1) Uniformity - The Assessed Value Approach
2) Over Valuation - The Market Value/Sales Approach
3) Property Description Error - The Factual Error Approach

There are 4 Reasons for Failure:

1) Time
2) Missed Window of Opportunity
3) Inadequate Evidence
4) Inadequate Presentation Skills

The bottom line of the seminar was to help people through the mystery of the tax appeal process to lower your real estate taxes on your own. Information on the DuPage County appeal process can be found here. Or visit http://www.AppealMyTaxes.biz to find out more information on future seminars.

For further information, please contact your tax assessor's office.  For professional advice or representation, our recommendation is to contact Anastasia M. Poulopoulos, her phone number is 312.545.9252.

When we say we're here to help, we really mean it.  Keep the calls and emails coming – we promise to answer!

This stunning brick and stone home designed by JMB Architects and built by MLR Custom Homes boasts artist touches throughout and shows like a fully furnished model home. An open floor plan welcomes you in and flawless hardwood flooring, stone tile flooring, custom ceilings and a high level trim package solidifies that there is nothing average about this custom abode.

A wood burning fireplace in the family room with stone surround creates a cozy atmosphere upon entrance. Directly adjoining the family room is the breakfast area for easy transition from meals to relaxation. With stainless steel appliances, Pyramid custom cabinetry, granite countertops, a butler's pantry and a center island to double as a sitting area for casual conversation, the kitchen is more than just a place to cook, it's a place to entertain. For special occasions, bring the party into the formal dining room, complete with custom trim from tray ceiling to wainscoted wall.

The master bedroom is a true retreat with high ceilings and large windows and an en suite bathroom boasting whirlpool, separate shower and separate sinks. Each remaining bedroom touts custom trim and loads of space, sure to please every member of the household. A second floor laundry room makes for the ultimate convenience on laundry day. With a paver patio and fully fenced backyard, the outside is equally as impressive as the inside. On top of it all, it is conveniently located near shopping and major expressways. This is the one you have been waiting for!

Here is a great opportunity to empower the residents of Elmhust and Dupage County to appeal their own taxes. The upcoming real estate property tax reduction seminar, sponsored by MORe affiliate committee, is designed to help Dupage County understand that they do have options when it comes to their real estate taxes. The event is open to the public with just a $10 registration fee.

Along with the seminar, a complimentary lunch will be sponsored by Liane Luckett of Home Warranty of America.

The following are the times and locations for Dupage County:

• Thursday, March 4th - MORe Downers Grove Office, 6655 Main St.
• Wednesday, March 10th - MORe Naperville Office, 1815 Diehl Rd.

Both events will be held from 12 -1:30 p.m. with Registration at 11:30 a.m.

Speakers:
Anastasia M. Poulopoulos, AppealMyTaxes.biz, Inc.
Nicholas Masella, State Certified Appraiser

For the full registration form, click here.

Maria and I will be there to answer any questions that you have. Whether they be about Dupage real estate taxes or Dupage real estate in general, we are more than happy to help!

We'll See You There,
Tom Makinney

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

You won’t be disappointed when entering this classic bungalow five bedroom, one and a half bathroom home in Villa Park. Enjoy the change of seasons in the enclosed front porch with windows all around to bring in lots of natural lighting. The formal living room with gas starter fireplace and gleaming hardwood flooring is a great place to cozy up with the family. Enjoy meals in the separate dining room with chandelier. Efficient Kitchen with walk in Pantry, ample cabinetry and hardwood flooring is an enjoyable place to cook meals at ease. Five generous sized bedrooms are just a few more of the fine features of this home. Many updates include asphalt side driveway, furnace, roof and hot water heater. Conveniently located within walking distance to Prairie Path, Villa Park library and grade school! Come view this home today, it won’t last long.

