Realty Chatter

Hamptons of Hinsdale to Make Debut

2011-09-02T07:01:00.000-05:00

The Hamptons of Hinsdale, a new residential development in Hinsdale, will celebrate its grand opening Sept. 9.

Wheaton-based Next Generation Development will handle construction, sales and marketing for the community, which will consist of 26 town homes and 93 condominiums.

The Hamptons is on a 12.5-acre parcel near the intersection of 59th and Washington streets. Highlights include two parks anchored by custom-built wood and stone gazebos, a stone entrance monument and a pond. Ground-level and below-grade parking is provided at each building. Amenities include two elevators, a lobby with mail area, a greeting room and a community room with a bar and fireplace.

Next Generation resurrected the property after its original developer went out of business and left the site unfinished. The development is financially backed by Grosvenor Residential Partners and Inland Opportunity Hinsdale Hamptons.

Next Generation sales and marketing director Gail Payonk said, "We understand the Hinsdale market, and we've done our homework carefully to meet the local market's expectations in 2011 and beyond. We've stepped in and updated the existing floor plans to maximize spatial efficiency and modernize the styles and finishes. And we've also lowered the previous developer's prices by nearly 30 percent without sacrificing any quality."

Base prices will start in the $290,000s for condos and in the $590,000s for town homes.

Nine condo floor plans are available, ranging from 1,262 to 2,239 square feet. Each unit features one or two bedrooms, 1 1/2 to 2 1/2 baths, living room or great room, and balcony. Also included are a den, dining room and breakfast area, depending on the design.

Four town home designs, two of which are end units, offer three levels of finished living space. The plans include two to four bedrooms, 2 1/2 to 3 1/2 baths, a two-car garage, family room, living/dining room and balcony. Depending on the plan, a den, loft and breakfast area are standard. Sizes span 2,473 to 2,817 square feet. (MORE)

Source: Chicago Tribune

Your Home and Your Retirement

2011-08-30T09:40:00.000-05:00

Many retirees are planning to access home equity, hoping it may make the difference between a comfortable retirement and just getting by. This article considers some of the strategies for tapping home equity, such as moving to a more affordable residence or obtaining a reverse mortgage.

Before You Start:

•Talk with your spouse or partner about using your home to help finance retirement. Are you in agreement?

•Consider whether your plans are realistic. For example, ask yourself whether you could really downsize to a smaller home.

•Begin looking into the cost-of-living implications that would be associated with moving to a different part of the country.

•Check your most recent retirement account statement to determine whether you're already contributing the maximum amount. (MORE)

Source: Yahoo Finance

Should You Take a Mortgage Into Retirement?

2011-08-29T06:32:00.000-05:00

Seniors approaching retirement with a mortgage balance and financial assets are faced with the question of whether or not they should liquidate assets to pay off the mortgage. With income declining at retirement, the mortgage payment becomes more of a strain. Yet liquidating assets to repay the mortgage reduces the income being generated by the assets, and leaves the borrower with less to liquidate later on when needs may be even greater.

This is not the first time I have written about this topic, but the world has changed, and so have some of my perspectives. I never squarely confronted the core problem, which is that we don't know how much money we will need to support our lifestyle in retirement because we don't know how long we will live. The only foolproof solution to that problem is to accumulate more wealth than we can possibly outlive, but most seniors can't manage that. For all the others, the question of whether or not to pay off the mortgage looms large. (MORE)

Source: Yahoo Real Estate

Irene Drowns Uninsured Homeowners

2011-08-28T09:54:00.000-05:00

The price tag for residential properties caused by flood damage from Hurricane Irene's huge storm surges along the East Coast could total than $59 billion worth of flood-related damages to a total of 900,000 properties and many if not most are not covered by flood insurance.

Irene's surges, the result of high winds and low pressure amassing water inside the storm and releasing it in a powerful rush over when the hurricane moves on shore, reached ten feet or higher from the Outer Banks of North Carolina to New England this weekend.

Properties located outside of designated FEMA hazard flood zones are not required to carry federal flood insurance and the vast majority of owners in moderate to low risk areas do not carry flood insurance, which costs an average of $600 annually. Standard homeowners' policies usually cover wind and hurricane damage, but not flood damage, even if it is caused by a hurricane. (MORE)

Source UPI

Reverse Mortgages are not for Everyone

2011-08-26T10:35:00.000-05:00

You can scarcely turn on the TV without seeing ads for reverse mortgages. They’re touted as a great tool for cash-strapped seniors to tap their home equity to pay off bills while remaining in their homes with no monthly mortgage payments. Although that may be true for some people, these complicated and costly loans aren’t right for everyone, so it pays to do your homework.

Here’s a primer on reverse mortgages and precautions you need to take:

Reverse mortgages let homeowners age 62 or older borrow against their home equity without having to make monthly payments (as with refinance loans). The loan needn’t be repaid until you move out permanently, sell the property or die. In addition, seniors wishing to downsize or relocate may make a large down payment on a new home and then use a reverse mortgage to finance the rest. (MORE)

Source: The Daily Local

Use Paint To Manipulate Mood

2011-08-25T06:54:00.000-05:00

Painting your home is a great way to enhance the appearance of your home, especially when it's time to sell.

But don't just slather on a fresh coat for the sake of upgrading.

Choose colors that will enhance your mood.

When it's time to sell, anything that you can do to improve the mood of today's buyers also will help you sell your home.

"Repainting is a low-cost way to greatly enhance the appearance of a home, and new paint colors can actually have a positive psychological effect," says Debbie Zimmer, spokesperson for the Paint Quality Institute .

First, a first coat of paint itself is refreshing and uplifting. It helps remove that stale, musty, moldy, moody odor in older homes or those with outdated paint jobs.

Certain colors can further enhance that feeling.

The institute says pale blue or soft greens are great for bedrooms and family rooms because the hues can be very calming or refreshing depending upon the shade.

Likewise, paint in taupes and browns create a more tranquil environment, but they also impart more of a sense of warmth and coziness, than blue or green. (MORE)

Source: Yahoo Real Estate

Freddie Mac: Mortgage Rate Sink to 50-Year Low

2011-08-23T15:47:00.000-05:00

According to Freddie Mac's most recent Primary Mortgage Market Survey, some home loan interest rates have fallen to their lowest level in 50 years, while others have reached their lowest average ever.

For the week ending August 18, average interest rates for 30-year fixed-rate loans fell to 4.15 percent, which passed the previous low of 4.17 percent set during the week of November 11, 2010. The rate is down significantly from last week's average of 4.32 percent and 4.42 percent from same time last year. The average rate for 15-year FRMs settled at 3.36 percent, which is down from 3.50 percent last week and 3.90 percent the previous year.

"The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows," said Freddie Mac vice president and chief economist Frank Nothaft. "For instance, 30-year fixed mortgage rates are now the lowest in over 50 years." (MORE)

NAR: Resale Real Estate Prices to Fall 2% in 2011

2011-04-28T15:50:00.001-05:00

Pending Home Sales Index rises 5% in March

A National Association of Realtors index that tracks pending sales of existing homes rose 5.1 percent in March but dropped 11.4 percent compared to the same month last year.

Also today, NAR released its latest annual forecast, which anticipates a 1.8 percent drop in the median price of U.S. existing homes -- the previous forecast, released in March, had anticipated a 1 percent drop in the median U.S. existing-home price.

Regionally, the Pending Home Sales Index -- which is based on sales for which the contract has been signed but the transaction has not yet closed -- rose 10.3 percent in the South, 3.1 percent in the West and 3 percent in the Midwest while dipping 3.2 percent in the Northeast from February to March.

And the index dropped 18.4 percent in the Northeast, 16.6 percent in the Midwest, 10.5 percent in the South and 4.1 percent in the West on a year-over-year basis in March. (MORE)

Source: Inman News

Rare Look Inside Wright Homes

2011-04-22T07:12:00.000-05:00

Tickets are available for the Wright Plus 2011 housewalk in Oak Park, showcasing rare interior tours of homes created by Frank Lloyd Wright and his contemporaries.

Scheduled for 9 a.m. to 5 p.m. May 21, the housewalk will feature eight private residences plus entry to three landmark Wright buildings: Unity Temple, Frank Lloyd Wright Home and Studio, and the Robie House.

The tours will offer interpretations based on research of the homes' history and architecture and discussions about the original occupants' lifestyles.

Tickets are $85 for Frank Lloyd Wright Preservation Trust members and $100 for nonmembers. For more information, visit gowright.org.

