Chicago Real Estate

Governor Suspends HB4050

2007-01-21T11:02:00.000-06:00

Governor suspended HB4050 Predatory Lending Database Pilot Program. Governor Rod Blagojevich has directed the Illinois Department of Financial and Professional Regulation (IDFPR) to "immediately suspend" the Illinois Predatory Lending Database Pilot Program, also known as HB 4050, effective immediately.

Home Staging to Sell Your House

2007-01-02T18:17:00.000-06:00

Staging is the process of preparing any home for sale, regardless of price or location. When you place your home on the market for sale it becomes a product. Similar to a product on the shelf at your local store, the product has features and benefits as well as pluses and minuses, and competition.

You should Stage your home to compete with the competition in the marketplace you must be priced right and look better than the other products. Your home is no different, it is one of many homes for sale and you must present it to the buyers in the best possible light.

Before you show your home to any potential buyer be sure to go through your whole house with your agent to finish the Staging process. Try to look at your house through a buyer's eyes, as though you have never seen it before. This exercise will help you see what needs to be done. Here are some quick tips.

- Clear all unnecessary objects from furniture throughout the house. . In general, a sparsely decorated home will help the buyer mentally 'move in' with their own things.
- Rearrange or remove some of the furniture in your home, if necessary. Many times home owners have too much furniture in a room. When it comes to selling your home, thin out overcrowded rooms to make the rooms appear larger.
- Clear all unnecessary objects from the kitchen countertops. If it hasn't been used for three months...put it away! Clear refrigerator fronts of messages, magnets, pictures, etc.
- In the bathroom, remove any unnecessary items from the countertops, tub, shower stall and commode top. Keep only the most necessary cosmetics, brushes, perfumes, etc., in one small group on the counter. Coordinate towels in one or two colors only.
- Take down, reduce, or rearrange pictures and objects on walls. Patch and paint all walls, if necessary.
- Paint any room needing paint.
- Clean carpet and drapes that need it.
- Clean windows.
- If you need room to store extra possessions use the garage or rent a storage unit.
- During showings, turn on ALL lights and lamps.
- Play light FM music every day in the house, for all viewings.

What to do with Stigmatized Properties?

2007-01-02T17:18:00.000-06:00

Do you have to disclose these situations:
Your listing had a multiple murder or a suicide occured. Previous or current owner has AIDS?!?!

What part does disclosure play in these types of situations? How do you price or go about selling the property?

There are two types of stigmas: material stigmas and psychological stigmas. Material stigmas are the ones such as leaky roof, structural damage, asbestos, lead paint.

The other type of stigma, the psychological ostigma, is not so easy to define since it deals with individual perceptions of a situation or occurrence: murder, suicide, AIDS, criminal activity, ghosts or hauntings... Although they do not directly affect the physical condition of the property itself, some may think these occurrences play a part in the purchasing decision.

Illinois Law

Illinois License Law indicates that disclosure is only necessary when the stigma has an actual physical impact on the property itself. However, there somtimes there can be a fine line between something that actually impacts the property and something that does not. For example, what do you do when, say, a paroled sex offender lives in the neighborhood? It does not affect the physical condition of the property itself, but it may stigmatize the property. Probably, the best philosophy is if you are in doubt then disclose if disclosure does not affect a protected class like HIV positive individuals.

The Worst is Over

2007-01-02T16:37:00.000-06:00

Many Realtors and Investors will be glad that 2006 is over. 2006 existing home sales were 9% lower than in 2005 while home-price appreciation closing out the year flat.

The good news is that the NAR reported that the market has essentially bottomed. That is good news for real estate professionals. Housing has weathered the storm, and down the road, it will be back to health.

October 30-Year Mortgage Fixed Rate

2006-12-01T18:07:00.000-06:00

According to Freddie Mac, the national average commitment rate for a 30-year, conventional fixed-rate mortgage was 6.36% in October, up from 6.07% in October 2005. September 2006 30-year conventional fixed-rate mortgage was 6.4%.

Existing Home Sales Held Steady in October

2006-12-01T18:05:00.000-06:00

Sales of existing homes remained steady last month. This is another indication the housing market is transitioning into a more normal market in contrast with unsustainable activity last year.

Total existing home sales rose 0.5% to a seasonally adjusted annual rate of 6.24 million units in October from an upwardly revised pace of 6.21 million in September. Rates were 11.5% below the 7.05 million-unit level in October 2005.

Chrysanthemum: Official Flower of Chicago

2006-08-04T21:05:00.000-05:00

On June 17, 1966 by resolution adopted in a City Council meeting, the chrysanthemum was designated the official flower of the City of Chicago in response to the request of the Committee on Beautification of Chicago

Source:
Chicago (Ill.). City Council. Journal of the Proceedings. 6/17/1966 p.6790.
City of Chicago, Municipal Handbook, p.D6.

Falcon Living, Chicago Real Estate Brokerage, as a supporter of environment would like to encourage the end users of Fluorite to help create a better environment in Illinois.

Cardinal: Official Bird of Illinois

2006-07-12T18:55:00.000-05:00

Did you know that the official bird of Illinois is Cardinal. In 1928, Illinois schoolchildren selected the cardinal as the State Bird of Illinois. The State General Assembly made that designation official in 1929.

