Five Key Housing issue in 2010

#1  Interest rates.   It is widely expected that long term rates will rise this year.  The real questions are when and by how much.  The Mortgage Bankers Association predicts only a modest rate increase of a .25%-.50% where some predict as much as a 1% increase.  These rates will still be very cheap based on historical standards.

#2 Foreclosures.   Thousands of adjustable rate mortgage are scheduled to reset this year potentially causing further stress on  financially challenged households.   Those with option arms or interest only loans are most at risk.   These borrowers will have limited options as the governments effort to modify mortgages has been largely ineffective.

#3 FHA, Fannie Mae and Freddie Mac.  Nearly 90% of all mortgages are now backed by Fannie Mae, Freddie Mac or FHA,  With the future of these organizations in doubt as they continue to suffer heavy losses, the prospect of further tightening loan standards is a real possibility.

#4  Expiration of the housing tax credits.  Home Sales were fueled in the late summer and early fall in part due to the tax credits and although Congress has extended the credit until the first of half of 2010, some economists believe that the tax credit will steal demand from future months.

#5 Jobs  Although the pace of job losses has subsided we are still not creating new jobs and have a long way to go to replace the 6 Million+ jobs that were lost in the last two years.   Jobs build confidence, confidence leads to spending particularly on housing.

I expect 2010 to be similar to 2009 but with slightly higher rates, a continued steady stream of foreclosures, some minor tightening in lending standards, and hopefully more jobs.

Tony Pigatti

Vice President Residential Lending

Archer Bank

Office #708-237-4049

Cell #630-254-8946

www.metrobankgroup.com

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Here are mt favorite pre-schools in Hinsdale IL. Which do you like?

Hinsdale Community Preschool

http://www.hinsdalecommunitypreschool.org/index.html

Hinsdale Adventist Academy

www.haa.org

Grace Episcopal Church Preschool

www.gracehinsdale.org

Hinsdale United Methodist Church

www.hinsdaleumc.com

Union Church of Hinsdale

www.uchinsdale.org

This is a big house! I am talking about approximately 3,500 square feet. And this is real square feet not including the garage and finished basement. While 3,500 square feet is certainly sizable, this North Downers Grove home feels even larger than it is.

Take a look at the virtual tour of 904 Lincoln in Downers Grove Illinois.

If you have kids, you will love the extra, extra deep finished basement. The basement is over ten feet deep. It is unlikely that you have even seen a basement that deep. It is just so cool.  And the way it is finished is perfect. A massive recreation room, bedroom, bathroom and storage/mechanical. The kids will think that they are in heaven.

The first floor plan is even more excellent. Imagine all the “required” rooms, but in a generous size: living room, dining room, 2 story foyer, kitchen, breakfast room, laundry/mud room and a family room. Now, as a bonus, you get a mostly window sun room which overlooks the yard. Not bad.

And because I know that you like surprises, the second floor is fun, too. Four bedrooms. Two bathrooms. Very nice master with a walk-in closet and vaulted ceilings. The bonus: an additional room that can be used as either bedroom #5 or the world’s best home office. There is even a private staircase from the first floor leading directly to this space. Very cool.

If you have read this far, you probably have some level of interest. The next step is to contact Bryan@BryanBomba.com to set your showing appointment. I will look forward to hearing from you.

7913 Knottingham in Darien Illinois offers a lot more than just a great place to live.

This location in Darien IL is so incredibly convenient, why would anyone even consider being any further west and further removed from the city. You can be on Interstate 55 and heading toward the city in several minutes from this locale.

The Devonshire neighborhood is located just south of Plainfield Road and West of Cass Avenue in a quiet, yet ultra convenient section of Darien.

Within the Devonshire neighborhood of Darien, 7913 Knottingham is tucked away on a very, very private interior spot with a peaceful view of green space. With the added benefit of being and end and corner unit, it almost feels like you are living in a detached house. This is a huge benefit for someone who is downsizing from a house to a town house.

As you can see form the virtual tour of 7913 Knottingham in Darien, this house just shines. The kitchen is updated and feels brand new. The bathrooms are too. Floorings have been replaced. It just feels like a new house, but just does not cost like one.