Source: Chicago Tribune

Real Estate Leaders: Buyers Are Looking For Good Deals

2011-04-15T00:20:00.000-05:00

I recently had the pleasure of meeting a trio of folks who possess a wealth of real estate knowledge -- Moe Veissi, president-elect of the National Association of Realtors (NAR), Mabel Guzman, president of the Chicago Association of Realtors (CAR), and Loretta Alonzo, president-elect of the Illinois Association of Realtors (IAR).

I picked their brains about both the local and national markets. Here's a glimpse of what each had to say:

Former Cicero resident Veissi -- whose NAR is America's largest trade association, representing 1.1 million members in the residential and commercial real estate industries -- called real estate "one of the underpinnings of our economic systems."

He said it improves and builds the American public's investment in America. There are 75 million homeowners, Veissi said.

As far as the current market goes:

"If we're not at bottom, we think we're relatively close," he told me.

Guzman, president of CAR since October, also offered her thoughts. She said those really wanting to sell should knock 5 percent to 10 percent off pricing. (MORE)

The Numbers on Buying a House

2011-04-08T06:12:00.002-05:00

It can be a tricky question. How much home can you really afford? From employment status, to savings, downpayment, and even spending habits, there are a myriad of factors that come into play.

Here are a list of items to consider before settling on a budget.

1. Monthly Payment: Conventional wisdom tells us that your mortgage payment should be no more than 28 of your gross monthly income. This means that if you make $50,000 a year, the maximum amount you would safely want to pay each month is $1,166. How do you figure this for you own salary? Take ___ (salary) x .28 = total dollar amount for year. Then divide the total dollar amount by 12 (months in the year) and there you have it!

The National Association of Realtors also gives this simple equation for renters to use to figure out how much they can afford. Multiply your rent by 1.32 and that will equal your affordable mortgage payment.

2. Job Security: Have you just switched jobs? Is your company experiencing layoffs? In times of economic uncertainty, you may find it best to stay put. This is why many economic analysts keep saying that a housing recovery is dependant on a jobs recovery. When jobs return, so will the buyers. (MORE)

Source: Yahoo Real Estate

Wheaton Title Company Owners Stole More Than $500,000

2011-04-06T16:30:00.000-05:00

Two owners of a Wheaton title company stole more than $500,000 from their customers — including a disabled Vietnam War veteran — and then used the money to pay credit card bills, buy appliances and cover business expenses.

Meanwhile, the customers they fleeced in the home refinancing scheme often were left struggling with two mortgages, DuPage County prosecutors said.

The owners of PLM Title Company, Pamela Williams and Patricia Johnson, are facing minimum 8-year prison terms after pleading guilty Monday to felony theft charges stemming from the scam, prosecutors said. (MORE)

Source: Chicago Sun-Times

FDIC May Exempt Banks From Rules For Mortgage Securities

2011-04-01T06:50:00.000-05:00

Federal regulators are proposing to exempt certain mortgages from new rules aimed at getting banks to take on more risk when they package and sell mortgage investments.
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The Federal Deposit Insurance Corp. voted yesterday and the Federal Reserve voted the day before to advance the exemption from rules required under the new financial regulatory law. Under the rules, banks must hold at least 5 percent of the mortgage securities on their books.

Banks would not have to have so-called skin in the game for mortgage securities that contain loans for which buyers made a 20 percent down payment.

For banks to qualify for the exemption, they would also have to collect information from the borrower showing proof of income, credit history, and ability to make monthly payments. (MORE)

Source: Boston.com

Foreclosure Aid Fell Short, and Is Fading

2011-03-30T11:53:00.000-05:00

Last summer, as President Obama’s premier plan to save millions of Americans from foreclosure foundered, the administration tossed a new life preserver to homeowners.

Officials unveiled a $1 billion program to offer loans to help the jobless pay their mortgages until they could find work again. It was supposed to take effect before the end of the year, but as of today, the program has yet to accept any applications.

“We wait and wait, and they keep saying it’s coming,” said James Tyson, 50, a Philadelphia homeowner who lost his job a year ago.

That could be an epitaph for the administration’s broader foreclosure prevention effort, as tens of billions of dollars remain unspent and hundreds of thousands of homeowners have been rejected. Now the existence of the main program, the Home Assistance Modification Program, is in doubt. (MORE)

Source: NY Times

Why Owning a Home Rocks

2011-03-29T07:22:00.000-05:00

Homeownership has been part of the American Dream for centuries, and it's no wonder why. It rocks.

First, owning a home is an investment. No, it's not a sure-fire way to get rich-quick. It is a long-term investment. Over the course of many years, even through times of economic upheaval, you can build wealth over time.

An average appreciation rate during normal times is around 6.5 percent a year. That means if you buy a home for $100,000, in just ten years you will have a home that could feasibly sell for around $174,000.

During that time you build equity, as well. Equity is the value of your property minus what you owe. So even if you still owe $60,000 on your home after 10 years, you will now have $114,000 in equity. Many homeowners use this equity to take out loans to use for home improvement projects, such as adding on new additions.

Owning a home also comes with less tangible benefits. Studies have shown that it creates a sense of community, motivating community involvement. And family stability is manifested through higher graduation rates and lower crime rates. (MORE)

Source: Yahoo Real Estate

IRS Scrutinizing First-Time Homebuyer Tax Credit

2011-03-26T07:13:00.000-05:00

Q Iam in the process of preparing my 2010 income tax return and bought my first home last year. How is the first-time homebuyer tax credit reflected on the tax return?

A To be eligible for the first-time homebuyer tax credit, you had to enter into a binding real estate sales contract on or before April 30, 2010, and must have closed (gone to settlement or escrow) on or before Sept. 30, 2010.

Although the IRS is encouraging taxpayers to file their tax returns electronically, because of the documentation required for claiming this credit, you must file a paper return. Attach Form 5405, titled "First-Time Homebuyer Credit and Repayment of Credit." You must also enclose a properly signed settlement statement (known as the HUD-1) that was used for the purchase. (MORE)

Source: Chicago Tribune

Enter the Micro-Cottage

2011-03-25T10:32:00.000-05:00

Did you know that all-cash purchases of homes now makes up 33 percent of the market? That's a lot of cash buyers, and while a good number of those are big investors scooping up deals while the market is near the bottom, others are regular buyers like you and me who are changing the way they spend money.

Exit the McMansion and enter the mini-cottage!

People all across the nation are coming up with creative new ways to afford homes. From buying smaller to becoming your own contractor, homeownership may be closer than you'd think!

What if you could own a brand new home, mortgage-free, for under $50,000? There is a growing subculture of homeowners who are doing just that.

Micro-cottages by definition are 1,000 square feet or less, the same size as many apartments across the nation. But small homes, under 2,000 square feet, can be great and affordable options as well.

In today's economy, there have been reductions in both the cost of labor and materials, so whether you choose to hire a local laborer to do the heavy lifting or whether you do the work yourself, now is a great time to build. (MORE)

Source: Yahoo Real Estate

Buying Your First Home

2011-03-24T06:54:00.000-05:00

Finding the right first home starts with a price range and a short list of desirable neighborhoods. But there are many other factors you'll need to consider before investing in what may be your biggest asset.

Before You Start:

•Grab your current household budget so you can consider your financial situation and your ability to make mortgage payments.
•Ask family and friends if they can recommend experts, like a lawyer and an inspector, who can help with the home buying process.
•Think about your lifestyle and how it might affect your choice of home and neighborhood.
•Do a little research on current home prices in the neighborhoods you plan to target. (MORE)

Source: Yahoo Finance

Spring To Bring Rent Increases

2011-03-23T07:16:00.002-05:00

Strong demand for apartments gives landlords the leverage to push for more

Dodged a rent increase in 2010? Don't assume you'll be so lucky this year.

Demand is outstripping supply, meaning landlords both downtown and in the suburbs have many existing and prospective tenants just where they want them. And property managers know it.

Last year, landlords were able to push through rent hikes of about 7 percent. This year, rents are expected to rise by an additional 7 percent to 8 percent, particularly in newer buildings downtown, according to a forecast by Appraisal Research Counselors.

For the prospective tenant looking for a bargain, that means the time to shop for a lease that includes a free month of rent or a flat-screen television is now. By spring, those rent concessions are likely to evaporate, and leasing managers expect to hear back from prospective tenants who thought they'd find a better deal across the street but didn't. (MORE)

Source: Chicago Tribune

Urgent Message To Real Estate Agents

2011-03-21T09:29:00.002-05:00

FED to Control Compensation of Employees, Real Estate Commissions will suffer and Auto Dealers are next...

