Julie's Blog

Just over a year ago, it was nearly impossible to imagine buying a Plainfield single family home under $200,000; but right now there are currently 10 properties on the market below $199,900 which is great news for first time home buyers looking for Plainfield real estate.

Due to MLS photo cloning rules I can't include the MLS photos of these properties, but you can search for them by address by clicking on the Property Search link at the top of this page or contact me for more information on any of the following homes: (I promise not to stalk you :)

Knowing that homes are finally becoming more affordable, especially for first time home buyers, makes me feel good about being a Plainfield and Naperville Realtor.  I know how important and exciting it was for us to own our first home, and I love helping other people achieve the same outcome.  If you'd like more information about any of these homes, please contact me and I'd be happy to e-mail you MLS list sheet for the property. 

Want to learn a quick and easy way to always make your Plainfield house payment on time, and stay on track with your budget? 

Here are a few little tricks I learned from my mom and dad about always making the house payment and having enough money left over to live on at the end of the month:

Take your total monthly payment and divide it by 4.  (because there will always be at least 4 weeks in every month...) Now, depending on whether you or your spouse gets paid weekly or bi-weekly you will automatically deduct that amount from the account and add it to your "ghost funds" every week; just double the amount for bi-weekly payments. Make sure you keep track of your deductions for each month by labeling them clearly in your checkbook.  For example my husband gets paid weekly so I label mine June #1 House Payment, June #2 House payment, etc... 

If you do this every week you will have an extra house payment 1 year after you start. Since you will be deducting for 52 weeks this way, but only making payments for 48 of them have an extra 4 weeks worth of partial payments stored in your bank account as a reserve! 

You can either use this money to pay down the principal on your loan or put in a savings account at the end of the year.  If you apply it to your 30 year conventional loan you can actually pay off your loan 7 years sooner than if you only made the required monthly payments.

By budgeting your money this way, you never have to worry about having enough money to make your Plainfield house payment. You can budget the additional money left over for living expenses, plus in an emergency you'll have enough "extra" money in your checking account at any given time that you'll never have to worry about bouncing a check again.

My parents always instilled in us, even as kids... "Before any other bill is ever paid, no matter what, make sure you always pay your mortgage on time!"  I still hear my dad's voice echo those words in my head to this day, and I have never been late or missed a mortgage payment in my life because of my mom's little secret checkbook trick.  (This works great for car payments too.)

It's also a great way to decide how a big purchase will affect your finances.  If you can't comfortably afford to take the total payment and deduct it from you weekly budget all of the red flags should go up to warn you that you probably can't really afford it, no matter what the instant credit approval system says you can do. Trust your ability to manage your own finances instead of relying on automated approvals.

I found this particular thread of comments to be extremely helpful in the things you'll want to think about before committing to a permanent payment of any kind.

I highly recommend talking to a Plainfield mortgage professional before you even begin a home search so that you know what your budget is before you become emotionally attached to a property you probably already know you 'shouldn't' be able to afford.

When you look at the May-June Plainfield Market Comparison* for the last 4 years and compare the data side by side, it looks like 2008 has brought us back to 2005's values. While the volume has decreased every year since 2006, the numbers mimick the values that were seen in 2005. 

Many things have contributed to the steady decline in the Plainfield closed home sale volume including: loan restrictions, a reduction in consumer confidence, hesitation, foreclosure, and the hint of a recession.

The steady increase in market times has caused and increase in expired listings.  Plainfield single family home market time has more than doubled from 2005 to 2008. In many ways despite the market time and volume of home sales it looks like Plainfield, IL has survived the housing bubble much better than much of the Chicagoland area as a whole. 

Plainfield's convenient access to both I-55, I-80 and I-355, in addition to the access to Metra in Joliet, still make Plainfield a top choice for families looking for newly constructed homes near Chicago.  Plainfield has grown by leaps and bounds over the last 15 years, and though the housing bubble continues to burst, Plainfield continues to thrive in a down market. 

Despite a 9% decrease in the average sold home price from 2007 to 2008, there has still been a 2% increase in average home prices from 2005 to 2008.  Average home appreciation in a stable housing market is 3 to 5 %.  To see a 2% increase in the middle of the current trend in real estate means that while there has been a large decline in prices over the last 2 years, even a modest increase over the last 3 years defies predictions of the 15-30% decrease in Plainfield home values.

