Plainfield, IL

date:Wednesday, May 6, 2009 time:6:00 PM to 8:00 PM venue:Plainfield Public Library District address:705 North Illinois Street Plainfield, IL 60544 View map from:Plainfield Public Library District

Once a month a foreign film will be shown. There will be a brief introduction to the film and an optional discussion after the film. Parents must accompany minors (or sign a permission slip) when R rated films are shown. Registration is required, open to grades 9 and up.

May 6 - Amelie (R)

For all your real estate needs in the Plainfield area, please call LaNita Cates at REMAX. 630-341-1545 or visit www.lanitacates.com

Short sales offer a pretty fair discount on single family homes in the area and right now there are many homes in Plainfield IL available to chose from, but the banks aren’t going to give them away for pennies on the dollar.

Here are a few things you can expect when writing an offer on homes that require 3rd party lender approval:

• Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
• The lower the price, the less likely your offer is to be accepted. The further your offer is from the list price on the MLS, the less interested the bank will be in your offer.
• Be prepared to submit a counter offer. Lenders always counter the original offer, so be prepared to increase the ante, even by a little or the lender will close the file and wait for another offer.
• Cash offers don’t always entice lenders. If the offer is too low, it doesn’t matter how it is financed or paid for.
• The homeowner is still in control of all decisions regarding the property, with the exception of requiring lender approval to sell the home for less than what is owed. The submission of all offers to the bank is at the discretion of the homeowner, not the Realtor® or bank.
• A general rule of thumb for acceptance on a short sale is about 70-80% of the fair market value. The lender will order a Brokers Price Opinion or BPO on the property to determine fair market value. While the bank will usually not disclose the determination of that report, I can provide a market analysis of the area and provide a reasonable value for the property.

If you are buyer or investor looking for a great deal on Plainfield IL real estate, call me at 630-673-6233 for your complimentary list of short sale listings available now.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

With all of the news on t.v. and talk on the radio, you might be wondering how the value of your Plainfield IL townhouse or duplex is doing. Many homeowners today are keeping a close eye on their Plainfield IL property values with good cause.

While there is definitely depreciation going on in the market, there are other factors contributing to the health of the Plainfield town home and duplex market.

The volume of sales for the attached single family market in Plainfield IL is down drastically from March of 2008 when compared to March of 2009 by approximately 72%. There has also been an increase in market times of about 26% for those sales on average, meaning it’s taking about 26% longer to sell 72% less homes.

The townhome and duplex market in Plainfield IL has suffered an approximate 19% decrease in property value on average in March 2008, when compared to the same month in 2009.

Homes are still sold at approximately 95% of their asking price in both 2008 and 2009, meaning that for reasonably priced townhomes or duplexes, homeowners could expect to get about 95% of their list price and concede about 5% in the process of negotiation.

Plainfield IL Townhome and Duplex Market Data For March 2008:

Plainfield IL Townhome and Duplex Market Data for March 2009:

If you or someone you know has a property to sell in Plainfield IL, call me at 630-673-6233.

If you are behind in payments or in foreclosure, you may qualify for a loan modification or short sale. Call me to confidentially discuss the possibility of avoiding a foreclosure through one of these options.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Comparing the 4th quarter of 2008 to the first quarter of 2009 in Plainfield IL:

There were 197 new filings in the 4th quarter of 2008, compared to the 250 filings in the first quarter of 2009 for an increase between the quarters of 21.2%.

In comparing the number of newly filed foreclosures in Plainfield IL from the 1st quarter of 2007, 2008, and 2009 there is a steady increase in the number of foreclosures each year.

1st Quarter Figures for newly filed single family Plainfield IL foreclosures by year:

• 2007: 116 new filings
• 2008: 218 new filings
• 2009: 250 new filings

There was a 12.8% increase in foreclosures from 2008 to 2009
There was a 46.8% increase in foreclosure from 2007 to 2008

As you can see from these figures, Plainfield has not seen the bottom of this market yet, though it does seem to be slowing down. The second quarter of 2009 will paint a better picture of the trajectory of the market, and the time frame in which we can expect to see a recovery in the market values of Plainfield IL.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233

Many analysts believe the number of new home sales is an indicator of the health of the real estate market. Today I contacted the Village of Plainfield to get some figures on the number of permits requested by new home builders in Plainfield IL.

New permits issued for new construction:

• 2007 = 404 permits
• 2008 = 172 permits

In the last 6 months only 26 new permits were requested through the village. As you can see there has been a drastic reduction in the amount of permits that have been applied for between 2007 and 2008, which shows a decrease of 57.5%.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233