Home Field Realtors Illinois Licensed Real Estate Brokerage

Brought to you by Home Field Realtors in Naperville, IL...For those of you who are credit worthy and have steady income, buying a home or investment property today can yield incredible savings. Mortgage rates are low and housing prices have dropped in most areas to what Home Field Realtors coins, the "safety zone".

The "safety zone" represents a band of housing prices that, if you reside in your property for at least a few years, should put you in a comfortable position to snap up a home at a considerable discount and be somewhat insulated from further drastic price decline. True, pricing "may" drop a little more - and it may not, however, if you plan on staying for a few years you should be in the "safety zone"...if you buy now, you have the opportunity to beat others to the punch and land your dream home. So, if you have been on the fence, it's time to start looking! If you are thinking of buying your dream home, start the process now and know you are going to find the house of your dreams and at a great price.

Here are some Home Buying Tips for Today's Market to get you started:

1. Find Out How Much You Can Afford: Contact your mortgage lender and have them calculate how much you can comfortably afford. If you would like a referral, Home Field Realtors can get you in contact with our network of professional mortgage lenders.

2. Do Your Homework: Research what is important to you...schools, shopping, neighborhoods, etc. http://www.homefieldrealtors.com/naperville-il-real-estate/has several online tools to get you going...

3. Have Your Realtor Negotiate a Great Deal: All Real Estate markets are local. Some markets will yield better deals than others. However, no matter where you buy, your acquisition price ought to be well below prices 3-4 years ago. Have your agent or broker provide you with recent closed home stats so you can compare apples to apples. Be sure to choose an agent or broker who is an effective negotiator and will work on your behalf. See http://www.homefieldrealtors.com/negotiating-offers/ to learn about our negotiation principles...

4. What About Buying a Foreclosure? : If you travel down this path, be sure to read up on the various kinds of homes you can buy in this category...Pre-Foreclosure, Foreclosure at Auction, Foreclosed, Bank REO (Real Estate Owned), etc. Have your agent or broker inform you on the risks's associated with buying a home in any of these categories. If you have the stomach for this, you have the ability to purchase at even better prices. Our Foreclosure segment of our website at http://www.homefieldrealtors.com/article/view/22090/1/3945/ is dedicated to investment and foreclosures to help you out...

5. Find a Good Home Inspector: A good inspector can find things that may cost you money down the road...such as inadequate paint, a failing roof, leaky skylights, a cracked foundation and plumbing or electrical issues just to name a few. Spotting these things before you close escrow will save you money down the road and if the seller is motivated, you should be able to negotiate these repairs off of the purchase price you already agreed to. Home Field Realtors has a complete network of professional home inspectors...call us if you would like some names.

6. Buy For The Long Haul: Please don't expect the kind of appreciation that happened in the early 2000's. Future appreciation may occur, however, buying a home with the expectation for double digit appreciation and then sell in 2-3 years for a quick profit is not the way to buy in today's market.

Visit www.HomeFieldRealtors.com to see how we can help you realize your Real Estate dreams!

Sell Fast in a Slow Market!

Whether your home is in the Naperville Real Estate or Chicago Western Suburb Real Estate market, www.HomeFieldRealtors.com suggests the following ways to improve your chances of selling in a slow market...

1. Home Staging: The art of staging a house will depersonalize and declutter the home, creating mass market appeal...often times, a staged home will sell for a higher dollar amount in shorter market time...

2. Offer Creative Financing

3. Market to the Neighbors: Friends, family, move up/down buyers...often times homes sell to folks who already live in the area

4. Professional Color Flyers: Should be available at the sign in the front of the yard...

5. Have Information Readily Available: Detailed information on all facets of the house should be available so you can quickly answer questions and negotiate a deal...

6. Price Accordingly: Market competitive pricing is key...that's needed just to be in the game. But did you know that pricing a home in the middle of a price range will increase the chances of a buyer noticing your home...

7. Seriously Consider the First Offer: I've seen it happen, in this market the first buyer could be the last one you see for many months...consider the pro's and con's of selling now versus selling later (much later) when the next offer comes along...by the way, the next offer isn't always a higher offer, it's usually even lower then the original offer you receive!

Visit www.HomeFieldRealtors.com to learn more!

Does your local Real Estate Market signal a rebound? If you think it is poised for a rebound then consider the following five factors:

1. New Jobs vs New Housing: Job growth and builders scaling back production should bring demand back in line.

2. Fewer Builder Concessions: This signals that the builders inventory turns are in better shape.

3. Months Supply / Absorption Rate: As the absorption rate (supply of available homes for sale) shrinks, demand will pick up.

4. Visitors Per Listing: Higher foot traffic with active listings means more buyers.

5. Rising Rental Rates: As the rental rates increase, those renters will soon look to buy instead of rent.

If you believe your neighborhood is on the way to achieving success in these five areas then perhaps a rebound is just around the corner!

Visit www.HomeFieldRealtors.com to learn more!

I took a cross section of the Chicago West Suburban Real Estate Market, Naperville IL, and looked at the Absorption Rate / supply of available listings for years 2005-2008 YTD...here is what I found:

Available Homes For Sale in Naperville Priced $400K-$450K:

2005: 4.1 months supply

2006: 5.1 months supply

2007: 6.8 months supply

2008 YTD: 9 months supply

As you can see, the YTD 2008 Absorption Rate figures are over DOUBLE the 2005 figure. This suggests what we already know, that 2005 was a very active year for Real Estate in Naperville, IL! When will we know when the real estate recovery is well under way in Chicago West Suburban Real Estate? Home Field Realtors and The Home Field Team will keep an eye on the absorption rates to see how we are coming along with the recovery into the year 2009..stay tuned!

Home Field Realtors provides competitive real estate commission rates, top service and cutting edge marketing...visit www.HomeFieldRealtors.com to learn more and to read our Blog and Video Blog!