The scene at York Rd. and Schiller Ct. in downtown Elmhurst. (Chuck Berman, Chicago Tribune / July 12, 2009)

Article Source: http://www.chicagotribune.com/classified/realestate/ct-home-0205-elmhurst-profile-chomes-20100205,0,1315038.story

Spring is traditionally the busiest season in real estate for both buyers and sellers, and this year is truly a buyer's market. In 2010 several factors affecting the current housing market trend show the real estate market forecast to be much busier than usual over the next several months, so discerning sellers should take notice. The unofficial beginning of the spring home buying season starts after the Super Bowl, which will be very early this year on February 7, 2010. This is when, new buyers flood the market in early spring, granting new vitality to the market. In response, many fresh properties enter the market along with lots of properties that were taken of the market at the end off last year. This always results in a buying and selling frenzy that is fueled by fresh money and increased competition in the marketplace.

This year in particular the housing market is predicted to be very active with a positive real estate market outlook and here's why. The 4th quarter of 2009 saw a huge increase in home sales nationwide, caused in part by the expiration of the Federal Housing Tax Credit for first-time homebuyers. This helped to clear the increasing inventory of unsold homes, many of which were foreclosures and short sales that had been helping to scuttle home prices.

Now that the Federal Housing Tax Credit has been extended into April and expanded to include current home buyers and those with higher incomes, there will be thousands of more Americans rushing to buy before it expires April 30, 2010. Also, just this week the Federal Reserve announced that it intended to keep key interest rates at historical lows, near zero percent. As the credit crunch starts so loosen a bit, these low rates will entice many more would be buyers to take advantage of this extreme buyer's market. Though interest rates remain low for now, one can assume that once they start to rise they will rise quickly and sharply to help alleviate inflationary trends in the market.

The housing market trend, however, will continue to be controlled by a few key factors, namely the unemployment figures and consumer confidence. These two key points are the "Wild Card Factors," according to Geoff Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. His real estate market forecast indicates that increasing unemployment could torpedo a rising market and falling consumer confidence could also stagnate the market, despite all other factors. Thus, the housing market trend is only that, a trend, and offers no guarantees for the future.

Adds Hewings: "While we are more optimistic about 2010, we are clearly still suffering the effects of the recession and they are likely to continue well into 2010 and 2011." People who are losing their jobs or fear losing them will be hesitant or unable to purchase a new or more expensive home.

Hewings predicts a rise in home sales in early 2010 followed by a possible double-digit increase by mid year. This rise is home sales, however, will most likely die off in the 3rd and 4th quarters, as it does every year. Thus, the real estate market outlook is positive in the 1st and 2nd quarters, but slows in the last half of the year.

Bottom line - if you plan to buy or sell your home in 2010, earlier in the year will be much better than later. Sellers will see a slight increase in sales prices due to the influx of fresh buyers and the rush to beat the April 30, 2010 deadline for the tax credit. Buyers will be able to take advantage of historically low interest rates before the Fed raises them and can cash in on the Federal Housing Tax Credit, not to mention having a much greater selection of homes listed for sale.

This year, the current market trend might cause the real estate motto of "Location, location, location" to change over to "Timing, timing, timing."

Brendan Kottenstette is a real estate broker with DMD Chicago Realty (http://www.dmdchicagorealty.com ).

DMD specializes in discount broker services and doctor loans for medical residents and new doctors. Read more about their doctor mortgages program at: http://www.dmdchicagorealty.com/real-estate-for-doctors.html.

Article Source: http://EzineArticles.com/?expert=Brendan_Kottenstette By Brendan Kottenstette

PRICE, CONDITION AND LOCATION - THIS ONE MAKES THE LIST. UPDATED 3 BEDROOM WITH SUB BASEMENT - GORGEOUS NEWER KITCHEN WITH GRANITE AND STAINLESS STEEL APPLIANCES - BEAUTIFUL HARDWOOD FLOORS, GENEROUS ROOM SIZES, MASTER WITH PRIVATE BATH. EXCELLENT CLOSET SPACE. FAMILY ROOM AND KITCHEN HAVE ACCESS TO FENCED IN YARD. WALK TO PARK AND SCHOOL LOCATION. MOVE IN AND ENJOY.

