Bill White, Jr.

Recently I was emailing back and forth with a prospective buyer who, like most people, needs to sell her home first before making a future purchase.

She was excited to see a new bank-owned property on the market but disappointed to learn that the bank has no incentive to accept a home sale contingency. Being that her house is not even on the market currently makes this scenario moot however she was disappointed that she did not put her house on the market in the Spring in the hopes that she would be an actual buyer for current Fall inventory. Her mentality begs the question ... can you list and sell your home in the Fall or Winter with success?

While the traditional rule of thumb in Chicagoland Real Estate has been the market heats up post-Super Bowl and it's wise to put your home on the market when the weather improves, this mentality has become a myth to some degree. The market, during its trying years, has become less calendar-dependent due to seller and buyer circumstance.

Instead of dimissing the idea of putting your home on the market when the weather turns bad, consider the following factors:

1) If you list later in the year, there should be less competition in your neighborhood and price range

Many sellers who have been on the market throughout the year and do not sell may become frustrated by Thanksgiving and may consider pulling their house off the market through the holidays with the idea they will come back on the market at some point in 2012. Consider this - in 2010, the amount of homes for sale in Naperville (both single family and attached housing) were 25% higher in the second quarter versus the fourth quarter of the year while there were still sales to be had during the fourth quarter (269 homes under contract, to be exact). Similar statistics ring true for 2009 as well. While it's true there are less homes going under contract during the Fall and Winter versus the Spring and Summer, it is also true that there are less homes for prospective buyers to choose from, hence seller opportunity.

2) Buyers who are viewing homes when the weather stinks must be serious, right?

While it's safe to assume that foot traffic at a Winter open house should be less than during a temperate Spring day, the same may not be true for serious buyers gracing your door during the same months. Corporations are still relocating their clients to and from the Naperville area and their motivations are not exclusively based on time of year. If an employee is being relocating from Texas to Chicagoland in November via Navistar, for example, they are going to need a home ASAP. Perhaps that frustrated seller who has had their home on the market for most of the year happens to have the perfect condo for the relocating Navistar employee. Perhaps that same seller is now a move-up buyer and your single family home offers them a great opportunity. I see this type of scenario happen every Fall and Winter.

3) Mortgage rates remain impressive

There are a lot of people who are renting right now who are considering becoming first time homebuyers and want to strike while mortgage rates remain impossibly low. While it sounds like a broken record, it's unlikely these rates are always going to stay so low which is a motivating factor for buyers of all styles of homes and price points.

If you, as a seller, are motivated to sell your home because you would like to downsize or move up, I would encourage you to consider the idea of putting your home on the market during the mythical "off" season. Sure, your professional landscaping is going to be replaced by the occasional snow bank or clump of leaves but if your home is presented and priced right you may be rewarded by attracting a ready and willing buyer.

On October 1st the Federal Housing Administration will drop its loan limits in some eligible counties throughout the country. All of Chicagoland will be effected as the current maximum loan limit of $410,000 will decrease to $365,700. FHA mortgages have been an attractive option for many buyers in recent years due to the potential to use as little as 3.5% down on a home.

"The (FHA) product's market share grew exponentially as the credit markets seized up, and the agency now guarantees almost one in three mortgages for single-family homes." (Chicago Tribune, August 17th)

What affect the decrease will actually have on the Real Estate market once the new loan limits go into place in October remain to be seen. It is possible that decreasing the FHA limit could put more pressure on prices but some think that, at least in the long term, the FHA decrease is overdue.

"In a recent report, the George Washington University's Center for Real Estate and Urban Analysis found that 'in the wake of significant declines in home prices, we believe FHA could reduce its loan limits by approximately 50 percent and still almost entirely satisfy its target market. That would reduce its current large market share, which is difficult for FHA to manage.'" (Inman News, August 19th)

Good news exists with Fannie Mae and Freddie Mac-backed loans in Chicagoland - conforming loan limits will remain at $417,000.

In this industry you have to stay up to date with ever-changing rules and regulations. Add this one to the list!

With temperatures comfortably in the high 70s, today is a perfect day to visit your local Dairy Queen. Why? "Miracle Treat Day" is today, August 11th.

If you purchase a DQ Blizzard today all proceeds will benefit Children's Memorial Hospital. RE/MAX is a proud corporate sponsor of Children's Memorial as part of Children's Miracle Network which "helps 170 children's hospitals in the U.S. provide medical care to more than 17 million children every year."

At least for one day you can help someone else by eating a Nerd's Blizzard. Sounds good to me!

The 2011 Avon Walk for Breast Cancer took place this past weekend in Chicago. Participants covered almost 40 miles throughout the city and surrounding area. 3,000 people participated in this two-day walk, including 256 survivors. This year's walkers fought through storms and high temperatures.

Congratulations to all the participants, especially my mom, Mary, and "Aunt" Donna who are pictured above. For information on how to donate and/or participate in future events please click here.

Naperville has long had many options for families to utilize while enjoying the Summer weather (when it isn't raining 1" an hour, of course). Recent and ongoing changes give Naperville residents new and updated places to visit.

Downtown Naperville's historic "Centennial Beach" received a major facelift over the past year. Plans have been in the works since 2006 but the rewards of the project are now able to be enjoyed as of the 2011 Memorial Day weekend.

The updated Centennial Beach now "includes more rooms at the historic bathhouse, a Centennial Grill structure featuring hot and cold foods, more picnicking areas, a newly paved reception plaza and a more convenient driveway up to the facility."

The project cost almost $5 million, a bit of a difference from the original purchase price of the former quarry property which cost Naperville $16,500 in 1931.

After visiting the new grill for lunch today I can report back that the food is good and the grill is available to be utilized by the public as it has access from both the Riverwalk and the Beach itself. I can also report that the goal to keep the plans architectually sensitive to the original limestone bathhouse was successful.

Along with Centennial Beach's facelift, Naperville's Nike Park on the north side of town is seeing major changes.

Designed to benefit youth athletic teams and the public alike, Nike Park's $7 million project will boast the city's sole lighted & synthetic turf field, sand volleyball courts and multiuse fields for soccer, football and lacrosse. The (Naperville Park) district also is adding lighted courts for tennis, basketball and volleyball, as well as a playground, walking and bicycle trails, and one of two cricket pitches in Naperville.

The project is expected to be completed by the end of July 2011 and, when completed, will encompass a total expansion of 20 acres which nearly doubles the current facility's 25 acres.