The Ugliest and the Best!

Two ingenious Crown Point, IN gentlemen have discovered a way to make the most of a truly inexplicable Christmas tradition. Here’s a hint: the photo above features one of the items for sale on their website.

Follow this link to see all the wonderful ways you can join in the reindeer games. The hilarious product names are an added holiday bonus!

FREE Energy Efficiency Kits Available at Alderman Reilly’s Office

ComEd and Niagara Conservation has provided Alderman Reilly’s Office with a limited number of Energy Efficiency Kits for 42nd Ward Residents.

The kits contain the following items to help reduce energy usage and protect the environment:

* CFL Light Bulb: 13 Watt CFL bulb – 60 Watt equivalent. This energy-saving CFL bulb lasts 13x longer and averages 78% less electricity than its 60 Watt incandescent bulbs equivalent.
* Air Filter Whistle: Snap this product onto air filters to hear a whistle when the air filter is full. Cleaning your air filters regularly saves energy and money.
* Refrigerator/Freezer Thermometer: Use in the refrigerator or freezer. Comes with a magnet and has adhesive backing so it can be mounted virtually anywhere. Recommended temperature setting for refrigerators should be 37-40 degrees Fahrenheit. Freezers at 5 degrees Fahrenheit and stand-long freezers for long storage at 0 degrees Fahrenheit
* (12) Draft Stoppers: (4) switch gaskets, (8) outlet gaskets. This product replaces the empty space behind switches and outlets with insulation to prevent drafts.
* Energy Wheel: A convenient energy conservation tool, the energy wheel gives users helpful tips on ways to conserve energy every day.

In order to receive your FREE Energy Efficiency Kit, please stop by Alderman Reilly’s Constituent Services Office located at 325 W. Huron Street, Ste. 510 during regular business hours.

House artwork courtesy of http://www.realestateclipart.com/Free/free1.htm

Smart Off-Season Tips for Buyers

Everyone’s been saying “Now’s the time to buy,” for quite a while, but for many who’ve been waiting on the sidelines, the autumn “off-season” of real estate may indeed be the right time to act.

“Anybody who is trying to sell a house going into the winter months has to be flexible, and you should be able to get good deals,” says Guy Cecala, publisher of Inside Mortgage Finance. With mortgage rates at record lows and favorable home prices, buyers should be active.

Here are some tips for buyers to help ensure a successful close:

• Secure Employment: Buyers must have a stable job in order to feel comfortable about the purchase and to get approved for a mortgage.
• Spotless Credit: Credit scores above 720 still get the best mortgage rates, as lending remains tight. Help buyers to correct any errors on their credit reports.
• Build Cash: Let house hunters know that the days of no-down-payment loans are a relic of the past. Depending on the situation, they’ll need to put down at least 3.5 percent of the purchase price.
• Follow Uncle Sam: Though the first-time home buyer tax credit is set to expire November 30th, there’s talk it may be extended into 2010. Buyers may still be able to take advantage of this opportunity, but pay attention to the news out of Washington to see if eligibility will be extended.
• Be Ready to Bargain: Purchasers are in a position to ask for a lot more if a seller needs to move. If you think the floor needs to be replaced, ask for it. “In my market, buyers still have a great deal of influence and sellers will do just about anything, assuming it is doable and legal,” says NAR First Vice President Ron Phipps, a broker with Phipps Realty in Warwick, R.I.

Free Real Estate Clipart obtained from RealtyClipArt.com

Source: U.S. News & World Report, Luke Mullins (10/14/09)

Homeownership Still A Good Investment

Some encouraging news from the National Association of Realtors' "Daily Real Estate News."

The American dream of homeownership is still a good bet, financial advisors say firmly.

Despite the downturn in the last couple of years, homes have still appreciated an average of 4 percent a year since World War II. Plus, it’s a leveraged investment; a 10 percent down payment yields a 1,000 percent return if the price of the home doubles.

There are also valuable intangibles. Owning a home provides independence, security, community, and a roof over the owner’s head. No one can say that about investing in stock.

Source: Associated Press, Dave Carpenter (10/12/2009)

Show Your Creativity Here!