The Truth Behind Second-Home Slowdown

2011-03-21T07:09:00.000-05:00

New loan rules, spending habits reshape market

While sales activity in the second-home market has been dinged by the loss of home equity in primary residences, leaders involved in second-home finance say the real problem lies elsewhere.

Bob Waun, managing director of Americor Mortgage/Vacation Finance and a board member of the Condo Coalition, an advocacy group for homeowners associations, said financing -- not demand -- is the reason vacation property sales are in the doldrums.

"Absorption has been exasperated by the lack of financing for echo boomers and baby boomers who wish to (buy) but cannot without significant cash outlays," Waun said. "If we can fix the condo rules, we can fix the entire market. And it will cost taxpayers absolutely nothing. All we need is some air cover."

Lenders have increased their guidelines regarding second-home loans. Many now require a minimum down payment of 35 percent of the purchase price and are discounting the portion of rental income produced by potential renters. In addition, most lenders require that at least 70 percent of a condominium's units be owner-occupied.

One of the biggest gripes voiced by salespersons at the National Association of Realtors' annual convention was the additional restriction involving condo association dues. In order to get a Fedeal Housing Administration-insured loan in a specific building, no more than 15 percent of the owners in the complex can be behind on their dues. (MORE)

Source: Yahoo Real Estate

Banks Sprucing Up Foreclosures To Boost Sales

2011-03-19T07:55:00.000-05:00

Strategy aims to make them more appealing to potential buyers

Bill Schramm and Bethany Siwicki scoured property listings for three months before agreeing to see a home in Round Lake Beach, even though its online pictures didn't look promising.

"It looked like a pinata blew up in there," Schramm said. Every room was a different color, and the only way to tell the carpet once had been white was looking at the furniture marks.

But the home they visited bore little resemblance to the pictures. The walls were white, new carpet had been installed, and repairs made. The recently engaged couple immediately submitted an offer and are waiting to close on their first home purchase.

Sprucing up a home to sell it faster and for more money is a strategy frequently advocated by real estate agents. In this case, though, the seller is Wells Fargo Bank, and the home Schramm and Siwicki are buying is a foreclosure. (MORE)

Source: Chicago Tribune

Understanding Points, Rates and Fees

2011-03-18T07:56:00.002-05:00

Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.

Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.

How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan. (MORE)

Source: Yahoo Real Estate

Harper College Holds Real Estate Seminars

2011-03-17T06:51:00.002-05:00

Real estate experts from the Northwest suburbs will share their outlook on the current housing market at two free seminars at Harper College. The seminars entitled, “Real Estate in Turbulent Times: What Every Buyer and Seller Should Know” are sponsored by the Harper College Educational Foundation. The first seminar takes place at 7 p.m. Wednesday, March 16, in the Avanté Center, Room X250 and will be led by Rita O’Connor, who has been selling real estate for more than 30 years. She is currently a broker with RE/MAX Unlimited Northwest in Palatine. The second seminar takes place noon Thursday, March 17, in the Avanté Center, Room Z119 and will be led by Steve Cohen, who has been selling real estate for 20 years. He is a broker with Coldwell Banker Residential in Arlington Heights. Light refreshments will be served. Reservations are encouraged by going to the Harper College Educational Foundation link at harpercollege.edu or calling (845) 925-6490.

Source: Daily Hearld

Don't Sell Without Presale Inspection

2011-03-16T07:07:00.000-05:00

Sellers can save with alternatives to major fix-up work
A successful home sale is one where buyers and sellers experience no after-closing disputes or legal claims. One way to maximize the chance of a happy ending is to have the property well inspected before the sale is consummated.

For decades, buyers have been advised to have a property they are seriously considering buying inspected by professionals. In recent years, many sellers have had presale inspections done before they put their home on the market.

The purpose of a seller inspection is not to preclude buyers from doing their own inspections. A well-inspected property keeps sellers out of trouble by making buyers aware of defects before they close the deal.

Sellers often wonder when they should have presale inspections done. If they are aware of defects they want corrected, they may want to have the work done before inspectors take a look. However, any work done after a report is issued can be disclosed to the buyers along with copies of invoices for work completed. (MORE)

Source: Yahoo Real Estate

Are Foreclosures Bargains Or Money Pits?

2011-03-15T07:24:00.001-05:00

Find out if the house you're eyeing is really a good deal.

Buying a foreclosure (FCL), or a property that the bank has taken away from the owner because he or she stopped paying the mortgage, is often touted as a way for both owner-occupants and investors to get a great deal on a property. However, the potential financial rewards of buying a foreclosure don't come without their share of hard work and headaches. Read on to learn about the problems these properties commonly possess and the difficulties you may encounter in purchasing one.

Problems With the Property
The most important thing to understand before jumping into the foreclosure market is that these properties were given up by owners who couldn't afford the payments anymore. If the previous owner could not afford to make the payments, it is likely that they also have not maintained or fixed anything in months at the minimum. Also, some people, embittered by their situations and wanting to take out their frustrations, will deliberately trash the property before they are forced out. After the occupants leave, foreclosures sit abandoned, often inviting criminal activity. (MORE)

Source: Yahoo Real Estate

What To Do About The Eyesore Next Door

2011-03-14T07:22:00.000-05:00

As spring approaches, creating curb appeal is at the top of the to-do list for sellers who want to make their home stand out.

But what if the biggest problem for a seller is the absolute lack of curb appeal at the house next door, across the street or down the block?

It's a real issue this spring as the number of vacant foreclosures and short sales grows and tough economic times translate into deferred maintenance. And there's possibly an untidy, unfriendly neighbor to contend with too.

While there's only so much homeowners can do about issues outside their property lines, there are some steps sellers can take. And the time to consider how a nearby property looks and take action is well before a home is listed, real estate agents say.

First, talk to the owner of the property with issues. Loretta Alonzo, of Century 21 Alonzo & Associates in La Grange Park, had one seller whose next-door neighbor's yard was filled with junk. Alonzo told her client to explain the situation and ask the neighbor to clean up his yard. The neighbor, Alonzo said, got rid of some items. (MORE)

Source: Chicago Tribune

Westmont A Harmonious Blend Of Old And New

2011-03-13T07:50:00.000-05:00

When gentrification raced through DuPage County's tonier suburbs during the late 20th century, it rambled through Westmont, whose history includes brick-making, Beanie Babies and blues.

Eighteen miles west of Chicago's Loop, the village of about 25,000 people is a collection of neighborhoods with fixer-uppers and McMansions, owned by natives and newcomers with blue and white collars. While most residents commute to Chicago or DuPage County employers, many work in town.

Westmont kept the mom-and-pop merchants while welcoming new ones. It maintained its affordable, multifamily housing stock while replacing many of its post-World War II homes with bigger teardowns.

"Years ago, Westmont was where you could buy a house cheap, fix it up and move on. But some of us stayed," said Laura Fleming. She co-owns LaLaLi Bakery and Cafe, which serves sandwiches, soup and pastries such as paczkis and macaroons ("the new cupcake," said Fleming) while doing a brisk wedding cake business. (MORE)

Source: Chicago Tribune

If you want to learn more about Westmont Contact Me:

The 12 Days of Closing

2011-03-12T06:58:00.000-06:00

Before You List Your Home For Sale

2011-03-12T06:49:00.000-06:00

Today's market presents some very unique opportunities for buyers. With affordability near record highs and interest rates near record lows, many homeowners are making the decision to move up or on. Here a few simple tips to take into consideration when listing your home for sale.

1. Curb Appeal: Buyers make snap judgements about each home they view. These judgements are drawn largely from first impressions. Be sure your home has impressive curb appeal. Fresh flowers and mulched beds, along with trimmed hedges and grass are a must. If your home needs a fresh coat of paint, now is the time. And even if your paint or siding is in good repair, consider painting your front door an eye-catching color, such as red or blue.

2. Inspection: An inspection can make or break a deal. Even after they've fallen in love with your house, a buyer may decide foundation issues or faulty electrical are too much of a headache. The benefits of having an inspection done prior to listing can be two-fold. First, your buyers will be aware of what repairs are needed before they make an offer. Second, you can choose to address these repairs and therefore have them removed from the scenario altogether. (MORE)

Source: Yahoo Real Estate

Why There Is No Such Thing As A Bad Real Estate Market

2011-03-11T06:28:00.000-06:00

Down" and "depressed" - according to the news, that's the real estate market these days. And thanks to continuing tight credit and sluggish job growth, the United States isn't likely to see anything like a booming real estate market for many years. But although reports about today's real estate market sound grim, here's something you probably haven't heard: there's no such thing as a "bad" real estate market. Let's take a look at some of the patterns the real estate market can fall into, who is hurt by them and who stands to benefit.