Details is the first word that will come to mind when entering this five bedroom, five and a half bathroom custom built home. Gorgeous foyer with beautiful staircase, hardwood flooring and custom molding will impress your guests upon entering this pristine home. Greet your guests in the formal living room with fireplace. Spacious formal dining room with impressive chandelier and large windows that bring in lots of natural light is perfect for your intimate dinner parties. Enjoy relaxing with the family in the huge family room with fireplace, hardwood flooring, custom wood work and lots of windows! You won’t mind cooking in this kitchen that boasts ample cabinet space, luxury materials, large center island and great sized breakfast room with sliders leading to backyard perfect for family meals. A laundry room with plenty of cabinet space and room to work can also be found in this home.

The master bedroom suite is sure to be a retreat for you after a long day! Gorgeous ceiling with chandelier are a couple of the luxury materials you will find in this oasis. Continue being impressed when entering the master bathroom with rare stone marble and soaking tub. You will find four more spacious bedrooms on the second level. Large third level that is perfect for a office or playroom is another convenience this home offers.

Entertain with style in the finished basement with large recreation room and out of this world home theater! It doesn’t stop there…large bar, full bathroom, workout room, bedroom are just a few of the great features you will find.

This elegant home speaks of the pride of ownership! Prepare to be amazed!

You won’t be disappointed when entering this Elm Estates MacDougall ranch model! You will notice the open practical floorplan of the three bedroom, one and a half bathroom home. The charming formal living room with crown molding, chair rail and plantation shutters open up to the formal dining room with large window to make entertaining easy! Come home to comfort and relax in the spacious family room with brick wood burning fireplace, oak hardwood flooring, crown molding and chair rail. Experience the joy of cooking in this open layout kitchen with Corian countertops, recessed lighting, tile flooring, oak cabinetry, double oven and large eating area!

Nice sized master bedroom with lots of natural lighting and double door mirrored closet and two additional bedrooms for family or guests! Tiled Kohler bathrooms are updated and ready for you to move right in!

Enjoy the private garden deck retreat at your very own home! Close to amenities! This one will go fast, take a look today!

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

WALK TO TOWN, TRAIN AND SCHOOL FROM THIS 3,600 SQFT 4 BEDROOM, 4 BATH HOME. FIRST FLOOR DEN ADJACENT TO FULL BATH MASTER BOASTS 3 CLOSETS. HARDWOOD FLOORS THRU-OUT. LARGE FENCED IN YARD. CREDIT CHECK REQUIRED.

The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.

Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck. In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed. Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.

The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count. A mid-range entry door replacement, a project new to the survey this year, is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent. It generates a better-than-100 percent return in 48 of the 80 cities, according to REALTORS® surveyed, and in several cities, its return is estimated at more than double its cost.

Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels. A mid-range kitchen remodel brings an average 72.1 percent return on investment, while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested. A mid-range bathroom project has an average 71 percent cost recovery, but the average recovery on an upscale bathroom project is nearly 10 points lower, at 61.6 percent.

The only upscale projects that cracked the top 10 were the home maintenance projects of fiber-cement siding replacement and vinyl window replacement. The average cost of fiber-cement siding is more than $13,000, but its return on investment reached 83.6 percent, placing it squarely in second place in the survey. The average cost of vinyl window replacement is nearly $14,000, and it generates an average return of 76.5 percent, or tenth place in the survey. Of the 12 upscale projects, nine landed in the bottom half.

Overall, home owners recouped an average of 63.8 percent of their investment in 33 different home improvement projects, according to REALTORS® who responded to the survey. The expected cost recoup was generally down from previous years in line with the drop in home prices nationally (see page 23). The return on home owners’ investment in remodeling projects has declined an average of 3.5 percentage points between 2008 and 2009. That’s down from the 2.7 point drop between 2007 and 2008 and much less than the 5.5 point drop between 2006 and 2007 and the 10.5 point drop from 2005 to 2006.