Come take a look at this wonderful home…it can be seen by appointment ony…Just contact Bryan@BryanBomba.com to set your appointment today

When it comes to maintenance-free lifestyles, it does not get any better than Forest Gate of Oak  Oak Oak Brook. It is a gated 55 and over community comprised of luxury, detached homes devoid of the hassle of exterior maintenance. Forest Gate is locate din the heart of the village, immediately next door to the beautiful recreation complex and west of the forested headquarters of McDonald’s Corporation.

And when it comes to Forest Gate, the home at 63 Forest Gate exemplifies perfection. Idyllically located in the interior of the neighborhood, on a site that offers so much privacy the neighbor to the rear is a scenic pond!

The interior is sheer traditional excellence. You will swear that you are walking through a new home that has NEVER been lived in. The decor is so flawless it is suitable for the cover of Architectural Digest. See for yourself….View the virtual tour of 63 Forest Gate in Oak Brook IL….and then contact me (Bryan@BryanBomba.com) to arrange your private personal tour. You will not be disappointed. And you will most assuredly be impressed.

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Before I market a house for sale, my team and I go through the home and comprise a list that we call “How Marketable Do You Want To Make Your Home?” This exercise is designed to reveal objections that prospective home buyers would have to the home before we go on market. The home owner then has the opportunity to address these objections and presumably reduce objectins from real buyers.

While preparing homes for sale and showing homes to buyers, I have seen more than my fair share of closets. While I see over 100 homes every month, most have closets that could use some loving. While most people are aware of the staging process, where homes are made over to appeal to a greater number of buyers, closets tend not to be included in this category.

That is why I was interested to learn more about a new business in Hinsdale Illinois. What-2-Wear.biz is owned by Sally Guglielmo and Tiffany Cummins. Their two primary focuses are closet makeovers and personal style shopping. When you check out their website, you will see that there is much greater depth to the concept. For example, while my wife call me “cheap”, I like to think of myself as “value-oriented”. That’s why I thought that the “deals and steals” section ALONE was worth bookmarking this site.

Go look at your own closet, check out What-2-Wear.biz or call them at 617-320-4843.

The Woodlands of Hinsdale IL is a special neighborhood characterized by its mature trees, winding streets and estate-sized homes. The lot sizes average about one half acre in size, which is very large by Hinsdale standards. The lucky residents of this neighborhood enjoy a semi-rural feel ( no curbs on the streets) while truly being in a convenient in-town Hinsdale locale.

School-aged children have just blocks to travel to Oak Elementary School, Hinsdale Middle School (in downtown Hinsdale) and Hinsdale Central High School. It just does not get any more convenient.

The home you’re reading about is situated at 620 Woodland in Hinsdale. This very special block is considered ideal, by those in the know. It is very quiet. The trees are mature, offering a scenic aesthetic canopy. The all-custom homes, which comprise the  block, are complementary, traditional and just flat out beautiful. This is the right spot to live in this coveted neighborhood.

Built in 1999 and fastidiously improved along the way, 620 Woodland has an extremely fresh, new feel. There is significant volume in its ceilings; a high level of openness; and an abundance of natural light courtesy of the well-designed window plan.

With over 6,000 square feet of true living area (above ground) and a incredibly well-finished lower level, there is no shortage of space for any member of your family. Oh…the walk-up attic has tall roof lines and is finishable. How would you finish that space?

Click to see the virtual tour of 620 Woodland Hinsdale IL

There is a three-car attached garage and ample room for a extra garage for a fourth car.

