Downers Grove North and South Top Schools!

The Chicago Tribune has included Downers Grove North and South High Schools (District 99) in their list of Top Chicagoland Schools!

http://www.chicagotribune.com/media/acrobat/2009-10/50168344.pdf

Short Sales and Foreclosure Resource SFR

I have just been approved with the Short Sales and Foreclosure Resource (SFR) certification program through the National Association of Realtors.

http://www.realtor.org/press_room/news_releases/2009/08/helps_short

My hope is that this will help me to serve my clients in new and better ways.

FHA 90 Day Anti-Flipping Rule Suspended!

Important news for all real estate investors! HUD just announced that, effective February 1, 2010, they are suspending the FHA 90 Day Anti-Flipping Rule.

With certain exceptions, such as HUD-owned and bank-owned properties, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. However, beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties.

Under the temporary waiver, all transactions must be arm's-length. In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

For more information about these changes please visit the HUD website.

Downers Grove Home Sales increase 76 percent!

DOWNERS GROVE, Ill. - Sales of single-family detached homes went up 76 percent in November compared with the same period a year ago, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe), indicating the sixth consecutive monthly increase. MORe measured activity on homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC. "We saw tremendous sales growth in several communities last month as well as an increase in the number of homes under contract in communities such as Aurora and Hazel Crest," said Mike Drews, President of MORe, and the Designated REALTOR® of Charles Doss, REALTORS®, in the Aurora and Oswego areas. "I attribute much of this growth to first-time homebuyers attempting to close prior to the First-Time Homebuyer Tax Credit's original November 30 deadline, which now has been extended." There were notable home sales gains across the 120-community area, where the numbers of homes sold leaped by double- and triple-digit percentages. Standouts in the south suburbs for number of homes sold were Burbank (217 percent increase from a year ago); Oak Lawn (129 percent); Posen (100 percent); and Tinley Park (178 percent). In the DuPage County area, home sale activity was highest in Addison (950 percent increase from a year ago); Aurora (112 percent); Glendale Heights (567 percent); Hinsdale (82 percent); Naperville (75 percent); and St. Charles (165 percent). Home sale activity also was up in the western Cook communities of Clarendon Hills (117 percent increase from a year ago); Hickory Hills (100 percent); LaGrange (100 percent); River Grove (75 percent); and Westchester (100 percent). There were dramatic increases in the numbers of homes under contract in November 2009 compared with a year earlier - a 63 percent improvement for detached homes. The strongest increases were seen in Batavia (400 percent increase from a year ago); Brookfield (1,400 percent); Hazel Crest (320 percent); LaGrange (167 percent); Matteson (80 percent); Oak Lawn (121 percent); South Holland (139 percent); and Wheaton (164 percent).
December 2009 Stats Release
for November

Home Buyer Tax Credit Extended!

Congress and President Obama have finalized the extension and expansion of the First-Time Homebuyer Tax Credit through April 30, 2010.
Here are some details:
1) How the Extended Homebuyer Tax Credit helps first-time homebuyers:· First-time homebuyers can get a tax credit of up to $8,000 when they buy a principal residence. · Buyers are eligible if they have not owned a home in the previous three years. · Buyers have to sign purchase agreements before May 1 and close before July 1.· The price of the home and the buyer's income will affect how much the tax credit would be, if there is one at all. For example, this credit can only be claimed on primary residences purchased for less than $800,000.
2) How the Extended Homebuyer Tax Credit helps current homeowners:· Homeowners are eligible for a $6,500 tax credit if they purchase a new or existing home through April 30 AND they have lived in the home being sold as a principal residence for five consecutive years of the past eight years. · If potential home buyers have a binding contract on or before April 30, they will have until July 1 to close the transaction in order for the tax credit to count. · The price of the home and the buyer's income will affect how much the tax credit would be, if there is one at all. For example, this credit can only be claimed on primary residences purchased for less than $800,000. · Buyers don't have to pay back the credit as long as they use the new property as their primary residence for three or more years after the purchase. For more information, MORe >

When will Downers Grove home prices go up?

