In two short days, the current First-Time Homebuyer Tax Credit is up for renewal. This Friday, November 6th, a bill extending this popular tax credit goes to full vote in the House of Representatives for approval. Already approved by the Senate, this bill would extend the current $8,000 tax credit for first time homebuyers until April 1st, 2010.

The current bill is also set to extend a tax credit to non-first time homebuyers. The current language proposes a $6,500 tax credit for homeowners buying another home that have occupied their current homes for at least 5 of the 8 last years. There are a few other restrictions such as income caps and the language has a high possibility of changing before the bill is finalized and sent to President Obama for signature (he is expected to sign the bill).

The current first time homebuyer tax credit has been seen by experts as largely accounting for the improving market we’ve seen in many parts of the country this fall. While many in the real estate industry were hoping for a longer extension into 2011, the addition of the credit for non-first time homebuyers is an interesting addition. Experts feel that the threat of additional government spending and the current climate of revitalization in many locations caused legislators to extend the credit for 5 months, rather than a full year.

The addition of a $6,500 credit for current homeowners may additionally help the market next year. It will definately soften the blow of sellers taking a loss on selling a home if they know it can be made up + $6,500 on their next home.

The S&P/Case Shiller index released yesterday, September 29 is a major indicator of national and regional home price movement. The new values for August displays the 6th consecutive month of improvment in home prices across the country from a low point in February/March. In our region, it is the 3rd consecutive month of improvment for the greater Chicagoland area.

In July, our median home values increased by 2.6%, the largest increase since the average began to decline in October of 2006. This point to further stabilization of our national and regional real estate market and gives hope to the notion that the biggest decline in home values in decades is approaching an end.

Current home values are at similar levels than they were in March 2003 and are currently approximatly 24% off the high average value reached in October 2006. This is an overall improvement from the low point of 28% reached in March of this year.

The current government tax incentive is continuing to bring out buyers this fall and should contine to improve home sales and values in our region and across the country. The only wrench in the works is the still-high national rate of foreclosures plaguing our country. This and the winter season has the possibility of putting a dent in recovering home values. If the rate of foreclosure begins to falter and decline howeve, this could accelerate the rate of home value recovery and effectively signal and end to the housing slump we’ve been in for the past 3-4 years.

Wow, a lot has happened since I’ve had a chance to post. First a few updates: 2009 has been an interesting year. There have been ups and downs in the real estate market just like with everything else. We started the year with a high rate of foreclosures and short sales. While these remain higher than normal, we’ve actually seen the numbers of new foreclosures and short sales fall through the summer. Many attribute this to loan modifications – people are attempting to re-finance into better loan terms rather than let homes go into foreclosure.

Another positive point in the market today is the $8,000 government incentive for first time homebuyers. Many of you might remember the $7,500 incentive offered in 2008 as a short-term repayable loan. Well, in 2009, the government raised the ante and turned that incentive into an $8,000 dollar-for-dollar tax rebate. They even went so far as to allow filers to claim the rebate on 2008 taxes VIA an amended return and get access to the money this year rather than waiting for spring of 2010.

 Despite these positive signs, the market still has declined through 2009 at the rate of approximately 1% per month. Inventory remains high and the available buyer pool remains low. Further, lenders have made it increasingly more difficult for buyers to qualify for loans.

Overall, 2009 has been an interesting year in real estate so far. My goal in the months ahead is to begin updating my online information and to continue presenting the latest news and tips going forward.

Technology has been transforming the real estate industry. Less than a decade ago, finding homes for sale on the internet was a waste of time. Today, the internet is where it’s at. When I developed my business strategy years ago, I decided that one of the most important things was to always be on the cutting edge of real estate technology – to always give my clients the best way to buy and sell homes.

This week I am taking a major step forward in home search technology. It’s my pleasure to announce the release of an online map-based search feature on my Illinois real estate website. As many of you who have used my online property search know, the search I had available was a numerical search – basically, put in your requirements, and the system would show you a list of properties that met your search criteria. The downside was that many of you are looking for homes in a particular area. A simple list of properties gives you no idea of where the home is in relation to other properties you’ve seen or the areas you want. I have been searching for a solution that would allow my buyers to go online at any time of the day or night, search for homes in all areas of Northern Illinois and not only see details about each home, but also see where they all are in relation to each other.

