There is so much inventory out there right now. Each seller needs to carefully weigh the benefit of having a SOLD home vs. trying to wait on the next buyer. Guess what? None of us truly knows when the next buyer, with money, might show up! Within the last 6 months I had a listing that was listed at $398K. It was vacant and the seller had moved on and purchased another home. SO… this seller was paying two mortgages. We had a buyer who brought a low offer and eventually he came up to a price of $360K. I encouraged my seller to take it!! It was fall, winter was around the corner, and there were other homes in the subdivision that were available. If we didn’t take this joker, one of the other sellers would. And they did! My seller turned down the offer, the buyer bought the home down the street for way less money, and whammo! We had another comp in the neighborhood that was lower in price than ours was!! An appraisal nightmare….The seller ended up carrying that house all winter and closing on it in March, for $332,500!! Another compelling tale would be this one: I saw a home get re-listed in the MLS today for $829,000. This is a property that has been on the market off and on since November of 2007!!! YEP! It started out at an exceptionally unrealistic price of $1,900,000. When the market started its’ record setting downward spiral, the price started dropping. At some point, it went into foreclosure. When I wrote an offer on it over 18 months ago, my client offered $900,000!!!! At that time it was in “short sale” status and some very intelligent banker made the executive decision not to take our offer. (I forgot to mention here that the home had LIVE termites in it, and the basement was leaking like a sieve all 3 times my buyer looked at it!) So, here it is, over a year and a half later, listed for $829,900. When I quickly add up the carrying costs of that particular property, it just blows my mind. The bank had to pay the real estate taxes for the last couple years, utility bills to keep pipes from bursting, attorney fees to foreclose etc, etc, etc. I am guessing that Mr. Banker now wishes he had taken our offer and ran far, far away with it in order to stop the bleeding.

So now that I am an “old timer,” I find myself counseling the agents in my office, and my sellers, on the merits of getting an offer on a listing. Buyers just are not making emotional purchases anymore! They want to have bragging rights, and they have more choices than ever before. If your home is on the market, and you are fortunate enough to have a buyer who has picked your home out of the plethora of choices in front of him, you better weigh the pros and cons very carefully. It could be months before you see another offer on your property. Call me if you are in a jam and I will give you my sound advice!

don't let this happen to you.....

Until next time,

THINK SOLD!
Teresa

Yellowstone trip, August 2008..The husband gets to fly-fish while I wrangle the children.... lucky!

Keeping track of the numbers this year has been very humbling. The volume is down, as are property values in many, many neighborhoods. By this point in 2010, there had been 87 closings for detached homes in Geneva. So far for 2011, we have had 65 closings in total in all of Geneva. Out of the 65 homes that have closed, 20% have been distressed sales (Realtor lingo for “foreclosed” or “short sales”) NOT GOOD!

The other interesting statistic that I pulled from the chart below is this: 82% of the closings that have occurred so far this year have been under the $417,000 limit. This is an important figure ($417,000) because it happens to be the maximum FHA loan that can be obtained in Kane County. FHA loans do not require 10% down, or 20% down, so they are still achievable for most buyers. SO…. that’s what many buyers will get.  Not to overgeneralize, because there are still some buyers out there who will obtain conventional financing, but if I were to comb through the MLS and look at the financing code on every one of the closings for this year, I believe a vast majority of them would be FHA buyers.

I have included a table which breaks down the price ranges and statistics for you real-estate junkies out there. Please let me know if you have questions or concerns about anything in your neighborhood… I’d be happy to share my observations and my experiences. If you leave a question or comment below, I will be sure to respond!

As always, please email me if there is anyone you know who might be inclined to make a move to, or from, Geneva! Enjoy the day,

THINK SOLD!

