Stay on top of Scammers in Naperville.

You hear about these scams on the news or the newspaper. People who take unfair advantage of senior citizens. There are many scams that are active in most states.

Reverse mortgages are an area of concern for seniors.

One of these so-called cons involves offering a free home, investment opportunities or mortgage financing assistance. You know the saying, if it sounds too good to be true, it most likely is bogus.

Sometimes a home repair person may recommend a reverse mortgage to a senior as a means to pay for the new roof or siding that they just gave a quote for.

According to Mainstreet Organization of Realtors Senior Service Committee there are several other scams that are being used by less than honorable people. These include an official type of letter that appears to be the local tax assessor’s office. The letter states that if the homeowner pays a fee they would be happy to arrange for a reassessment of the property’s value.

Homeowners, keep in mind that you can call your Real Estate Broker to obtain recent comps of homes that have closed near the subject property. Check with your assessor’s office for the criteria they will accept to attempt to have your property reassessed.

Some other scams include Grandparent scan: The caller will tell you they have your grandson or granddaughter, and to avoid jail they need to pay a fine immediately.

IRS Scam:

Fraudulent calls saying they’re calling from the IRS to say monies are owed. Please note  the IRS does not make such calls.

If you have a loved one who has received a scam phone call, please report it to the Illinois Attorney General’s office 800-386-5438.

Many of these scammers are successful in their efforts because they target seniors who have a land line for their phone, and many are lonely and end up visiting with the scammer.

 

Naperville Home Sale Results for November, 2017.

(Click for November, 2017 report)

Home sales for Detached Single Family Homes for November were up 8.8% over prior year. 111 homes sold in November, 2017 vs. 102 homes for the same period last year.  Homes are receiving on average 95.8% of the original list price. Keep in mind that this is an average. Some homes that are priced well above the current market will affect this number. The average sales price in Naperville for the past 12-months is $455,650. That is up 1.3% over prior year.

Average market time is about 88-days for the past 12-months.

Attached Single Family Homes that closed were up 5% for the month in November, 2017.  57 sold in November, 2016 vs. 65 for the same month this year. The average closed price for an Attached Single Family for the past twelve months has been $231,614. Average market time has been about 53-days.

Inventory levels in Naperville are down for both Detached and Attached Single-Family homes. November inventory was -22.5% from a year ago for Detached Homes and we were down -31.9% for Attached Homes. (Note to Sellers: I realize and understand you receive all kinds of mailers and ads that try to compel you to list your home. I will say if you’re considering selling in 2018, call us so we can best prepare you and your home for the market.)

As always, homes that are clean and updated as well as being priced right for the current market will sell (in any market).  Interest rates are still very affordable.

Want to search on your smart phone for homes? Try my mobile app.

Be kind to your neighbor, he knows where you live.

 

Are you being recorded when looking at homes in Naperville?

There have been some homeowners who record or monitor audio when their home is listed for sale. Recording audio or monitoring audio without any warning is against the law in Illinois. Home owners are able to record video but no audio.

The obvious impact when selling a home is the owner would be privy to any conversations that were taking place at the property. Some of the complaints have been that an owner learns what a buyer may be willing to pay or other items that might be negotiated are then not kept private.

When perspective buyers go into a home there is a reasonable expectation that what they say to their agent and each other is a private conversation. No more.  I have been instructing my buyer clients not to speak about the house either positively or negatively until we’re down the street and we can chat in private.

With increased access to technology and security products, a home owner is able to sit in their car around the corner from their home and watch the entire showing and listen to it via their smart phone or other device. I would encourage home owners not to record or monitor audio in their homes.

This has become a hot topic and the MLS has begun including the following warning on all listings. Notice: “Many homes contain recording devices, and buyers should be aware that they may be recorded during a showing”.

My hope is that individuals will use common sense and do the right thing.

Be kind to your neighbor, he knows where you live (and he may be recording you!).

Naperville Luxury Home Statistics

Luxury homes in Naperville do sell. The same principle applies at pricing a million dollar home as does a $250,000. The main difference of course is it becomes more subjective in terms of a buyers emotions and how much the home is desired. While attention needs to be mindful of the features and benefits of a home along with condition, square footage and location, a home above one million also has more room to be subjectively priced.

As I will share below the marketing times for homes above 1-Million are longer than homes in the $400,000 $700,000 price range. Being able to manage expectations is critical. In a luxury home, if you have not had much activity in the first 90-days I would suggest taking a hard look at any and all feedback that you have received from the showings and see if any of the feedback needs immediate action. The common thing in real estate is to reduce the price if there is no offer produced in the first 30-60 days. My thought is to not drop the price right away unless it is a distressed sale.

An owner of a luxury home only has one chance to make a first impression. There are things that will need to happen to best prepare your home for the market. I’m talking about walking the entire home and making a “punch” list of items that need repair or replacement. Details are what matters and what also makes a strong impression on a perspective buyer.