Plainfield homeowners may be looking at longer market times in 2008, but if you purchased your home before 2005, you should still be able to see a profit on your Plainfield real estate investment.

*data taken from the MLS of Northern Illinois for Plainfield, IL from May 1st - June 1st for single family homes from 2005 through 2008. 

Most Plainfield and Naperville homeowners are eager and willing to make the necessary improvements to their homes in order to get them ready to be put on the market, but it's important to know what improvements will have the biggest impact on the bottom line.  It's also important to know which features actually add value to your Plainfield or Naperville home and which ones are considered to be "over-improvements".

Over-improvements are improvements that are made in which the features of the home actually exceed the current market value of the property. Over-improvements also create an inflated sense of value for homeowners who often over-price their homes in hope of recovering the cost of their investment into their residence.  Market value reflects the price that an appraiser can assign to a home in a particular neighborhood with specific features based on closed home com-parables within the last 3-6 months.

Read more about over-improvements here.

Typically when it comes to home improvements, the kitchens and bathrooms have it...  and yes, kitchens and bathrooms are often the most costly improvements you can make your Plainfield or Naperville Home.  These home improvements, however, traditionally yield the best return on your investment, making them wise areas to consider spending money on when it comes time to sell.  These two rooms have the biggest potential for disrupting a household, which makes the need for updating and renovating a big turn off for any potential buyer that isn't handy with a hammer.

Landscaping is another huge area that is worth spending a little money on.  Consider the exterior of your home your first impression. 

The first time someone sees your home will either be in a photo from the MLS, or while driving by while scouting out the neighborhood. It only makes sense that if you are going to spend any money making your Plainfield or Naperville home look it's best, you spend it getting them to go through the front door. 

Believe it or not, curb appeal plays a huge role in booking showings for your Plainfield or Naperville home.  The Norman Rockwell image of suburbia is alive and well!

Landscaping doesn't have to cost a fortune, and most of it can be done yourself: trimming over grown greenery, keeping the grass neatly mowed, making sure weeds are kept at bay, staining a faded fence, a fresh coat of blacktop, and planting colorful flowers will usually do it, but some things may require the help of professionals.  Turn offs to buyers include: lack of landscaping, garbage and litter in the yard, broken shutters, damaged siding, and drooping gutters.

When my husband and I were shopping for our last two homes in Plainfield, we immediately began discounting the asking price every time we saw an item that needed to be repaired or that was going to cost us money in the first two years of ownership.  There is a delicate balance between maximizing the sale price on the home and giving the buyers as little to object to the asking price as possible. 

Granite counter tops and marble floors would be considered over-improvements in a Naperville or Plainfield neighborhood where laminate countertops and flooring are the norm.  Those features may get your house to sell faster than competing homes on the market, but you probably won't recover the cost of adding them to your home.  There is a ceiling on the market value that a neighborhood can withstand. 

If you are going to get your house ready to sell and don't know how much is enough and how much is over-kill, it's best to stick to the basics:

• Make your house look as nice from the outside as it is on the inside.  Remember, you want people to see more of a good thing!
• Update kitchens and bathrooms if necessary. (by necessary I mean, what are the other homes in your neighborhood like?)
• A fresh coat of neutral paint and new carpeting are always a hit with buyers.  It kind of makes it feel like a brand new house :)
• Refinishing wood floors and re-grouting old ceramic tile will put a new spin on a dated and weathered look.
• Update the essentials.  Make sure all of the mechanicals are in good working order and that nothing needs to be replaced or repaired.

Sellers in Plainfield are still selling, and buyers in Plainfield are still buying. The real estate climate has changed over the last 18 months, so it's important to keep up with what is happening week to week and month to month.  Subscribe to this site and make sure you never miss a post!

Do you have a burning question about real estate in Plainfield, Naperville, or anywhere in the suburbs of Chicago? 

Submit your question about Chicago Suburban real estate and your question may get featured in an upcoming post or in the Q&A section of this website!

Do you want to know:

• How much your neighbor's house sold for?
• What a specific real estate term means?
• How to avoid a foreclosure?
• How much you will net on the sale of your home?
• How much closing costs will be on the sale or purchase of your home?

I'm not a ghost writer... I actually write all of this stuff myself :)  I live in Plainfield, IL and I know the market here and in the surrounding areas.  If you have a question, I've got an answer or suggestion. 

