Evanston Offers Modern Way to Report a Problem

According to the City of Evanston's seasonal news magazine, "Highlights," residents can now report minor problems they spot around town via the internet and their smartphones.

It's a app called "See-Click-Fix" (found at www.cityofevanston.org/311). It is a free service to residents. Finally, something for FREE in Evanston! Hurrah!

The city has an account with the app provider, and monitors the postings that come in from Evanston to direct the problem to the correct city department: streets, forestry, etc.

No longer is it a hassle to report a treacherous pothole you narrowly avoided, a broken traffic signal,a tree branch that has fallen onto a busy street, and the like. So be a good citizen, pull out your smartphone or internet tablet, and "call it in."

ComEd Is Giving Away Big Money, Really!

Time for a new clothes washer? Have you been promising yourself to get rid of that cranky old second fridge or freezer in the basement?

Your timing couldn't be better! The Chicagoland primary provider of power is giving you incentives to "get off the fence."

Earn a $50 check for simply scheduling a pick-up of your old WORKING fridge or freezer. Go to ComEd.com/FridgeRecycling, or pick up the phone and dial 888.806.2273. Be sure to use this special code to earn the $50: FFCW01.

Even better is the $75 that ComEd is promising as a rebate when you purchase one of their specified ENERGY STAR qualified clothes washers. Check that offer out by going to ComEd.com/ClothesWasher.

The City of Evanston has announced a neat service that makes it far easier to report those minor annoyances that come into our life from time to time: a nasty pothole that just opened on your grocery shopping route, some irritating graffiti that was sprayed on your garage door last night, or that malfunctioning traffic light at a very busy intersection.
Instead of grumbling about it and hoping somebody else takes note of the problem, now all we have to do is pull out our smartphone or tablet, open the free application known as SeeClickFix, and send off the report. These reports are monitored and delivered to the appropriate city department: streets, forestry, recreation, etc.
The free app can be downloaded from this web address: cityofevanston.org/311

How the Housing Market in Chicagoland Affects Seniors

It has been a familiar route for so many homeowners over the years: build equity in the property where you lived for so many years, then sell it for a handsome profit so you can move into that lovely retirement community you had your eye on for so long.

But what if the family homestead does not sell?

Without deep pockets to otherwise fund the right to take up occupancy in that senior lifestyle home, the average senior homeowner cannot make that move.

A high-profile case in point is The Clare at Water Tower, a seniors-only project that launched in 2008. It has unfortunately been forced to file bankruptcy recently, due to lagging sales. The folks who have already moved into the complex will be able to continue in residence, although they will apparently have many empty units around them while waiting for yet more buyers to step up and move in.
It is partly an issue of being able to sell the family home, but likely it is also a matter of having to let go of all that loss in equity in the family home. Any home can be sold in this market (Chicagoland), as long as it is priced according to what the buyers are willing to pay for it. Nonetheless, it is hard to swallow such large equity losses, when the seniors reflect on what their home was worth some 2, 3, 4, or 5 years ago.
It makes the decision a bit harder, perhaps, but it can be done.

What a Dedicated Realtor Offers the Client

Today my local MLS rolled out a much-enhanced research and report tool to provide unparalleled data to aid the agents and their clients. I spent two hours in webinars today to learn about the scope of this new tool. Being in the Chicago area, the clients are sometimes needing assistance in the neighboring states of Indiana and Wisconsin. This new tool allows research into those areas as well.

Some of the research allows an agent to drop subscription-based services, sometimes unaffordable to every agent. The playing field has now been significantly leveled for any and all agents who invest the time to learn and use the new system. I am pasting in a brief summary from an announcement flyer from the MLS to provide the reader a notion of how powerful this research tool truly is.

Map locations and see what is nearby
Identify market potential
Locate neighborhoods with particular characteristics
Analyze listing activity (Active, Pending, Sold & Expired) by zip code or neighborhood
Query locations that meet geographic or attribute criteria
Conduct neighborhood analysis and side-by-side comparisons
Use key market indicators: foreclosure, property photos and listing information
Compute route distances and options through multi-point and one-click driving directions
Link from map or database grid to images, property detail & more

Buying or selling property in the Chicagoland area, there is now even more reason to utilize a real estate professional. Don't go it alone!

