Buy Illinois Investment Property | Buy Illinois Foreclosures | Property Management | Homes for Rent | Ayers Team

We have moved to www.AyersTeam.com!! Please check us out!

Rich — Thu, 27 May 2010 14:20:08 +0000

Hi Everyone,

We have moved our site and had one professionally designed for us by Kristian Themstrup. We have VASTLY improved the content, speed and overall look of the site.

You will find information for Buyers, Sellers, Investors, and Tenants all in one place. We also have tons of community content about Naperville, Oswego, and Plainfield. So if you are looking for Naperville homes for sale, Plainfield homes for Sale or Oswego homes for sale come visit us at www.AyersTeam.com.

You can search for Naperville, Plainfield and Oswego homes for sale on our MLS Home Search page. You can even search by Subdivision name!

If you are specifically looking for Naperville Rentals, Plainfield Rentals or Oswego rentals, visit our Rental page and download an application and search for rental properties.

Rich and Karen Ayers are licensed Real Estate Brokers in Illinois. We are experienced Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. We also own and manage multiple investment properties and help real estate investors find, buy, fix, rent and sell their investments. Visit our website at www.AyersTeam.com or receive our blog via your RSS Feed or in your email.

Homesellers - Don’t chase the market down! Beat the market!

Rich — Mon, 22 Jun 2009 00:10:00 +0000

I wanted to write this post since I have seen many homesellers “Chase the Market Down“. This means that homesellers are always two steps behind because home prices are falling faster than their price reductions.

We have had multiple homes for sale in Naperville and other Chicago suburbs where the owner rejected offers as being “too low”. Now, I understand that owners naturally fear underselling their homes, BUT in a declining real estate market the prices gets lower and lower. You will NEVER get your price if it is going DOWN.
Compare this to an appreciating market (like in years past) and if you didn’t like an offer you just waited for the next one. Eventually prices would rise and you would get the price you want. Not so as you will see in the chart below!

Example (Names (uh, dollars) have been changed to protect the innocent )

List Price 01/01/09:       $350,000
Offer: 02/28/09:               $319,000 (Seller says “No Way”)
Lower Price 03/20/09: $325,000
Offer: 04/15/09:               $290,000 (Seller says “No Way”)
Lower Price 06/01/09: $309,000
Offer: 07/12/09:               $289,000 (Seller said “I should have taken that first offer!!”)

THIS HAPPENED MULTIPLE TIMES ON MULTIPLE LISTINGS.

Eventually the lighbulb goes off and the Seller says “I GET IT“. Unfortunately, it is months later and thousands of dollars off the price of the home.

DON’T CHASE THE MARKET DOWN!

The one way to salvage this is if you are Buying Up. Read our other post to see how you can salvage your equity.

If homesellers keep this up, my investors will be buying these properties at all time lows!

10 ways to make a foreclosure as resalable as possible

Rich — Wed, 17 Jun 2009 22:21:53 +0000

This article came from RealtyTrac, but this is Foreclosure 101 when we educate our investors on how to buy a foreclosure. We can help you find a foreclosure, fix it up, rent it, and eventually sell it. We have a team of rehabbers who can help! When our investors buy a Naperville foreclosure or a Plainfield foreclosure or a foreclosure in any city we work in, here is what we always need to repair:

1) Paint the home
2) Clean or replace carpeting
3) Replace fixtures and faucets
4) Sometimes replace vinyl flooring
5) Check water heater, A/C and furnace
6) Fix leaking pipes, if any (there usually are!)
7) Clean up the outside landscaping (love at first sight!)

While the real estate market continues to correct, buyers are confronted with an increasing number of opportunities. And for those Realtors who see it, there is opportunity for them as well-as long as they are prepared to do a little bit of work getting the property ready for resale.

While a bleak picture for many, foreclosure properties represent a once-in-a-lifetime chance for many first-time home buyers, a way for move-up buyers to get the bigger house they need, and a way for second-home buyers to secure the vacation home they’ve always dreamed of.

1. Exterior Paint. Peeling paint is one of the most common problems associated with foreclosure properties. Refreshing the exterior paint is a priority to begin attracting the interest of renters and buyers while you continue to work on repairs internally. Dark colors fade faster than light colors and absorb heat-something to consider in warmer climates. Light, neutral colors are your best bet for resale purposes or, if you are renting or selling in a vacation area, consider colors that complement the area, such as light or bright colors near the shore and earth tones in the mountains.

2. Electrical Work. Electrical safety is critical in the resale or rental of a property. Consult a licensed electrician to perform repairs or improvements. Consider installing safety products such as GFCI outlets and AFCIs. GFCI outlets automatically cut power if a ground fault occurs, meaning they will save your life if you somehow end up on the receiving end of an electric current. AFCIs are another safety measure that you install into the wiring itself. They detect arc faults that are a common cause of electrical fires, and break the circuit before fire breaks out.

3. HVAC Repairs. Consult an HVAC contractor to make sure air-conditioning systems are in good working order, a must for any prospective buyer or renter. Make sure the air-conditioning unit is working at optimal efficiency, as this will translate into savings on monthly utility bills.

4. Plumbing. Make sure all leaky faucets are repaired and parts, such as worn washers, springs and “o” rings, replaced. Then check to see if water flow is at all hindered in the property. A stopped drain in a bathroom or kitchen sink plumbing system is often the result of a clogged pipe. First, try chemical drain cleaners, then remove the elbow piping if necessary, to further investigate the clog.

5. Landscaping. Foreclosure properties often fall victim to overgrown lawns, shrubs and weeds. Start by mowing and pruning, and then address more serious issues, such as dead tree branches that could land on the home or power lines. An easy way to provide a clean and updated look to the landscaping-and add curb appeal to the property-is to edge the borders. Consider wood edging, brick or stone edging, metal edging or plastic edging.

6. Pests. Many abandoned properties develop pest problems due to stagnant water and general lack of upkeep. Immediately empty all stagnant water, find the source of any moisture that might be in the home and use over-the-counter repellants to rid the home of small pest problems. Hire a professional for any pest problems that are more serious.

7. Windows and Doors. Unfortunately, many foreclosure homes fall victim to vandalism. This can result in broken doors and smashed windows. Replacing doors and windows must be done
immediately.

8. Floors and Stairways. Rotting wood in floors, doors, staircases and railings, a common issue found in foreclosure properties, must also be addressed immediately. Rot sometimes occurs in areas that are not visible to home inspectors, so this job may require the consultation of an expert in the area.

9. Interior Walls. Ripped wallpaper and chipped paint are not uncommon in foreclosure properties. Take down all wallpaper and repaint the interior in one or a series of neutral colors. This will make the home appeal to a broad spectrum of renters or buyers; using bright, unusual or darker colors narrows the pool of interested parties.

10. Appliances. Any home that goes on the market for sale or rental will fare much better with updated appliances. Many buyers, in fact, have come to expect this in today’s competitive real estate market. Foreclosure properties in affluent and/or resort areas may already have updated, high-end appliances. Properties in other areas will most likely be in need of new appliances.

Source: RealtyTrac
Rich and Karen Ayers are licensed Real Estate Brokers in Illinois. We are experienced Brokers who specialize in Residential and Investment real estate in Naperville, Oswego, Plainfield and the surrounding suburbs of Chicago. We also own and manage multiple investment properties and help real estate investors find, buy, fix, rent and sell their investments. Visit our website at www.AyersTeam.com or receive our blog via your RSS Feed or in your email.

Your Real Estate Guide to Creating Wealth

Rich — Tue, 16 Jun 2009 07:50:18 +0000

A Private Gated elegant Semi Detached House with approximate floor area of 3563 Sq Ft 332 Sq M. The property is situated close to shops buses tube etc. The nearest tube is East Finchley Northern Line under ground station. The accommodation provides 7 bedrooms, including a master suite comprising of a double bedroom, En-suite bathroom and dressing room. Two further bathrooms, two reception room’s

7 Bedrooms, 2 Bathrooms, 1 Kitchen, 1 Garage, Garden

Description :

A Private Gated elegant Semi Detached House with approximate floor area of 3563 Shttp://premiumthemes.net/demo/simplesite/wp-admin/edit-pages.phpq Ft 332 Sq M. The property is situated close to shops buses tube etc. The nearest tube is East Finchley Northern Line under ground station. The accommodation provides 7 bedrooms, including a master suite comprising of a double bedroom, En-suite bathroom and dressing room. Two further bathrooms, two reception room’s study large kitchen with substantial open plan Conservatory Dining area overlooking Garden. There is a utility room plumbed for appliances, mature garden with lawns flower beds and a purpose built adventure play ground at the rear of the garden. There is also an excellent purpose built fully equipped barbecue house, there is private secure gated parking for a number of Cars. Price £1,950,000 SUBJECT TO CONTRACT
No Room Details available for this property.

Property Name 3

Rich — Tue, 16 Jun 2009 07:49:01 +0000

7 Bedrooms, 2 Bathrooms, 1 Kitchen, 1 Garage, Garden

Description :

Property Name 2

Rich — Tue, 16 Jun 2009 07:48:04 +0000

7 Bedrooms, 2 Bathrooms, 1 Kitchen, 1 Garage, Garden

Description :

Foreclosures, Short Sales, and Bank-Owned Properties

Rich — Tue, 16 Jun 2009 07:45:45 +0000

7 Bedrooms, 2 Bathrooms, 1 Kitchen, 1 Garage, Garden

Description :

A Naperville Buyers Market is a Trading Up Market

Rich — Thu, 04 Jun 2009 14:49:16 +0000

I’ve had quite a few conversations in the last few weeks with Naperville homeowners that want to sell their home. They don’t want to take a loss on their home but still want to take advantage of the super low interest rates and low prices of other Naperville real estate.

I pointed out that when you are moving up in a market like this you are most likely gaining equity. I tried to illustrate it using the diagram below.

You can see that while both your “current” home and your “future” home both fell in value by “X%”, the Trading Up home fell by MORE in actual dollars resulting in a net equity gain when you trade up. Tie that in with mortgage interest rates BELOW 5% and you will see THOUSANDS of dollars of additional equity and principle payoff in the outyears.

Karen and I can produce a specific example based on your situation. Just ask!

Naperville homes for sale inventory is turning the corner. MSI is decreasing!

Rich — Tue, 02 Jun 2009 19:32:45 +0000

This graphic might be a little hard to read, so let me explain. This shows the Month’s Supply of Inventory of Naperville homes for sale. It is saying that at the current rate of sales, there are approximately 7 months worth of inventory on the market.

From our perspective, 5-6 MSI is a balanced market,. 6+ MSI is a buyers market and less than 5 MSI is a sellers market. Fall of 08 into Spring of 09 we were sitting at close to 10-11 MSI with the Naperville homes!!

Can you notice the arch in the trend line, it appears we are hitting a peak. This is a major shift in the market. We will continue to watch this MSI number this summer. If it continues, we may see a good spring market next year!

Combine a lower inventory with lower prices and the buyers of Naperville real estate will come out in droves. We are seeing first time buyers in Naperville, Plainfield, and Oswego picking up all the lower priced homes. They are the first to go. Investors are also going strong. Including ourselves!!

Here is the Average Sales Price in Naperville. (15% down)

This is a GREAT TIME TO MOVE UP TO A BIGGER HOME! I’ll explain tomorrow!

$8,000 Tax Credit a Down Payment Option for First-time Buyers!

Rich — Sat, 30 May 2009 19:12:16 +0000

Springfield, Ill. — First-time homebuyers can now take advantage of a Federal Housing Administration program to allow qualified homebuyers to apply the $8,000 tax credit when purchasing a home. New changes to the federal tax credit will allow buyers to use that money at the front end, as part of their down payment at the time of closing rather than waiting for their tax refund.

This announcement came today from Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development. HUD is allowing FHA lenders, HUD-approved nonprofits as well as federal, state and local government entities to apply the tax credit toward the purchase costs of an FHA-insured home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified homebuyers use the tax credit to either make a larger down payment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.

“The $8,000 tax credit is already a great incentive for first-time buyers who are looking to buy in what is arguably one of the best buyer’s markets in years. Giving them the option of using the credit toward their down payment right now makes it even better,” says Pat Callan, president of the Illinois Association of REALTORS®. “Coming up with an adequate down payment in today’s lending market can be a challenge for potential buyers and these changes to the tax credit will make it easier.”

Details of the modifications are outlined in a mortgagee letter on the HUD Web site at: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-15ml.doc

The $8,000 tax credit is part of the American Recovery and Reinvestment Act of 2009 signed into law in February. Unlike the previous $7,500 tax credit, this one does not have to be repaid to the federal government, making it a true credit.

Only first-time buyers can take advantage of the tax credit and to qualify, the purchaser and his/her spouse may not have owned a principal residence during the three years prior to the purchase. The tax credit is available for home purchases made between Jan. 1, 2009 and Dec. 1, 2009 and can be applied to primary residences including: single-family homes, condos and townhouses.

The tax credit is equal to 10 percent of the purchase price of the home, up to a maximum of $8,000. There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is proportionally phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

People who buy a home from a close relative, stop using the property as their main home, sell within three years or are nonresident aliens cannot take the credit. If a homeowner claims the credit and does sell the home within three years, the entire amount of the credit will be recaptured on the sale.