Cheryl Bowers, Plainfield, Naperville, IL. Real Estate

A state law requires radon disclosure as of January 1, 2008. What do you need to know?

When a buyer and seller sign a contract on residential real estate property in Illinois on or after January 1, 2008, the new Illinois Radon Awareness Act will apply to the sales transaction. According to the new law, the seller must supply the buyer with two documents before the buyer will become bound on a contract to purchase the property. The first is a pamphlet from the Illinois Emergency Management Agency (IEMA) entitled "Radon Testing Guidelines for Real Estate Transactions." The second is a form to sign called "Disclosure of Information of Radon Hazards."

What is Radon? Radon is a colorless, odorless, radioactive gas that comes from naturally occurring uranium in the soil and is the leading cause of lung cancer among non-smokers.

REALTORS® are working to educate consumers about the new radon law which affects certain residential real estate sales transactions entered on or after January 1, 2008. The law aims to boost radon awareness and does not require a radon test.

Although the new law does not require sellers to test for radon in the home or to reduce the concentration if elevated levels are found, the seller and buyer are free to negotiate whether further testing or remediation are necessary. In most cases, a seller will simply provide the two documents to the buyer before the contract takes effect.

The secret to selling your home is pricing it correctly. If you are serious about selling then price your home below the comparable homes. A properly priced home will attract buyer showings. The correct price and good condition will cause a buyer to write an offer on a house. It's that simple!

I suggest sellers start by pricing their home below the other comparables. Then, slowly reduce the price until they begin getting buyer showings and an offer is negotiated. This is the simple answer to selling a house; however, it's not that easy since we are dealing with human emotions.

It is a buyer's market, and today's buyer doesn't tolerate improper pricing and a home that they cannot move into right away without making necessary improvements. Pricing is based on supply and demand. Where does your home fit in? Call me today for an analysis on your home.

Don't wait too long to buy a home in today's market? 

While today's market plays to your advantage as a buyer, with reduced housing costs and favorable interest rates, are you sitting by waiting?

When the market turns, today's bargains will be yesterday's missed opportunities.

While it is conceivable that home prices may drop further, it is likely that the decreased prices will be accompanied by increased financing costs due to rate cuts by the Fed. This means that any money saved on paying less for a house in a few months time will be offset by having to pay off your mortgage at a higher interest rate making "playing the waiting game" a waste of time (and very little fun).

This rate increase isn't just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.

The table below demonstrates how even as home prices may drop, monthly mortgage payments basically stay the same; due to increased interest rates:

Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%

Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%

Table: Kadlec, Dan. "Ignore the Headlines!"  Time 25 February 2008

Why should you spend months in a situation that you want out of when you can begin your new lives in your new home today, with less interest?

This video below is not only Incredible but it tells a story. Certainly, you can't judge a book by it's cover. The first impressions that Simon and the judges had I'm sure were not good ones, you can see it in their eyes. Then they're pleasantly surprised with this diamond in the ruff. This aired on Britain's Got Talent competition. Enjoy

Baby boomers, the generation born between 1946 and 1964, and who count more than 76 million, are getting near to retirement but are most definitely not ready for a retirement home! Whether they are selling their homes and heading to Florida or remodeling to accommodate their retired lifestyle, boomers are making an impact on new housing trends. Some features that Orlando builders and remodelers are seeing as they begin to cater to the boomer generation include the following:

Home Offices- As life spans continue to increase, many are choosing to work past the age of 65. However, they want home offices for flexibility. This can also eliminate the hassle of commuting while keeping them active and adding supplemental income.

Tech/Media Centers- The tech-savy boomer generation wants amenities for their homes such as wireless home network, remote control lighting and security systems and media rooms with surround sound for the latest in home entertainment.

Master on the Main- More than 40% of new homes have master suites on the main floor, a 15% increase over a decade ago. Boomers with bad knees and aching backs are fueling this trend. The bedrooms are also bigger, with larger closets and larger bathrooms with separate tub and shower and dual sinks.

Better Lighting/Bigger Windows- The need for more lighting increases as we grow older. To allow for this, builders are adding more windows for more natural light and better light fixtures in areas under cabinets and in stairwells.

Low Maintenance Exteriors/Landscaping- Aging homeowners may opt for homes in maintenance free communities. Those that stay in homes without this convenience might make improvements to exterior surfaces such as installing brick or stucco. Landscaping can be made easier to maintain with ground covers or planting beds that can serve as a hobby for gardening enthusiasts.

Flex Space- Flex spaces are rooms that take on the purpose of the present homeowner's needs but can adjust with changes in lifestyle. What once was a guest room may become a hobby room or library.