Has Plainfield IL finally hit its plateau in the national real estate debacle?  Well if the first month of the new year is any indicator, that just might be the case.

Plainfield IL single family home sales increase by 3.5% in January 2010 when compared to January 2009… and that is great news for Plainfield!

Unfortunately, the attached family home sales decreased by 1.9%, but considering that the volume of closings in 2010 was double that of 2009… those numbers may have well been skewed by the increase in volume and not a fair comparison.  The good news in these numbers is that the volume of Plainfield IL town house closings increased by 53% in 2010 when compared to 2009.

On average, single family Plainfield IL homes are still selling at about 95% of their current asking price.  Market time has increased by about 30 days when compared to the same time last year, but considering the high national rate of unemployment that’s really not so bad!

If you are getting ready to buy or sell in Plainfield IL or a surrounding area, call me at 630-673-6233.  I am a full time Realtor and I have lived in Plainfield for over 10 years.  I love what I do and I can show you, or your buyers, why Plainfield IL is the only place you’d want to live… just ask any my past clients!

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

Is the Plainfield IL real estate market out of the woods?  Maybe not yet, but I was impressed with the closed comp numbers I saw when I pulled the December Plainfield IL closings from the MLS.

It looks like, on average, single family homes in Plainfield IL closed at about 97% of their asking price when sold.  That’s up about 1% from the numbers we’ve been seeing over the last few months.  The attached home sales news isn’t as promising, but townhomes and duplex’s are still closing at about 94% of their asking price when sold.  2 bedroom single family homes are fairing the worst in Plainfield at just 87% of their asking price, but 3 bedroom homes are closing at 98%!!!

I’m not sure what to contribute the rise in the net to sellers when compared to their asking price, but a number of factors could be at play:

• Sellers know that it is now impossible to list high and hope for an offer and thus are pricing their homes more aggressively.
• Short sales are being listed at market value and selling below market value, which increases the percentage artificially for homes that have sold well below asking price.
• Demand for homes that do not require bank approval (short sales) are on the rise.  Buyers anxious to take advantage of the tax credit do not want to wait for bank approval, and believe it or not… bidding wars are actually occurring in this market!
• Shortage of homes for sale that can sell quickly can actually increase the value of the homes that are non-distressed because of the ability to close quickly.

No matter why these figures are on the upswing, it’s good news for Plainfield IL!  And after all of the rainclouds that have been adding to the real estate storm we couldn’t wait to get away from, it’s nice to see a little bit of the silver lining.

It’s important to work with an agent that isn’t going to sell you a bottle of snake oil to get your listing.  My fees are reasonable, and you are going to get a dedicated full-time agent who you can access easily.  If you want to know what you your home is worth, I’m going to give it to you straight.  My suggested list price is based on carefully analyzed data from the last 6 months in your Plainfield IL subdivision.

If you are thinking of buying or selling a home in Plainfield IL call me at 630-673-6233.  

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

It’s going to start to get a little harder for some FHA buyers to qualify for a loan.  Starting April 5th, 2010 buyers will now need a FICO score of 580 or higher to qualify for a 3.5% down loan.  All buyers with a FICO score of 579 and under will require a 10% down payment in addition to PMI insurance, meaning loans just got a whole lot more expensive for FHA buyers.  But it is very important to note that most lenders will not lend to buyers with a FICO score of less than 620.

All FHA loans after April 5th, 2010 will include an increase in PMI insurance of .5%.  There are also plans for seller concessions to be reduced from 6% to 3%, but no date has yet been released for that change.

Traditionally FHA loans were not FICO score driven, but as the market continues to soften, financial regulations are being put in place for buyers.  Plainfield IL home buyers need to pay special attention to these requirements when trying to take advantage of the first time home buyer credit.

If you are thinking of buying a home in Plainfield IL, or a neighboring community?  It’s important to move quickly to take advantage of the tremendous opportunity between now and April 5th.  Don’t miss out on the most affordable time to purchase a home… right now!

Call me at 630-673-6233 to get connected with a local Plainfield IL loan officer for your complimentary loan pre-approval from one of my preferred lenders!  There has never been a better time to buy a home in Plainfield IL!  Don’t get locked out of today’s market!!!

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

There were 12 Plainfield homes that sold in the Clearwater Springs/Aspen Falls subdivision between September 1st and November 30, 2009. 

The Plainfield IL single family homes ranged in price from $145,000 up to $217,000.

