NEW LISTING 1112 Colgate Ct Naperville

$469,725

Buyers, call your agents! Truly move-in ready, impeccably maintained, HGTV-worthy dream home with rare private lot backing to lush Walnut Ridge Woods. Cul-de-sac dead ends into 5 acre Walnut Ridge Park (new playground, field, basketball court, backstop, etc.) and home is steps from Whalon Lake Recreation Area with boating, fishing, dog park, trails and Royce Woods Park. Paver walkway leads inside to an open concept kitchen-family room with soaring cathedral ceiling and fireplace with reclaimed wood mantle, central beam, window seat with built-ins and second staircase to multi-purpose loft. Like-new Andersen windows and carpet, remodeled bathrooms with air jet tub, towel warmer, and double sinks in master, walk-in closets, first floor den with hardwoods and French doors, new paint, fixtures, finishes, white molding … all in award-winning District 203 schools! A 10+++.

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NOW is the Time to Sell

Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of selling. A great agent is always worth more than the commission they charge just like a great doctor or great accountant. You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one. Here is the top to make of your Real Estate Agent when selling your house:

 Tell The Truth About The Price

Too many agents just take the listing at any price and then try to the ‘work the seller’ for a price correction later. Demand that the agent prove to you that they have a belief in the price they are suggesting. Make them show you their plan to sell the house at that price – TWICE! Every house in today’s market must be sold two times – first to a buyer and then to the bank. The second sale may be more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. It has become more difficult to get the banks to agree on the contract price. A red flag should be raised if your agent is not discussing this with you at the time of the listing.

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

Have You Put Aside Enough for Closing Costs?

 

Have You Put Aside Enough for Closing Costs? | Keeping Current Matters

There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan).

If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.

Freddie Mac defines closing costs as:

“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”

We’ve recently heard from many first-time homebuyers that they wished that someone had let them know that closing costs could be so high. If you think about it, with a low down payment program, your closing costs could equal the amount that you saved for your down payment.

Here is a list of just some of the fees/costs that may be included in your closing costs, depending on where the home you wish to purchase is located:

  • Government recording costs
  • Appraisal fees
  • Credit report fees
  • Lender origination fees
  • Title services (insurance, search fees)
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting fees

Is there any way to avoid paying closing costs?

Work with your lender and real estate agent to see if there are any ways to decrease or defer your closing costs. There are no-closing mortgages available, but they end up costing you more in the end with a higher interest rate, or by wrapping the closing costs into the total cost of the mortgage (meaning you’ll end up paying interest on your closing costs).

Home buyers can also negotiate with the seller over who pays these fees. Sometimes the seller will agree to assume the buyer’s closing fees in order to get the deal finalized.

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

Coming Labor Day Weekend! 1101 Colgate Court, Naperville- Walnut Ridge

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Bring the WHOLE family to the best value in acclaimed District 203.  This Raintree built home has room to roam INSIDE and OUT! At 3400 square feet plus a finished basement with wet bar, 2 master suites, 2 additional bedrooms, a den, 4.5 baths, walk-in closets & storage galore, natural stone kitchen counter tops, family room built-ins, new stainless steel appliances,  new roof, exterior and interior paint, carpeting, Velux skylights, fans, and fixtures, plus gorgeous refinished hardwood floors, sprinkler system and central vac, & you’ve got one tough home to top.  Neighboring to 10 acre Walnut Ridge Park on a quiet cul-de-sac, send the kids to swing, practice basketball, or run the bases, then call them home to dinner from your refinished deck. You’ll want to be a part of this incredible neighborhood!

Listed at $488,000

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Don’t Get Caught in the Rental Trap!

 

Don’t Get Caught in the Rental Trap! | Keeping Current Matters

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage.

Don’t Become Trapped

Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that,

“Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.”

In the Joint Center for Housing Studies at Harvard University’s 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare.

It’s Cheaper to Buy Than Rent

In Smoke’s article, he went on to say,

“Housing is central to the health and well-being of our country and our local communities. In addition, this (rental affordability) crisis threatens the future value of owned housing, as the burdensome level of rents will trap more aspiring owners into a vicious financial cycle in which they cannot save and build a solid credit record to eventually buy a home.”

 “While more than 85% of markets have burdensome rents today, it’s perplexing that in more than 75% of the counties across the country, it is actually cheaper to buy than rent a home. So why aren’t those unhappy renters choosing to buy?”

