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

Dover Corporation to Relocate to Downers Grove

Dover Corporation is moving it's headquarters to Downers Grove where it will employ more than 100 people! See article: http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=36128

Downers Grove Home Sales up 74% in October 2009!

Home Sales Increase More Than 31 Percent in West, South Suburbs
October Marks Fifth Straight Month of Year-to-Year Improvements

DOWNERS GROVE, Ill. - Sales of single-family detached homes went up 31.8 percent in October compared with the same period a year ago, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe), indicating the fifth consecutive monthly increase. MORe measured activity on homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC. "The significant growth in the market demonstrates that pent-up demand is disappearing thanks in part to the incentives available to first-time homebuyers," said Mike Drews, President of MORe, and the Designated REALTOR® of Charles Doss, REALTORS®, in the Aurora and Oswego areas. "I believe move-up buyers also will continue to spur growth in the market and we'll begin to see more movement related to condos and townhouses as a result of the federal government's extension and expansion of the First-Time Homebuyer Tax Credit." 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 (140 percent increase from a year ago); Country Club Hills (240 percent); Orland Park (37 percent); and Tinley Park (150 percent). In the DuPage County area, home sale activity was highest in Addison (80 percent increase from a year ago); Batavia (100 percent); Bensenville (400 percent); Geneva (27 percent); Hinsdale (122 percent); and Villa Park (80 percent). Home sale activity also was up in the western Cook communities of Bellwood (120 percent increase from a year ago); Elmwood Park (125 percent); Franklin Park (180 percent); Maywood (186 percent); Melrose Park (200 percent); and Westchester (73 percent). There were dramatic increases in the numbers of homes under contract in October 2009 compared with a year earlier - a 70 percent improvement for detached homes and an 81 percent increase for attached dwellings. The strongest increases were seen in detached homes in Addison (225 percent increase from a year ago); Aurora (118 percent); Bensenville (229 percent); Downers Grove (74 percent); Glen Ellyn (244 percent); Naperville (48 percent); Oak Lawn (92 percent); and West Chicago (127 percent).
November 2009Stats Release for Oct.

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!

Downers Grove-Best Place to Retire!

Downers Grove has been rated #5 by CNNMoney.com in their list of the 20 Best Places to Retire. The article mentions the 49 award winning parks in Downers Grove, the award winning Good Samaritan hospital as well as an abundance of good restaurants and the close proximity to Chicago for cultural events. Our secret is out!

Sears Home Tour in Downers Grove

The Downers Grove History Museum is offering two Trolley Tours one Historic Downers Grove Tour and one featuring the historic Sears homes in Downers Grove on September 12, 2009. Tours begin and end at the museum. Enjoy the museum's exibits and light refreshments after the tour. Additional parking is available at Lincoln Center, 935 Maple Ave. Trolley Space is limited. Call the Museum for more information (630) 963-1309.

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).

Rain doesn't dampen Downers Grove Spirit!

The rain didn't keep Downers Grove residents from showing their patriotic spirit this 4th of July!

Downers Grove Schools honored for excellence!

Seven Downers Grove schools in district 58 were named by the Illinois State Board of Education to the Illinois Honor Roll for 2008. The Honor Roll celebrates the accomplishments of excellent public schools in the state. Belle Aire, Highland, Hillcrest, Herrick, Henry Puffer, Indian Trail and Pierce Downer schools have been recognised for sustaining very high academic performance over at least three years. In the 388 elementary schools that received Academic Excellence Awards for 2008, at least 90 percent of students met or exceeded state standards in reading and mathematics for at least three consecutive years. In addition, all Academic Excellence Schools have received Adequate Yearly Progress for the past two years.

Downers Grove Dogs

July is National Hot Dog Month. Several Downers Grove Spots come to mind... Teddy's Red Hots, 6310 Main St., Downers Grove (630) 968-8444

Portillo's Hot Dogs, 1500 Butterfield Rd., Downers Grove (630) 495-9033-

Scooby's Red Hots 4319 Prince St., Downers Grove (630) 769-1678 and

Boagie's 5231 S. Main St., Downers Grove (630) 241-3890...Which is your favorite???

FHA Condo Financing Rule Change

New HUD condo guidelines lift outright ban on right of first refusal – On June 12, 2009, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2009-19, which outlines changes aimed at streamlining the approval process for FHA financing for condominium projects. In this Mortgagee Letter, HUD announces a new policy and procedure whereby qualifying lenders will be able to determine condominium project eligibility. But there are other important changes in the letter that will apply to both lender-approved and HUD-approved condominium projects, including a provision stating, “Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation in 24 CFR 100”, essentially lifting HUD’s long-standing policy of denying all condominium projects with a right of first refusal provision.

Downers Grove Free Tuesday Eve. Concerts

Tueday evenings this Summer starting at 7PM come to Fischel Park in Downtown Downers Grove for free Concerts...http://www.dgparks.org/supportdata/concert%20event%20listing%20-%20website.pdf

I have a nice corner condo in Park Grove condominiums overlooking the park! 2BR, 2 Bath now priced at $189,000. It's a steal!!!

Downers Grove Heritage Fest is Comming!

HERITAGE FESTIVAL: JUNE 26, 27 & 28, 2009
"You Can Still Rock in America" in Downers Grove! Night Ranger will be perfoming on Friday, June 26 at the Beer Garden Stage. A $5 cover will be collected at the gate with proceeds to benefit the 1846 Blodgett House On the Move organization. Rich and I will be there!!!

Top Ten Home Sale Killers...

1. Dirt-invite Mrs. clean over.

2. Odors-get another opinion, we can't smell odors in our own home-be especially aware of pet and smoking odors.

3. Old fixtures-brass is out! Spend a few dollars on new cabinet hardware and new doorknobs for your interior doors. Update ceiling fans and light fixtures.

4. Wallpaper-buyers just hate it! I have had people not buy a very nice home because of it, they just bought a similiar home with no wallpaper.

5. Popcorn acoustic ceilings-screams 1970's.

6. Too many personal items-take down trophies, family photos and place a mirror in a strategic spot. You want the buyer to picture themself in the home!

7. Snoopy Sellers-leave the house when agents are showing!

8. Misrepresenting your home-be honest about any negatives.

9. Poor Curb Appeal-wash windows, pick up newspapers, trim bushes, power wash siding.

10. Clutter-rent a storage locker if you have to! You don't want your home to look small!

Downtown Downers Grove Car Show

Check out the Downtown Downers Grove Classic Car Show every Friday Night from 6-9 PM (except 6/26/09) Now through September 4th! Every week has a different theme and there is live music with a different band every week! This is also a great time to check out some of the fabulous shops and restaurants in the neighborhood!