Oh, and I promise not to stalk you! I hate when people harrass me with like 500 follow up sales calls... so I won't do it to you.  I pinky promise!  My husband and I are in the market for a new car, and the stalkerazzi car salesmen that have been chasing down our curiousity are enought to make both of us want to bicycle to work.  Really, it's repulsive!

It's my philosophy to attract buisness, not attack it.  A follow up e-mail? Maybe. A follow up phone call?  Never.  I'd probably hate doing it more than you'd hate hearing it. 

Have a question?  Ask away!* 

*you can contact me via e-mail me or add a comment to the bottom of this post. I will respond within 24 hours.

If you've been considering a purchasing a new construction home in Plainfield or Naperville it probably never even crossed your mind to use a Realtor, but using a Plainfield or Naperville Realtor to represent you will not only save you thousands of dollars, they will protect your best interest and work on your behalf.

When you buy a house from a builder and work with the sales agents in the office to write your contract, it's important to keep in mind that they are not representing you in the transaction.  They are working for the builder and their obligation is to the builder.

This Spring I had the privilege of representing Wendy and Darrell Pratt on their new home purchase in the Regency Oaks subdivision by Kimball Hill Homes in Bartlett.  They had considered several areas and types of homes before their search finally brought them to Regency Oaks.  As they finalized their decision to build their new home in the subdivision, I contacted the builder for their requirements for beginning construction.  One of the requirements was 5% earnest money to be held by the builder until the house was completed. I had also noticed there were extreme incentives being offered by the builder to have buyers close by March 14th for all newly constructed inventory homes... hmmm.  The 14th of the month seemed like such a strange day of the month to close by.  I started to feel like something wasn't quite right, so I decided to do a little cyber-sluething.

With the news of so many local builders filing for bankruptcy over the last few months I had my reasons to be concerned about having my clients lay down such a large amount of cash to be held in earnest by the builder.

A quick Google search confirmed my suspicions about an impending bankruptcy. 

My concern for my clients was that if they began the process of building with Kimball Hill Homes and the builder then filed for a Chapter 13 or Chapter 7 debt elimination, that my clients earnest money would be at lost and their home would never be completed. 

My point is that if Wendy and Darrell had walked into the sales office with the intent to purchase and build a home and write the contract with out buyers representation, they would never have been informed by the sales team of the very real possibility of a bankruptcy or that their earnest money could potentially be at stake. 

I questioned the sales office about the implications of a potential bankruptcy and they assured me that any bankruptcy would most likely be a Chapter 11 debt repayment plan, but I need more definitive answer than "most likely".  They needed to close these transactions prior the March 15th deadline for securing their debts to their investors in an attempt to avoid that situation. I even tried to amend the contract so that my office could hold the earnest money in escrow as a means to protect it, but Kimball Hill Homes would not allow for any modifications to any of their contracts.

Kimball Hill Homes was able to meet the March 15th deadline, but the extension expired on April 10th and the builder ultimately ended up filing for a Chapter 11 repayment plan on April 23rd. 

Well, all is well that ends well.  Wendy and Darrell still really loved the location and the neighborhood so they decided to take the builder up on their extreme incentives and purchase a beautiful brand new inventory home.  We closed on their new house on March 14th, 2008.

Going into it, no one knew how it was going to play out.  It was my job as their Realtor to inform them of the risk involved in the transaction, and it was then up to them to decide whether or not the risk fell within their comfort zone. 

Ultimately because the model that they wanted was available as an inventory home the Pratt's were still able to get the house that they wanted without suffering any of the risk! 

You need to work with a Realtor that is always one step ahead of the game in a market like this.  We didn't have to worry about things like this when the real estate market was booming 5 years ago, but unfortunately these issues are still part of the aftermath of the housing bubble. 

If you have questions about new home builders in the area or about using a Realtor for a new construction purchases, I'd be happy to answer them for you.  If you are one of the many buyers that has been affected by a recent builder bankruptcy, please leave a comment and tell us about it.

When you are in the market for a new Plainfield or Naperville home, don't let the fear of the unknown keep you from the owning a piece of the American Dream! Here are some answers to these common questions.  "Who does what... and when?"

• Your Plainfield or Naperville Realtor® will probably ask you to contact a mortgage lender or broker to get pre-approved.  This is important because the lender/broker will help determine the price range you can  afford based on your income.  A pre-approval letter will help validate your offer when you are ready to make one.  Contacting  an attorney and home inspector even before you are ready to make an offer will save you time later.