SOAR, the Streeterville Organization of Active Residents, is now accepting applications for artisans who would like to participate in this year’s Artisan Market, open to the public on Saturday and Sunday, November 14 & 15.

Applications and more detailed information is available at Soar Chicago.

You can also contact artisans@soarchicago.org or call 280-2596, ext. 2.

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REALTOR® Magazine-Daily News-Men, Women Vary on Home Shopping

When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.

Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1.

Here are some key findings:

* When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their minds the day they walked into the house vs. 62 percent of men. On the other hand, significantly more men needed two or more visits (32 percent of men vs. 23 percent of women).

* 55 percent of women find it more important to be closer to their extended family than to their job, compared to only 37 percent of men.

* 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).

* When the respondents were asked how they would use an extra 12x12 room if it could be anything they wanted, men and women agreed on the top three responses: Bedroom, office/study, and family room/den.

* 8 percent—nearly all of which were men—said they would use the extra space for recreation/entertainment.

* 70 percent of couples said the responsibility for making major financial decisions--such as homebuying--are shared equally.


Source: Coldwell Banker Real Estate (08/17/2009)


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Daily Real Estate News

Practitioners' Lucky Numbers

Some practitioners are convinced that selling real estate is a numbers game.

Washington D.C.-area Long & Foster associate Juliet Zucker made multiple offers on a condominium on behalf of a client, but none of them were successful. Finally, she wrote an offer that ended in the number “18,” which in Hebrew symbolizes “chai,” which means life. The ploy was successful. Her client signed a contract for $384,118.

When Margaret Rome, a Baltimore-area practitioner, began selling homes 20 years ago, she drove a Porsche 944. In its honor, she ended the price on her first listing with 944. It sold within a week. Since then she has used the number for every property.

Glenn Kelman, CEO of Redfin, says there is truth in picking the right number. Redfin research shows that homes with a list price ending in “500” sell for more than properties whose price ends in three zeroes. They also spend slightly less time on the market.

Why is this? Nobody knows for sure. "You shouldn't sweat the weird stuff, because it will just drive you nuts,” Kelman says.

Source: Washington Post, Ylan Q. Mui (08/08/2009)

Summer Real Estate Search: Where They're Looking

I'm working with four sets of buyers, all of them looking for condo homes north of the Chicago River and within eight blocks of Lake Michigan. Together, my buyers represent some interesting demographics.

These folks are looking at properties ranging from $300,000 to nearly $1,000,000. Two of these buyers are first-time buyers planning to take advantage of the first-time buyer's $8,000 tax credit. One of them is a couple looking for an investment property. And the fourth couple is looking for a property for their upcoming retirement years.

What does this suggest? Well, I think it says a few important things:

• Confidence in the Chicago real estate market is beginning to creep upwards, once again. Can I get an "amen"?
  
• Downtown Chicago is a very desirable area in which to live. Like we didn't already know that? :)
• Housing inventory is decreasing as the market improves and buyers close on their transactions. Now is the best time to find the best deals. Especially for first-time buyers using the $8,000 tax credit -- it's set to expire on November 30 of this year.

Are you interested in what's going on in your neighborhood? Drop me a line. I'll fill you in!

For Fans & Residents of the Clinton Street Lofts in the West Loop

I’m sharing some stats I just put together for a client who is considering his first home purchase at the Clinton Street Lofts, 226 N. Clinton. It’s a very unique loft building with a very pretty courtyard just inside the main entrance.

I’m impressed by how quickly most of the units went under contract, as well as the healthy sale prices. Hmmmm. WHAT housing recession?
# 303 / Days on Market: 42 / Sale Price: $235,000 parking included which reflects 95% of asking price / Closing Date: Feb. 2009
# 524 / Days on Market: 45 / Sale Price: $332,000 which reflects 98% of asking price / Closing Date: June 2009
# 618 / Days on Market: 24 / Sale Price: $405,000 parking included which reflects 95% of asking price / Closing Date: May 2009
# 722 / Days on Market: 176 / Sale Price: $428,000 parking included which reflects 95% of asking price / Closing Date June 2009
# 704 / Days on Market: 95 / Sale Price: $650,000 which reflects 97% of asking price / Closing Date: Jan. 2009

Would you like to find out what’s happening in your building? Drop me a line and I’ll pull the numbers for you!