I haven't been in a parade since my high school marching band days, back in small-town Pennsylvania. (if you care to know, I played the piccolo!)
But my luck returns - I am walking with fellow Baird & Warner agents in the Wilmette Holiday Parade on Saturday, November 18. It begins at 10:30 AM, winding its way from 4th & Linden, up to Central Street, and ending up at the Village Hall. The kids can get a photo op with Santa at Village Hall.
My buddies and I will be handing out candy to all parade goers. We will be easy to spot in our bright yellow Baird & Warner yellow tee-shirts.
Be there or be Scrooge-like!
Thursday, November 16, 2006
Local Election on the North Shore
An important referendum was on the November 7, 2006, ballot for residents of Evanston: "Should the City increase its real estate transfer tax by $1 for every $1,000 of property value in the sales price?" This referendum was turned down by the voters; the final count was 6,218 "yes" votes, and 6,681 "no" votes.
What IS a transfer tax? Municipalities have the option of levying a tax, sometimes referred to as transfer stamps, when a residential property changes ownership. The funds that the town accumulates are then used for city services of some sort. In the case of Evanston, the addition increase was earmarked to be "...deposited in the Affordable Housing Tax Fund to provide a source of funding for the creation, maintenance and improvement of safe and decent affordable housing in order to enhance the preservation and maintenance of the City's cultural and economic diversity." (text from the City of Evanston own pamphlet that was mailed to city residents prior to the election day) Read the complete pamphlet text online at this link: http://www.cityofevanston.org/government/clerk/transfer.shtml
The existing Evanston transfer tax remains at $5.00 for every $1,ooo of the selling price of a property. For example, a home that sells for $100,000 would be taxed by the City of Evanston in the amount of $5.00 x 100, a total of $500. This is typically paid by the property SELLER.
Other communities in the greater Chicagoland area have transfer tax rates that exceed Evanston's rate, and some are less then Evanston's rate. Shopping for a home includes being aware of closing costs, whether there is a transfer tax, and who pays for the transfer tax. Each community has a tradition of who pays the tax, but this is negotiable if the conditions are ripe for discussion.
What IS a transfer tax? Municipalities have the option of levying a tax, sometimes referred to as transfer stamps, when a residential property changes ownership. The funds that the town accumulates are then used for city services of some sort. In the case of Evanston, the addition increase was earmarked to be "...deposited in the Affordable Housing Tax Fund to provide a source of funding for the creation, maintenance and improvement of safe and decent affordable housing in order to enhance the preservation and maintenance of the City's cultural and economic diversity." (text from the City of Evanston own pamphlet that was mailed to city residents prior to the election day) Read the complete pamphlet text online at this link: http://www.cityofevanston.org/government/clerk/transfer.shtml
The existing Evanston transfer tax remains at $5.00 for every $1,ooo of the selling price of a property. For example, a home that sells for $100,000 would be taxed by the City of Evanston in the amount of $5.00 x 100, a total of $500. This is typically paid by the property SELLER.
Other communities in the greater Chicagoland area have transfer tax rates that exceed Evanston's rate, and some are less then Evanston's rate. Shopping for a home includes being aware of closing costs, whether there is a transfer tax, and who pays for the transfer tax. Each community has a tradition of who pays the tax, but this is negotiable if the conditions are ripe for discussion.
Friday, November 10, 2006
Frantic Friday
Friday is typically the last day of the work week for the majority of American workers, but not so for Realtors! Saturday and Sunday are prime time for real estate agents who are assisting buyers in their home search, and alternatively working for a seller client to get a home SOLD by holding an open house (sometimes 2 in one afternoon!).
Friday is my day to catch up on statistics for my area, prepare for my weekend client activity, and to do a bit of marketing work. Yes, as a real estate agent for Baird & Warner, I am considered an independent contractor, and nobody takes care of my business growth except me. So I spent lots of time today copying material to send to my real estate circle of friends, stuffing envelopes, licking the glue strip (ugh), and posting this blog for today.
This blog is a natural way to share some stats with you readers, so let's have at it. I am going to give you the latest mortgage rates for the best risk customers, and average market times for multiple communities where I frequently have transactions.
Mortgage rates: 30 year fixed - 6.125%
5/1 ARM - 6.0%
3/1 ARM - 6.125%
30 year FHA - 6.0%
Average market time for houses and condos combined:
Evanston active properties: 153
Evanston sold properties: 94 (6 months back)
Wilmette active properties: 104
Wilmette sold properties: 90 (6 months back)
Winnetka active properties: 184
Winnetka sold properties: 142 (6 months back)
Glencoe active properties: 217
Glencoe sold properties: 162 (6 months back)
Skokie active properties: 111
Skokie sold properties: 66 (6 months back)
Lincoln Square in Chicago active properties: 125
Lincoln Square in Chicago sold properties: 93 (6 months back)
East Rogers Park in Chicago active properties: 151
East Rogers Park in Chicago sold properties: 119 (6 months back)
btw, this is a terrific time to be a buyer; look at those market times above!! There is sooooo much on the market to choose from, and many sellers are getting anxious to find a buyer for their properties. If you have been hesitating about making a purchase in real estate, I urge you to wait no loner. Sure, the weather is getting cold and nasty, and who wants to move in the winter months? But this is a wonderful time to choose the perfect place, get a GREAT rate on mortgage money, and find the moving companies with lots of open slots on their calendars.
