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

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