While Falcon Living Chicago Real Estate, holds the Pelegrine Falcon as its official bird, Partner, Mert Sahinoglu, will always keep this symbol of Illinois State University sports, close to his heart.

Fluorite: Official Mineral of Illinois

2006-07-12T18:23:00.000-05:00

Did you know that the official mineral of Illinois is Fluorite? The General Assembly of Illnois established Fluorite as the state mineral in 1965. Illinois was the largest producer of Fluorite in the United States but the last mine has been closed in 1995. Fluorite is used in making steel, enamels, aluminum, glass, and many chemicals.

Falcon Living, Chicago Real Estate Brokerage, as a supporter of environment would like to encourage the end users of Fluorite to help create a better environment in Illinois.

Peregrine Falcon: Official City Bird of Chicago

2006-07-06T23:59:00.000-05:00

It is a little known fact that the peregrine falcon is the official bird of Chicago.
The peregrine falcon edged out the cedar waxwing and four other candidates to become Chicago's first-ever Official City Bird in 1999. The Official Bird election was the brainchild of Chicago Audubon's Terri Likens. Terri learned of similar programs in Portland, Oregon and thought it would be a great way to raise public awareness of bird species in Chicago. The Chicago Department of Environment provided funding for ballots and campaign posters. Ballots were cast in genuine Board of Election voting booths October 16-22, 1999 at area parks, schools, museums, and cultural centers as part of Nature Week in Chicago. It has been the proud official bird of Chicago ever since then. We, at Falcon Living - Chicago Real Estate, officially declare Peregrine Falcon as our official bird and pledge to support environmental groups in creating more habitats for this magnificient bird.

Benefits of Purchasing New Homes

2006-04-16T14:40:00.000-05:00

While the record-setting pace of the last several years is leveling off, savvy consumers can take advantage of creative perks offered by many home builders today.

The past year was a remarkable one for home builders, but the extremely high sales numbers would be hard pressed to continue at that pace. While sales have slowed in the last few months, the market remains strong. Those in the market for a new home are also finding deals to good to pass up.

Buying a new home makes even more sense when you take into account that incentives and offers are giving consumers more flexibility at the bargaining table. Builders and developers have been offering home buying incentives including interest-rate reductions, prepaid homeowner association fees, cable TV and Internet access, appliances, price reductions and help with closing costs.

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Rates Continue To Incline

2006-04-16T14:27:00.000-05:00

According to Freddie Mac release, 30-year fixed-rate mortgage averaged 6.49%, with an average 0.6 point, for the week ending April 13, 2006. The 30-year FRM has not been higher since the week ending July 12, 2002.

The average for the 15-year FRM this week is 6.14%, with an average 0.5 point. The 15-year FRM has not been higher since the week ending June 13, 2002.

One of the causes of the mortgage rate increase is the unexpected drop in March’s unemployment rate. The drop indicates that there may be upward pressure on wages in the near future.

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Open House Tips

2006-03-29T12:31:00.000-06:00

Spring's arrival kicks off the largest annual exchange of residential real estate in the United States. Open houses are as much a part of this ritual as cherry blossoms, your Saturday or Sunday best, and freshly mowed grass.

While great food won't sell a tired mid-century ranch, having food and beverages can make some buyers linger longer. Open houses can be tricky for those who don't entertain much, but lavish spreads say desperate to savvy homebuyers.

The Basics

Forget silverware. If a guest at your open house needs to use silverware to graze at your open house buffet, the food is too fussy.

Stage a pretty food and beverage station.

Utilize cocktail size napkins and plates. Smaller size plates and napkins send the signal that it's not a meal.

Place some scented votive candles around the table to make it feel extra special.

Bottled water is a must-have.

Coffee is natural with house hunters. If you don't want it consumed away from the station don't provide covers and sleeves.

Before your open house ask your agent or visit some other open houses in your community to see how many people attend.

No alcohol. Open houses are business events. If people drink they stay forever and forget why they came.

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Home Sales Rising

2006-03-29T12:18:00.000-06:00

Single-family home sales in Illinois reached a new high for the month of February, according to the Illinois Association of REALTORS. Single-family homes sales were up 4.4% in February, while total home sales were up 1.8% to 9,936 homes sold, compared to 9,759 homes sold in February 2005.

The Illinois median home price in February was $190,000, up 2.2% from $185,900 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. Year-to-date, home sales are down a fractional 0.2%, from 19,111 homes sold in 2005 to 19,078 in 2006.

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The Home Equity Line of Credit

2006-03-08T15:57:00.000-06:00

Home equity lines of credit have become increasingly popular, and there are many types of loan programs available in this genre. This type of credit line is not meant for day-to-day expenses as a credit card would be, however, many consumers use their home as collateral to obtain an equity line of credit to pay for higher ticket items such as educational expenses or home improvements.

Borrowers may want to compare the advantages of a traditional second mortgage over an equity line of credit. But they should not compare these programs based on the Annual Percentage Rate (APR) alone. The APR in an equity line of credit is based only on the periodic interest rate, and does not include other charges such as points, maintenance fees or transaction fees. Conversely, a second Trust Deed takes all points, fees, and other charges into account when calculating the APR.

