I was surprised to see such even numbers from the data I pulled…

I like even numbers, but I don’t like this data.

50% of all homes sales were distressed home sales, as in; either foreclosures or short sales.

 Exactly 25% were short sales, and 25% were foreclosures, but I don’t know which is worse?

They are big numbers either way.

 What I find disturbing is the high rate of homeowners in foreclosure opting to do absolutely nothing?  I don’t understand this. 

WHY?!

 Letting the bank take your home is not the best solution.  There is a better way, and unless you are talking to a lawyer, you have no idea about the implications of letting the bank call the shots on being in foreclosure.

 If you are facing a job loss, have missed a payment, or are in foreclosure and are facing eviction… call me at 630-673-6233.  I can help you when the bank won’t.  Real estate prices aren’t getting better anytime soon, so you need someone who can help you that understands what you need to do to get out from under the property that is no longer an asset.

Julie Ferenzi | Realtor®
Plainfield IL Short Sales
630-673-6233

When I was a kid my parents took us to the Chicago RV and Camping Show… circa 1980-something. 

I remember my sister Shelly and I taking brochures from every single vendor at the Expo.  Interestingly enough, we found ourselves on one of the brochures the following year after our trip to Canada when one of the owners of the resort we stayed at used our photo for the cover of their newest advertisement the following year.  (believe me… it was an atrocious awkward stage in my life, and I won’t be posting any pictures, lol!)

 Anyway, after heading up to the AllState Arena this past Saturday to see Disney on Ice, I noticed that the same RV show we went to over 20 years ago was taking place this weekend!  What luck?!

See, the thing is, with 5 kids... fancy “airplane” vacations just aren’t something in our budget.  Airfare to anywhere would put us in the red before we even reached our destination.

But that’s okay.

I was lucky enough to grow up with second home in White Cloud, MI.  I know what it’s like to “rough it”.  I used to catch toads and crawfish when there was nothing else to do.  We used to take baths in the lake with a bar of soap and bottle of shampoo, and I learned to ski when I was only 6 years old.  Our only phone was a real “party line” where a woman named Ethel chatted endlessly with her best friend Edith 24 hours a day, tying up the line at all hours of the day.  There was no McDonald’s within a 30 mile radius in White Cloud, MI in the 1980’s.  The closest thing to fast food was dinky little burger joint called “The Burger Hut” that closed approximately 3 weeks after it opened. (boy oh boy… they were bad!!!)

I know my kids aren’t missing anything at all by not going on a fancy vacation his summer, even though I do have Disney on the brain.

I know that our best family vacation lies in as brochure that my kids will collect at the Expo his weekend. I know that roughing it with our kids this summer will teach them that there is a world that exists beyond the confines of the Internet, cable t.v., and cell phones.  Maybe I need a refresher course on that too!

I can’t wait to collect info on the best camping and resort destinations in the Midwest.  The Chicago RV and Camping Show runs from Feb 10th-14th at the Donald E. Stephens Convention Center in Rosemont, IL. 

Maybe you’ll find your own perfect 2010 family vacation destination this year too!

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Wow, the amount of home closings in Plainfield IL for October was HUGE!  The first time home buyer tax credit has done an incredible job of sparring the housing market in Plainfield IL.

The 4,988 home closings in Plainfield IL in October 2009 was nearly double the amount of closings in September, which had 2,541 single family sales!  Typically homes sales slow after Labor Day and these numbers are an indication that this tax buyers credit is working.

Of course a credit to the public always become a tax on the people, but until we find a way to fix the housing mess, I guess we need to take it where we can get it.

I’m extremely surprised, as someone in the industry, that the government is focusing more heavily on Healthcare Reform, than trying to undue the damage that was done when the government decided to allow buyers to purchase homes with no money down, and to allow homeowners to take out loans and over finance their homes.

For now, things seem to be moving along, but with the growing numbers in unemployment I don’t see this as a permanent fix to the housing market.  I just hope the government isn’t putting all of it’s eggs in one basket…

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Time is running out in Plainfield IL for buyers to take advantage of the first time buyers tax credit of up to $8,000.  If you are a first time home buyer you need to close by November 30th, 2009.  This poses a big problem for buyers that are tangled up in short sales because there is no guarantee of if and when those contracts will close.

