October 2008

What can Happen when Your Attorney Doesn’t Specialize in Real Estate Law

October 31, 2008

Today I had a closing for one of my listings in Evanston. I was curious to meet the buyer’s attorney since he had done such a poor job representing his client. The buyer had my listing inspected during his 5 days of attorney and inspection (A&I) review. After the 5 days had passed I asked Click to continue...

Fannie Mae Downpayment Requirements Raised

October 27, 2008

Mortgage blogger, Dan Green, recently blogged about Fannie Mae’s increased downpayment requirements. Why does this matter? Fannie Mae guarantees over a quarter of U.S. home loans. For more details, read Dan’s blog post, “Starting December 13, 2008, Many Mortgage Approvals Will Require Larger Downpayments And More Home Equity“. Click to continue...

Beware of Lenders Offering Better Deals if They Finance Your Purchase of Their Foreclosures

October 23, 2008

Recently a couple of my clients made an offer on a foreclosed home in Arlington Heights. The lender who owns the home required that buyers be prequalified by them. The buyers called one of their loan representatives and shared their income, credit and assets information. My buyers were extremely well qualified and the loan representative Click to continue...

Naperville Gets High Marks From Its Residents

October 20, 2008

Survey results recently released by the City of Naperville reveal that 92% of respondents who had an opinion were satisfied with the overall quality of life in the city. This compares to a national average of 77%. 70% of those who had an opinion were satisfied with the overall value they receive for their city Click to continue...

2 Bedroom Condo Prices Up in the Loop, NNS, NWS & NSS, But Sales Down

October 17, 2008

Today I started searching for a 2 bedroom condo in the Loop, Near North Side, Near West Side and Near South Side for a couple who will be relocating here from Colorado. Median sale prices for 2 bedroom condos in 3 of the 4 areas are up for the past 3 months compared to a Click to continue...

Barrington Median Sale Price Down, But Sales Double Above $2M

October 14, 2008

Yesterday I showed houses in Barrington. The drive to one home took us past some of Barrington’s horse farms. The scenery was beautiful especially with the leaves now turning! The market view for Barrington home buyers depends on what end of the market you look at. When comparing the median sale price for Barrington houses Click to continue...

Number of New Homes for Sale by Month

October 9, 2008

Recently a reader, Michael Erdman, wrote me asking how many homes are added to the Chicagoland MLS every month. Using Agent Metrics, a tool for charting and reporting MLS data, I created the chart below showing the number of new listings for houses and condos each month during the past 2 years. I apologize for Click to continue...

Messy Home For Sale in Arlington Heights

October 5, 2008

I feel bad for some listing agents. Some of their clients make it next to impossible to sell their homes. Such is the case for a house I showed yesterday in Arlington Heights. Priced in the upper $600Ks, the 4 bedroom 3 1/2 bath home in a nice neighborhood looked great online. It had nice Click to continue...

Free Guide for Illinois Landlords

October 1, 2008

If you’re thinking of buying a home as an investment or renting out your current home, read a new free guide recently produced by the Illinois Association of Realtors. “Practical Guide for Landlords in Illinois” has information on screening tenants, the Security Deposit Return Act, the Illinois Human Rights Act/Fair Housing, eviction law and other Click to continue...