One common thing I see when I’m out looking at homes is little things go unnoticed like clearing the cob webs away from the front entrance. I know this sounds minor, but it sets the stage for that perspective buyer. If it’s not clean, and there is an old welcome mat that should have been replaced two seasons ago, it can have a negative affect on that buyer. Another small detail is when I open a lock box, the key and lock are so old that it can be very difficult to open the entrance doors. These are just some of the small examples that I see done well in some homes and many homes these steps are missed.

Naperville Activity Past 12 Months                                                Average Days on Market

1-Million to $1,200,000 …………..28-homes on the market, 17 homes closed   190-Days

$1,200,000 to $1,500,000 ………..26-homes on the market, 12 homes closed   260-Days

$1,500,000 to $1,900,000 ………..12-homes on the market, 5-homes closed     436-Days

$2,000,000 to $2,400,000 ………..5-homes on the market, 0-homes closed

$2,500,000 to $2,900,000 ………..1-home on the market, 0-homes closed

$3,000,000 to $500,000 …………..3-homes on the market, 0-homes closed

The current highest listed home in Naperville is listed at $7,425,000

The last time a home over $2,000,000 was sold in Naperville was in 2008 and that sale was at $2,000,000.

Have a great week!

What is important to know when buying or selling a home in Naperville in regards to mold.

At one time or another most of have seen the signs of mold. Maybe it was the odd smell in a basement, or it was a wall or two that looks like the photo above. I want to point out that I’m not an expert on mold nor am I a contractor or mold inspector. I have seen plenty of examples of mold in and around homes over the years.

You may be able to see signs of mold or mildew in a shower or on the gasket on the refrigerator.

It starts with moisture or some type of water intrusion. This could be a roof leak, or an attic that is not properly vented and traps moisture which is a breeding ground for mold.  Mold thrives and needs cellulose to grow. Cellulose like gypsum board, wood, paper on the back of rolled insulation.

Some molds are normal and some types of molds can be very harmful especially if someone has an allergy to certain molds or even may have some respiratory problem.

This can be a very serious issue in homes that have had flooding or any other type of water leak. This can include a plumbing leaks, roof leaks, toilets and tubs overfilling as well as basement flooding.

I once had an owner of a $750,000 home that we had just gotten into contract and it was discovered during the inspection that the downstairs bathroom basin was leaking into the wall. The root cause was the plumbing company never soldered the copper pipes. The good news was the plumbing contractor took responsible for all of the damage.

The reason for this article is to help inform buyers as well as sellers that the state of Illinois no longer makes it mandatory for real estate agents to have a mold disclosure filled out by sellers and the buyers. This changed late in 2016.

Some of the reasons they sited in the article (click here to read) include the following:

1. There is no statutory requirement to provide a mold disclosure form.
2. There’s no set scientific standard for what constitutes acceptable or unacceptable levels of mold in a structure.
3. Finally, existing disclosure rules require homeowners to disclose underlying physical defects in a property.

I think their position is not consumer friendly. Buyers and Sellers need to know that the presence of mold could affect ones health as well as the structure itself. I’m concerned that the Illinois Realtors have buried their head in the sand on this one.

If you’re purchasing a home it only costs a few hundred dollars to test for mold if there are any red flags that have come up during a home inspection. If a seller is selling a home and there is knowledge of mold, the seller most disclose this to the buyer via the Residential Property Disclosure Report.

If you need help or recommendations for the mitigation of mold or for testing let me know.

Have a great weekend!

Michael

 

Naperville Resident Alert: When Buying or Selling……..

Today’s robbers or thieves look a little different from the cat burglars of years past. Now there are so many cyber crimes and cyber criminals that are preying on helpless victims.

It’s becoming a serious issue during a real estate transaction. What happens is an email is sent hoping to induce a fraudulent wire transfer of your funds. It’s common for the email to appear to come from a trusted source. What has happened is the “bad guys” hack into a closing company’s computer or an attorneys computer that contains emails and other sensitive information about transactions that will be closing soon.

The crook will then replicate the letter head of the attorney of closing company and write an email to the unsuspecting buyer that appears to be from the attorney. This email instructs the buyer where to wire the funds etc. Keep in mind, this information is all bogus, and the funds end up in the crooks pocket.

A buyer and seller should never wire funds without double checking and triple checking the wire instructions are correct and accurate. There is also normally a file # that is used in conjunction with each transaction.

If there is any doubt, do not send the wire and confirm with your attorney and closing representative before risking your money.

Have a great week!

Michael

 

 

Naperville Real Estate Reminders

First of all, Don’t forget to set your clocks one hour back on Saturday, November 5 before you go to bed. Just a few days left until it will be dark at 5:00pm. That is very depressing to me.

 

It’s also that time of the year to put new batteries in your smoke detector. Did you know that your smoke detectors are only good for about 10-years? If your smoke detector or carbine monoxide detectors have turned yellow, it’s time to purchase new ones. I see plenty of homes with old, non operating smoke detectors. Please take a few minutes to protect your family.