The inventory of homes available has dramatically decreased in the last 3 months since the details of the first time buyers tax credit were announced, but there are still great opportunities for home ownership available.

I can help you take advantage of the first time buyers tax credit by searching for homes that are not short sales and that are available for a quick close in Plainfield IL, by sellers who are motivated for an offer on their property!  I’m clearing my schedule for qualified buyers to take advantage of this amazing opportunity before time runs out.

Call me today so you can get into your new home in Plainfield IL by November 30th… and get your first time home buyers $8,000 tax credit!

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Romeoville IL has been hit hard by the foreclosure crisis. Over the last 30 days, 21 homes in Romeoville IL have sold.  Of the homes that have sold, 86% of those sales were foreclosure related.

62% of the homes that sold were actual foreclosures being sold by the lender after they did not sell at the auction.  24% of the homes sold were short sales, sold by the homeowner to avoid a foreclosure.

The range of prices of Romeoville IL homes in the last 30 days started at $52,000 through $229,000.  

If you are looking for a Romeoville IL home, call me at 630-673-6233 to get the best deal on a home purchase in Romeoville IL.  I’m experienced with these market conditions and the process of buying bank owned properties and foreclosures.

If you are 3 or more months behind in your mortgage payments, you may qualify for a short sale.  If you are behind in payments on your Romeoville IL home, call me to find out more about selling your home at no cost to you.

Julie Ferenzi | Realtor®
Romeoville IL Homes
630-673-6233

Unfortunately the condition of most bank owned homes is decreasing property values much faster than the short sale homes have in the past.  I  believe there are 2 key reasons for this:

1. Bank owned homes sit vacant longer than homes sold through short sales which leave a bigger window for damage, vandalism, and mold to develop thus making the discount that a buyer demands much larger.
2. Many homeowners are stripping their own homes down to the floor boards once they make the decision to walk away from their homes.

The neighbor who once lived next to me took the furnace, appliances, and before he left broke all of the wood railings on the stairway and in the loft.  Another neighbor took all of the copper pipes, cabinetry, and even the air conditioner. 

The part about this that is most upsetting is that the homeowners who leave their homes in this condition destroy the value of their neighbors homes with these actions.  There are many components to this housing disaster, but if everyone acted responsibly for their part in the situation, we’d be able to clean up this mess much faster than the government ever could.

Homeowners in foreclosure need to act proactively to list their homes for sale and negotiate with their lenders to sell their home before the auction date.   I specialize in short sale listings in Plainfield IL, Shorewood, Romeoville, Bolingbrook, and Naperville.  With the help of a professional short sale negotiator, sellers have nothing to lose by trying to sell their homes before they end up back in the banks hands.

The upside to negotiating a short sale is that homeowners who decrease the discrepancy between what they owe and what the bank receives through the sale of the home at auction will be less money that is filed against them in a deficiency judgment.  Many times a judgment against the homeowner can be avoided completely with the help of a negotiator.

If you own a home in foreclosure in Plainfield IL , Bolingbrook, Shorewood, Romeoville, or Naperville call at me 630-673-6233 about listing your home for sale.  I work with a negotiator that can help you avoid a foreclosure, while I manage the sale and marketing of your property, all at no cost to you.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

If you bought your home in 2005 or 2006 chances are you now owe more than your home is worth, especially if you bought with no money down. 

Homeowners today are still faced with the same needs to sell that existed at the height of the housing boom.  Divorce, job loss, illness, death, and the birth of a child are all contributing factors for needing to move.

If your mortgage is current and you need to move, your best option to fulfill that need is to rent out your Plainfield IL home until the housing market begins to stabilize… which still may be a few years off in the distance.

When planning to put your home up for rent there are several things to keep in mind:

• Make sure you can cover the cost of the mortgage through the rent payment, which should also be protected over the term of the lease in regard to increases in escrow and repairs.
• You will need to be available and prepared to make repairs and address any issues that occur with the property, or pay a management company to do so in your place.
• You will have to consider what options you have if your tenant stops paying for any reason.  You will still have to make your mortgage payment even if your tenant isn’t paying you, to stay current on your mortgage. 

