Have a wonderful weekend holiday, drive safely and check in next week to see our newest listings and great deals on real estate of all kinds!

Rental property can be difficult to find right now - there are a lot of people who are looking for a place to live.  They are moving because of job transfer, job loss, foreclosure, new job or personal reasons.  Often they seek to rent homes that are on the market for sale.  However, most owners are reluctant to rent because:

• The renter may be difficult if the home is scheduled for a showing.
• The term of the rental lease will make the home more difficult to sell.
• Concern that the renter may damage the home.
• Pets, kids, smokers - the home may be difficult to keep in prime condition for showings.
• Management concerns - rent collection, etc.

If a person is seeking to rent a top quality home, having references can help soothe an owners concerns about how the property will be maintained and kept.  Sometimes a larger damage deposit will help reduce concerns.  Be flexible and ready to commit to keeping the property in top condition and you will gain an owners confidence.

Rental property can be difficult to find right now - there are a lot of people who are looking for a place to live.  They are moving because of job transfer, job loss, foreclosure, new job or personal reasons.  Often they seek to rent homes that are on the market for sale.  However, most owners are reluctant to rent because:

• The renter may be difficult if the home is scheduled for a showing.
• The term of the rental lease will make the home more difficult to sell.
• Concern that the renter may damage the home.
• Pets, kids, smokers - the home may be difficult to keep in prime condition for showings.
• Management concerns - rent collection, etc.

If a person is seeking to rent a top quality home, having references can help soothe an owners concerns about how the property will be maintained and kept.  Sometimes a larger damage deposit will help reduce concerns.  Be flexible and ready to commit to keeping the property in top condition and you will gain an owners confidence.

The local real estate market has remained in the summer doldrums.  New listings are becoming available but sales are lagging behind normal for the season.  If you are thinking of buying - now's the time for a deal!  What kind of deal - a deal, deal! 

It’s still the dream of many people to own a bit of the peace and quiet of the country - either a country home or a nice country lot to build upon or hunt or just enjoy.  However, at any one time, there are very few country acreages on the market.  Most of the land in the Illinois Valley area is agricultural and farmers seldom like to sell productive acres.  The "knobs and notches" as I like to call them are also relatively rare because owners don't often like to sell nice recreational property either.  If you see something close to what you are looking for - buy it!  There are not going to be many more to choose from, not like eggs in a carton! 

Things are starting to pick up a bit from the usual mid-summer real estate sales slump.  People get busy in the summer with all of the usual activities and the heat and humidity discourage the best of us to get out and about and tour homes.  But school will be starting soon and parents want to register kids in the school they will be in all year.  So, if you are looking to sell, now is the time to list to catch the fall sales season.  If you are looking to buy, interest rates are still very low and there is a nice stock of homes to choose from.  We can keep you abreast of the market changes and new listings in your area - give us a call!

There's a couple of things to remember when making appointments to see homes with a Realtor:

1. In most cases, any Realtor can show you a MLS listed home, you don't need to call every real estate company in town to "see what they have".  If the Realtor you are working with is on the ball, they will be able to help you find properties that match your needs.  At Century 21 Covered Bridge Realty, we specialize in helping buyers find just the right property for them - homes, farms, acreages or commercial properties.

2. Once an appointment is made, every effort should be made to keep on schedule.  If you have a conflict or will be delayed, notify your Realtor as soon as possible.  Residential showings often result in the owners leaving the property - we don't want to eject people from their homes needlessly!

3. Your Realtor will appreciate your honest and open comments about the properties you view together.  Without those comments, your Realtor will have little to go on when continuing to search for other properties for you to consider.  Regard your Realtor as a trusted advisor.

Happy Hunting!

In a recent Chicago Tribune Article, the 5 top reasons homes don't sell were: 1. Overpriced, 2. Bad Curb Appeal, 3. Ineffective Marketing, 4. Interior Clutter and 5. Undesirable Location.  A good list but I would add 2 more: 6. Poor Condition and 7. No Buyers for Price or Type of Home.

Overpriced - an easy fix and sellers must realize that the global recession and sagging home values apply to most if not all properties.  Ask your Realtor to do a Market Evaluation for your property and price accordingly.

Bad Curb Appeal - fix up, mow, weed, paint, plant flowers - whatever you need to do to spruce up the front of your home, often this does not cost much for a substantial return.

Ineffective Marketing - review the advertising, description and photos used to market your home and adjust as needed for optimum exposure.  Don't use winter pics in the summer or vice versa!

Interior Clutter - remove half of your stuff and put it in storage, especially clear out the closets and storage areas.  That will make your house appear that much larger!

Undesirable Location - country properties can be hard to sell as people are moving back closer to shopping and work but an unfavorable location situation can be helped by a lower price - something to consider.

The two extras: Bad condition - if the home needs a lot of work, adjust price.  If you can do some of the fix-up to make it attractive to buyers, you might want to proceed.  Do a cost-benefit analysis.  No Buyers - if you have a $450,000 property where the average sale price is $150,000, your home may be on the market for a while.  Same goes for some types of homes that are not popular - tri-levels, big older 2-stories, homes that need a lot of updating.  Price can help move some of these homes as well.

Confer with your Realtor and make your home as desirable as possible! 