September 2009 Clearwater Springs and Aspen Falls Real Estate Closings:

2607 Vision sold for $206,000 on 9/18.

October 2009 Clearwater Springs and Aspen Falls Real Estate Closings:

2700 Cedar Breaks sold for $$217,000 on 10/02.
6902 Twin Falls Dr. sold for $184,786 as a short sale on 10/05.
2913 Twin Falls Dr. sold for $174,450 as a foreclosure on 10/21.
6916 Twin Falls Dr. sold for $169,900 as a short sale on 10/23.
7007 Twin Falls Dr. sold for $150,000 as a foreclosure on 10/26.
2801 Twin Falls Dr. sold for $215,000 on 10/28.

November 2009 Clearwater Springs and Aspen Falls Real Estate Closings:

2706 Oasis Dr. sold for $185,000 as a short sale on 11/13.
2611 Discovery Dr. sold for $195,000 on 11/16.
2907 Sierra Dr. sold for $191,000 as a foreclosure on 11/18.
2823 Arches sold for $145,000 as a foreclosure on 11/27.
2603 Clear Creek sold for $195,000 as a short sale on 11/30.

 If you or a neighbor would like a complimentary market analysis of your Plainfield IL area home, call me at 630-673-6233.  Working with an agent that knows the market values of the homes in your neighborhood is key to getting an offer in this market!

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

Sorry, I’ve been slacking a little bit lately on my market reports because I’ve been so busy with my buyers this fall!

I’ve got to get the numbers from September out there, so I can work on Octobers numbers later this week.

80 single family homes sold in Plainfield IL in September 2009.  The average sale price of a single family home in Plainfield IL was $245,772 and homes sold at about 95% of their final list price.  The average market time for a single family home was around 196 days.

Compared to the same time last year during the month of September 2008, 85 single family homes sold at about 96% of their asking price.  The average sale price was $269,305 and homes sold in an average of 150 days.

The average sale price of a Plainfield IL single family home was down 8.12% in 2009 from the same time last year.

September 2008 Single Family Home Sales

September 2009 Single Family Home Sales

If you, or someone you know, are thinking about buying or selling a home in Plainfield IL or a surrounding suburb, call me at 630-673-6233.   I’m a full time real estate agent dedicated to helping buyers and sellers achieve their real estate goals.

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

Halloween is on a Saturday this year, which means the spooky fun can last all day long!

The trick or treat hours for the Plainfield area has always been my most popular post on this website, so here they are:

• Plainfield:      4:00 to 7:00 pm.
• Joliet:               3:30 to 6:00 pm.
• Shorewood:   5:00 to 7:00 pm.
• Romeoville:   4:00 to 7:00 pm.

Keep in mind that some areas of Plainfield IL are actually part of Joliet’s municipality (the areas up and down Caton Farm Rd are most likely to fall under this category).  I’m not sure if those residents are supposed to follow the Plainfield hours or the hours for Joliet, but they are so similar that I’m not sure if it really makes a big difference. 

Since so many of you will visit my website to get your trick or treat info this year, consider bookmarking or subscribing to this site for other important information about living in the Plainfield IL area.  This isn’t just a real estate website, it’s a site designed to highlight all of reasons Plainfield IL is a great place to live… even if you already live here! 

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

There were 80 single family homes that closed in Plainfield IL in the month of September… and 25% of the homes that closed last month were bank foreclosures.

Buyers are on the hunt for a good deal, and these days, that doesn’t include short sales.

The banks are backed up on both ends: writing loans for buyer taking advantage of the 1st time home buyer credit, and, homeowner files awaiting submission for short sale approval.

The bottom line is…  if you are looking to cash in on the buyer credit, you need to be looking at anything BUT a short sale!  Quite simply, the banks aren’t going to be responding anytime soon.  To be completely honest, short sales are taking upwards of 4-5 months for approval.

The snapshot of single family home closings for September 2009 is:

 The snapshot of single family home closings for September 2009 is:

 If you want to take advantage of the first time buyer tax credit, call me.  I know what to do to help you make it happen!

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

Ugh, I HATE short sales… and no, it’s not because of the all the extra paperwork or problems that come with the process.  It’s heartbreaking to see families have to leave their homes behind and start over.

I have 5 kids, and because of what I do, I lay awake every night wondering what we would do if we had to pack up everything we have, and give up everything my husband and I have worked for simply because our house was no longer worth what we paid for it, and we could no longer afford it.

I have listed 4 homes this year for friends who are behind in their payments.  Friends, who 18 months ago… would never have imagined themselves in this situation.

A few months ago my daughter and I watched the American Girl movie, Kitt Kittridge, about the Great Depression.  I had no idea at the time that was exactly the future we were facing, but it’s very real.

Children my kids went to school with kids from last year, that won’t be returning to their schools this year.  This is incredibly sad.  Neighbors are abandoning their homes.  My subdivision is lonely, and it’s all because the government screwed up.