Now I’m happy to bring you this solution. After lots of research into different technologies, I feel I’ve come up with the most advanced property search in the industry to offer to you. My new online search tool will allow you to search by two different methods. It will still allow you to search by criteria – number of bedrooms/bathrooms, search price and area. However, it will now allow you to search by map area. By zooming in the main map area, your display will be constantly refreshed on-the-fly with new properties as you scroll the map around. It will also allow you to narrow down your search criteria with a series of tools on the left toolbar. This means that you can limit the properties displayed to those that exactly meet what you’re looking for, and then compare those properties visually. Since this technology is also based on the Google Maps API, you can change your view to a satellite map or hybrid map and actually see what the homes look like.

Once you find a property you like, you can view detailed information about the property – a description, virtual tour, multiple photos and similar vital information. Just like you remember from my previous property search, you can save a search that will automatically send you property updates by e-mail as soon as a property comes on the market. I’ve also added a feature that allows you to “Favorite” your top properties, so you can log in and view your top choices at any time. You can print the property listing, convert it to a PDF and save it to your computer, bookmark it, email it to a friend and request information about it from me or even set up a showing – all online. The property photos appear as a slideshow as soon as you select the listing, but you can also view the photos in full-size by selecting the appropriate option below the photo slider.

While it was very important for me to develop a new visual search tool for you, I also wanted a search tool that had a lot under the hood – not just a bunch of pretty photos on a map. My new search feature offers plenty of home search tools besides the map search that will make selecting the right homes for you an easy, fun and interactive process. An integrated mortgage calculator can help you figure out an estimated monthly payment and the school and community information will allow you lean more about the area. There is even information about how close the home is to a grocery store or gas station. Finally, one of the newest tools available is an integrated Zillow Zestimate that will give you a rough idea of the value of the property. While many of these features have been available before on different websites, my new search tool integrates them into a single full-featured suite that will help you narrow down homes.

Another one of the newest features my search tool offers is an integrated Google Streetview for selected properties. On the property detail screen, select the “Maps” tab. A satellite map will open that shows you an overhead view of the neighborhood with the home you selected highlighted. When available, below this map is an integrated Google Streetview display that will allow you to see the outside of the home – even move up and down the street and see exactly where your selected home is in relation to the other homes in the subdivision. For homes without exterior photos or virtual tours, this will even allow you to see what the home looks like and what the other homes in the area look like.

If you haven’t already checked out my new property search, I would like to invite you to play around with it. Using it is completely free – you will eventually have to register to keep viewing properties but I think you’ll agree that it’s one of the most comprehensive property searches available. Check it out by clicking this link.

Over Memorial Day weekend, my wife and I were first-time attendees at the annual Flavors of Greece Festival presented by St. Athanasios Greek Orthodox Church in Aurora. This two-day festival is held at the Kane County Fair Grounds in St. Charles and brings together the sights, sounds and flavors of everything Greek.

It’s no secret that I’ve always been a fan of Greek food. Growing up near Detroit, we would regularly go into the city to have dinner at Greektown and Trapper’s Alley. Very early I was introduced to flaming cheese and other Greek dishes at The New Parthenon and Pegasus as well as the sticky goodness of Baklava.

The Flavors of Greece Festival was a great time. We started by browsing a room filled with Greek and Greek-themed goods for sale. But the big draw was the main room that featured the food and dancing. We got to see some authentic Greek dancing put on by the Apollo Dance Troupe. The dancers wore traditional costumes from some of the many regions in the country and were accompanied by traditional Greek music and singing. The day was capped off by sampling some of the great foods available including Souvlaki, Moussaka, Gyros and Ouzo. Over-all it was a great activity to spend an afternoon at and highly recommended if you have a love for Greek food and culture.

Sugar Grove has a reputation of being the “next” community on the forefront of development pushing outwards from Chicago. For the most part, it’s still known as a small farming community. However, in The Lakes of Bliss Woods, what they’re growing are beautiful and stylish custom homes. Located in the northeast part of the community next to the nearby communities of Windstone and Prestbury, The Lakes of Bliss Woods can be reached by heading southwest on Bliss Road from I-88 or northeast from Route 47 and downtown Sugar Grove.

At about 165 homes, The Lakes of Bliss Woods isn’t one of the largest Sugar Grove subdivisions, yet it has a great community of active and responsible residents. This picturesque community features manicured lawns, 3 parks and several ponds. Most of the homes in this subdivision are custom-built by several builders. They often feature some of the latest design styles and range from the low $400,000 to above $500,000. For those who think of Sugar Grove as the sleepy farm town out past Aurora, take a drive through The Lakes of Bliss Woods. What you’ll find is elegance, style and comfort – perfect for home buyers looking for these things in a smaller community setting.

