Comments on: Naperville’s 60565 Zip Code Continues to Have Strongest House Market http://www.chicagometroarearealestate.com/napervilles-60565-zip-code-continues-to-have-strongest-house-market/ Insights for Home Buyers & Sellers by Fran Bailey, Baird and Warner Realtor Mon, 08 Mar 2010 16:26:04 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Fran Bailey http://www.chicagometroarearealestate.com/napervilles-60565-zip-code-continues-to-have-strongest-house-market/comment-page-1/#comment-173699 Fran Bailey Wed, 15 Jul 2009 12:23:35 +0000 http://www.chicagometroarearealestate.com/?p=1381#comment-173699 Hi Laura, While it may seem that a home should be worth what you paid plus what you put into it, that isn't the case. The dollar amount spent on renovations and remodeling typically doesn't add the amount spent to the value of a home. The return on investment varies greatly on renovations. While the amount you spent on renovations may not have added that amount to the value of your home, the renovations have and continue to provide greater enjoyment/convenience to your home. Median values are certainly an imperfect measure of what's going on in a housing market. Some homes in 60565 dropped more than 4.1% in value in the past year. Some dropped less. Relative to the other areas of Naperville, your area appears to be holding up the best. Hi Laura,

While it may seem that a home should be worth what you paid plus what you put into it, that isn’t the case. The dollar amount spent on renovations and remodeling typically doesn’t add the amount spent to the value of a home. The return on investment varies greatly on renovations. While the amount you spent on renovations may not have added that amount to the value of your home, the renovations have and continue to provide greater enjoyment/convenience to your home.

Median values are certainly an imperfect measure of what’s going on in a housing market. Some homes in 60565 dropped more than 4.1% in value in the past year. Some dropped less. Relative to the other areas of Naperville, your area appears to be holding up the best.

]]> By: Laura http://www.chicagometroarearealestate.com/napervilles-60565-zip-code-continues-to-have-strongest-house-market/comment-page-1/#comment-173694 Laura Wed, 15 Jul 2009 00:05:15 +0000 http://www.chicagometroarearealestate.com/?p=1381#comment-173694 We bought our house in zip code 60565 in April 2008. One year later (just a couple months ago) we refinanced to take advantage of a MUCH lower mortgage rate. Both of these transactions required (obviously) an appraisal. We put in over $35,000 in renovations/remodeling (kitchen and 2.5 bathroom). The 2nd appraisal, done only 13 months after the first, was $10,000 lower than it was a year prior. After putting $35,000 into it. Our reality doesn't seem to jive with these numbers. We bought our house in zip code 60565 in April 2008. One year later (just a couple months ago) we refinanced to take advantage of a MUCH lower mortgage rate. Both of these transactions required (obviously) an appraisal. We put in over $35,000 in renovations/remodeling (kitchen and 2.5 bathroom). The 2nd appraisal, done only 13 months after the first, was $10,000 lower than it was a year prior. After putting $35,000 into it. Our reality doesn’t seem to jive with these numbers.

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