When this all started last year, I was bitter because I thought that short sales were the “get out of jail free” card that homeowners who “bit off more than they could chew” were getting away with, but that view point has changed dramatically over the last few months.

I’ve been showing homes for the last 3 months to buyers and it’s becoming increasingly difficult to not notice the personal touch of happier times of these abandoned homes.

Sports themed or Disney Princess decorated bedrooms, abandoned toys, swing sets in the back yard… and of course, the family portraits.  That’s what kills me the most.  I can only imagine the pain contained with the walls I am peddling.

“The American Dream”.  Abandoned.  Given up on.

I never finished college, although I’m close,  I always imagined myself in a position of helping others.   By doing short sales, I give people hope in getting closure in their current financial situations… and I do it with compassion.

 If you are behind in payments, I can help… and I can do it with dignity!  Call me.

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

When comparing the first half of 2009 to 2008, single family home prices have declined by 15.1%  in Plainfield IL:

Jan-May 2008 Plainfield IL Single Family Home Sales:

Jan-May 2009 Plainfield IL Single Family Home Sales:

Different segments of the single family market have been affected more than others: 

• 2 bedroom homes have depreciated by 24.9%
• 3 bedroom homes have depreciated by 16.7%
• 4 bedroom homes have depreciated by 16.9%
• 5 bedroom homes have depreciated by 9.1%

The average sale price of a home in Plainfield IL in 2008 was $277,370.  In 2009 the price of a single family home in Plainfield IL decreased to $235,503.  This is great news for buyers in looking for an affordable home in the southwest suburbs of Chicago.

The volume of home sales is also down 12.5% from 2008.  The majority of home sales that have taken place in both 2008 and 2009 have been 3 and 4 bedroom homes with 2 and 5 bedroom homes making up only 6.6% of the sales in 2009.

If you are looking for a 3 bedroom home in Plainfield IL you can expect to pay an average of $179,000.  For a 4 bedroom home in Plainfield IL you can expect to pay about $258,960 on average.

If you want the best price on a Plainfield IL home you should probably consider a short sale or foreclosed home.  You’ll have to be prepared for the time it takes to have a sale approved by the lender, but it’s the best opportunity to protect yourself against further market depreciation in the months to come.  Even with the current state of the economy, it is still a great time to buy for qualified buyers.

If you or someone you know is looking for a home in Plainfield IL, or a neighboring community, I can help.  I know the Plainfield IL market inside and out, and would love to help you with your move to the community.   Have questions?   Call me at 630-673-6233.

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

I’ve been getting a lot of phone calls lately from buyers looking for a great deal in Plainfield IL.  While there are some really great opportunities for buyers out there right now, without completely understanding the short sale process, browsing listings on consumer MLS service sites can be deceiving.

I got a call on a property listed for sale on a home that happens to be in my neighborhood.  I know the house values in my neighborhood like the back of my hand, and when I checked the MLS I have to admit… I was pretty shocked a the list price on this particular home.  I do short sales, and I also do the BPO’s in Plainfield IL that banks use to assign values to homes in the area, I know that this home is grossly under-priced.   The recent phone calls on this particular home was the inspiration for wanting to write this post.

While the advertised short sale price on this house most certainly created a feeding frenzy of buyers who wanted to cash in on this extreme value buy… I can tell you now that this home will close much higher than the list price on this home.  The reason?  The buyers contract is subject to 3rd party bank approval.  Right now the seller is behind in payments and has zero equity in the home.  The seller doesn’t care what the home eventually sells for because their main interest is in attempting to preserve their credit, so in order to get a buyer quickly, they often agree to sell the property at a discount and wait for the bank to tell them what they will accept once they begin negotiating an offer.

The problem as an agent is convincing buyers that just because the advertised price is below market value, or in this case extremely under market value, doesn’t mean the bank will accept… or even consider their offer.

Here is a tip for buyers when making an offer on a short sale:  If you really want that house, ask your Realtor® to pull the closed comps for the neighborhood and use those closed home sale prices when considering the amount of money you want to offer.  If you make an offer below the lowest closed comp in the neighborhood you can almost bet the bank is going to counter your offer.  The bank hires people to analyze the market data so they do know the values of the neighborhood when they make their counter offers.

The bottom line is, if you want to buy a short sale your going to get a good deal, but you aren’t going to get a steal.  I can’t tell you how important it is to work with an agent who is experienced on both sides of listing and making offers on short sale properties.  It will probably make the difference between making an offer and actually buying a house.

If you or someone you know are looking to buy a short sale property in Plainfield IL, call me at 630-673-6233.  I have been involved in performing short sales long before the term was in vogue, since 2004.

If you are behind in payments and need to do a short sale in order to sell your Plainfield IL home, call me to confidentially discuss your situation to see if you qualify for a short sale.

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