The question I come across regarding short sales involves an uncertainty of the length of time it will take to navigate this process successfully to the end. Unfortunately the answer can be equated to the number of licks it takes to get to the center of a Tootsie-Pop.
Continue reading... - 0 CommentsFri, Feb 5, 2010
Every once in a while I like to go back and revisit old posts and see if there are still relevant or thoughts of the moment. This post still rings true and truer for both buyers and sellers: Telltale Signs Your Listing Broker is a Dinosaur. Meeting with new clients recently, I have been getting [...]
Continue reading... - 0 CommentsThu, Feb 4, 2010
While we all sit here in Chicago and wait for the economy to rebound, I often wonder, “What is the hold up?” There are many answers to that very simple question. Because I am an appraiser as well as a broker, I do get some different insight that others miss out on. [...]
Continue reading... - 0 CommentsThu, Feb 4, 2010
Condo? Hotel? Timeshare? The uncertain economy and downturn in the real estate market have driven developers to create unique projects. Chicago has seen several “condotel,” developments, where units are sold fully furnished and come with daily maid service. Building amenities resemble those of hotels, and owners can use the units [...]
Continue reading... - 0 CommentsTue, Feb 2, 2010
Fannie Mae (FNM/NYSE) announced today that they are offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28th, 2010 and April 30, 2010. Buyers purchasing properties listed on their HomePath.com site, that are closed within this period may receive up to 3.5% of the final sales price [...]
Continue reading... - 0 CommentsThu, Dec 17, 2009
Zillow is trying to compete with the Big Boys - the Multiple Listing Service and Realtor.com. But does Zillow have the tools and the reputation to make inroads in this competitive online market?
Continue reading... - 3 CommentsThu, Dec 10, 2009
I have seen both a good side and a bad side to the Home Valuation Code of Conduct program and have been lobbying for change. Well, today I saw first hand the debacle HVCC has created in the Real Estate world.
Continue reading... - 5 CommentsWed, Dec 2, 2009
We can help spur the economy here in Chicago if conventional loan limits were increased. By raising them, buyers in the market just above $417,000 would need less money down and benefit from the record low interest rates.
Continue reading... - 4 CommentsMon, Nov 23, 2009
As seen in previous months, home buyers have pushed the market by taking advantage of historically low interest rates, 2004 pricing and the first time home buyer tax credit. Yet home prices continue to be soft because of distressed properties and competition with other properties in this higher inventory market.
Continue reading... - 3 CommentsTue, Nov 17, 2009
Many homeowners have very valid concerns about the impact of a neighbor who has a comparable unit but is selling their property at a rock bottom price. When a neighbor sells at a very low price because of a new baby, job transfer, or other situation, the impact on the immediate market value of comparable units can be significant, but not necessarily devastating.
Continue reading... - 7 CommentsMon, Nov 16, 2009
I don’t understand why some agents are taking their listings off the market until after the new year. According to the Illinois Association of Realtors, 37% of home buyers are new to Chicago. Nearly half of these home buyers are first-timers who are eager to cash in on the federal tax credit.
Continue reading... - 0 CommentsThu, Nov 12, 2009
Miami-based luxury high-rise developers Crescent Heights put Cityfront Place under contract for $83 million and the deal is supposed to close this month. This acquisition is the first downtown apartment building to sell in over two years which is a good indicator that the rental market might rebound before any other division in the housing market.
Continue reading... - 0 CommentsMon, Nov 9, 2009
On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010.
Continue reading... - 5 Comments
Written by: Randy Whiting
Mon, Feb 8, 2010