Many buyers and sellers are asking me when home prices will return to the record prices seen during 2005-2006. Moodys and Fiserv have actually studied this point. The answer is different for every state. Some states will rebound as early as 2014, but for Illinois residents the wait will be longer. The estimate is that our pricing will return to 2005-2006 levels somewhere from 2018-2022. If you are thinking of selling, do it now! Prices could be lower when more foreclosures hit the marketplace. If you are thinking of buying, just remember, you are getting record low prices now and great interest rates. Buy now before rates start to go up next spring!

A Home for Pilots!

Do you have a small airplane?
This home in the Brookeridge Neighborhood of Downers Grove has an Airplane Hangar and it is located on the Taxi Way with access to the Landing Strip. This 3100 square foot home is a short drive to downtown Chicago and it is beautifully updated! No Plane? The Hangar and attached 2 Car Garage is awesome for boat or RV storage or this heated space could hold 6 cars!
632 Berkshire Court, $749,900 MLS # 07339495
See virtual tour below:

http://www.visualtour.com/shownp.asp?T=2023283

Call Mary (630) 258-7677 to see it today!

More Money for First Time Homebuyers!

The Illinois Housing Development Authority (IHDA) has a propgram available for First Time Homebuyers called Mortgage Credit Certificates or MCCs. Some of this money is earmarked specifically for people buying homes in Downers Grove. This tax credit certificate will lower the amount of Federal Income tax due each year for the homeowners for up to 30 years. This is in addition to the $8000.00 First Time Buyer Tax Credit. You must use a participating lender and there are income and maximum purchase price limits. The cost for this program is $500.00.
Contact me for more information mary@marybraatz.com

Downers Grove Home Sales Up!

Home Sales Show Year-to-Year Increase in West, South SuburbsDOWNERS GROVE, IL - Sales of single-family detached homes went up 1 percent in June compared with the same period a year ago, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe), the first such increase since December 2006. MORe measured activity on single-family detached homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC. In addition, the number of homes under contract (but not yet closed) in the same West and South Suburban Chicago area was 40 percent higher than a year ago, the seventh consecutive month of year-to-year growth in pending sales. "Many first-time home buyers are taking advantage of the $8,000 federal tax credit. This is helping to reduce the inventory of homes on the market," said Mike Drews, president-elect of MORe, and a REALTOR® with Charles Doss, REALTORS®, in the Aurora and Oswego areas. "First-time buyers can receive the tax credit if their home purchase closes by December 1st, so to take advantage of that credit, they really need to have a home under contract by October 1st." There were notable home sales gains in many suburban communities, particularly in Addison (89 percent increase from a year ago); Bellwood (150 percent); Bloomingdale (350 percent); Calumet Park (200 percent); Flossmoor (100 percent); Geneva (59 percent); Markham (138 percent); Matteson (122 percent); Maywood (156 percent); Oak Lawn (58 percent); Richton Park (167 percent); West Chicago (59 percent); and Winfield (150 percent). The average 40 percent increase in contracts across the 120-community area was fueled by dramatic advances in some towns, where the numbers of homes under contract leaped by double- and triple-digit percentages. Standouts in the south suburbs for number of contracts were Burbank (146 percent increase from a year ago); Harvey (150 percent); Lynwood (1,000 percent); Markham (133 percent); Matteson (107 percent); and Oak Lawn (93 percent). In the DuPage County area, contract activity was highest in Addison (118 percent increase from a year ago); Bensenville (700 percent); Hinsdale (59 percent); Villa Park (100 percent); Warrenville (160 percent); and West Chicago (69 percent). Outstanding numbers for contracts were posted in the western Cook communities of Bellwood (250 percent increase from a year ago); Elmwood Park (333 percent); Franklin Park (217 percent); La Grange (75 percent); Melrose Park (200 percent); and Westchester (243 percent).

$8000.00 Tax Credit Can be used for Downpayment!

HUD has issued a letter today 5/29/09 regarding implementing the $8000.00 First Time Buyer Tax Credit for downpayment assistance with FHA Loans. See article:
http://www.facebook.com/ext/share.php?sid=82553349191&h=ESWFw&u=b1L80&ref=nf

This is exciting news for the housing market!