Zooming in from the national to the city level, Honolulu sits atop the rankings for having the most projects—18—that generate at least a full return on investment. In Honolulu, adding a wood deck, completing a minor kitchen remodel, adding fiber-cement siding, and replacing an entry door bring the highest returns, ranging from 121.1 to 195.3 percent return on investment. San Francisco is closest behind with 10 projects generating at least a full return on investment. Adding a master suite, doing a minor kitchen remodel, and replacing an entry door have the biggest returns, producing between 112.2 and 119.1 percent return on investment.

One surprise: Despite the common perception that contractors are hungry for work and therefore willing to wheel and deal, the average national cost of every project surveyed has gone up, though at a slower rate than in the previous year.

View 2009-10 Cost Vs. Value Report. Data courtesy of Remodeling Magazine

10 Big-Impact, Low-Cost Remodeling Projects

Working with sellers who have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements you can suggest to make their home stand out.

1. Tidy up kitchen cabinets.

"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."

2. Add or replace tile.

"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."

3. Add a breakfast bar.

When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."

4. Install granite tile instead of a slab.

"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."

5. Freshen up a bathroom without retiling.

"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."

6. Freshen up the basement.

"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon."

7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den," he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom."

8. Spruce up cabinet fronts.

Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."

9. Replace light fixtures.

"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.

10. Tech-up the garage.

"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system."

Download a PDF version of these 10 big-impact, low-cost ideas.

By G.M. Filisko

Source: http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009

THE CAPE COD...AMERICA'S FAVORITE ARCHITECTURAL STYLE. CENTER ENTRY, 1ST FLOOR FR (FORMERLY THE 1ST FLOOR BR), FORMAL LR AND DR W/ BAY WINDOWS AND SEATS, GENEROUS UPDATED KT W/ MAPLE CABINETS, NEW ANDERSON WINDOWS, WOOD FLOORS, FULL BASEMENT PARTIALLY FINISHED W/ SUMP AND BATTERY BACK UPLARGE DECK OVERLOOKING FENCED YARD W/ ABOVE GROUND POOL. WALK TO GRADE SCHOOL. MUST TOUR AND BUY W/ CONFIDENCE.

 
-    Built-up Demand from Buyers
-    Low Interest Rates
-    Government Tax Credit for First Time Home Buyers

The increase is also at an incredible rate due to the struggling economy of 2008.  October and November of last year brought about the lowest home sales Chicago had seen in years as it reflected the nations’ financial crisis.  A market on the rise stimulates trust and, hopefully, will bring about a resurgence of both motivated buyers and sellers.

And, although these statistics show a stumbling economy gaining balance and strength… we are not yet fully up and running.  Median prices for homes in Chicago continue to fall.  

In November, the median home sale was $189,000 bringing the average down 9.1% last year at that time.  Below are more examples of this sales increase/price decrease trend.

-    Total regional sales for this year were at 6,826.  Last year this number was at 3,978.
-    The City of Chicago saw 1,859 market sales for November as opposed to last year’s 1,094.
-    Median sales in the city are down 3.4% from last year with an average price of $215,000.
-    Total Illinois sales were at 10,361 in November of this year, bringing sales up 64%.
-    Statewide median price was $155,000 a decrease of 4.3% from November 2008.
-    The average interest rate last month, according to the Realtors’ release, was 4.93% for a 30-year fixed-rate mortgage which is 5.0% lower than last year.

As this year draws to a close, one can only hope that the real estate market continues to see positive results.  The tax credit extension until April 30, along with the continued recovery from economic shock should contribute to the markets’ trend persistent development.



Source of Information, Chicago Business Website:
http://www.chicagobusiness.com/cgi-bin/news.pl?id=36541