Pay close attention to the details of the credit report.  Past behavior is the best predictor of future behavior.  If a potential client has a valid reason that their credit score is below 620 and it was extremely situational, there may not be an easy clear cut answer about their potential risk.  The credit score indicates the risk factor for lenders.  As a landlord you are extending credit to your tenant for 12 months in exchange for the lease.  Credit scores below 600 indicate a high risk of lending to that individual.

Individuals with credit scores in the 500’s will have delinquent payments of more than 30 days late on their credit report.  In addition they may also have a foreclosure, bankruptcy, charge-off’s or collections.

If you or someone you know is considering putting your Plainfield IL home on the market, or are considering marketing your home for rent, call me at 630-673-6233.  I’ve been working the rental market since the beginning of the housing market decline as a solution for home sellers.

If you are behind in payments, you may qualify for a loan modification or a short sale.  Call me to learn more about the process and what you can do to avoid a foreclosure in Plainfield IL.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Rent
630-673-6233

Many analysts believe the number of new home sales is an indicator of the health of the real estate market.  Today I contacted the Village of Plainfield to get some figures on the number of permits requested by new home builders in Plainfield IL.

New permits issued for new construction:

• 2007 = 404 permits
• 2008 = 172 permits

In the last 6 months only 26 new permits were requested through the village.  As you can see there has been a drastic reduction in the amount of permits that have been applied for between 2007 and 2008, which shows a decrease of 57.5%.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233

Comparing the 4th quarter of 2008 to the first quarter of 2009 in Plainfield IL:

There were 197 new filings in the 4th quarter of 2008, compared to the 250 filings in the first quarter of 2009 for an increase between the quarters of 21.2%.

In comparing the number of newly filed foreclosures in Plainfield IL from the 1st quarter of 2007, 2008, and 2009 there is a steady increase in the number of foreclosures each year.

1st Quarter Figures for newly filed single family Plainfield IL foreclosures by year:

• 2007: 116 new filings
• 2008: 218 new filings
• 2009: 250 new filings

There was a 12.8% increase in foreclosures from 2008 to 2009
There was a 46.8% increase in foreclosure from 2007 to 2008

As you can see from these figures, Plainfield has not seen the bottom of this market yet, though it does seem to be slowing down.  The second quarter of 2009 will paint a better picture of the trajectory of the market, and the time frame in which we can expect to see a recovery in the market values of Plainfield IL.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233

We’ve been in our new house for a little over 4 years now.  In that time we’ve landscaped the yard, painted all of the rooms, installed a fence, decorated, re-decorated, cleaned, cluttered and de-cluttered … and then it happened.  My husband started finishing the basement.

It’s bad enough when your husband leaves for work before the sun comes up, and comes home long after it’s disappeared… but I had become a weekend widow to the cement walls beneath our happy home.

Then this past October, about 10 months into his project,  our family got an unexpected surprise; we found out we’re having another baby.  That’s #5 for anyone whose been counting.  Together we decided that even though we are in the middle of a recession, finishing the basement couldn’t wait any longer, and I couldn’t afford to lose my husband for one more weekend!

I will warn you though, finding a contractor was not a pretty process.  There was the good, the bad… and the just plain CRAZY! 

Quotes for finishing our basement ranged from the reasonable to the insane.  It seemed like the bigger the price tag, was an even bigger ego of the person giving the quote.  One company quoted me $35K, and when I told him that was well beyond the budget we had in mind, he reduced his price by $15,000! He was obviously working with some very inflated numbers… in his very inflated head!

We opted for “reasonable” and  we couldn’t be happier with the finished product, especially with the declining home values in the real estate market.  I was really didn’t want to over spend on an investment that has no chance of being recouped in a market like this!

We chose to do our own painting and had a separate contractor install our carpeting which saved us quite a bit of money, and the additional sq. footage we added to our home is priceless.  The two construction workers who completed the work in our house, Isaac and Mauricio, were professional, polite and most of all did great work.

If you’re in the market to finish the basement your own Plainfield home, I highly recommend Complete Remodeling and Painting Inc.  They are licensed, insured, and bonded.  Vice President Roger Wheeler came out to our house to price the quote for our home, and got back to us promptly with his estimate.

You can reach Complete Remodeling and Painting Inc at:

23915 W. Aero Ct. Ste 2
Plainfield, IL 60585
815-254-6997

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233