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Elmhurst Illinois Open Houses For July 31, 2011

by Thomas Makinney

Address: 15W604 Victory Parkway
City: Elmhurst 
Price: $240,000
Scheduled for: 07/31/2011 from 01:00 PM to 04:00 PM

Address: 850 Fairfield Ave
City: Elmhurst 
Price: $310,000
Scheduled for: 07/31/2011 from 01:00 PM to 03:00 PM

Address: 967 S Chatham Ave
City: Elmhurst
Price: $375,000
Scheduled for: 07/31/2011 from 01:00 PM to 04:00 PM

Address: 304 S Kenilworth Ave
City: Elmhurst 
Price: $575,000
Scheduled for: 07/31/2011 from 01:00 PM to 03:00 PM

How Foreclosures and Bankruptcy Affect Future Mortgages

by Thomas Makinney

The state of today’s home market is being felt across the country as well as here in Elmhurst. Your real estate representative is forced to handle situations that have not been seen in many years. From short sales, to foreclosures, to bank-owned homes, The Gracik Makinney Real Estate Group is well equipped to handle any eventuality. Common questions we hear are

  • How will my credit be affected by a foreclosure?
  • What will my waiting period be for my next loan if I have foreclosed or declared bankruptcy?

In a recent email from Old Second Bank’s Sue Welsh, the considerations for financing were spelled out by lending scenario and lending group. The information is below:


Foreclosure  Short Sale
Deed-In-Lieu
 
Ch. 7 
Bankruptcy
 
Ch. 13
Bankruptcy

Fannie Mae 7 Yrs from
completion date
2 Yrs with max 80% LTV
4 Yrs with max 90% LTV
7 Yrs > 90% LTV
4 Yrs from discharge or
dismissal date
2 Yrs from discharge date
4 Yrs from dismissal date

Freddie Mac • 7 Yrs from
completion date
• 4-7 Yrs max
10% down
• 4 Yrs from completion
date for short sale
• 4 Yrs for deed-in-lieu
4 Yrs from discharge or
dismissal date
2 Yrs from
discharge date

FHA 3 Yrs from
completion date
3 Yrs from
completion date
2 Yrs from
discharge date
1 Yr of the payout must elapse
& payment performance must
be satisfactory; buyer must
receive permission from the
court to enter into a mortgage

VA 2 Yrs from
discharge date
No specific information
in this yet, assume
foreclosure rule of 2 Yrs
2 Yrs from
discharge date
1 Yr of the payout must elapse
& payment performance must
be satisfactory; buyer must
receive permission from the
court to enter into a mortgage

USDA Rural 3 Yrs from
completion date
3 Yrs from
completion date
3 Yrs from
discharge date
1 Yr of the payout must elapse
& payment performance must
be satisfactory; buyer must
receive permission from the
court to enter into a mortgage

Jumbo* Based on specific investor guidelines

Elmhurst Illinois Open Houses For July 17, 2011

by Thomas Makinney

Address: 474 E Vallette St
City: Elmhurst 
Price: $189,900
Scheduled for: 07/17/2011 from 01:00 PM to 04:00 PM

Address: 11 Maple Tree Ct Unit 11
City: Elmhurst 
Price: $195,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 285 E Yorkfield Ave
City: Elmhurst
Price: $295,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 621 S Parkside Ave
City: Elmhurst 
Price: $309,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 410 E Huntington Ln
City: Elmhurst 
Price: $325,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 362 N Oaklawn Ave
City: Elmhurst 
Price: $349,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 282 E Crescent Ave
City: Elmhurst 
Price: $359,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 864 S Saylor Ave
City: Elmhurst 
Price: $364,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 483 W 2nd St
City: Elmhurst 
Price: $374,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 822 S Stratford Ave
City: Elmhurst 
Price: $399,900
Scheduled for: 07/17/2011 from 01:00 PM to 04:00 PM

Address: 187 S York Rd Unit D
City: Elmhurst 
Price: $399,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 215 Berkley Ave
City: Elmhurst 
Price: $499,500
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 574 W Babcock Ave
City: Elmhurst 
Price: $574,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 208 S Grace Ave
City: Elmhurst 
Price: $575,000
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 422 E Berteau Ave
City: Elmhurst 
Price: $609,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 193 Orchard St
City: Elmhurst
Price: $689,900
Scheduled for: 07/17/2011 from 01:00 PM to 03:00 PM

Address: 958 S Fairfield Ave
City: Elmhurst 
Price: $699,000
Scheduled for: 07/17/2011 from 11:00 AM to 02:30 PM

Address: 474 E South St
City: Elmhurst 
Price: $725,000
Scheduled for: 07/17/2011 from 01:00 PM to 04:00 PM

Elmhurst Real Estate – One Year Later

by Thomas Makinney

Every summer, Gracik Makinney Real Estate Group likes to take a look at the real estate market. We compare this year’s real estate market to last year’s market in order to gauge how Elmhurst real estate is performing and what opportunities exist to better serve our clients. Here are some points on which we focus:

  • Number of houses sold in Elmhurst already in 2011, as compared to 2010, is down 3.9%
    With the large amount of homes on the market, we are seeing a decrease in homes sold. This indicates our clients are not rushing to buy and are weighing their options carefully. Our sellers, on the other hand, are greatly motivated to put their home in the best light. We are helping buyers and sellers adapt to the market to get the most value for their home buy or sale.
  • Average sales price of homes in Elmhurst for 2011, as compared to 2010, is down 8.3%
    Clearly this is a benefit to home buyers in Elmhurst. Great homes are available for values seldom seen. We sift through the glut of properties on the market to find the perfect home for our clients.
  • Median sales price of homes in Elmhurst for 2011, as compared to 2010, is down 11.2%
    As home values ebb and flow, Gracik Makinney stays on top of market data. As this stat indicates, we see sales prices hovering lower this year. It takes a skilled agent to sell a home in this type of market.

Elmhurst market stats rarely favor both buyers and sellers. It is our job to understand these trends and monitor on a daily basis. We provide realistic advice and an approach unique to our client’s needs. Buyers can see great value in 2011 while sellers will be promoting their home’s values at a much deeper level than previous years.

June Swoon? Not for Koenig & Strey and Gracik Makinney 

For this June, 2011, the Koenig & Strey Elmhurst Office, of which Gracik Makinney is a part, processed 62 new transactions at just over $21 million in sales volume. This represents the office’s best June since 2007 and the third best monthly total in the last 48 months. June speaks for itself and we are expecting the same returns as the year goes on.

Finally, Gracik Makinney is becoming the go-to real estate agency in Elmhurst. In 2010 we received a total of 42 contracts for the entire year. However, 2011 is different. As of June 30, 2011 we have 42 contracts. We are outperforming the Elmhurst market real estate trends and home buyers and sellers are turning to Gracik Makinney Real Estate Group for our successful results and reputation.

Our hard work is really paying off and it couldn't have been done without our great clients who are truly appreciated! 

 

Displaying blog entries 1-4 of 4

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