Julie's Blog

The Plainfield real estate news for the last 30 days are as follows:

The data in the tables above continue to tell the story that has been seen for the last several months in Plainfield.  This information is bad news for sellers, but great news for buyers looking to get into a new home in Plainfield in 2009 for a great price.

On average 24% of the single family homes available for sale sold in the last 30 days.  These homes sold in an average of 151 days.

Of the 903 single family homes currently available for sale in Plainfield the average list price is $319,180, much above the average closed price of $234,239 per home.  The average market time for a single family home in Plainfield is about 225 days which is just over 7 months.

On average 18% of the attached family homes available for sold in the last 30 days.  These homes sold in an average of 78 days.

Of the 248 attached family homes currently available for sale in Plainfield the average list price is $198,025, much above the average closed sale price of $141,551.  The average market time for an attached family home in Plainfield is just under that of single family homes at 205 days, or a little over 6 months.

This again puts the ball in the court of the buyers looking to purchase a home in Plainfield.   Buyers if you are looking to buy a house in Plainfield, don't be afraid to move forward.  Using MLS data to justify your offer is the key to negotiating successfully with a seller.  A seller can ask anything they want for their home, but a lender won't allow you to borrow more than the house is worth in this economy.

Call me at 630-673-6233 if you need an agent who knows how to use MLS data to get you the price you want on your new Plainfield home.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

Right now “rent to own“ is a great option for buyers who want or need to move now, but aren’t ready, or able, to make the commitment to purchase.  Because of the economy, rental properties are much more prevalent on the MLS than in recent years. Due to fact that many homeowners owe more than their properties are currently worth their only option for moving is to rent out their properties in the event they need to move or have an investment property they cannot sell.

As far as the terms of a rent to own, there are no defined rules on how to structure the transaction.  A lessor can simply agree to sell the property to a lessee upon signing the lease agreement, or they can take what is called “option” money that is non-refundable to secure a sales price and act as a down payment for a sale at a later agreed upon date.  In this market, I wouldn’t suggest going this route because market values are constantly changing and most likely home prices 12-18 months down the road will be approximately 6-10% less than market values today.  It wouldn’t make sense to pay more further down the road when prices are declining.

As far as rent credits go, most lessors will not give you rent credit toward your down payment because of new FHA rules for purchasing.  Down payment assistance cannot come from the seller.  There are ways around it, but I have been working with a lot of renters lately and I have not come across any listings that are offering rent credits.  You are better off taking $100-200 extra per month and putting it in a savings account as a down payment.  Lessors tend to base their rent prices on market conditions, but more than that they are basing them on their own mortgage payments.  If a seller didn’t put much money down on a property, they probably have a higher payment, and in turn will ask a higher amount in rent.  Prices for the most part are market driven, but they can certainly be affected by the monthly payments of the mortgages on the properties.

Credit checks are required on rental properties and rent to owns.  Most lessors require a security deposit (usually equal to one month’s rent) in addition to the first rent payment.  Usually lessors like to see pretty clean credit, but in this market with so many people coming out of foreclosure situations, renters with good credit are becoming increasingly difficult to come by.  Most lessors will consider problem credit, but may require addition money for a security deposit.

If you have a home that need to rent in order to move… or are looking for a home to rent in the Plainfield, Naperville, Joliet, Shorewood, or Romoeoville area it would be my pleasure to help you!  Call me at 630-673-6233 directly.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233