If you are interested in any other area’s market stats, please email me or call me at 630.484.8785 and I will send them to you immediately.
I will be posting March 2012 Market Stats in the next few week. Please subscribe to my blog so you can be notified immediately when they are posted.
If you are interested in any other area’s market stats, please email me or call me at 630.484.8785 and I will send them to you immediately.
I will be posting March 2012 Market Stats in the next few week. Please subscribe to my blog so you can be notified immediately when they are posted.
Lisle Community Events
Naperville Community Events
Some Highlights
Saturday, 3.17.2012
Sunday, 3.19.2012
Tuesday, 3.20.2012
Wednesday, 3.21.2012
Please visit their website form more events
Oswego Community Events
Friday, 3.16.2012 – Sunday 3.18.2012
Plainfield Community Events
Since the end of 2006, approximately 4.2 million new renters entered the housing market while 1.2 million homeowners left the market. And the 7.5 million back log of foreclosures will continue to transition homeowners to renters over the next few years.
“There is not enough rental inventory to meet this demand,” Bank of America Merrill Lynch analysts say.
Many analysts believe the rental programs are here to stay and will continue to be in demand.
Search Rentals in the Chicago Western Suburbs
Lean more about Rentals
Today I thought we would concentrate on specific market activity in specific subdivisions. I am pulling the subdivisions based on my past clients sales and purchases. If there are other subdivisions you would like to see posted, please email me and I will make sure we include them in a future post.
Plainfield IL Subdivisions Real Estate Market Stats
Enjoy this sunny day!
Kelly
Housing Supply Normalizes in 2014?
Analysts at Barclays Capital estimate if construction remains at or slightly above last year’s levels, and household formation rates rise to 1.1 million, the supply of housing will begin to normalize in two to four years.
Household formation rates, which is a function of population growth, overall economic activity and home affordability, typically determine the fate of the housing market.
Analysts also expect a 3% to 4% decline in home prices through March and then a 1% appreciation this year and in 2013, followed by a few years of 2% to 3% growth.
If you have any questions or concerns about the above and would like to discuss them with me please email me.
Enjoy your weekend!
Kelly
Lisle Community Events
Saturday 3.10.2012
Sunday 3.11.2012
Naperville Community Events
Abundance to list – please visit their website
Oswego Community Events
Saturday 3.10.2012
Plainfield Community Events
Sunday 3.11.2012
While there is no need for you to be a mortgage expert, having a basic understanding of certain key concepts will help you better answer your clients questions and get them closer to their goal of homeownership.
Here then is a brief overview of terms that will help you guide your clients in an informed way toward the options that are best for them.
Annual percentage rate (APR): The APR includes the base interest rate, points, and other loan fees. The APR is a great way to compare the cost of loans from different lenders because calculation of the APR is standardized.
Closing costs: Title search, origination fees, discount points, prepaids, taxes and insurance, and real estate transfer taxes, which are fees paid outside of the actual loan, make up the closing costs.
Discount points: A point is 1% of the home loan. Borrowers can pay points at closing as a way to buy down the overall interest rate and mortgage payment.
Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLM): Fannie Mae and Freddie Mac help a wider range of people become homeowners by agreeing to purchase loans on the secondary market that may have lower credit score requirements or lower down payments. Fannie and Freddie loans are called conforming loans.
Foreclosure: When a borrower has defaulted or ceased payment on their mortgage, the lender can take possession of the home. Foreclosure laws vary from state to state.
Good Faith Estimate: This is a federally regulated estimate of all the fees associated with a loan’s closing costs, including pre-paids, escrow items and lender charges.
Loan-to-value (LTV) ratio: A mortgage lender divides the amount of the loan by the asking price of the home and that figure creates a percentage. A high LTV, such as 90%, means the borrower only has to contribute a small down payment [in this case 10%], while a lower LTV, such as 70%, requires with more cash to put down, but may negate the need for private mortgage insurance.
Mortgage insurance: When buyers take out a mortgage with a down payment of less than 20%, they must pay mortgage insurance, a monthly premium that is added to the mortgage. This protects the lender should a buyer default on the home loan.
PITI: principal, interest, taxes and insurance: These four elements make up a monthly mortgage payment. Payments of principal and interest go toward repayment of the loan, while the payment for taxes and insurance usually goes into an escrow account to cover those fees when they are due.
Pre-paids: Some costs, such as taxes, insurance, assessments, and interest, are paid before the first monthly mortgage payment is due.
Rate lock: When a lender locks in a rate, it constitutes a guarantee that the interest rate will not change for a set period of time while the purchase of a home is finalized.
REO: real estate-owned property: REOs are lender-owned properties that failed to sell as a foreclosure or short sale.
Short sale: In a short sale, the lender agrees to lower the price on the home in order to sell it, thus avoiding a foreclosure. Short sales involve a lot of paperwork and generally damage the homeowner’s credit.
Underwriting: An underwriter analyzes all the documents related to a loan and all the information the borrower has provided to determine if the loan is a good risk.
Mortgage Rates 3.5.2012
| 30 year | Conventional | 3.875% APR 3.912 |
| 30 year | FHA | 3.75% APR 4.088 |
| 15 year | Conventional | 3.25% APR 3.312 |
| 15 year | FHA | 3.00% APR 3.188 |
| 5 year | ARM Conventional | 3.25% APR 3.312 |
Above information provided by:
Kerry Pastore
Nation Star Mortgage
www.nationstarretail.com/kerry.pastore
If you have questions about the above mortgage terms or rates or any other Chicago Western Suburbs real estate questions please email me or call 630.484.8785.
Chicago Western Suburbs Deal of the week is located in Towne Pointe in Tinley Park IL. 2 Bedroom, 1.1 Bath, Grand Staircase, Open Kitchen, Fireplace in Family Room, 2 Car Attached Garage and Great Location! Please view the active and closed listings that support this “great deal”.
8422 Kirby Drive in Tinley Park IL has so much to offer. View the listing sheet for further details.
If you would like additional information or view the home please email me or call 630.484.8785.
I will be posting weekly real estate deals on my blog. Please continue to check back or subscribe to my blog.
There seems to be a lack of knowledge and education on short sales. You can’t find many articles that truly explain the process. We do know the Obama Administration is looking at ways to entice homeowners to go through a short sale v. let the house go into foreclosure. We will keep you posted on the options being made available at a later date.
Currently there are two states offering incentives, up to a $6,000 credit to homeowners to get their feet on the ground, if they follow through with a short sale v. a foreclosure. We do know short sales offer homeowners a faster recovery to a foreclosure, meaning you can turn around and purchase a home in the more near future than if you wait for a full foreclosure.
Once per month we, me and my full time professional real estate team of attorney’s and lenders, are offering a “panel discussion” on real estate. If you are interested in attending and learning more about what is happening in the real estate market, please feel free to register below: