Elmhurst real estate blog archive

There’s something almost magical about emerging from winter into spring. Leaves swell, grass turns green, birds sing and dive in the sunshine, and you can even smell the change of seasons in the air. Those of us in the US real estate industry know it’s spring because it’s the busiest time of year for us, and it’s no different here in Elmhurst.

This pervasive feeling of new beginnings that comes along with spring may be the primary driver behind the surge in real estate transactions at this time of year. Buyers and sellers alike are ready to get the property ownership ball rolling after a long winter of cold and snow. No one wants to think about navigating slippery roads and sidewalks with all their worldly possessions. It’s a much better experience to do that when it’s warm and sunny, and when you can set down a box without worrying about its becoming the base of a snow sculpture.

For buyers, spring may be the first opportunity they’ve had in months to see a property in its true form. With a cover of snow and ice, it’s not only unpleasant to stand outside and take a good look at the exterior of a home, it may also be impossible to see all of the details clearly. A roof covered with snow may be hiding some questionable shingles, and an idyllic-looking snow-covered backyard may actually be covering up some serious landscaping issues.

For sellers, it’s important not to underestimate the power of the spring selling season, especially this year. Inventories of homes for sale are unusually low at the moment, and mortgage interest rates continue to hover near rock bottom. Couple that with this seasonal urge to buy, and you may just find yourself juggling multiple offers. That being said, before you put your home on the market, take a hard look at it with a buyer’s eye. This is a great time to take advantage of the warm weather and get your home into tip-top shape before any showings.

Whether you’re a prospective buyer or a seller, The Gracik Makinney Group is here to help you make the most of this spring real estate season. With extensive local knowledge and professional experience, we can get you started on the way to realizing your property ownership goals. Stop by the office at 190 North York Street here in Elmhurst, or give us a call at 630-441-5570, and let’s take advantage of this great timing.

Maria and Tom will be participating in the National Association of Realtors Nationwide Open House this weekend!

 

 

 

 

 

 

 

 

 

Address: 249 E St. Charles Rd

City: Elmhurst

Price: $730,000

Scheduled for: Sunday 4/21, 2 pm

 

 

 

 

 

 

 

Address: 903 Chatham Ave

City: Elmhurst

Price: $995,000

Scheduled for: Sunday 4/21, 2 pm

 

Address: 110 Butterfield Rd

City: Elmhurst

Price: $100,000

Scheduled for: Saturday 4/20, 12 pm

 

Address: 100 W Butterfield Rd

City: Elmhurst

Price: $114,900

Scheduled for: Saturday 4/20, 12 pm

 

Address: 2 S Antrim Way

City: Elmhurst

Price: $169,900

Scheduled for: Sunday 4/21, 1 pm

 

Address: OS600 Old York Rd

City: Elmhurst

Price: $199,900

Scheduled for: Sunday 4/21, 1 pm

 

Address: 827 N Adele St

City: Elmhurst

Price: $299,900

Scheduled for: Sunday 4/21, 1 pm

 

Address: 565 W Babcock Ave

City: Elmhurst

Price: $319,900

Scheduled for: Sunday 4/21, 1 pm        

 

Address: 690 S York Rd

City: Elmhurst

Price: $350,000

Scheduled for: Sunday 4/21, 1 pm

 

Address: 903 S Spring Rd

City: Elmhurst

Price: $354,900

Scheduled for: Sunday 4/21, 1 pm

 

Address: 449 W Vallette St

City: Elmhurst

Price: $432,500

Scheduled for: Sunday 4/21, 1 pm

 

Address: 106 N Geneva Ave

City: Elmhurst

Price: $639,900

Scheduled for: Sunday 4/21, 1 pm

 

Address: 452 S Kenilworth Ave

City: Elmhurst

Price: $650,000

Scheduled for: Sunday 4/21, 1 pm

 

Address: 485 S Washington St

City: Elmhurst

Price: $795,000

Scheduled for: Sunday 4/21, 1 pm

 

Address: 437 Hill Ave

City: Elmhurst

Price: $1,349,000

Scheduled for: Sunday 4/21, 1 pm

The real estate market turndown of the past five or six years hit the industry hard, and as the market now moves into recovery, an overlooked segment of homeowners affected by it is also bouncing back. The so-called boomerang buyers, people whose mortgages were foreclosed upon during the dark days, are now re-entering the market, and this is good news for Elmhurst.

Natalie Lohrenz, director of development and counseling for the Credit Counseling Service, says that there are primarily two types of foreclosed homeowners: people who had a bad loan that they couldn’t afford; and people whose overall finances got pummeled. The first group couldn’t meet their mortgage obligations but were able to keep the rest of their finances in order and continued paying their bills. The second group, who most likely went through a divorce or job loss, ended up with nothing, and their credit scores suffered the most.

Boomerang buyers have different wait time requirements before they can expect to get back into homeownership – it depends upon their particular situations and the types of mortgages they had. For individuals who were foreclosed upon, the wait can be anywhere from one to seven years. If it was an FHA loan with extenuating circumstances, such as an illness or the death of a wage earner, the wait may be just one or two years. For individuals who had a Fannie Mae or Freddie Mac loan, the wait can be up to seven years.

For homeowners who went through short sales, the type of mortgage at the time of short sale is considered along with how much is available now for a down payment. For example, a short sale on a Fannie Mae or Freddie Mac loan with a current down payment of 20 percent requires only a two-year wait. After a short sale on an FHA loan, the wait is three years, but after a short sale on a Freddie Mae or Freddie Mac loan with a current down payment of less than 10 percent, count on waiting up to seven years.

In mid-February, the Orange County Register published a surprisingly uplifting story about an area homeowner who went through a short sale and is now not only getting back into the market, but has also salvaged her credit rating. You can read it here.

For up-to-date, accurate information about your real estate options, your best source is a professional realtor. Here at The Gracik Makinney Group, we’re committed to providing not only the best information, but also the best service possible. Stop by the office at 190 North York Street here in Elmhurst, or give us a call at 630-441-5570, and let’s talk about what choices are available to you.

There are 102 counties in Illinois, and Elmhurst’s own DuPage county has been ranked among the healthiest in the state. The ranking comes from a national study released recently from the Robert Wood Johnson Foundation (RWJF) and the University of Wisconsin Population Health Institute. DuPage County ranked higher than the state average in all categories but one – the percentage of restaurants that are fast food-based. The state average is 50% for this category, and our average came out at 54%.

According to an RWJF press release, the study is intended to examine “25 factors that influence health, including rates of childhood poverty, rates of smoking, obesity levels, teen birth rates, access to physicians and dentists, rates of high school graduation and college attendance, access to healthy foods, levels of physical activity, and percentages of children living in single parent households.”

The study found that DuPage County has the lowest rate of premature death, the best health behaviors, and the best clinical care in the state. Other factors, however, such as morbidity rankings (25th of 102) and physical environment (64th of 102) brought the county’s overall score down to sixth place. On a positive note, DuPage finished ahead of all of its neighboring counties – Kendall (7th), Kane (12th), Will (25th), and Cook (78th).

As well as being a healthy place to live, DuPage County offers its residents some of the best real estate professionals, too. Coldwell Banker Elmhurst released its list of top sellers for February, and The Gracik Makinney Group was the highest producer with seven transactions totaling $4.1 million. Our parent organization, Coldwell Banker Residential Brokerage, is part of the nation’s largest residential real estate brokerage company, NRT LLC, and serves Chicagoland, Northwest Indiana, Southeast Wisconsin, and Southwest Michigan with 54 offices housing more than 3,400 sales associates.

All of us here at The Gracik Makinney Group are proud to call Elmhurst home, and we’d be happy to help make it your home, too. With personal dedication, community knowledge, and a wealth of industry experience, we’re ready to do our best to help you realize your real estate goals. Drop by the office today at 190 North York Road here in Elmhurst, or give us a call at 630-441-5570, and let’s get started.

It’s almost a no-brainer that technology will continue to occupy an ever-expanding space in our future, but what could this mean for homeowners – and home builders – here in Elmhurst? The Microsoft Corporation recently unveiled its updated “Home of the Future”, now christened the Envisioning Center. Interactivity is everywhere. Here are some examples of what the tech giant thinks we can expect to see in our homes in the coming decade.

The new Center offers insights into how Microsoft thinks about the development of its products. The “home” is focused on bringing people together, helping us learn, and uses natural gestures, speech and touch to accomplish tasks. For example in the kitchen, via a digital whiteboard, an interactive chef walks you through preparing a stir-fry for dinner, right down to alerting you that you’re using a pan that’s too small for the task. In the living room, Grandma is reading an interactive story with her grandchild in her own living room six states away. In the office, you work on a draft document on your tablet, and then move it to appear on a huge interactive wall screen so that you can collaborate simultaneously on it with someone halfway around the world. Spaces are more open and flexible letting us move seamlessly between tasks and recreation. Natural user interface (NUI) and machine learning are key components of the home, as is the ability to synthesize huge amounts of data.