Teresa Keenan

]]> http://thinksold.net/2011/05/18/how-bad-do-i-need-the-money/feed/ 3 41.882942 -88.309849 41.882942 -88.309849 365geneva This could be ME! http://thinksold.net/2011/03/15/what-i-have-learned-about-down-syndrome-in-the-last-5-years/ http://thinksold.net/2011/03/15/what-i-have-learned-about-down-syndrome-in-the-last-5-years/#comments Tue, 15 Mar 2011 17:45:49 +0000 Teresa Keenan http://thinksold.net/?p=294 ]]>

For once, this post is not real-estate related in any way, shape, or form! Since we have finished the birthday season in the Keenan household (all three of our kids have their birthdays within a 3 week span!!) I thought I would take a few observations from my life as a parent and lay them out here, for those of you who ask me all the time, “how do you do it?”

Over the last 5+ years of having a baby with Down Syndrome in our family, we have learned quite a few things! About Down Syndrome, of course, but also about human nature, parenting, probability & statistics, and faith. Here is my top 10 list for those of you who are interested:

1. People say stupid things. Period. This includes physicians. If you are unable to forgive and forget, you will be miserable. And lonely. I guess this can apply to all situations in life, not just parenting a differently-abled child!

2. The word “RETARD” takes on a whole new (very ugly) meaning. It should only be used when talking about the slow growth of seeds perhaps… (“Those sunflower seeds seem to have had their growth retarded for some reason”…) You should do whatever is in your power to eliminate that word from your vocabulary, and encourage your kids to do the same. It’s offensive. And intellectually backwards. And small-minded. And hurtful. And discriminating. And harsh. And over-used. And…. well, you get the picture.

3. “Different” shouldn’t mean something “bad” or something “good”…. it just means that something is not the “same” as something else. Our family embraces “different” and it works out for us. It gives us a greater appreciation for things that might go unnoticed by many. It also helps us to be more compassionate, and it REALLY assists with the, “don’t sweat the small stuff,” mentality! Imagine a world where everyone was the same… NO THANKS.

4. For those 80%+ folks in  the world who choose to terminate a pregnancy based upon a prenatal diagnosis of having a Down Syndrome baby on board, YOU MISSED OUT!

5. Some folks are luckier than others! We get that… we feel as if we are the luckiest humans!! Our little Myles is so healthy and so high functioning. He is the darling of the neighborhood and the scamp of the cul-de-sac all at the same time. He can brighten your day or drive you to distraction,exactly like his siblings before him did. We know not everyone is as lucky as we are. We have met parents whose children arrive with an extra chromosome and plenty of other worries as well. We are eternally thankful that we have been blessed with this tiny boy!

6. If you have a baby when you are 40, you should expect to be WORN OUT…. all the time.

7. People will laugh at your kid! You should laugh loudest, and first, so that they know it’s okay!! Laughter is still the best medicine. Surround yourself with the people  you trust to carry you through your life, the people you know who will laugh along with you. Without the core group of friends that we have had for many, many years, we would not have made it. That is the honest truth. Those are the people who lift us up, who celebrate with us, and who listen to us when the days are long and complicated. They are the Godparents, the Grandparents, the aunts,  the namesakes and the keepers of the gates. The fiercest protectors and the loyal compadres. Our lifelines.

8. Prepare to be delighted by the milestones along the way. I don’t know why the expectations for these kids are not higher, because certainly they can (and do!) achieve.  My husband and I decided early on, when I was pregnant with Myles, that we were not going to waste precious time worrying about what he would NOT be able to do… We decided to invest our energy into giving him every opportunity we could to have a great life, and to celebrate his accomplishments accordingly. Myles can work an Ipad, turn on Dora on the television, put on his shoes, make a smoothie almost entirely by himself, and open every door in our home and throughout our community and run like hell once he opens it! He has mastered the art of doing hopscotch with the neighborhood kids, and he lives to see us toss a Frisbee into the tree! Don’t even try to butter his bagel at breakfast or you will hear some feedback immediately!