"Accidental Landlord" - an accident waiting to happen?

It has become more commonplace for a private homeowner to unexpectedly find himself (gender neutral for this writer's purpose) playing the role of landlord as a result of the difficult selling environment in real estate. This happens because the property owner needs to move on to a new job, or some such compelling reason. When the home sits empty, unable to find a buyer, the "Plan B" is dusted off and presented to the owner: RENT IT! Get some revenue stream started with the property!

And so this home that perhaps was on the market for SALE, now becomes a home on the market for RENT. There are two sides to a lease arrangement: the landlord's side, and the tenant's side. Each has its own set of challenges, thrills, and every other emotion in between. Most Realtors will tell you that they are handling many more home rental listings over the past 3-5 years than they ever imagined they would. I include myself in that statement. I have represented both landlords and tenants.

I want to keep my posts brief, so this one will put forward one caveat for would-be tenants who are searching for an appropriate rental property. Do whatever you can to feel confident that your landlord is not having mortgage difficulties on the property that you intend to lease. Or at least be prepared to move with perhaps only 30 days notice once you do move into the property. Unwittingly, tenants can sign a year lease, move in, and unceremoniously be forced to vacate in the first month because the owner is in pre-foreclosure and the bank has earned the right to take the property back. This is exactly what happened to tenants in a downtown Evanston condo last year, folks who were referred to me to rescue them and find an immediate replacement rental in a matter of days. Yes, I helped them find a wonderful new rental home. The agent who rented the condo to them had some unpleasant consequences, I was told. My office sales manager has repeatedly warned us agents to be diligent when working with rental clients (or landlords); "Check the status of that property!" We Realtors are charged with taking every precaution to protect our clients' interests, and that includes not getting kicked out of a rental property before the term of the lease ends.

When looking for a rental home, you must do your homework on the owner of property, regarding the mortgage status. There are websites online that promise to report on a landlord's mortgage status, for a subscription fee. On the other hand, you can determine that information for yourself, free of charge, if you are looking in a community that has public website access to county records, such as the Recorder of Deeds and the local Circuit Court. Foreclosure is a legal process, and foreclosure lawsuits can be tracked online here in Cook County.  Or, you can put that task in the hands of your favorite Realtor, who will take care to show you only properties that are not tainted by the threat of foreclosure.

This is just one more outcome of the whole housing/mortgage crisis in America, but at least you can manage it by taking precautions to protect yourself.

A SMALL HOLIDAY GIFT FROM FANNIE AND FREDDIE

Just in time to perhaps give distressed homeowners a chance to enjoy the holiday season, Fannie Mae and Freddie Mac have announced that they will not evict any affected foreclosure-victim families from their home (single family and 2-4 unit properties) from December 19 through January 2, 2012. It's not much, but at least the holidays can be spent in familiar home surroundings.

THE LONG SUFFERING SELLER SYNDROME

It has happened again; I watched a very nice single family home sit on the market for 8 months, from early April of this year, during the prime selling season of Spring and Summer. It was not my listing, but I had visited the property since it was very close to my own home. I thought it was overpriced from the first day. A home is worth what the market is willing to pay for it; that's just the way it is. I don't know if that original list price came from the seller or the listing agent, but the end of the story was predictable. That seller carried the cost of ownership for 10 long months, watched the neighboring homes sell over the summer, and went through the stress of multiple price reductions in an effort to attract a buyer. So this listing closed this week, for 17.3% under the original list price. Factor in the real estate taxes the seller had to pay, insurance, etc., it makes me sad, literally sad, for the seller. This was not a short sale, not a distressed sale in any way. Please make certain your list price is the RIGHT price, the price at which it will sell. There is no such thing as "let's give it some room for negotiation" option in this market, readers. There is far too much on the market for the buyers to pick from, to make them want to negotiate with a seller whose price is so far off the mark. Want to sell your home? Pick the Realtor to help you who will present you with a realistic market value of your home, and take that agent's advice.

It's Tuesday. Do You Know Where Your Realtor Is?