For a peek inside…

Main Level

Foyer 14 x 11
2 ¼-inch Mahogany entry door with leaded and beveled glass and elliptical top
Hardwood flooring
Three coat closets
Recessed lighting
Turned, custom-milled staircase

Living Room 17 x 13
9’ ceiling height
Hardwood flooring
8-inch tall base molding
Crown molding
Fireplace with marble surround and traditional mantel

Dining Room 16 x 13
9’ ceiling height
Hardwood flooring
8-inch tall base molding
Crown molding with plinth blocks in corners
Four floor-to-ceiling windows with transoms
Designer light fixture
Halogen recessed lighting
Ample room for large furniture

Powder Room 1
Hardwood flooring
Furniture-grade vanity
Kohler plumbing fixtures
Wall sconce lighting
 
Kitchen 20 x 18
9’ ceiling
Hardwood flooring
Crystal brand custom cabinets, painted and glazed, with full extension drawers and natural wood interiors
Granite counter tops
Family-sized 6 x 8 island with utility sink
Appliances include Dacor six-burner cook top; Dacor double oven; G. E. Profile microwave; SubZero refrigerator; Bosch dishwasher; Vent-A-Hood commercial range hood; disposal
Walk-in pantry with organization system
Ample recessed lighting
In-ceiling speakers

Breakfast Room 13 x 12
Panoramic view of back yard
Hardwood flooring
Tall base molding
Two double banks of floor-to-ceiling windows with transoms
In-ceiling speakers
Designer light fixture

Family Room 25 x 18
Two-story ceiling height
Hardwood flooring
Two-story stone fireplace
Two built-in bookshelves/cabinets on either side of fireplace
Two-story bank of windows with transoms
Designer light fixture
Tray ceiling
Wet bar with upper and lower cabinets with granite counter top

Den/Office 15 x 13
Hardwood flooring
American cherry wainscoting
Fireplace with granite façade and American cherry mantel
Double French doors with transoms with direct access to front patio
Crown molding
Designer light fixture
Closet

Powder Room 2
Perfect for the kids (close to side door access)
Ceramic tile flooring
Vanity
Granite counter top
Kohler plumbing fixtures
Wall sconce lighting

Laundry Room 11 x 7
Conveniently located right off mud area
Ceramic tile flooring
Upper and lower Crystal brand cabinets with full overlay doors
Fisher Paykel washer and dryer
Laundry sink

Mud Room 6 x 7
Ceramic tile floor
Cubby system with bench and hooks
Direct access to garage
Direct access to outside

Second Level

Hallway
Custom art niche area
Hardwood flooring

Master Bedroom 21 x 18
Neutral plush carpeting
Vaulted ceiling
Ceiling speakers
Extremely oversized separate, his and her planned, walk-in closets
Recessed lighting
Tall base molding

Master Bathroom
16-inch stone tile floor, tub and shower surround
Vanity with double sinks
Stone slab counter top
Wall sconce lighting
Whirlpool tub
Shower with two separate shower heads, bench
Private commode room

Bedroom 2/southwest 18 x 13
Neutral plush carpeting
Walk-in, planned closet
Ceiling fan
Semi-private bathroom access

Bedroom 3/northwest 16 x 13
Hardwood flooring
Walk-in closet
Vaulted ceiling
Semi-private bathroom access

Bathroom 2
Shared by Bathrooms 2 and 3
Ceramic tile floor, tub and shower surround
Two separate vanities for each bedroom
Granite counter tops
Separate water closet
Kohler plumbing fixtures
Bedroom 4/northeast 16 x 13
Neutral plush carpeting
Ceiling fan
Private bathroom

Bedroom 4/Northeast 16 x 13
Neutral plush carpet
Ceiling fan
Triple bank of windows
Private bathroom

Bathroom 3
Private bathroom for Bedroom 4
Ceramic tile floor and tub surround
Wood vanity
Granite counter top
Walk-in closet
Kohler plumbing fixtures

Homework Room 8 x 6
Hardwood flooring
Built-in granite desk top

Third Level

Finishable attic space 25 x 16 with skylights (think of the possibilities)
Blown-in insulation

Lower Level

Recreation Room 18 x 19
Multi-level loop carpeting
Masonry fireplace
Recessed lighting
Window well

Wine Cellar
Cedar racking system

Exercise Room 14 x 12
Rubberized flooring
Full wall of mirrors
Hook-up for TV
Light bay
Ceiling fan

Theater Room 19 x 15
Multi-level loop carpeting
Theater-style furniture
8 ½-foot screen
Remote control lighting
Recessed lighting
Full component system

Game Room 23 x 19
Multi-level loop carpeting
Recessed can lighting

Card Room 14 x 13
Easily converted into a lower level bedroom with bath access
Built-in wet bar with upper and lower cabinets