9. Don’t let someone hold your kid back because there is a diagnosis on his “file”….. period. We expect our kids to work hard and be accountable like everyone else. If there is someone on your child’s team(doctor, educator, neighbor…) who does not have those same expectations, set them straight and get them on board. Pave the way.

10. We love extra chromosomes!! What were we so scared of ? We have been blessed beyond belief by all three of our kids. Not one of them is like the other two, and we love that. IT’S DIFFERENT!!!

That’s it from the pulpit today~I’m better at writing about real estate than I am at writing about Down Syndrome. Obviously. Enjoy your day today!

THINK SOLD!

Teresa

Happy Monday to all! Is there such a thing as a happy Monday? I have found Mondays to be self-fulfilling prophecies… if I start the day out believing that it’s going to stink, then generally it meets my expectation. Coincidence? I think not! I rolled out of bed today believing that it is going to be a good day, and I am not going to accept anything less. So, if you have an issue today, don’t tell me about it until tomorrow. Please!

I have prepared my latest Monday Morning Market for all of you loyal readers out there. It’s been an interesting year so far for single family homes… a couple of  general real estate tidbits for you before I hit the weekly stats:

• For this time period in 2010 (January 1 through March 7) we had 30 closings under our belt out here in Geneva. So far in 2011, we have had 19!! With 7 of those being distressed sales. For those of you who aren’t good at ciphering (to quote Jethro Bodean!) that amounts to 37%…. yep. 37% of our closings so far in 2011 have been foreclosures or short sales. Very sad.
• 89% of our closings have been under $400,000!! 17 out of 19 homes have closed for under $400,000 so far in 2011. Very compelling statistic for all the property owners of Geneva.

As far as Monday Morning Market is concerned, here are the statistics for Geneva for the last 7 days!

• There are 190 active listings in Geneva right now, ranging in price from $59,900 to $1,395,000
• In the last 7 days we had one closing. It was a foreclosure listing for $195,000.
• There were 7 price reductions, with the greatest reduction going from $465,000 to $425,000
• 9 properties went under contract in the last 7 days! Hallelujah! Interestingly enough, they break our pattern for the year so far in that 4 of the properties were over $400,000!! Yes!! In one week we doubled the amount of property under contract for $400,000 + for the YEAR!

It’s been a crazy year already. I have had SELLERS back out of a transaction because they ultimately loved a home too much to leave, we  had a transaction compromised because a pickup truck wouldn’t fit into the garage of a newly purchased home, I have had a buyer fall down a set of stairs and come out  black/blue/purple, I saw a shower (reminiscent of a 1984 RV ) crammed into the corner of a bedroom in a dated Colonial over in St. Charles, and I happened to have the luxury of showing a piece of income property that had more dog poop INSIDE the property than there was OUTSIDE the property. I have a glamorous position!

As always, if you would like the inside scoop or some micro-knowledge on our market,  just contact me. I am happy to share my knowledge with almost anyone. ALMOST! Have a great week, and feel free to share my blog with anyone you know who might enjoy it!

THINK SOLD!

Image via Wikipedia

When we moved out of our old office at 115 Campbell Street, downtown Geneva, we leased our space to the nicest ladies. They operate a business called “Just Credit Solutions,” which is a credit repair/counseling service. Naturally I was interested in their gig because so many of my clients ask me about credit right now. Credit, or lack thereof, drives our country right now! It affects the rate you pay for your mortgage, your credit cards, and even your car insurance!! True!

So, as soon as I had an opportunity, I referred a buyer to these gals. Miracle of all miracles, they helped this buyer repair some goofy issues on her report, and a couple of issues that were legit as well. They assisted her in raising her score substantially, and then lo and behold, she was able to qualify for a mortgage and buy a home! They have also helped a few others that I have sent their way as well.

If you have occasion to get your credit report repaired, do not hesitate to call them! They are professional, highly confidential, and totally affordable.

www.justcreditsolutions.com

630-844-3322

Ask for Jan, Tina or Cari!!!

