

Naperville, IL Single Family Homes - Active Listings

List Price Range —–No. Listings —-Avg. Market Time

$150,000 - $199,999 ——- 1 —————- 704 days