Full Bathroom 4
Ceramic tile floor and shower surround
Steam shower with body sprays, hand-held shower head, rain shower head
Furniture-grade vanity
Granite counter top
Towel warmer rack system
Kohler plumbing fixtures

Miscellaneous Features

Mechanicals
Three 90%-plus efficiency furnaces and central air conditioning systems
Natural gas-powered back-up generator system
Two 50-gallon water heaters with re-circulating line and pump
Sump pump with battery back-up system
Central vacuum
Whole-house generator
Surround-sound system in six areas of the home

Exterior
Brick, stone and real cement-based “real” stucco exterior
Stucco was replaced in 2009
Eagle brand divided light windows
Three-car garage with epoxy flooring
Potential for 4th garage
Copper flashing
Copper gutters
Cedar shake shingle roof
Paver brick driveway
Circular driveway
Slate walkway in front
Blue stone patio in back yard
Patio has outside speakers
Low-voltage lighting system
Invisible fence system
Irrigation system

Village Link

Contact Bryan@BryanBomba.com for your personal tour or a free color brochure.

To see how well-priced 620 Woodland in Hinsdale is compared to the other Hinsdale homes, look at all homes listed in the MLS in Hinsdale from $2,000,000 to $3,000,000.

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With just one look at 5332 Lawn in Western Springs, you will know that you have arrived somewhere special. Specifically, you would be on a quiet, low traffic street in the coveted Forest Hills neighborhood of Western Springs.

For those who live here, the benefits of this locale are plentiful. Western Springs is a train town-that’s Chicago slang for a town that has Metra commuter rail service into the city of Chocago. That means you let soemone els eworry about the drive to and from work.

The immediate neighborhood boasts the largest lots in town. Most are 187 feet deep. By local standards, that is huge. From a practical point of view, it means having an impressively deep and private setback from the street. More importantly, it means having a spacious and functional back yard-an amenity not commonly found in these parts.

If you’d like to come see this wonderful home for yourself, just contact Bryan@BryanBomba.com.

Grand Avenue Preschool & Day Care

4211 Grand Ave
Western Springs, IL 60558-1435
(708) 246-2270

www.grandavenuepreschool.com

Montessori School-Western Springs
1500 Walker St
Western Springs, IL 60558-1374

(708) 246-9696‎

Montessori School of Western Springs – Programs available are preschool, extended day and full day, half and full day Kindergarten. Program is located in the Recreation Center. For more information, call 708/246-9696.

Sunflower Montessori

5129 Wolf Rd
Western Springs, IL 60558-1817
(708) 246-3757

Kensington School of Western Springs

1500 Walker St, Western Springs, IL

(708) 246-3491 ‎

First Congregational Church of Western Springs

1106 Chestnut

Western Springs, IL  60558

708-246-4908

www.wscongo.org

St. John of the Cross Parish School

708 51^st St

Western Springs, IL  60558

708-246-4454

http://www.sjcpsinfo.org/Welcome.htm

Beginning February 15,2010, mortgage brokers can no longer order their own appraisals for residential real estate loans backed by the Federal Housing Authority. Instead, the appraisal selection process will be in the hands of appraisal management companies. 

The idea behind the creation of the new law is to remove bias from the process. Previously, loan officers and other representatives form loan companies could order their own appraisals. As a result of greed, there have been cases where the real estate appraisers have inflated values of real estate on appraisals as not doing so may have impacted getting future business from that same loan officer/loan company. In theory, the idea was sound. 

In practice, the idea is flawed. The major problems are twofold. 

First, the appraisal management companies tend to be regional or national companies. They do not think locally. A s a result they do not hire appraisers based on their local knowledge or expertise. Rather, they hire who’s cheapest. Appraisal management companies make their money by the spread between what they pay the appraiser and that they charge the lender. The cheaper the appraiser, the more profitable it is for the appraisal management company. As such, the use of non-local or inexperienced appraisers is becoming more common. 

Secondly, the timeliness of the appraisers turn around time is becoming extended. It is taking more time to process mortgage loans as a result.