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Falcon Living Chicago Real Estate Office Move

2006-01-14T22:59:00.000-06:00

Falcon Living Real Estate Brokerage has moved its Chicago offices to 2821 N. Halsted (Halsted and Diversey) to start the new year with a renewed energy and new contact numbers. You can reach us at phone number (773) 880-0800 and fax number (773) 880-0600. We look forward to seeing you there soon.

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The 30-Year Mortgage

2005-12-21T16:23:00.001-06:00

30-year fixed rate mortgage averaged 6.46 and 0.2 points for the North Central Region for the week ending Dec, 16. It was 6.42% and 0.3 points the previous week, according to the Federal Home Loan Mortgage Corporation. "Earlier in the week, interest rates were a bit higher, as financial markets were a little anxious about what language the Federal Reserve would use in its statement this month," said Frank Nothaft, Freddie Mac chief economist. "When the Fed signaled that its interest rate tightening may be coming to an end soon, the financial market breathed a sigh of relief, and rates eased somewhat."

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In's and Out's in Real Estate

2005-12-21T16:23:00.000-06:00

IN: Smaller square footage homes, flat screen TVs, Quality kitchen cabinets, built-in home stereo systems, guest parking, dog parks and carbon monoxide detectors.

OUT: Awnings, gas grills, Stainless steel appliances, laminate flooring, single-rod closets, dark rooms with small windows, wallpaper, mirrored backsplashes and dropped ceilings.

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Antitrust Suit Dismissed In Favor of NKAR

2005-12-21T16:22:00.001-06:00

The U.S. District Court for the Eastern District of Kentucky dismissed an antitrust lawsuit brought by a real estate brokerage and its principal broker in northern Kentucky against the Northern Kentucky Association of Realtors. The plaintiffs claimed NKAR's rule requiring membership in a local Realtor association to access services of the MLS constitutes an unlawful tying arrangement and violates the federal Sherman Antitrust Act. The ruling was that the plaintiffs lack standing to bring an antitrust tying claim against the association because the harm the brokerage received.

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Historically Strong Home Sales Expected In 2006

2005-12-21T16:22:00.000-06:00

The housing market for 2005 is headed for a fifth consecutive annual record, and sales activity in 2006 is expected to be the second best year in history, according to the NAR. Existing home sales, expected to rise 4.7 percent to 7.10 million this year, are likely to decline 3.7 percent in 2006 to 6.84 million. New home sales, projected to increase 7.0 percent to 1.29 million this year, are forested to drop 4.8 percent to 1.23 million in 2006, also the second-best on record.

IAR Opposes Proposed Real Estate Advertising Rule

2005-12-21T16:21:00.000-06:00

IAR has sent letters to IDFPR and to Governor Blagojevich opposing recently proposed rules regarding misleading advertising under the Real Estate License Act. The proposed rule states that the use of certain words in real estate “single-family” advertising is misleading and therefore a violation of the Act. The prohibited words and phrases include “apartment,” “two units,” “related living,” “in-law arrangement,” or “related apartment.”

Foreclosure Overview

2005-12-16T10:21:00.000-06:00

What is Foreclosure?

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. The foreclosure process begins when the borrower defaults on loan payments and the lender files a public default notice.

There are three buying opportunities as a result of the foreclosure process.

Pre-Foreclosure - NOD, LIS
Buying a property in pre-foreclosure involves approaching the borrower and offering to buy the property. The borrower can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history.

Auction - NTS, NFS
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand. However, a public auction often offers some of the best bargains.

Bank-owned - REO
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will probably make sure the title is clear for any buyer, but the potential bargain is typically less than a pre-foreclosure or auction property.

Real Estate Moves From "Banks & Real Estate" To "Professions"

2005-12-15T11:04:00.000-06:00

The Illinois Department of Financial and Professional Regulation has reorganized its Real Estate Bureau (formerly the Division of Banks and Real Estate or DBRE) to fall under the Division of Professional Regulation.

Illinois Closing Costs Just Below National Median

2005-12-15T11:03:00.000-06:00

According to Bankrate.com’s 2005 survey of lenders, which asked lenders from each state to estimate the closing costs on a $180,000 loan to a buyer with an excellent credit history who had made a down payment of at least 20 percent on a single-family home in the state's largest city (without taking taxes into account). Wyoming had the lowest mortgage-related fees at $2,101 and New York had the highest at $3,907. Illinois fees were $2,533. Nationally, the average fees and title insurance totaled $2,748 with a median of $2,669.

Home Sales Decline, Condo Sales Growth

2005-12-15T09:37:00.000-06:00

Higher interest rates in October slightly cooled the single-family home market but did little to temper condo sales in Illinois. According to IAR, total home sales were 14,097 in October 2005, down 2.9 percent from 14,520 sales in October 2004. The Illinois median home price in October was $209,900, up 14.1 percent from $184,000 a year ago. Total home sales January through October show an overall increase of 2.5 percent. Statewide, condo sales were up 10.2 percent in October.