Every week of the year, Chicagoland real estate agents are invited to make their listed properties available for viewing to all other agents. It's essential an open house for agents. In my geographic area (Chicago, and north suburbs), this weekly open house is either on a Tuesday morning, or Wednesday morning (depending on which community the property is in, dictated by the local multiple listing service).

We call this the "brokers' tour". This tour serves many purposes, the most obvious is to promote the listing agent's property to other agents. How better to explain the benefits and amenities of a home than to have the area agents come in to see it with their own eyes? The mood is relaxed. Sometimes the listing agent will promise snacks or even a full-blown lunch to draw more agents into their property for a visit. It's a good time to take in the property, ask the listing agent questions, and perhaps catch some conversation with other agent colleagues who are visiting when you are.

Another reason that agents get into their cars and "tour" around to visit other listings is to check out the competition for their own listings, or a listing that will be coming onto the market in the near future. It's imperative that a seller's agent have personal knowledge of what the competing properties are all about.

And finally, it's all about staying current with the local real estate market. I once had a friend comment to me that the weekly brokers' tour must truly be a waste of time. I responded that there was no way I could be a good agent for my clients if I was not aware of what homes are looking like and selling for in my own area. It's like trying to sell jewelry without ever setting foot in the jewelry store, ever. You just can't do it.

So imagine my distress this morning when I could not gain access to my own MLS service in order to research which listings were going to be available for touring today. Phone calls to the tech help desk didn't get a solution to the problem, only access to the "MLS-lite" version that does not even give me the brokers tour search capacity. Sigh. The internet is great when it works!

Evanston City Council Reaches Deeper into Citizens' Pockets

In the last few days of November, Evanston's City Council voted to increase the property tax rate by another 4.63% for the 2012 budget year. This increase is to fund the pension and debt costs, according to an accounting of the Council's vote by the Pioneer Local newspaper of December 1. The translation of that property tax increase is described as adding $45 to a property owner's $5000 property tax bill. The 2012 budget has increased parking meter fees (25 cents per hour across the city), along with parking fine increases. More than ever, it is wise to avoid any expired parking meters in Evanston! Another area of increased cost is the water service to homes; the average Evanston family will pay an additional $7.88 next year. Still needing more revenue, the Council has voted to increase fees on refuse carts, a whopping jump from $1 to $7.95 for the small carts, and from $4 to $14.95 for the large carts!). Although not all members of the Council were 100% in support of all these cost increases to be carried by Evanstonians, the Council's attempts to cut costs (including reducing the city's payroll by eliminating job positions)were not enough to balance the budget for next year. The Council's November 29 meeting can be viewed on YouTube at this URL: http://www.youtube.com/v/8QYmvN0QtY4?version=3&hl=en_US

JUMBO MORTGAGES DO EXIST

Good news for the so-called "jumbo" home loan customers: jumbo loans are back, but only for the well-qualified buyers who has lots of downpayment funds available, as much as 40%. And, of course, the borrower must be able to verify income and have a great credit score. This according to the Realtor Magazine.

Ready to move up to a more expensive property and wondering how you are going to finance the purchase? The answer is here for you. Talk to your favorite loan officer. If you need a recommendation for a loan officer, I can help with that!

Reminder: jumbo loans are loans over $417,000.

Home Buying Power Goes Up Up Up!

According to a report from Freddie Mac (Federal Home Loan Mortgage Association), the national average mortgage rates fell this week to a level not seen since 1971, nearly 40 years ago!

The national average 15 year mortgage interest rate is 3.57%.
The national average 30 year mortgage interest rate is 4.17%.

This is such important news for buyers to absorb; the same $250,000 loan at 4.17% interest rate vs. a 6% interest rate of not many years ago, is suddenly more affordable.

Here are the numbers: at 4.17% the monthly payment would be $1218.17.
at 6.00% the monthly payment would be $1,498.88.

That is a savings of $280.71!

How much does that potential home purchase you are mulling over actually COST you today? Low prices, low mortgage interest rates, low COST to the buyer.