6 Tips On Selling A Home In A Down Market

Homeowners Vs. Investors
The difference between investors and the average home buyer is that investors don't have to buy a property - because they don't need to live in it. This gives them a lot more ability to profit in different types of markets, because they are able to buy when real estate prices are down, and sell when they are up. Home buyers don't have this much flexibility, but what they can take from real estate investors is how they look at the market. Like any good investor, a real estate investor looks at the market strategically, and decides whether to buy or sell based on the potential to benefit. The bottom line is, what the media is saying about the market doesn't enter into the equation. (MORE)

Source: SF Gate

Mortgages Will Cost More If Government Backing Ends

2011-03-10T06:39:00.000-06:00

Home buyers could soon find themselves digging deeper for down payments on more expensive mortgages because the Obama administration wants the government to get out of the mortgage business.

The administration says doing so will reduce taxpayers’ exposure to potential downturns in the housing market since 90 percent of mortgages are now owned or guaranteed by government-controlled Fannie Mae and Freddie Mac.

“Fannie and Freddie have subsidized the housing market for many, many years. If you take that subsidy away, for sure it’ll raise the cost of borrowing for houses,” said Steve Wyatt, chair of the finance department at Miami University’s Farmer School of Business.

The goal is to make private lenders primarily responsible for issuing mortgage credit and for shouldering most of the mortgage market risk. In 2008, the mortgage crisis led the U.S. Treasury to take over Fannie and Freddie, a move that already has cost taxpayers more than $150 billion. (MORE)

Source: Dayton Daily News

Increasing Seller's Property Value

2011-03-09T06:17:00.001-06:00

Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.

Some tips to achieve a positive impact on value are:
(MORE)

Source: Yahoo Real Estate

An Easy Commute To Quiet Clarendon Hills Enclave

2011-03-08T06:31:00.000-06:00

Small-town flavor keeps DuPage County homebuyers coming and staying

The " Harley-Davidson" coffee mug belongs to Ted. The "Su Do Ko" one is Bill's. The mug with the picture of the yellow Labrador is Noel's. Mudgeon Quinn can name the owners of the rest of the dozens of mugs on the wall at her family's Quinn's Coffee Shop, too.

As the regulars stream in and out of this Clarendon Hills shop, Quinn's coffee flows and her hand-dipped chocolate doughnuts fly off the rack faster than Frisbees at a dog park. "Fridays and Saturdays, we have the garage sale ladies," says Quinn. "Friday mornings, we have the retired teachers — all men and a lady named Kay. Mornings, we have the walkers. The men walk that way, the women walk this way, then they meet here for coffee and doughnuts."

Locals insist that Quinn's, with its pressed-tin ceiling and tree-trunk support posts, is the heart of Clarendon Hills' tiny, but throbbing, downtown. But it represents one side of this 19th century village. (MORE)

Source: Chicago Tribune

We All Know Realtors Like This

2011-03-07T10:54:00.003-06:00

Documentation for Your Lender

2011-03-07T06:14:00.000-06:00

When you apply for mortgage financing, you must provide the following documentation to the lender before your loan is granted:

•Name and address of landlord(s) for the past two years (if eligible).
•Proof of all income from the past 24 months (tax returns, pay stubs).
•Previous two years' W-2 forms.
•Copy of most recent year-to-date pay stub for all applicants.
•Proof of all deposit accounts, checking, savings, money market, IRA and brokerage accounts.
•Three months most recent statements for deposit accounts, stocks, bonds, etc.
•If you chose to include income from child support/alimony, copies of court records or cancelled checks showing receipt of payments.
•Legible sales contract signed by buyers and sellers (if you have already purchased a home). (MORE)

Source: Yahoo Real estate

Spring Cleaning Tips - Part 6

2011-03-06T08:10:00.001-06:00

Spring is just around the corner. This is Part 6 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

Your Home and Your Retirement

2011-03-06T08:07:00.002-06:00

Many retirees are planning to access home equity, hoping it may make the difference between a comfortable retirement and just getting by. This article considers some of the strategies for tapping home equity, such as moving to a more affordable residence or obtaining a reverse mortgage.

Before You Start:

•Talk with your spouse or partner about using your home to help finance retirement. Are you in agreement?
•Consider whether your plans are realistic. For example, ask yourself whether you could really downsize to a smaller home.
•Begin looking into the cost-of-living implications that would be associated with moving to a different part of the country.
•Check your most recent retirement account statement to determine whether you're already contributing the maximum amount. (MORE)

Source: Yahoo Real Estate

Spring Cleaning Tips Part 5

2011-03-05T07:25:00.000-06:00

Spring is just around the corner. This is Part 5 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

Federal Programs Can Help Homeowners Avoid Foreclosure

2011-03-05T07:21:00.000-06:00

Reporting from Washington — Despite efforts to the contrary, there still is a major gap between homeowners in danger of losing their homes and the resources available to help them avoid foreclosure, according to a report released last month in Nevada.

The study found that more than half the Nevadans facing foreclosure didn't know about federal and state programs aimed at helping them. Furthermore, almost as many said their lenders were "not willing at all" to work with them.

These troubling findings were revealed in an analysis of the Silver State's foreclosure crisis undertaken by the Nevada Assn. of Realtors. Actually, considering the herculean efforts being undertaken to reach endangered owners over the last few years, the findings are more than troubling; they are shocking. (MORE)

Source: Chicago Tribune

Spring Cleaning Tips Part 4

2011-03-04T07:01:00.000-06:00

Spring is just around the corner. This is Part 4 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

Buying a Home That Grows With Your Family

2011-03-04T06:54:00.000-06:00

It wasn't too long ago that buyers looked at a new home and pondered whether they would flip it in two, maybe three, years. Today, the questions are different.

If we have kids, can we use that home office as a baby's room? Can the family room be turned into a children's playroom? Will the first-floor den work 10 years from now as an in-law suite? Can we rough in some plumbing in the basement, in case our grade schooler is a "boomerang" child after college?

Now that the whole idea of flipping has flopped, today's buyers are thinking not in the short-term range, but in the 10-to-15-year range, said John Wozniak, president of the Home Builders Association of Greater Chicago and J. Lawrence Homes of Wheaton.

"People thought the economy would continue to boom, but today they're not sure it always will," he said. "So they're planning ahead for family needs that might include the kids moving back after college or the in-laws eventually moving in with them." (MORE)

Source: Chicago Tribune

Spring Cleaning Part 3

2011-03-03T08:00:00.003-06:00

Spring is just around the corner. This is Part 3 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

Avoid Lawsuit When Selling Your Home

2011-03-03T07:57:00.000-06:00

Concealed details can come back to haunt you

Many of the claims made against sellers today are related to disclosures that were not properly relayed to the buyers before closing.

In 2006 home prices were escalating so fast that buyers often overlooked sloppy disclosures. They were happy to own a home in a market where prices in many places rose monthly. Today, home prices are still declining in many areas. Buyers are more likely to make a claim against sellers if they discover after closing that the sellers were less than candid with their disclosures.

Seller disclosure requirements vary from state to state, but the trend nationally is to require that sellers disclose known material facts. A material fact is one that might affect a buyer's decision to buy or the price offered. It's a good idea to discuss your disclosure obligations with your real estate agent or attorney before you put your home on the market.

In states that have mandatory home seller disclosures, like California, sellers often complete the mandated forms in a hurry without providing thorough explanations of current and past problems. Your real estate agent should read your disclosures and alert you if they seem incomplete. (MORE)

Source: yahoo Real Estate

Spring Cleaning Part 2

2011-03-02T06:10:00.001-06:00

Spring is just around the corner. This is Part 2 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

Mortgages: The ABCs Of Refinancing

2011-03-02T06:07:00.000-06:00

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many common reasons why homeowners refinance: the opportunity to obtain a lower interest rate; the chance to shorten the term of their mortgage; the desire to convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa; the opportunity to tap a home's equity in order to finance a large purchase; and the desire to consolidate debt. Some of these motivations have both benefits and pitfalls. And because refinancing can cost between 3% and 6% of the loan's principal and - like taking out the original mortgage - requires appraisal, title search and application fees, it's important for a homeowner to determine whether his or her reason for refinancing offers true benefit. (MORE)

Source: Yahoo Real Estate

Spring Cleaning Part 1

2011-03-01T11:08:00.001-06:00

Spring is just around the corner. This is Part 1 in a series on Spring Cleaning Tips. For all of your Real Estate needs contact me: Phil DeRosa "Your Chicago Area Real Estate Connection."

