Mortgage Rates are Dipping, Chicago

Mortgage rates had been creeping up, but just took a nose dive to almost 5%. They may open lower tomorrow. If you're motivated to buy or re-finance, you need to watch this stuff. I have had several clients write offers in the past few days and now can take advantage of the current rates.

Call your mortgage banker or visit www.ChicagoLender.com for your Wells Fargo Bank mortgage expert.

Sunday Open House: 6334 W Newport in Dunning Neighborhood

Peace and quiet. Double lot. Awesome deck.

Sunday open house 6/28/09 from 1PM to 3PM at 6334 W Newport. Asking $374,000.

You may want to visit this terrific family neighborhood. Affordable house still near city amenities! Great parks and schools nearby.

Please see more details and photos HERE

Chicago Home Sales Statistics: Winning Streak Hits 4 Months

I was sent this story from Crain's today by my brokerage from our twitter account http://twitter.com/Rubloff

Chicago area home sales continue to be way down from last year. But for 2009 alone, actual sales have gained ground each of the past 4 months. May 2009 sales were down 18% compared to May of 2008. It was the first month this year sales were off less than 20%.
Check out the stats in the story linked above.

Off Market: East Lakeview Quality Two Bedrooms, Two Baths, Parking, Deck, Storage Included.

East Lakeview dwellers... get-a-load of this. Asking $419,900.

522 W Oakdale #2W will be hitting the open market by mid-July. However, I can show this with notice. Tenants are out July 10th and we'll freshen up the place to look brand new.

It has a large open livingroom and designated dining area. However, the living space is very flexible and can be arranged in several ways to accomodate your furniture and style. This is a great looking building and the unit is upgraded with attractive baths, organized closets, great bay window and terrific light in the common living spaces.

-Converted in 2005/2006

-Two bedrooms

-Two full bathrooms

-Parking space, large storage included

-Deck off the kitchen

-Assessment around $266.00

Chicago REO and Short Sale Properties Still Tough to Buy?

I called for specific information on this bank owned property below (including if there were any offers pending) in Avondale early this year... I never received a call back.

I've been involved in several distressed property purchases this year. David Hanna, 2009 Chicago Association of Realtors President, comments on the REO (bank owned property) situation in Illinois. Even with willing and able buyers these properties and the buying process many times are handled in mysterious ways. For instance, lender's make it tough to buy due to over stringent und and changing rwriting rules, real estate brokers don't answer calls, banks take too long to negotiate and accept offers etc... Here's a excerpt below from David's full post:
"In Chicago (and the overall metropolitan area) we are already adding REO inventory at a pace well in excess of the absorption rate. We hear anecdotally that there is a backlog of foreclosed property being held off market by banks and asset management companies in response to the unforeseen precipitous fall in average and median sales price in many areas.

Yes, inventory is dropping, albeit slowly. The biggest factor in the dip is the number of owners taking property off the market because they cannot sell it right now for a price they are willing to accept.

Yet many of the same banks now selling these foreclosed homes are loath to consider a purchase offer with any type of financing contingency, and they continue to accept lower cash offers on property, effectively closing the door on many buyers looking to pay fair market price for a home.

Plus, added governmental regulation created daily to deal with vacant property adds a burden of time and cost to each transaction.

The solution to clearing out the REO inventory is to prevent it (as much as possible) from entering into the system by:

1. Having people working--and providing access to lending based on rational criteria;

2. Having adequate resources directed to the implementation and support of the Obama Loan Modification program;

3. Leveling the playing field so home buyers have an equal opportunity to buy foreclosed property with investors and speculators; and

4. Allowing for governmental policy that weighs the economic and social costs of widespread displacement of millions of American households."

Do What You Like: Buying a Vacation Home

Enjoying a little winter solitude in Lake Geneva, Wisconsin this past January. The cold keeps him quiet.

A fellow blogger and broker David Curry -who I've come to really enjoy up in Lake Geneva, Wisconsin- sticks it to a wayward Newsweek writer. Some people like cars, some fine restaurants, some fine art, some fishing, some getting the hell out of the city... some just like vacation homes and/or all the above.

READ THE POST HERE

Downtown Chicago Skyline Photos to Cheer You Up

Here's a few photos from YoChicago.com reminding us the sun will come up tomorrow. Or, next week.

Sell Your Home Then Buy Your Home

Recently, I've had some move-up and move-out clients dealing with the selling/buying "chicken or the egg" quandary. Do I find a place before selling... do I sell first... do I try to do both and manage to time everything perfectly?

Everyone wants a deal... but the true way to get a deal on a home you really want is to sell your current home first, plan ahead for temporary housing then search/pounce on a real deal with the most aggressive offer.

The above assumes two things: 1. You own a home and, 2. You can't buy another home until you sell you're current home. You'll reduce stress, find the best home you can afford and be able to make the strongest offer with fewer contingencies.

If you're a renter, you may better shape... until that lease starts closing in. In this case, you might discuss your options with your landlord ahead of time. He/she may let you out of the lease early if it's a good month to rent out the unit. Or, at the very least, you may arrange to sub-let the unit. Whatever you do, plan ahead and take a little hit on rent if you have to. You do not want to pass up the home you really want in this market because of a few months rent. In most cases, some rent consideration can be worked out in the negotiation.

An example... say my wife and I reverse gears and kiss-off Chicago to move to the burbs. We'd move the family in with her parents in Lemont, prepare our current home show it's best, sell it, then look for the house we want. We'd be able really look and jump on the best deal with a no strings attached offer. Even finding a cheap temporary rental is better than trying to sell and buy all at once in most cases.

Let's Buy Two! Twin Single Family Homes for Sale in Ravenswood

I'll take a look at several interesting, higher-end single family homes in Ravenswood and western Lincoln Square over the next few days. This is can't miss blogging!

Pictured here are twin contemporary single family homes located on the 1700 block of West Winnemac. Each offers a twist on finish and style, so the differences are significant enough. 1708 West Winnemac is listed at $1,049,000 and 1710 West Winnemac for $999,900. It's a terrific location steps from the over-the-top retail, restaurant and cultural strip of the Andersonville neighborhood. They are also located about four blocks from the Ravenswood Metra station that is about 15 minutes in style to downtown (once on the train).
However, the million dollar home market in Ravenswood, much like most of the city, has been challenging for sellers in comparison with 2003-2007 boom years.

Another challenge is the the search terms and MLS search code for the properties. They can be considered Ravenswood rightfully, but some may also call this West Andersonville. The MLS search code is categorized in "Uptown" (code 8003), which will get less search hits on the MLS than Lincoln Square (code 8004). An agent searching in Lincoln Square will miss the houses if they are not familiar enough to know this is a viable option, or, if they do not search by coordinates and map rather than just codes.

The homes together have changed hands a few times since their birth. For example, 1710 W Winnemac pictured to the left last sold for $950,000 in May of 2007 and originally sold new construction in 2004 for $784,920.

Chicago Real Estate on a Bike

I'd like to thank Mary Umberger of the Chicago Tribune for including me in her real estate column today.
Cycling agents peddle green philosophy

Let's roll.