This new Microsoft facility is not open to the public, but the corporation did hold an open house for the media. You can see video of it from the BBC below. The facility is a bit of a double-edged sword in that it does offer a glimpse of the technological possibilities to come, but it is also a showcase for the products and services that Microsoft wants you to buy. Craig Mundie, Senior Advisor to Microsoft CEO Steve Ballmer, spoke of the likelihood that the technology on display here will actually come to pass. “We never guess completely right. But we were probably closer to right than wrong in each succeeding generation.” He also referred to the digital picture frame, which was a feature displayed in earlier versions of the home that has since come into widespread use.

A home is probably the single biggest investment many of us will make, and it’s not surprising that we wonder what innovation is on the way that will potentially increase its value and make it more suited to our individual lifestyles. In the meantime, all of us here at The Gracik Makinney Group are ready to help you find a property that suits your needs today. Stop by the office at 190 North York Road here in Elmhurst, or give us a call at 630-441-5570, and let’s get started on your real estate future.

Despite the gloom and doom we hear about how fragile our overall economy is, the housing market is virtually walking on sunshine. That’s excellent news for all of us here in Elmhurst whether you’re considering entering the market for the first time, or you’re a veteran homeowner.

January’s market statistics showed that new home sales surged ahead to their highest level in more than four years, while continuing low mortgage interest rates and a recovering jobs market kept the momentum going. Looking a bit further back, 2012 held the largest annual gain in home sale prices in the past six years. "Home prices ended 2012 with solid gains," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. "Housing and residential construction (led) the economy in the 2012 fourth quarter."

Part of what’s driving the surge in new home sales is a 13-year low in the number of previously occupied homes available for sale. Buyers are ready to purchase, and if they’re not able to find an existing home that meets their needs, builders are ready to provide it for them. In 2012, construction starts were the best they’ve been in the past four years.

What we may not realize is the impact these new home sales have on our overall economy. As a whole, new homes only comprise less than 20 per cent of all housing sales, but each home built creates on average three jobs for an entire year, and generates nearly $90,000 in tax revenue. Nationwide, the industry has created 98,000 jobs since September, the best we’ve seen since the spring of 2006. Despite all of this promising news, however, these increases are based upon dramatically depressed levels in the years prior to 2012. For example, in 2011 new home sales were at a record low, and today they still continue to be well below the 700,000 annual level that economists consider to be a healthy rate.

If you’re a current homeowner considering selling, now is an excellent time to get into the market. Inventories of existing homes are low, and there are buyers ready to spend. If you’re a prospective buyer, you’ll never get a better mortgage interest rate than what’s available today. It’s virtually a win-win market for everyone. Visit us today at The Gracik Makinney Group at 190 North York Road here in Elmhurst, or give us a call at 630-441-5570, and let us help you make the most of this great real estate opportunity.

We had a lot of news coverage in the weeks leading up to the New Year about the fiscal cliff and other tough financial issues that will need to be addressed in the coming months. Congress was able to draft last minute legislation to avoid the fiscal cliff, but what does that mean for homeowners here in Elmhurst?

Shortly after the bill’s passage, the National Association of Realtors released a brief on the issue detailing some of the ways homeowners and real estate investors may be affected. At a fundamental level, the Mortgage Interest Deduction remains, and the Mortgage Cancellation Relief will be extended for one more year until January 1, 2014. The Deduction for Mortgage Insurance Premiums for filers making less than $110,000 will be extended through 2013, and is also made retroactive to cover 2012.

The 10% Energy Efficiency Tax Credit (up to $500) for homeowners for improvements made to increase the energy efficiency of existing homes is extended through the remainder of 2013 and is also made retroactive to cover 2012, too. The exclusion from the sale of a principle residence, $250,000 for singles and $500,000 for couples, remains in place.

Of interest to commercial real estate investors, the 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012. The capital gains rate remains at 15% for those at the top rate of $400,000 individual and $450,000 joint, and for those above that level, the rate rises to 20%. However, the $250K/$500K exclusion for a principle residence still applies.

The estate tax was also addressed in the bill. The first $5 million dollars in individual estates and $10 million for family estates are now exempt from the estate tax. Above that level, the rate will be 40%, which is a 5% increase. The Pease limitations on itemized deductions for high-income filers are eliminated for 99% of American taxpayers, but remain in place for individuals earning more than $250,000 and couples earning more than $300,000. For more specific information on this or any of the decisions affecting real estate, you can read the full NAR brief here.

Here at The Gracik Makinney Group, we’re dedicated to helping you understand the entire process of buying, selling, and investing in real estate, and helping you make the best decision for your individual needs. As part of our own plans for the New Year, the Gracik Makinney Real Estate Group is pleased to announce our new affiliation with Coldwell Banker. Contact us today at our new address - 190 N. York Road in Elmhurst, or at (630) 567-5902.

The holiday season can be very stressful as we try to fit too many chores and errands into just a few weeks. While not yet available here in Elmhurst, City Tree Delivery provides a service to the Chicago area that may just make this time a bit less hectic for many people.

Local small business City Tree Delivery offers its customers Michigan-grown Fraser Fir Christmas trees delivered straight to their doors as well as set-up, removal, and recycling. Commercial grade LED lights and American-made tree stands are also available either for sale or for rent. The company also offers decorating services for both commercial and residential customers. The products are also available at their tree lot at Big Star in Bucktown (1531 N. Damen).

A member of 1% for the Planet and Trees for the Future, City Tree’s business motto is “Dedicated to Sustainability while Delivering Convenience.” More than one percent of the company’s revenues are donated to local Chicago schools and parks. Owner Chris Hohenstein reflected on the business models of some of his competitors, “Big box retailers, their trees come from all over the country. Many take short cuts, pay minimum wage, or do not necessarily care how they dispose of waste at the end of the year. I once asked another lot what they did with unsold trees, and they said they put them in the dumpster in Iowa.”

The trees have been going quickly this year, and the company’s second order is already sold out. As a response to concerns about deforestation, City Tree partners with a non-profit organization that plants one new tree for each tree ordered through the company. Hohenstein looks forward to expanding into Elmhurst next year with its home delivery service and possibly a second tree lot somewhere in the western suburbs. The current lot in Bucktown is open from 10 am to 9 pm Thursday through Tuesday until Sunday, December 23, or you can reach them by telephone at 312-476-9627.

Small businesses tend to have brave hearts and are willing to make their ideals integral components of their business plans. That’s just one of the reasons why we’re so committed to Elmhurst and our local businesses. With community knowledge, industry experience, and personal dedication, the Gracik Makinney Real Estate Group is the best place to start when you’re ready to become part of our community. Contact us today at 210 N. York Rd in Elmhurst, or at (630) 567-5902.

The National Association of Home Builders recently released their Housing Market Index report for November showing a solid increase in builder confidence for the seventh consecutive month. It now stands at 46, a five-point gain from last month. This is great news for communities across the nation as well as for us here in Elmhurst.

The NAHB Housing Market Index measures builders’ perceptions of both current single-family home sales as well as expectations of sales for the next six months. It also looks at the rate of traffic in prospective buyers that builders are experiencing. After combining these ratings, an adjusted index is produced showing the rate of confidence the builders have in the market overall.

In November’s report, two of the three indexes registered gains. The factor rating current sales conditions showed the largest increase – an eight-point gain to 49, its highest mark in more than six years. The factor measuring sales expectations for the next six months remained above 50 for a third consecutive month, notching up a two-point gain to 53. The factor measuring traffic of prospective buyers stayed unchanged at 35, though it had posted a five-point gain in October.

NAHB Chairman, Barry Rutenberg, a homebuilder from Gainesville, FL stated, "Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country." He adds that with these improving conditions as well as continued low mortgage interest rates, many buyers who were undecided are becoming more and more motivated to purchase a new home.

Even though builders’ confidence rates are still somewhat tentative – not yet solidly above 50 at which an equal number of builders view the market as both good and poor – they are showing consistently strong upward trends from month to month. At this time last year, the HMI stood only at 19. Some conditions still present difficulties for the market such as tight lending conditions for both builders and buyers, but overall confidence is definitely on the upswing.

For Elmhurst, this means that now is one of the best times in recent memory to get into the real estate market, and the Gracik Makinney Real Estate Group can help you make the most of this trend. With community knowledge, industry experience, and personal dedication, our team is the best place to start on the road to home ownership in Elmhurst. Contact us today at 540 South York St. in Elmhurst, or at (630) 567-5902. Please note also that we are moving in early December to 210 N. York Rd., Elmhurst.