A Window Into Energy Ratings

2011-03-01T02:02:00.000-06:00

Deciphering complicated efficiency values

Whether you're buying windows for a new house or to replace some leaking clunkers past their prime, look beyond extravagant sales claims to a small label in the corner. It lists several ratings (on skylights and glazed doors too) administered by the non-profit National Fenestration Rating Council (nfrc.org).

Beyond personal choices about the type and style of window, the ratings help you evaluate insulating properties for summer and winter, air leakage and overall energy efficiency. All major suppliers, such as Andersen, Hurd, Jeld-Wen and Pella, subscribe to the system. The NFRC website lists hundreds of other companies that do as well, offering more than 100,000 windows in their Certified Products Directory. And the ratings are not for the glass only, for example, single versus double glazing. They rate the entire package, glass and frame.

But the products of many small companies, contractors, home centers and others who fabricate mainly replacement windows do not carry the label. That doesn't mean their windows aren't up to current energy standards. It means that there's no way for you to be sure, or to comparison shop. (MORE)

Source: Chicago Tribune

Woodridge Grows Up To Be a Thriving, Diverse Community

2011-02-28T08:50:00.000-06:00

Through applique and embroidery, the quilt at Woodridge's public library tells visitors this is a village that is proud of its diversity. Its brightly colored squares depict flags and faces from far-away places such as Bolivia, Ghana, India, Jamaica, Poland and Serbia.

Woodridge has no Main Street or 19th century gingerbread houses. It is not a tidy square with a downtown at its center. On paper, it resembles a seahorse, with leafy appendages linked only by transparent skin.

In its short history, though, the 51-year-old village has evolved into a community where residents join arms to form a safety net for their children.

Named for a ridge, not for East Coast towns of the same name, Woodridge includes parts of DuPage and Will counties, plus a sliver of Cook. The farmers who settled this area are gone, but many of their names — including Goodrich, Greene and Nadelhoffer — live on as the names of schools and streets. (MORE)

Source: Chicago Tribune

For more information about Woodridge contact me.

How To pack For Your Vacation

2011-02-28T06:48:00.001-06:00

Spring Break Time is just around the corner. Here are a few tips on how to back for your trip.

Ready to Move Up?

2011-02-28T06:41:00.000-06:00

Today's market has created an environment where it is a great time to be a buyer. Interest rates are still at historical lows, the job market is improving, and affordability is near generational highs.

Those with growing families and steady jobs may be asking themselves if now is the time to "move up". To answer this question, consider these points:

1. Finances: Is your job steady and secure? Moving up can mean taking on the responsibility of a bigger monthly mortgage payment, along with higher property taxes. And any buying process will involve fees and costs that add up quickly. If you have steady income and at least eight months of emergency fund saved up, then now could be a great time to move on up.

2. Equity: Some buyers use the equity they have built in their current house to help fund their "move up." Now is a good time to research the local housing market. Trends are incredibly localized when it comes to housing. Some neighborhoods may have experienced dramatic declines in home values, while others have maintained a healthy level. Find out how much equity you have built in your house by examining the comparables in your area, as well as your latest appraisal. (MORE)

Source: Yahoo Real Estate

Packing Tips

2011-02-27T17:19:00.000-06:00

Getting To Know You All Over Again.

2011-02-27T08:03:00.005-06:00

After a year long hiatus, I have returned to Coldwell Banker Residential Brokerage in Downers Grove. Contact me for all of your real estate needs...

About Me

I am a lifelong resident of the area, and have been involved in Real Estate throughout the entire Chicago area since 1982, both as a Certified Residential Appraiser and as a Realtor. How times have changed over the past almost 30 years. Technology has made our industry global as well as local. I have changed as well in order to keep up with the times, but I still truly believe that communication is the lifeblood of any partnership. As your Realtor, I make a pledge to you that I will keep the lines of communication open and keep you informed of all aspects of the entire buying/selling process. Whether you are a first time homebuyer or a seasond veteran, with my years of real estate experience we can keep the American Dream of home ownership alive...."Together we can make it happen"

Areas of Expertise
In today's volatile real estate market it is critical that your Realtor have the knowledge, expertise and resources to give each client the individual attention that they deserve. Having almost 30 years of experience in this market, both as a Certified Residential Appraiser and as a Realtor, I am your Residential Valuation Specialist. When you list your home with me you can be assured of recieving a Full Service Individual Marketing Plan. Your home will get maximum exposure on the web, as well as in local print media. Your property will be on my personal website www.PhilDeRosa.com , as well as an expanded listing on Realtor.com, ColdwellBanker.com, ColdwellBankeronline.com, Trulia.com, and YouTube.com, just to name a few.

I encourage home buyers to visit my personal website www.PhilDeRosa.com, where I have the entire local Multiple Listing Service at your fingertips. I am more than happy to send you listings that meet your criteria on a daily basis.

Knowledge, Experience and Resources is what sets me apart from the rest of the pack. Contact me: "Together we can make it happen".

Current Listing Statistics for Downers Grove

2011-02-27T07:55:00.002-06:00

The following is a current list of Active Listings in Downers Grove, Illinois.

If you wish more specific information contact me and I will get it to you.

Active Listings
--------------------------------------------------------------------------------
Detached Single
Bedrms # Active Avg. LP Avg. MT
All 359 $449,861 280

2 or Less 34 $267,663 409

3 149 $291,081 228

4 142 $555,237 298

5 or More 34 $887,788 300

Attached Single

Bedrms # Active Avg. LP Avg. MT
All 289 $203,090 399

2 or Less 247 $182,908 400

3 38 $333,050 412

4 4 $214,675 208

How to Make Moving Fun

2010-01-08T11:18:00.000-06:00

Moving doesn't have to be painful. Get some ideas on how to make moving fun for the whole family in this video.

Commercial Foreclosures Next Wave of Foreclosure Litigation

2010-01-08T11:14:00.000-06:00

Although the public has most certainly been made aware of the massive amounts of residential properties being foreclosed upon, most are not aware of the amount of commercial properties that are either delinquent or soon to be so. Towards the end of the residential real estate boom, the commercial real estate market also saw a boom itself. Fueled by easy credit and new investors entering the market the commercial real estate market exploded.

Thousands of these properties were purchased at the height of the market and were highly leveraged. These properties may have performed well enough to cover debt service and operating costs when occupancy rates were at historic highs, but now that businesses are tightening their belts, unemployment is rising, consumers are not spending money on goods and services or traveling the pressure is mounting on commercial property owners. (More)

Source: Yahoo Real Estate

Carbon Monoxide-Proof Your Home

2010-01-07T03:53:00.000-06:00

Use tech to detect the 'invisible killer'
Carbon monoxide (CO) has been called the invisible killer because it is a colorless, odorless, tasteless, toxic gas. According to the Centers for Disease Control, 15,000 people per year are treated for carbon monoxide poisoning in the U.S., and approximately 500 of these poisonings result in death.

Occasionally, we hear of a person or family killed or injured by carbon monoxide poisoning from a faulty furnace or other gas-burning appliance. In most cases, these deaths and injuries could be prevented by installing CO detectors. In spite of this simple solution, there are no requirements in the building codes for CO alarms in homes. And tragically, this oversight is ignored by most municipal building departments. (More)

Source: Yahoo Real Estate

Co-Founder of Century 21 Real-Estate Company Dies

2010-01-06T13:34:00.002-06:00

Arthur E. Bartlett, a consummate salesman and co-founder of the real estate behemoth Century 21, died New Year's Eve at his Coronado, Calif., home after a long bout with Alzheimer's disease. He was 76.

A firm believer in the power of the large, corporate brand, Bartlett pioneered the concept of conversion franchising, in which he persuaded independent real estate agents across the country to don the signature mustard-colored jacket and market themselves as Century 21 salespeople.

The formula worked. Seven years after starting the company at the age of 38 with Marshall Fisher, he sold it to Trans World Corp. for $89 million in cash and stock. These days Century 21 is a subsidiary of Realogy Corp. based in Parsippany, N.J., and is a global company with 7,700 independently owned offices in 67 countries and territories. (More)

Source: Tulsa World

Lisle Attracting Younger Residents and Families With Abundance of Amenities, Warm Atmosphere

2010-01-05T08:42:00.002-06:00

Originally a farming community, Lisle has evolved into a vibrant western suburb rich with housing options, recreational opportunities and highly-rated schools. Lisle is a place that takes business seriously. Its corporate complexes are home to many of DuPage County's largest employers. Yet, the village retains a small-town feel where families stay for generations

Nicknamed "The Arboretum Village," Lisle has grown from a farming community to a vibrant western suburb enriched with a diverse array of homes and businesses. Yet, the village of about 23,000 residents remains a close-knit community with a friendly small-town pace.