• You've taken a tour of several homes Plainfield and Naperville with your Realtor® and you've found your dream home.  Now it's time to make an offer!

• After your offer is accepted, you'll need to contact both your attorney and the home inspector to over-see the transaction.  The cost of the services of both professionals is anywhere from $250-$400 for an attorney and $250-$350 for a licensed home inspector.  The cost of the attorney can be included in the closing costs, but the home inspector will need to be paid for at the time that the services are rendered.

• After the attorney and and lender have the signed contract in hand, they will both "get to work" on your file.  The attorney will review the contract within the time allowed on the contract for attorney review (usually 5 days) and the lender will begin the process that leads up to underwriting your loan and have it approved on or before the loan commitment date.

• A copy of the home inspection report will be supplied to both you and your attorney, and any repairs or requests will be negotiated by the attorney's on both sides of the transaction.  Necessary repairs will either be made or compensated for, or the buyer will have recourse to back out of the transaction provided that the inspection took place within the time-frame alloted by the contract.  It is then at the buyers discretion whether or not to proceed with the transaction, if the seller refuses to make any necessary
  repairs.

• A loan commitment must be provided by the date in the contract.  Providing timely financial information to your lender will ensure the execution of  a timely approval process in accordance with the contract for purchase.

• Once you have your loan commitment... Pack your bags!  It should be smooth sailing from here.  It looks like you've got yourself a new home!
  

I have worked with countless buyers over the last few years and this post answers the timeless questions regarding the responsibilities and obligations of both the buyers and sellers in any given transaction.  I love working with buyers because the excitement that comes from owning a new home is contageous!  Buyers looking for new home have an energy that can't be beat.

If you're looking for a new home in Plainfield or Naperville, IL I can help you find it!  Call me at 630-673-6233 to reserve you time with me to preview properties this weekend.

Over the last 8 years, not only was owning a home part of the American Dream... it seemed to be a privilege bestowed upon the general public at epidemic proportions.

Unfortunately for the next generation of home buyers, those days are fading fast. 

The way that first time home-buyers qualify for their first home will soon be changing.  Gone are the days of 100% financing and 80/20 loans...  or at the very least, they are in extremely short supply.

Buyers are losing their options to refinance their adjustable rate ARM mortgages for lower conventional rate mortgages because of a decline in anticipated appreciation.

What does this mean for someone who wants to purchase their first home?

• Start saving now.  Conventional mortgages require a 20% down-payment in order to avoid PMI insurance.  This can save you about $100-200 a month on your mortgage payment.

• Clean up your credit.  The lending industry is going through a MAJOR shakedown.  Underwriting criteria is becoming more and more difficult to bypass, and squeaky clean credit is a deciding factor in the loan approval process.

• Understand the process, know what you are getting yourself into.  
  

• Try-on your pre-approved loan payment before you commit. (use the extra money you save toward the down payment.   A great way to save a lot of money fast!)

Learn the language.  Talk to your parents, friend who are homeowners, or a real estate professional... learn what these mortgage terms mean: 

• PMI
• escrow account
• property taxes
• conventional mortgage, VA mortgage, FHA mortgage
• Title insurance
• closing costs
• points (and what they mean)
• pre-payment penalties
• ARM or adjustable rate mortgages
• Foreclosure
• FICO scores
• rate buy-downs and lock-ins

Knowing what you need to do to prepare for owning your first home, will eliminate any surprises that can turn your dream of owning a home into a nightmare.  Many homeowners that were floating along in the real estate bubble fell hard when the bubble finally burst.

$600 billion dollars in adjustable rate mortgages are set to adjust this year all over the country.  $900 million are expected to adjust next year.  Many of these homeowners have no idea how those rate adjustments will affect their mortgage payment, and many will only find out after it's too late!  Read the fine print and ask questions!

If you want to know more about what the recent changes in the real estate climate mean for you, call me to discuss your situation at 630-673-6233.

The Farmstone Ridge neighborhood is located just off of Naperville/Plainfield Rd. and 127th St. in Plainfield, IL. Each home was custom built on a premium lot by local area builders. Construction in Farmstone Ridge began in 2003, and the subdivision neighbors the private nearby gated Lakelands Community.