Have a great weekend, everyone. And drop me a note if you have any questions or comments on what you read here.
Susan
Friday is my day to catch up on statistics for my area, prepare for my weekend client activity, and to do a bit of marketing work. Yes, as a real estate agent for Baird & Warner, I am considered an independent contractor, and nobody takes care of my business growth except me. So I spent lots of time today copying material to send to my real estate circle of friends, stuffing envelopes, licking the glue strip (ugh), and posting this blog for today.
This blog is a natural way to share some stats with you readers, so let's have at it. I am going to give you the latest mortgage rates for the best risk customers, and average market times for multiple communities where I frequently have transactions.
Mortgage rates: 30 year fixed - 6.125%
5/1 ARM - 6.0%
3/1 ARM - 6.125%
30 year FHA - 6.0%
Average market time for houses and condos combined:
Evanston active properties: 153
Evanston sold properties: 94 (6 months back)
Wilmette active properties: 104
Wilmette sold properties: 90 (6 months back)
Winnetka active properties: 184
Winnetka sold properties: 142 (6 months back)
Glencoe active properties: 217
Glencoe sold properties: 162 (6 months back)
Skokie active properties: 111
Skokie sold properties: 66 (6 months back)
Lincoln Square in Chicago active properties: 125
Lincoln Square in Chicago sold properties: 93 (6 months back)
East Rogers Park in Chicago active properties: 151
East Rogers Park in Chicago sold properties: 119 (6 months back)
btw, this is a terrific time to be a buyer; look at those market times above!! There is sooooo much on the market to choose from, and many sellers are getting anxious to find a buyer for their properties. If you have been hesitating about making a purchase in real estate, I urge you to wait no loner. Sure, the weather is getting cold and nasty, and who wants to move in the winter months? But this is a wonderful time to choose the perfect place, get a GREAT rate on mortgage money, and find the moving companies with lots of open slots on their calendars.
Have a great weekend, everyone. And drop me a note if you have any questions or comments on what you read here.
Susan
Monday, November 06, 2006
A Good Time to Buy Real Estate?
The would-be purchasers of real estate in this country are being bombarded with opinions by the print media: newspapers, magazines, etc. "Inventory is up; sales are down. Where are prices headed?" Are you personally "on the fence" about going forward with a purchase of property? Here is what the National Association of Realtors (I am a member, btw, and more on what that means on another day) is saying this week:
http://img.realtytimes.com/rtimages/blanche/$file/narfactsheet.pdf
In short, YES, this is a great time to make a purchase. Mortgage money is still a bargain, the inventory levels are still high (i.e. there are many properties to choose from, giving you a better chance of finding the property of your dreams), and sellers are anxious to negotiate a contract. This does not necessarily mean that the negotiated price of a property will fall way below the true market value; but if a seller is facing a stressful situation of carrying multiple mortgages or simply wanting to be out from under his/her current property, the buyer can sometimes really find a bargain.
Buyer representation is my specialty. I always work to get my buyer clients the very best possible terms in their contract to purchase a home. I consider every good contract a personal victory for me, not just my client.
http://img.realtytimes.com/rtimages/blanche/$file/narfactsheet.pdf
In short, YES, this is a great time to make a purchase. Mortgage money is still a bargain, the inventory levels are still high (i.e. there are many properties to choose from, giving you a better chance of finding the property of your dreams), and sellers are anxious to negotiate a contract. This does not necessarily mean that the negotiated price of a property will fall way below the true market value; but if a seller is facing a stressful situation of carrying multiple mortgages or simply wanting to be out from under his/her current property, the buyer can sometimes really find a bargain.
Buyer representation is my specialty. I always work to get my buyer clients the very best possible terms in their contract to purchase a home. I consider every good contract a personal victory for me, not just my client.
Sunday, November 05, 2006
Let's Get This Blog Started!
I am pleased to begin sharing lots of good real estate info to my clients and friends via a blog. Keeping this first post brief, I'll simply provide a mind dump on the amount of equipment I have to acquire and maintain to be a top notch Realtor these days:
Whew! Becoming a Realtor has done wonders for my techno-knowledge and abilities (with a little help from my friends!). Who knew that I would be routinely charging up my Blackberry, additional cell phone, Bluetooth device, electronic lockbox key, digital camera batteries, and more, starting three years ago? And to add the laptop computer, GPS device for my car, and a home wi-fi network to the mix, means I am just staying on the edge of the wave for modern realtor basic tools. Gone are the days of paper-published MLS listings, published only once a week, weighing several pounds each. Now I can look up a property for sale from my car, when a client calls me excitedly to say "I just spotted a new condo on Realtor.com, it's at 123 Main Street. What do you think about it?" And so on.....
Whew! Becoming a Realtor has done wonders for my techno-knowledge and abilities (with a little help from my friends!). Who knew that I would be routinely charging up my Blackberry, additional cell phone, Bluetooth device, electronic lockbox key, digital camera batteries, and more, starting three years ago? And to add the laptop computer, GPS device for my car, and a home wi-fi network to the mix, means I am just staying on the edge of the wave for modern realtor basic tools. Gone are the days of paper-published MLS listings, published only once a week, weighing several pounds each. Now I can look up a property for sale from my car, when a client calls me excitedly to say "I just spotted a new condo on Realtor.com, it's at 123 Main Street. What do you think about it?" And so on.....
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