Many families move from one home to another in Lisle, and grown children often move back when it's time to buy their first home.

In 2007, Money magazine named Lisle the 20th best place to live in the United States for its "economic opportunity, good schools, safe streets, things to do, and a real sense of community." (More)

Source: Chicago Tribune

If you would like to learn more about Lisle Contact Me

Home-Selling Season Starts Sooner Than You Think

2010-01-04T12:39:00.001-06:00

It's nearly spring -- at least that's the case in the parallel, slightly weird universe of real estate.

Traditionally, the "spring" homebuying season, theoretically the busiest time in the marketplace, begins the day after the Super Bowl. Why this is so has never been clear, but it probably has something to do with finally being able to pry spouses off the couch to tour houses.

This year, "spring" arrives later than usual: The big game is on Feb. 7.

But if you're thinking of selling, waiting to list until the bowl festivities have passed probably is a mistake in the current market, according to some local experts.

If you're new to the selling game or haven't sold a house in years, here are a few thoughts:

--Think about planting that "For Sale" sign in the yard before your neighbor gets around to doing the same thing. (More)

Source: Chicago Tribune

Save While You Splurge

2010-01-02T08:32:00.000-06:00

Find out how you can actually save money while you splurge on some home projects in this video from the Two Minute Experts at This Old House.

Mortgage Modification Fails to Bring Real Relief

2010-01-02T08:27:00.002-06:00

The Obama administration's $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.

Since President Barack Obama announced the program in February, it has lowered payments on a trial basis for hundreds of thousands, but has largely failed to provide permanent relief. Critics increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes.

As a result, desperate homeowners have sent payments in often-futile efforts to keep their homes, which some see as wasting dollars they could have saved for moving to cheaper rental residences. (More)

Source:Hearld-Tribune.com

Of Green Listings, Warmer Forecasts

2010-01-01T09:46:00.000-06:00

Housing facts, follow-ups and a few figures as we enter a year that should be, simply has to be, better than 2009.

How green is my listing: Without any fanfare, Midwest Real Estate Data LLC, the company behind the local multiple listing service, rolled out an update just before Christmas that makes it easier for eco-friendly homebuyers to narrow their shopping.

Added to the listing form are four optional "green" fields that move the idea of a green home way beyond a catchall advertising phrase. They include places to spell out a score showing a home's energy efficiency; whether the home has a green building rating; which of up to 11 green features it has; and whether a five-page green disclosure is attached.

Previously, any mention of green features was limited to the remarks section of a listing. (More)

Soure: Chicago Tribune

Happy New Year 2010

2009-12-31T07:49:00.000-06:00

As we close the book on 2009, I would like to wish
everyone a Blessed, Prosperous and Happy New Year.
May all your Dreams, Hopes and Wishes come true in 2010.

Take Time to Get Organized and Create a Stress-Free Haven

2009-12-30T07:56:00.001-06:00

"The place where you feel happy."

In an interview in Esquire magazine, that's how novelist Salman Rushdie described "home."

After a busy day or a long time away, most of us look forward to just being home, where we can be ourselves and surround ourselves with the familiar.

Many people, however, have trouble relaxing at home, especially where there are piles of clutter and unfinished projects at every turn. Sometimes, home can be a place that reminds us of what we haven't gotten around to doing.

If you sometimes feel that way, perhaps it's time to make some Residential Resolutions. The new year isn't just about losing weight or quitting smoking. It can be about finding time to turn your home into more of a haven.

"If you take time to make your home the way you want it, you don't have as many things hanging over your head, distracting you, getting in the way," says Jennifer Linnig, a home organization specialist who lives and blogs in Cudahy.

"Being organized frees the mind," she says. "It lets you focus on what really matters." (More)

Source: JS Online

5 Tips for Getting Inexpensive Home Improvement Materials

2009-12-29T01:46:00.000-06:00

5 tips for getting those home improvement goods on the cheap from the Two Minute Experts at This Old House.

Claim Your Residential Energy Tax Credits

2009-12-29T01:33:00.001-06:00

Earn a federal tax credit and lower your utility bills at the same time when you improve the energy efficiency of your home.

Uncle Sam is offering taxpayers generous incentives to make their residences more energy efficient. Many of the eligible home improvements, such as adding insulation, can earn a tax credit of up to $1,500. More ambitious upgrades, such as installing solar panels, can net a credit worth 30% of the total cost of the project.

Improvements must meet IRS energy-efficiency standards to qualify. Don’t assume an Energy Star label is enough. Sometimes it isn’t. Save receipts and manufacturers’ statements certifying the tax credit-worthiness of the products. The IRS could ask for them. Consult a tax adviser. (More)

Source: House Logic

Top 5 Renovations

2009-12-28T07:40:00.001-06:00

Discover the five renovations that are most likely to give you a good return on investment.

Hinsdale Offers a Wealth of Apple-Pie Charm

2009-12-28T07:23:00.003-06:00

Hinsdale enriched by a sense of community, top-ranked schools

Hinsdale-to-Chicago monthly Metra pass: $102.60. Dinner for two at Il Poggiolo: $80. Neighbors you can count on: priceless.

"Whether you grew up here or you are a transplant, you are welcomed here," says Kathleen Mulligan of Hinsdale as she relaxes with her paddle tennis teammates before their court time at the Katherine Legge Memorial Park in Hinsdale. Several times a week, Mulligan, Kristen Klebenow, Margaret Hawn and Pam Pierce socialize while playing the sport that Mulligan describes as a cross between ping-pong and tennis.

"We talk about our kids, what they're doing in school and where they want to go to college," says Klebenow.

"Also, we ask who to hire. If I need a plumber, someone says, 'I've got a guy,' " adds Pierce. (More)

Source: Chicago Tribune

To find out more about Hinsdle...Contct Me

Mortgage Loan Now Requires Higher Down Payment, Credit Score

2009-12-26T11:32:00.001-06:00

You may think that having a credit score of at least 700 and a down payment of almost 5 percent will help you buy a home in this home buying environment. But lenders have tightened credit requirements for obtaining a mortgage when you're buying a home.

You may still be able to get an affordable mortgage through the FHA, which has lower down payment requirements, or that you're better off waiting until you have improved your credit score and saved more money for a down payment. (More)

Source: Chicago Tribune

Serious Delinquencies Among U.S. Prime Mortgages Rise Nearly 20 Percent

2009-12-24T06:36:00.001-06:00

Serious delinquencies among U.S. prime mortgages rose nearly 20 percent in the third quarter from the prior quarter, as the percentage of current and performing mortgages fell for the sixth consecutive quarter, banking regulators said on Monday.

The report by the Office of Comptroller of the Currency and the Office of Thrift Supervision, which are part of the Treasury Department, covered about two-thirds of all U.S. mortgages.

It found 3.6 percent of prime mortgages -- those made to the most credit-worthy borrowers -- were seriously delinquent in the third quarter. That was more than double the year-ago quarter and up nearly 20 percent from the 2009 second quarter. (More)

Source: NY Daily News

How Long Do House Parts Last?

2009-12-23T20:07:00.001-06:00

Find out how to determine how long some of the elements of your home are expected to last and how you can plan to upkeep them in this video from the Two Minute Experts at This Old House

Deed For Lease Program Is Another Attempt To Make Things Better

2009-12-23T18:06:00.000-06:00

The world has not turned completely upside down, but, believe me, it is leaning precariously. Remember all those programs that were designed to turn renters into homeowners? Now we have a program to turn homeowners into renters! I refer, of course, to the Deed For Lease program rolled out by Fannie Mae on November 5, 2009.

Don't get me wrong. I am convinced that the program is well-intentioned. In the official announcement (#09-33) Fannie Mae described, “…the Deed-for-Lease Program (D4L) [isn't that cute?], a program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.” Surely these are worthy goals. They are to be brought about as follows: “D4L allows qualifying borrowers of properties transferred through deed-in-lieu of foreclosure (DIL) to remain in their home and community by executing a lease of up to 12 months in conjunction with a DIL. Investment properties that are tenant-occupied may also be considered as long as the borrower is cooperative in providing information from the tenant to facilitate the D4L.” (More)

Source: Yahoo Real Estate

Home Buyer Tax Credit Extension

2009-12-21T09:35:00.000-06:00

Real Estate Outlook: Housing Warmer Than Weather

2009-12-21T06:43:00.000-06:00

If new applications to buy homes are any gauge, the U.S. housing market is warming up, and that's despite the fact that we're now into the traditionally quiet holiday season.