I wanted to dedicate a post today to all of our nation’s heroes both past and present. We are who we are today because of the actions of our armed forces in unceasingly defending our country. The men and women who have died defending our nation and those that have served both overseas and here at home have both my extreme admiration and respect.

Those men and women who are serving our country today are truely some of the bravest individuals. Today is for them and I hope if any are reading this post you will understand the true gratitude I have for what you are doing. Please keep up the good work and know that we here at home are thankful of your service.

The Tanner Trails subdivision located off of Tanner Road in North Aurora is finally nearing completion despite a bankruptcy filed by the primary builder – Neumann Homes in October 2007. Many residents were concerned with the unfinished status of several of the streets and parks. However, in a decisive move, the Village of North Aurora utilized credit extended on the behalf of Neumann Homes to complete several projects around the community. The end result is an excellent community of just over 500 homes on over 350 acres of land surrounded by several parks, conservation areas and area hiking and biking trails.

Initial construction began in 2003 at Tanner Trails and it instanly became a popular place for buyers seeking large new homes at a reasonable price. Escalating home costs in 2004 and 2005 pushed home values in the subdivision from the low to the high $300,000’s yet interest in the homes remained brisk, even through the beginning of the market downturn in 2006. Currently, Tanner Trails represents a great place to look for resale values. Due to the size of the community, competition from the number of homes on the market continues to drive home prices downwards. If you’re looking for North Aurora homes for sale, make sure you keep Tanner Trails at the top of your list.

Buyers really have it good in today’s market. In some cases, too good. I have found in several circumstances that the extreme number of homes on the market right now is causing an interesting problem. The wide selection of choices available is causing some buyers to get “burnt out” of house hunting.

The problem begins with the buyers trying to see every home available in a certain market range. While this sounds like a pretty good strategy if you’re buying a home, consider that depending on the area and price range, a search of all homes available could yield hundreds of homes in the initial search with between 5 and 10 new homes appearing for sale every day. At first, buyers feel like kids in the candy store, but soon realize that going through hundreds of homes takes a lot of time and energy. Unfortunately this has caused many buyers to just give up on hunting altogether in frustration.

Back when we were at the crest of the housing wave and homes were selling rapidly, seeing every home out there made sense – there was less selection and buyers needed to often make quick choices. This made a “larger to smaller” approach to home searching make sense – there was a much smaller pool. In today’s market where there is an extreme housing glut, a “smaller to larger” approach makes more sense.

Buyers have to shift gears and be more selective in the initial searches. There are many great homes to choose from so chances are, you’ll be able to find exactly the home you’re looking for – it pays to be really picky in the beginning. If you don’t find what you’re looking for at first, then widen the search. Just remember a couple ground rules: the good homes still go fast even in today’s market. If you spend a week going through all your choices, by the end of that week, some of the best ones on your list will be gone. It’s better to start with a smaller list and add to it if you don’t find what you’re looking for. Also, don’t be afraid to go ahead and make an offer if a home you see fits your picture. I’ve worked with buyers that found the perfect home but wanted to continue to look and see “what else is out there” only to find that 3 days later, another buyer bought their perfect home while they were out looking at dogs. DONT LET THIS BE YOU!

Finally, it’s very important that you work closely with your REALTOR and be specific about your search requirements. If you’d only buy a home with a basement, it doesn’t make sense to see homes without one. If you’re thinking of looking for a home to buy this year, I’d love to talk to you about how I can make the search process easier. Just give me a call and I’d be happy to meet with you: 630-346-1041.

If you’re shopping in the $400-500,000 range, you really have the run of the store. You can pretty much choose your community, area and style of home. If a new home is on your shopping list, you might want to consider one of the custom homes located in The Reserves at Tanner Trails in North Aurora. There are currently several spec homes and builder models available in this community of custom and semi-custom homes located at the far western edge of North Aurora real estate.

R.A. Faganel Builders is currently offering a 4BR/2.5BA full-brick-front custom spec home packed with upgrades for around $435,000 and they’re also offering their builder model for sale featuring 4BR/3.5BA and over 3300 square feet with a natural stone front – also packed with upgrades for around $520,000. Another builder currently offering a spec home is Wyndham Deerpoint Builders who are offering a fully-built Richmond floorplan spec home featuring a gourmet kitchen with granite tops, 2-story fireplace and 4BR/4BA for right around $450,000. These prices and availablility is highly subject to change, so if you’re in the market to buy, jump on one of these deals before they’re gone.