Know Your Options

Perhaps you have already saved enough to buy your first home. HousingWire reportedthat analysts at Nomura believe:

“It’s not that Millennials and other potential homebuyers aren’t qualified in terms of their credit scores or in how much they have saved for their down payment.

 It’s that they think they’re not qualified or they think that they don’t have a big enough down payment.” (emphasis added)

Many first-time homebuyers who believe that they need a large down payment may beholding themselves back from their dream home. As we have reported before, in many areas of the country, a first-time home buyer can save for a 3% down payment in less than two years. You may have already saved enough!

Bottom Line

Don’t get caught in the trap so many renters are currently in. If you are ready and willing to buy a home, find out if you are able. Have a professional help you determine if you are eligible to get a mortgage.


Dog Bite Prevention Tips

 

Dog Bite Prevention Tips for Parents, Kids and Dog Owners

Tips for parents and dog owners to help keep kids safe:

 The 3 Most Important Things to Teach Your Kids

  1. Dogs Don’t Like Hugs and Kisses – Teach your kids not to hug or kiss a dog on the face.  Hugging the family dog or face-to-face contact are common causes of bites to the face.  Instead, teach kids to scratch the dog on the chest or the side of the neck.
  2. Be a Tree if a Strange Dog Approaches – Teach kids to stand still, like a tree. Trees are boring and the dog will eventually go away.  This works for strange dogs and anytime the family dog gets too frisky or becomes aggressive.
  3. Never Tease a Dog – and never disturb a dog that’s sleeping, eating or protecting something. 

The 2 Most Important Things Parents Can Do

  1. Supervise – Don’t assume your dog is good with kids.  If a toddler must interact with your dog, you should have your hands on the dog too.  Even if your dog is great with kids and has never bitten – why take a chance?
  2. Train the dog – Take your dog to obedience classes where positive-reinforcement is used.  Never pin, shake, choke, hold the dog down or roll the dog over to teach it a lesson.  Dogs treated this way are likely to turn their aggression on weaker family members.  Involve older children in training the family dog while supervising.  Don’t allow children to punish the dog.  Condition the dog to enjoy the presence and actions of children using positive experiences.

The 3 Most Important Things Dog Owners Can Do

  1. Spay or Neuter Your Dog – Neutered pets can be calmer, healthier and less likely to be aggressive in some situations.  Neutering prevents unwanted dogs that may end up in shelters or in less than ideal conditions where they may grow up to be poorly socialized or aggressive.
  2. Condition Your Dog for the World – Give your puppy lots of new positive experiences.  Train using positive methods e.g., clicker training.
  3. Supervise Your Dog – Supervise your dog at all times around children.  Do not allow children to hug and kiss any dog.  If visiting children are bothering your dog, put the dog away or send the children home.

TRID and What it Means for Buyers

TRID AND WHAT IT MEANS FOR HOMEBUYERS


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Beginning Oct. 3rd, homebuyers will benefit from new legislation courtesy of the Consumer Financial Protection Bureau (CFPB) that will make the mortgage process quicker, more transparent and easier to understand.

The act, the TILA-RESPA Integrated Disclosure (TRID) Rule, combines facets of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) to enforce new regulations that will solve many of the problems homeowners have reported occurring during the closing process.

Once in effect, TRID will require lenders to provide you with two forms: the Loan Estimate Form and the Closing Disclosure Form, both of which will replace existing forms to simplify the process.

The Loan Estimate Form will give you the key details of the prospective loan, including terms of the loan, projected payments and closing costs, and a means of comparing the loan with other loans. A loan estimate must be given to you no more than three business days after you submitted the initial loan application. Lenders also cannot charge you any fees (save for credit report fees) until you decide to proceed with the loan, a decision you are given 10 days to make.

The Closing Disclosure Form brings together all of the costs of the loan transaction in one convenient place. The Closing Disclosure form must be given to you at least three days before you close on the loan, giving you time to consider the loan and ensuring that there are no surprises at the closing. The final Closing Disclosure Form must also articulate the exact costs you’ll stand to pay for the mortgage, including costs that changed at the closing table.

The CFPB has also provided an excellent guide for walking you through the lending process, giving access to samples of the same forms you’ll be signing and explaining their significance.

REALTORS® are well-prepared to help prospective homebuyers navigate through the new landscape formed by TRID, with more than 80% of participants in a National Association of REALTORS® survey reporting that they had already received a level of training on the subject. If you have questions about TRID, contact your local REALTOR®.

Local. Different. Better.

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