Applications for home purchase loans soared 42 percent last week on a non-seasonally-adjusted basis compared with the week before, according to the Mortgage Bankers Association.

That burst of activity may have been influenced in part by the long Thanksgiving week layoff. Or it could have been an early reaction to the extension of the $8,000 tax credit or the start-up of the new $6,500 credit.

Either way, it was an exceptional week for mortgage lenders.

But here's another possibility: With the economy gaining a little momentum, interest rates have begun edging up again.

Mortgage rates are still close to historic lows, 4.9 percent on average for 30-year fixed and 4.3 percent for 15 year fixed, but MBA chief economist Jay Brinkmann says they're likely to exceed 5.2 percent by this coming March. (More)

Source: Yahoo Real Estate

5 Easy Upgrades From This Old House

2009-12-20T13:16:00.000-06:00

Learn five easy upgrades that should help raise the value of your home in this video from This Old House

What You Should Know About Tax Credit

2009-12-19T10:25:00.001-06:00

The first-time homebuyer credit was expanded more than a month ago so that even some long-time homeowners could claim up to $6,500 if they bought a new principal residence.

But as the weeks went by, a nagging question remained: Must both spouses qualify for the $6,500 credit, or can a couple claim it if only one of them meets the necessary conditions?

Recently, the Internal Revenue Service weighed in. The agency said that both spouses must meet the criteria to claim the credit.

Tim Justice, a software company manager in northern Kentucky, says he's been monitoring the IRS' Web site daily, hoping to find an answer on whether he can claim the credit. Justice got married in October, and he and his wife bought a house about a month later. He qualifies for the $6,500 credit; his bride doesn't.

"It's unfortunate," Justice said after hearing he won't get the federal credit.(More)

Source: Chicago Tribune

Price Cuts on Real Estate Seem to be Waning

2009-12-18T07:10:00.000-06:00

27 percent of listings in Chicago contained at least one price reduction

By at least one measure, price cuts on Chicago homes appear to be waning, which means sellers are getting more realistic or they're willing to wait longer for their desired price.

While more than 27 percent of listings in Chicago on Dec. 1 contained at least one price reduction, the number of listings with price reductions still was 15 percent less than a month ago, according to realty Web site Trulia.com.

In Chicago, 27 percent of single-family homes had been reduced in price, by an average of 10 percent from the original price. Among the 26 percent of condos with price cuts, the average reduction was 7 percent.

Trulia's survey only includes homes for sale conventionally and does not include foreclosures and short sales.

Nationally, 22 percent of homes on the market have had at least one price cut, the lowest level since Trulia began tracking price reductions in April. The average price cut was 11 percent off the original list price.

Source: Chicago Tribune

Sell Now or Wait?

2009-12-17T07:16:00.001-06:00

How to take advantage of the next uptick

The recent upward shift in home prices is causing some ambivalent homeowners to seriously consider selling. A common dilemma is when to sell. Is the recent uptick in the market a blip or the beginning of a trend? Should you sell this year or next or perhaps even years from now?

After declining every month for nearly three years, the Standard & Poor's/Case-Shiller 10-City Composite Price Index for the U.S. rose 3.6 percent between April and July following a 4.8 percent decline for January to April. This represents a big and sudden change -- probably due to near-record-low interest rates, the $8,000 first-time homebuyer tax credit, and a change in buyer psychology.

However, even though home prices moved in a positive direction, they are still much lower than they were a year ago. One of the key factors affecting increased sales activity is improved affordability. Lower prices and interest rates are motivating buyers to commit to a purchase. (More)

Source: Yahoo Real Estate

'Coldwell Banker Real Estate Study Finds Consumers' Anticipated Smart Spending' of Homebuyer Tax Credit Will Aid Economic Recovery

2009-12-16T08:31:00.004-06:00

83 Percent of Current Homeowners Surveyed Say They Would Spend Tax Credit on Repaying Existing Debts, Home Improvements, Savings/Investments and Household Expenses

Coldwell Banker Real Estate LLC today announced the findings from a new survey that looked at how the recently expanded federal homebuyer tax credit, which opened up the credit to existing homeowners, might impact the economy. Of the more than 1,000 homeowners surveyed, 83 percent responded that if they were to purchase a home and qualify for the tax credit, they would engage in "smart spending" or put the money toward paying off existing debts, home improvements, savings/investments, or everyday household expenses. Only 6 percent of respondents indicated that they would spend the money on what are commonly referred to as luxury items such as a vacation or a shopping spree. (More)

Source: Marketwire

We All Know Somone Like This

2009-12-16T05:02:00.002-06:00

Source: You Tube

Foreclosures Drawing Less Buyer Interest

2009-12-16T04:55:00.001-06:00

Consumers' fascination with foreclosures may be flagging.

In May, 55 percent of adults said they were at least somewhat likely to consider buying a foreclosed home. In a similar online survey conducted last month by Harris Interactive, only 43 percent of respondents said they'd consider such a purchase.

The survey, released Tuesday by real estate Web companies Trulia and RealtyTrac, could portend more difficult times for the housing market, particularly because most economists expect foreclosures to peak next year.

A lack of interest in purchasing bank-owned properties would mean that foreclosed homes sit vacant longer and it would bring down median home prices in neighborhoods beset with foreclosures. (More)

Source: Chicago Tribune

Fair Housing-Important Video

2009-12-15T07:57:00.001-06:00

You liked the apartment, but the landlord didn't like you. Make sure you weren't turned down for that special place because of your race, color, religion, sex, national origin, disability or familial status. Watch this creative PSA to learn more about the Fair Housing Act, and what to do if you think you've encountered housing discrimination.

Source: RealtyBlab.com

FHA to Make Condo Buying Easier?

2009-12-15T07:40:00.001-06:00

Presales rule, loan limits among recent changes

Two years ago, almost no one would have thought that Federal Housing Administration-insured loans would become one of the most important sources of financing for real estate sales. Recent changes in FHA guidelines may make an FHA-insured loan a great choice for your purchase.

FHA dates back to the National Housing Act of 1934. As part of that legislation, the 30-year fixed mortgage came into being. FHA has served as an important resource for buyers for 70-plus years, and its loan programs often allowed people to purchase with little or no money down. (More)

Source: Yahoo Real Estate

Stop Before You Reduce the Price

2009-12-14T17:45:00.000-06:00

If your listing isn't selling and you're not sure that a price reduction is the best solution, what else can you look at? Well, it might be really simple. Have you checked access lately? Lockbox still there? Key still in it? Key still work in the lock (sticky locks kill showings)?

Is the seller declining or restricting showings? Have you previewed your listing lately? Does it still show well and smell good? How's your MLS description? Is it dull ("3 bedroom/2 bath ranch in Woodbridge") or jazzy ("Mid-Century tri-level with modern flair!")? Do you over-promise and under-deliver? Are the photos in season? Are there photos? Are the driving directions correct, if the property isn't a slam-dunk to find?

Here's a biggie; is there a buyer for this house? Are other similar homes selling? If so, there's something wrong with yours. If not, there may simply not be a buyer on the planet at this time and you can't manufacture one. Not all homes are sellable, contrary to popular opinion. (More)

Source: Yahoo Real Estate

Tax Credit Can Be Used for Down Payment

2009-05-12T19:12:00.000-05:00

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C. (More)

Source: Realtor.org

Facing the Reality of Realty in 2009

2009-05-09T09:32:00.000-05:00

As buyers are slowly coming back into the housing market, they already know this isn't the market of five years ago. It's not the market of even a year ago, either.

The low interest rates, the tax benefits and the more reasonable prices have all been reported. If that combination has you itching to take action, here are the things to keep in mind before you mentally start picturing yourself in a new home by Christmas.

No paperwork, no showing. Don't fall in love with that house online and expect to get a real peek at it the next day. Increasingly, real estate agents won't take clients out to a listing unless they are pre-qualified, or even better, pre-approved for a mortgage.