You guessed right: It’s also a good time to check your furnace filter as well as the filter for your humidifier. The humidifier often gets overlooked, this filter needs to be changed for best operation of the unit.

If your furnace is over 8-10 years old, you may want to consider having it serviced once a year. There are many Furnace companies that will provide annual maintenance for you. It also has a positive impression on a potential buyer if a seller can show that they have had the furnace & A/C units serviced on an annual basis. It gives them peace of mind.

Have a great week!

 

Tips for a Safe Open House in Naperville

Having done hundreds of Open Houses over the years I would like to share some of my observations.

According to the National Association of Realtors®, about 4% of homes are sold through an open house. There is value to having as much exposure to your home as possible.

Some safety & security concerns would be the following:

No matter how good your listing agent is, once a couple comes into your home and decide to go to different areas of the home, the listing agent can only be in one place at a time.

Conventional wisdom would tell us to ensure all valuables are either locked up or already stored with another family member or friend. I have seen homeowners that have guns placed around a home. I will recommend to them to lock up and secure any weapons as soon as possible. I explain to the owner that I’m sure they don’t want to be involved in any accidents with having loaded guns stashed throughout the home.

Prescription medicines have been the item of choice to steal while either from attendees of an open house or other showings. If you have prescriptions, lock them up, hide them etc.

I wish all real estate companies could come to an agreement that for anyone who wants to attend an open house they must furnish a current state ID card of license. If they don’t have one, they don’t get to see the home. I realize this seems a bit extreme, but for most open home attendees, they would be okay with this, if it became the new norm.

The other thing I wish I could wave my magic wand is for visiting families with children to an open house. Parents, please restrict children from running in the house and jumping on the furniture. This goes on more often than I would like to admit. It can put an agent in a tough situation, because in my experience parents who allow their kids to run wild in a home are not often appreciative of a gentle reminder to please have their kids not run in the house.

Have a great week!

Be kind to your neighbor, he knows where you live.

 

Naperville Homeowners Fall Maintenance List

Fall is here! We all know what comes after Fall? Below are a few ideas for checking to make sure you and your home are protected.

Exterior • Check the foundation for cracks. • Repair peeling or blistering paint.

Inspect the roof for missing or loose shingles.

Repair and seal driveway. • Clean gutters and downspouts. • Caulk windows and weather strip doors

Remove and store screens. • Install storm windows and doors.

Yard and Garden • Plant Spring Flower bulbs. • Drain fuel from gas operated equipment. • Reseed patchy areas of lawn. • Clean & Store Summer garden tools. • Drain hoses and shut off outdoor water valves. • Fertilize lawn. • Ready snow removal equipment. Porch & Deck Area • Check deck supports, stairs & railings. • Clean & apply sealer to decks. • Cover and store outdoor furniture, BBQ’s etc. • Empty dirt from pots and containers.

Interior

Have heating system checked.

Change batteries in smoke and CO Detectors

Ready the fireplace

Check windows for drafts, loose Frames, or cracked panes

Vacuum air filters.  Cover outdoor A/C units.

Have a great week!

 

Selling Your Naperville Home By Owner…..

®

There are many reasons why some owners want to try selling their home themselves. The reason below come from  a 2015 profile of Home Buyers & Sellers released by the National Association of Realtors®. Some owners are able to sell their home themselves. It’s not an easy thing to do. I have helped many by owner sellers over the years from advice to other support. If you’re thinking of trying it yourself give me a call (630-748-9101).

 

 Did not want to pay commission fee: 48%

Sold it to a relative / friend / neighbor: 21%

Buyers contacted seller directly: 18%

Did not want to deal with an agent: 6%

Agent was unable to sell home: 5%

Seller has real estate license: 1%

Could not find agent to handle transaction: 1%

Other: * less than 1%

Here are more statistics from a 2014 report, also from the National Association of Realtors®

• FSBOs accounted for 8% of home sales in 2014. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.
• FSBO methods used to market home:
  • Yard sign: 42%
  • Friends, relatives, or neighbors: 32%
  • Online classified advertisements: 14%
  • Open house: 14%
  • For-sale-by-owner websites: 15%
  • Social networking websites (e.g. Facebook, Twitter, etc.): 15%
  • Multiple Listing Service (MLS) website: 10%
  • Print newspaper advertisement: 3%
  • Direct mail (flyers, postcards, etc.): 3%
  • Video: 2%
  • Other: 1%
  • None: Did not actively market home: 25%
• Most difficult tasks for FSBO sellers:
• Understanding and performing paperwork: 12%
• Getting the right price: 6%
• Preparing/fixing up home for sale: 6%
• Selling within the planned length of time: 18%
• Having enough time to devote to all aspects of the sale: 6%

Source: 2015 National Association of REALTORS® Profile of Home Buyers and Sellers

Have a great week!