We enjoy showing our listings at Open House events and it’s a chance for people to walk through and see several homes in the same afternoon on a casual tour.  But remember, there are many, many more homes on the market than those scheduled for Open Houses or even advertised in paper ads.  If you are truly interested in searching for the house that is just right for you, ask us to conduct a search through ALL listings for a list of potentials for you to tour.  Then we can assess the market and help you select which homes to focus on.  Working with buyers is a specialty of mine and I enjoy the "hunt" for just the right place for a client.

Open House events are great but they are no substitute for a carefully conducted search!  Let me be your guide.

- John Shurts

The style of a home can affect a potential buyer's perception of value.  Many homes built during the 60's, 70's and 80's have a much different "feel" than more recently designed homes.  Styles have changed from the more closed-in approach to room arrangements with separate dining and living and family rooms to much more open floor plans with Great Rooms, vaulted ceilings and integrated spaces.  The kitchen is often the gathering place of the home.  Dark woodwork has given way to more natural and lighter tones.  Today's buyers expect the most for their $$$ and want updated homes regardless of age.  If home's floor plan, cabinetry and fixtures are in great shape but of an older design, the home will not be as desireable as one that has been updated.  Buyers do not want to spend money to update a home. 

Less desireable styling = fewer people willing to buy = lower value.  It’s that simple.

The Federal tax rebate program for home new and existing home buyers is scheduled to end on June 30th.  Existing contracts will have to close by that date.  The date is proposed to be extended but congress has not granted the change.  No new contracts may be made under the program; only contracts initiated prior to April 30th may still close by the end of June and be eligible for the tax rebates.

Illinois home sales were up 27.1% in May, the ninth straight month of volume increases.  The median home price rose a slight 0.6% but at least that is the right direction.  Home sales are still a Buyer's Market.

Once very popular, formal living rooms and dining rooms are becoming unused and almost wasted spaces in homes.  People today mostly ask for open floor plans where people can gather around the kitchen and family room for mealtimes and fun times.  We speak of "functional obsolescence" in home design and formal living areas can be a drag on the value of a home.  Still, there are a few people who enjoy separate rooms rather than a “Great Room” style.  Building style popularity changes with time - it will be interesting to see what comes next!

Auctions are a great way to buy a range of items but buyers should be careful when considering bidding on a home being sold at auction.

1. Remember that the auctioneer works for the SELLER and intends to get the best terms and price for their client, the auctioneer does not represent the buyer in any way.
2. Bidding is public, often competitive and quickly concluded - not the best environment for a buyer to consider options or consult with others.
3. You win the bid; you bought the property - no second thoughts, no back-and-forth negotiations, no inspections.
4. Property usually sold AS-IS and repairs or inspections are up the buyer to fund AFTER the auction.
5. The buyer is on their own without benefit of a real estate professional to assist them.

Buying a home is often the largest single purchase a person makes in their lifetime.  Rushing to buy at an auctioneer’s pace may not be the best way to get the best deal.

Real estate sales have slowed somewhat since the end of April and the end of the Federal Stimulus Program.  May has been somewhat more sedate as far as new buyers but more listings have been coming on the market so there are a greater range of homes to select from if you are planning on buying soon.  One new facet we are seeing is more buyers in the $200,000 + range in the Princeton area.  Summer is a good time to check out a home - the weather is great and interest rates are still low.  Fall is just around the corner so to beat the rush of season change & kids back to school - start to look at homes now.  Give us a call - we can always keep you up to date with new listings as they become available. 

If you like ice cream like I do and if you could use a little extra cash this summer, be sure to watch your mailbox if you live in Princeton, IL.  If you get one of our postcards, drop it off at our office (or in our mailbox if after office hours) and we will give you a coupon for a free ice cream treat and enter you in our monthly drawing for $100.  Now you can't beat that combination! 

Often we get calls in the office from our Realtor's clients looking for their Realtor.  Since our Realtors are often out showing or selling or just doing other things, the best way to get in touch with them is to call their CELLULAR phone number.  Our cell phones are stuck to our hips or in our pockets all day but we may be in the office for only a short time.  At our company we use cell phone voice mail.  If we can't answer when you call, we are most likely to be able to respond quickly if you LEAVE A MESSAGE on our cell phone.  Calling the office to leave a message does no good if the agent is not IN THE OFFICE!  Likewise, sending an e-mail may not be immediately picked up by an agent if they are not near a computer.

We are more than willing to help our clients day or night - just give us a call (on our cell number)!

Mortgage rates dropped to an average of 4.93% last week, the lowest rates of 2010 to date.  The average rate was 4.97% for a 30 yr. mortgage in the North Central region of Illinois.

Real Estate sales activity has increased and has been "brisk".  Activity usually peaks in May and June and that trend has been evident this year.  Lower mortgage rates and more homes coming on the market means this is a good time to begin home shopping.  If you are looking to sell, it may have been wise to be on the market a few weeks ago but there is still plenty of time to get started.  Give us a call!  You may win $8,000 in Century 21's Connect 2 the 1 program by listing before the end of June, 2010.

If you have owned your home for a period of time and your initial down payment was less than 20% of the purchase price, you have probably been paying for Private Mortgage Insurance (PMI).  Once you have reduced your loan amount by 20%, you no longer have to have PMI.  But lenders sometimes do not tell you when that occurs!  Be sure to ask your lender about PMI and whether it is still required on your account - if not, start the process for removing PMI.  You will save $$$!