"If you're not pre-qualified, you're wasting everybody's time, including your own," said Gerald Knight, a real estate agent and mortgage originator at Century 21 Galaxy in Oak Lawn. "And [people] need to know that being pre-qualified is not being pre-approved." (More)

Source: Chicago Tribune

Spring Into Home Maintenance

2009-05-03T09:45:00.000-05:00

Spring is always an ideal time to be checking the exterior of your home and catching up on any maintenance items that have come to light since last summer. As always, maintenance begins with a stroll around the house and a careful examination of its condition. Take a tablet with you, make some notes as you go, and then sit down and work up a list of things to take care of -- sort the list in order of the most pressing items first -- and then list the tools and materials you'll need for each task. By sorting and organizing your list in this manner, you can take what may sometimes be a long list of projects and make it a lot easier to undertake. (More)

Source: Yahoo Real Estate

Reverse Mortgages Good Option for Some Seniors

2009-04-27T12:16:00.001-05:00

That Ralph and Plum Smith bought a house last month in Brookings, Ore., is not terribly remarkable, at least not until you learn that he's 84 and she's 77. But what is even more noteworthy is that the couple didn't pay cash for their new $240,000 home, yet they will have no mortgage payments.

The Smiths are among the first seniors in the country to close on a Home Equity Conversion Mortgage (HECM) for purchase, a form of federally insured reverse mortgage authorized by Congress in the Housing and Economic Recovery Act of 2008. The law took effect Jan. 1. The program is aimed largely at people 62 years or older who want to move down the housing ladder. The idea is to allow them to sell their current residence and use a reverse mortgage to buy a new one, all in a single transaction. (More)

Source: Chicago Tribune

Putting the Cozy Back in Late 20th Century Homes

2009-04-21T07:04:00.001-05:00

Latest book from 'Not So Big' priestess lays out steps to take the expense, disruption out of remodeling

Soft-spoken Sarah Susanka wouldn't seem to be the "I told you so" type, but ... well, she told you so.

For more than a decade, the architect has campaigned for houses to be built smaller but better. Her basic message: Figure out how big a house you need, and then subtract about a third of the square footage. Good design will make up the difference.

Lots of people caught on right away: Her wildly popular series of "Not So Big" home-design books earned her practically a cult following, and her publisher says she has sold more than 1 million books. (More)

Source: Chicago Tribune

The Pitfalls of Reverse Mortgages

2009-04-15T08:23:00.000-05:00

For years, reverse mortgages have been sold as a way for cash-strapped seniors to get some extra cash. But falling home prices, lending rules and growing instances of fraud could make these loans an incredibly risky proposition for some borrowers.

With a reverse mortgage, homeowners 62 years of age or older can convert the equity in their home into a loan that they won't have to pay back until they either die or move out. If they move out, the borrower either has to cough up the cash or sell the home, a move so difficult in today's housing market that they could end up facing foreclosure. (More)

Source: Smart Money

Choosing Right Flooring for Your Home

2009-04-13T15:32:00.001-05:00

Now is not the time to build a floor from exotic woods shipped from afar. Instead, experts say homeowners want attractive flooring that is durable, affordable, low maintenance, sustainable — and when possible, locally sourced.

Interest in eco-friendly products such as bamboo and cork flooring is on the rise. So is tried-and-true hardwood flooring — especially that which has been repurposed from deconstructed buildings. Concrete — acid-washed, color-stained and highly polished — is another long-lasting and inexpensive option. Advances with ceramic tile make it increasingly versatile. And although carpeting is used less often, when it is, low-VOC and stylish commercial-grade carpeting is the way to go. (More)

Source: Chicago Tribune

When April Showers Bring Drainage Problems

2009-04-08T11:22:00.000-05:00

Houses are designed to shed water, one surface onto another past flashing and caulking, and finally into drainage systems that carry it away from the building. But many homes have a few problems, and spring a few leaks, along the way.

It's not just leaves in the fall, but twigs and other debris that can pile up over the winter, particularly in valleys where roofs intersect, and sometimes around chimneys and vent pipes that protrude through the roof. Winter ice dams can also cause pileups of debris that won't wash away on their own in the spring. Simply sweeping debris off the roof prevents more blockages and possible leaks. The caveat, of course, is to work safely, and if not with special rigging equipment, only on walkable (low-slope) roofs. (More)

Source: Chicago Tribune

Washington Report: Mortgage Reform Bill

2009-04-06T17:26:00.001-05:00

A massive new mortgage reform bill has Washington real estate and banking groups buzzing, both critically and in favor.

The bill was introduced last week by House financial services committee chairman Barney Frank -- who's arguably the most influential legislator on housing issues on Capitol Hill.

Supporters say the 151-page bill would have gone a long way to preventing mortgage lending excesses during the housing boom, especially no-documentation, negative amortization and zero downpayment deals, had it been federal law before the boom started in 2002 or 2003.

The bill, which is expected to pass the House easily this month and go to the Senate in May, would change home mortgage lending fundamentally. (More)

Source: Yahoo Real Estate

Sunrooms Add Light, Space and Value

2009-04-03T06:40:00.001-05:00

The idea is nothing new. Thomas Jefferson's house had one. President Taft added one to the White House. Many of the early 20th Century catalog houses featured one. But for a variety of reasons, the sunroom is enjoying a renaissance today.

"It's a relatively inexpensive addition to a house," says Paul Bishop, managing director of research for the National Association of Realtors (NAR). "It adds square footage and it sets apart the house at resale."

Asked which rooms are "very important," respondents to the NAR's most recent "Profile of Buyers' Home Feature Preferences" ranked a sunroom higher than a media room, exercise room and in-law suite.

Buyers in the Northeast and Midwest are warmer to the notion than are buyers in the South and West. (More)

Source: Chicago Tribune

A Kinder, Gentler Eviction Process for Cook County

2009-04-02T07:46:00.000-05:00

On a quiet street lined with neat homes and trim lawns, squad cars pull up to a suburban Chicago house where the owners have fallen behind on their mortgage payments.

Sheriff's deputies pour out of the vehicles but not to force the people out of their homes - yet. This visit is one of three now required before residents are evicted.

They knock loudly, but nobody answers. Minutes later, they are gone, leaving only a paper glued to the door.

This is what the foreclosure crisis looks like in Cook County, where the sheriff made headlines last fall when he briefly halted evictions of renters who did not know their landlords had defaulted on mortgages. (More)

Source: Southtown Star

Real Estate Outlook: Sales Rising?

2009-04-01T06:42:00.000-05:00

Pushed by a powerful combination of historically-low fixed mortgage rates, an $8,000 tax credit, and affordable prices, sales of existing homes jumped 5 percent in February compared with the same month last year.

The biggest gains came in the Northeast, where sales were up by nearly 16 percent, according to the National Association of Realtors. Home sales in the South came in 6 percent higher for the month; they were up by nearly 3 percent in the Western states and one percent in the Midwest.

Nationally, sales of condos rose faster than detached single family dwellings – 11.4 percent versus 4.4 percent. (More)

Source: Yahoo Real Estate

Remodeling Tax Credit Gets a Boost

2009-03-29T10:50:00.000-05:00

Lost in the news of an expanded tax credit for home buyers is perhaps an even better deal for people who already own homes and want to make them more energy-efficient.

Both are part of the latest economic stimulus package signed by President Barack Obama on Feb. 17. But while lawmakers saw fit to boost the buyer tax credit by a mere $500, they tripled the benefit available for the remodeling tax credit.

Under the old remodeling credit, which was part of the economic-rescue package enacted last fall, homeowners could claim a credit equal to 10 percent of the cost of energy-efficient windows, doors, roofing, insulation, furnaces, air-conditioning systems and heat pumps. (More)

Source: Chicago Tribune

Freddie Mac Survey Says Mortgage Rates Fall to Lowest in 38 Years After Fed Aids Market

2009-03-27T07:03:00.002-05:00

Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago.

The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit. (More)

Source: Chicago Tribune

With rates and home prices this low now is the time to get off the fence. Contact Phil DeRosa "Your Chicago Area Real Estate Connection"

February New Home Sales Rise Unexpectedly

2009-03-26T07:13:00.001-05:00

New home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year's levels, according to data released Wednesday.

The Commerce Department said sales rose 4.7 percent in February to a seasonally adjusted annual rate of 337,000 from an upwardly revised January figure of 322,000. Even after the revision to January's sales results, the month remained the worst on records dating back to 1963.

Economists surveyed by Thomson Reuters had expected February sales to fall to a pace of 300,000 units.

February's sales were still down by more than 40 percent from the same month a year earlier. The median sales price fell to $209,000, a record 18 percent drop from the same month last year. The median price is the midpoint, where half sell for more and half for less. (More)

Source: nwi.com