The students of Farmstone Ridge attend Liberty Elementary, John F. Kennedy Middle School, and Plainfield North High School, although Plainfield East High School will be opening as Plainfield's 4th high school this year. I've driven past the new school quite a few times over the last few weeks and it's coming along quite nicely!!!

When I was still working at Zen Salon in the plaza at the corner about 5 years ago, I met a lot of clients who lived in the neighborhood, which was nice because I know what a great neighborhood Farmstone Ridge really is.  The ladies of the neighborhood get together quite often and I often wished I lived there so that I could be part of all of the festivities too!

The yearly assessment for Farmstone Ridge is $380 per year. As of today there are currently 5 homes actively listed for sale, and 4 properties have closed in the last 9 months.  I usually only like to go 6 months out on comps,  but in this sluggish real estate economy, we have to take what we can get!

Active Listings in Farmstone Ridge:

Closed Listing In Farmstone Ridge in the Last 9 Months:

Of the closed listings over the last 9 months, it should be noted that both 12751 Pintail Rd. and 12812 Stellar Ln. were bank owned or pre-foreclosure sales, which means that because of the urgency of liquidating the assets that the true value of the property was not captured in the sale of the property.

In this market, no community is immune to the effects that foreclosure brings to the table.  While bank owned properties (REO's) usually do not affect the appraised value of regular residential property, short sales often times can, and do, bring down the closed comparable values for a neighborhood.  This is due mainly to the fact that the bank never actually took repossession of the home and they are not truly considered "foreclosed" properties.

Despite all that has happened in the housing market over the last 2 years, Plainfield home values are still holding strong, not only against major cities all across the United States, but against neighboring communities in the northwest suburbs. Since 2005 Plainfield has still seen a 2% appreciation in real estate which is almost unheard of in real estate today!

Farmstone Ridge is just minutes from some really great shopping and dining.  I know I help the Target at the corner of Rt. 59 and 127th street in business, and our favorite family restaurant is Red Robin right across the street!  (Seriously, those are some really tasty burgers!) 

As I mentioned before I used to be a stylist at the Zen Salon in the plaza at that intersection and a former client of mine who actually lives in Farmstone Ridge, owns the Dinners by Design franchise in Plainfield, just a few doors down from the salon!  If you've never tried Dinners by Design I highly recommend it.  Think of it as making 2 weeks of dinners in advance and not having to rush home to cook!   This is priceless when the kids are in school and after school activities are at their peak...

Anyway, I think Farmstone Ridge in Plainfield is a great place to live, and I'd eagerly take a client there to show them any of the homes available for sale.  Heck, I'd want to live there myself if I didn't already have a home of my own :)  Want to check it out the houses for sale?  Call me.  I want to see them too!

The Lakelands in Plainfield is located near Naperville-Plainfield Rd and 135th St. in Plainfield, IL.  These custom built homes have been built on premium lakefront lots, where homeowners can enjoy resort style living all year round.  The private lake in the gated Plainfield community also includes a private clubhouse.

Many homeowners in the neighborhood own boats for fishing and water skiing.  It's hard to imagine this little resort like community in the middle of the bustling Chicago suburb called Plainfield, but I promise... it's real!  I drool every time I drive past it.  The neighborhood is so unique it's almost majestic.  I spent most of my summers on Diamond Lake in White Cloud, Michigan. I know how much fun swimming and boating are in can only imagine what it's like to own a piece of this prime Plainfield real estate and live there year round!

There are currently 9 homes for sale in The Lakelands in Plainfield, and 5 homes have sold in there in last 12 months. Asking prices in the Lakelands right now are ranging from $599,900 to $945,000.  The closed sale prices of homes in the neighborhood range in price from $580,000 to $864,500. 

Most of the homes for sale in the Lakelands feature custom builder amenities such as: gated entrance, walk-out basements, fireplaces, gourmet kitchens, wood floors, and master suites, and as I mentioned before... lakefront lots! 

Bases on the available MLS data for the Lakelands, the yearly association fees for the neighborhood range from $1000 yearly to $1500 yearly.  I imagine the association fees are based on lot location and fluctuate on a home by home basis. 

If you are looking for a home in the $600,000 to $700,000 price range, The Lakelands in Plainfield has the most to offer and enjoy for your investment.  Call me to set up a private showing of the homes available in the Lakelands right now at 630-673-6233. 

If you're a homeowner in the Lakelands that is thinking about selling your property, call me for you complimentary market analysis.