How does Price Reductions affect your home, the market, and how it is perceived in numbers?

Do you ever wonder if price reductions affect your home? the marke? Or how they are percieved in numbers? The numbers are in for 2011. In the six-county Chicagoland market from January 1 to November 30, 2011. Review below, and we'll discuss below: After reviewing these? What does this mean to you? What do you think of when you first see that in one month the average of homes that had a price reduction was 2,836 in Dupage County? Or also in Dupage County the average Dollar Volumne of Price Reduction per month was $38,000+? Let me know what you think.

A good 'ole baseball game during Memorial Weekend

With the great weather now in full swing in the Chicago area,it's no wonder last weekend's baseball game with the Chicago White Sox and the Cleveland Indians was so well attended. One of the things I have loved about moving to Illinois was the amount of activities this great state has to offer. Not only is there TONS of history here, but downtown Chicago is full of great restaurants, theaters, museums, and the list goes on. However, there isn't really anything better than attending a good ole baseball game. Last weekend we enjoyed the presence of my husband's Swiss second cousin and her boyfriend. There have been traveling the country and swung by our home for some family time! We loved every minute of it and took them with us to the game.

What to do when NATO is in town?

Since we're new to Illinois, we began to wonder what to do when NATO is here for the weekend? We hardly had problems like this when we lived in Idaho. So, instead of exploring downtown Chicago, we decided to do a bike ride! Ohh the trails that we saw and rode on throughout Waterfall Glen Forest Reserve were amazing! We don't live far from this forest reserve, but driving it and riding it are two different things. By car, with a blink of an eye, you pass the area, but on a bike, you are sure to see everything so close and so massive. Waterfall Glen Forest Reserve is made of 2,472 acres and considered to be one of the most ecological open space area in all of northern Illinois. It contains 740 native plant species, over 300 species of mammals, birds, fish, amphibians, reptiles, and 300 of invertebrates use the forest preserve either year-round or during their migrations. Along the trails we saw lots of cyclists (some more experienced than us, and others we were more experienced than them), hikers, horseback riders, anglers, walkers and walkers with their dogs. We obviously did not cover the entire reserve, so we'll definitely be back to explore more of this beautiful area!

Below is my husband - he's the serious cyclist, unlike me.

Press Release - Keller Williams Realty, Inc. Ranked in America's Top 10 Workplaces

Press Release - Keller Williams Realty, Inc. Ranked in America's Top 10 Workplaces

Real Estate in Illinois March 2012

May 2012 Market Update March home sales in Illinois best in four years; median prices show signs of stabilizing Illinois home sales posted the best March sales numbers in four years, and median prices snapped a 20-month streak of price declines, data released by the Illinois Association of REALTORS® show. The housing market and the overall economy are improving at modest rates nationally, and in some areas they have actually gained momentum. The Conference Board’s CEO confidence index is up a notable 14 points—from 49 last quarter to a current reading of 63. A reading of 50 is the threshold above which indicates an optimistic outlook and below indicates pessimism. Rapidly growing optimism is a good sign for future hiring and growth. “The recovery is happening, though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” NAR Chief Economist Lawrence Yun said. “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices, and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.” As rents continue to rise, buying becomes a more and more attractive option as home affordability, or the percent of income it takes to pay the mortgage, continues to be among the most favorable in history. The current record interest rates, which factor into affordability, cannot last forever—buyers wanting to take advantage of this unique time in history will want to act before rates rise. Home Sales In Millions Home sales slipped 2.6% from the previous month to 4.48 million units, yet are 5.2% higher from a year ago. A strengthening economy is improving consumer confidence and drawing an increasing number of people into the market. In some local markets, there is not enough inventory of quality homes for buyers to purchase. As these markets see more new listings for their hungry buyers, national home sales could increase. Home Price In Thousands Thanks to a decline in distressed properties, which sell for a 15%–20% less on average compared to non-distressed homes, the median home price rose 5.3% compared to the previous month and 2.6% compared to a year earlier to $163,800. This is the first time in 8 months that home prices have been up by over 1% month-to-month. NAR President Moe Veissi said, “In most areas over the long term, home prices have nowhere to go but up.” Inventory- Month's Supply In Months Housing inventory remained stable from the previous month at 6.3 months supply and was 26% below year-ago levels. This marks the fourth consecutive month of inventory near a six-month supply, which is the threshold of a balanced market. Movement out of the deep buyer’s market that has persisted over the past three years is an important step that must precede a full-scale housing market recovery. Source: National Association of Realtors Interest Rates Mortgage rates continue to boost home affordability by remaining below 4%—some of the lowest rates on record since 1971. These rates may have begun to find a bottom as there is not much more room to go down, adding to the urgency to buy a home now while these record lows hold. Topics For Home Owners, Buyers & Sellers Pricing a listing at market value is a critical component to getting it sold. Here are a few of the advantages of pricing it right: •Less Time on the Market. Homes that were priced at market value sold in half the number of days as homes that were overpriced. •More Money. Pricing right when the home is first listed leads to sellers netting a higher percentage of their asking price, also referred to as the list-to-sell ratio. •Less Hassle. When a home is priced right, it means that fewer buyers need to view the home to understand it is a good value—and that leads to fewer showings before getting an offer. •Fewer Reductions. When a home is priced at market value, often it won’t need a price reduction. Depending on local market conditions, sometimes it will—either way, it will be less likely to require one if it is priced right to begin with. •More Multiple Offers. Homes that are priced right are twice as likely to have multiple offers. This can lead to a higher sold price and it puts the seller in the driver’s seat by providing more options to choose from. Key to selling your home? Know your competition. Call me if you’re curious about how you would compete. Contact me, Ana - 630-481-6262 Your local real estate expert, for information about what's going on in our area. Ana Maron, Broker-Keller Williams Realty- Infinity. 608 Washington Street, Ste 100, Naperville, IL 60540. Cell -630-481-6262. Email – ana@anamaron.com. Web site – http://anamaron.com. Facebook - http://www.facebook.com/#!/AnaMaronRealEstate. Twitter - @MaronRealEstat (no e) Hablo Español. Data above brought to you by KW Research.

FSBO guru hires a real estate broker

I can’t resist commenting on the story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father of the concept of selling your home without a real estate agent was forced to hire a broker to sell his home after failing at what he preaches others should do.

After failing to sell his NYC apartment on his own as a For Sale by Owner (FSBO), Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sambrotto has been espousing for over a decade.

Let’s look at two of those myths:

Myth #1 – You will pocket more money selling on your own. Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?

From the WSJ article:
The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.

By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more the in original asking price.”

Myth #2 The Internet Alone Can Sell Your Home
Many have said that the introduction of home search on the internet, hirigng an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet?

From the WSJ article:
“Looking to move his family to the suburbs, Mr. Sambrotto, said he carefully staged his apartment for sale himself, and put in on the market. But after using a mix of websites to publicize his apartment, he said he had only middling success and switched to a broker because many buyers were so reliant on brokers.”

Bottom Line:

There is a reason the real estate industry has been around for centuries: it performs a valuable service
Here are some other articles about this story:

http://www.dailymail.co.uk/news/article-2022112/For-Sale-By-Owner-founder-sells-home--using-real-estate-broker.html

http://www.agentnadia.com/wordpress/2011/08/05/forsalebyowner-com-creator-colby-sambrotto-uses-a-realtor-to-sell-his-condo-for-2-5-million/

WSJ article: http://online.wsj.com/article/SB10001424053111903341404576484352486553740.html

Adorable and Well Maintained Single Story Home

Adorable and Well Maintained Single Story Home

An incredible buy in West Boise!