THINK SOLD!

Teresa Keenan

The sign that you have arrived at one of Kane County's top 2010 top 20 real estate offices!

This was the remark from a fellow Realtor I was with last Thursday night at a function that was sponsored by a loan officer I do a lot of business with. I shrugged my shoulders and told her my company had our best year ever, and I had my best year ever, as well,  in 2010. Then I laughed until I cried when she told me, ” you still have your diamond earrings on… everyone else has hocked theirs!” HAHA!!!

Now, let’s make clear that this is not Teresa Rockefeller authoring the post!! I have beautiful earrings that my husband purchased for me many, many moons ago. MANY moons! At a time in my life (marriage) when earrings were very valued gift. At this time in my life (marriage) a more appreciated gift is a warm dinner, prepared by said spouse, and a laundry basket full of clean and folded laundry, also prepared by said spouse!!! Now that’s my kind of gift!!!

Myles & Mom... photo courtesy of Roger Brown

That was the beginning of a conversation that I had with an acquaintance while I was attending a very fun holiday party last Saturday night. I asked her right away why she would think that?  She parroted back to me all of the media doom and gloom she has either read about or heard, and then she told me she has SEVERAL friends who are Realtors (Don’t we all???) who are miserable. We compared notes for a little while, and she moved on. (Thankfully!)  Sure, it’s been brutal for the last couple of years, but that’s probably the case for many, many industries out there, not just real-estate. The airlines, the auto industry, the finance world, health care providers, retailers and small businesses across the land, just to name a few. It didn’t take a whole lot of time for me to re-assure myself of all the reasons I am so thankful for my job…. Here are a few:

• I love a good challenge! Marketing these homes and getting them under contract, and keeping them that way until the closing table is in clear sight, gives me a little adrenaline rush and a sense of pride!
• I have watched colleagues and whole offices leave my market area, belly up, for the last 3 years… I am proud to still be here, leading an amazing group of Realtors in my office, doing more business than ever before. Our tiny office of 12 agents currently is 5th in volume in Geneva for 2010! The companies ahead of us have no less than 80 agents, each! I LOVE IT!
• I guess I also like to be appreciated… the sense of accomplishment and thankfulness (from MOST of my clients) makes me feel good! I love a great “thank you” card or a new testimonial for my website….. if folks are impressed enough with your service to take a little time to put it in writing, in this busy world, it makes you feel special.
• My reputation in the community is growing. I love to share my information and my market knowledge with anybody who asks…. it’s no secret! Those who own real-estate want to know how the market is faring, and what’s going on in their neighborhood….. I’ve seen thousands and thousands of properties in the last 22 years, and I love to compare notes about my observations!
• I am honored, constantly, by those who choose to hire me for what will probably big one of the biggest transactions, financially, in their lives. Honored by their trust in me and their belief that I will get it done for them.
• I love to find another way to get something done… this crazy market presents new problems to be solved CONTINUALLY! I enjoy being able to solve them, whatever they are, and move on. When I was business partners with Terra Ayres, I think I drove her nuts! There were times when the logical thing to do would be to cut my losses and move on, but I couldn’t stand walking away from a listing that was in the throes of foreclosure, or a buyer who had “analysis paralysis“! Those transactions were the most frustrating AND the most satisfying, for some weird reason.
• I have enjoyed a career that is so flexible I can be home with the kids when I want to or need to… take a vacation when I want to…. skip work for the day to head off to a garden walk at the last minute…
• I have had the luxury of meeting so MANY, MANY great people over the years, sheerly because of my job.
• Every single listing is DIFFERENT… different sellers, different strategies, different marketing, different buyers, different buyer’s agents… DIFFERENT.

So I guess I don’t hate my job… occasionally, yes, it has its’ moments. Maybe it’s the time of year, or maybe it’s really thankfulness in general, but whatever it is I am still glad to be a part of it!