If you have been sitting on the fence, trying to make that decision about buying a home, or maybe just refinancing your current mortgage, it's time to check in with your favorite Realtor or mortgage specialist, wouldn't you say?

New Illinois State Law for Homeowner Associations

Although I think it did not make many waves in the general news media, the Illinois state legislature passed an act that provides a road map for homeowner associations that are NOT a condominium. I suppose the reason I took note of it is because I own a townhouse that is not a condo, but it is under the governance of a homeowners association.

Illinois has had a condo law to guide condo associations in their governance for many years, but nothing for situations such as my community of 36 homes.

Please welcome to the world PA 96-1400, otherwise known as "Common Interest Community Association Act." It reads much like the condo act, so for those of us who love rules and regulations (and laws to help us know how to behave), this will not be unfamiliar language, and easy to understand.

Except for homeowner associations that have professional management to inform them of this new law (yes, it is in effect), it is mildly amusing to consider how few associations will even be aware of this new law. This blurb is my feeble attempt to pass it along.

Cheers to you, all you Boards of Directors!

What a Beautiful Moment!

I dropped in for a brief visit to one of my seller clients earlier this week. She told me something that simply made my day, and I promised her that I would tell the world about it on my blog. So here it is:

This seller has taken my advice to heart, advice on how to prepare the home for showing appointments. She told me that she has adopted the practice of scooping up any dirty kitchen dishes/gear and putting it in the car with her as she heads out to errands or appointments for the day, just to keep them out of sight of any last-minute requests to show her home. Now THERE's a client to be proud of! Find this squeaky clean kitchen in this home:



(You are encouraged to visit the other rooms in the house as well as the kitchen!)

Mortgage Interest Rates are a Gift - Accept It!

The Wall Street Journal announced on July 16 that the mortgage rate for a 15-year loan clocked in at 4.06%. Rates for a 30-year loan were quoted as 4.57%.

I don't have to tell anyone how incredible these rates are. Anyone who is still hesitating on making a home purchase, please consider that these rates will make any home purchase far more affordable than it is likely to be anytime in the future.

I personally remember mortgage rates being at 18% way back when. Time were tough back then for buyers AND sellers. Now? The buyers are in a terrific position with home prices being low, coupled with historically low mortgage rates. Sellers are perhaps not so happy with the price they are getting, but at least they stand a good chance of finding a buyer who can truly afford to purchase their home, given the selling prices and the mortgage rates. Buyers and sellers, rejoice!

Tenants, Do Your Homework!

I just inherited a client who is living a nightmare, through no fault of his own. His employer has relocated him to my community of coverage from out of state. The client leased a nice condo unit in a popular building. That was three weeks ago. This client is now being forced to move out. Want to guess why?

Yep, the condo owner is in foreclosure, and the unit is scheduled to be auctioned at sheriff's sale very soon.

Yes, I will be showing this client a rental condo or two, in addition to some rental apartments, but it was a moment of agent-client bonding when I sat at the computer with this client and checked the online recorder of deeds file for those condos we plan to visit.

Rental clients are a much larger percentage of our business in my broker's company of late, and the newest "wrinkle" in helping a tenant on the hunt for a new home is verifying the clear title of the condo for rent. And not just a search for foreclosure problems is needed; a condo owner can be putting his tenant at risk if the owner has not been paying the condo assessments as well. In this state (Illinois), the condo association has the ability to seize the condo unit for nonpayment of assessments, and arrange for its own tenant.

Just thought I should pass this along as a "heads up" to my colleagues out there across the country, as well as folks who are searching for a home to rent. Bad things CAN happen to good people (the tenant), but we can minimize the risk by taking a moment to verify a fact or two.

Ever Progressive- Evanston Planning Wind Farms

Sometimes I am just darned proud to call Evanston my home, and this is one of them. The City Fathers announced last week that they have set upon a path of planning for a healthy number of wind catching machines offshore in Lake Michigan (6 miles from shore). Although this is just in the initial discussion stage, already the naysayers have been heard from, complaining that such a facility would block the beautiful lake views of those on dry land. Point-counterpoint: anything that is 6 miles out from shore is hardly discernible from land, and if anything it will appear so small that it's not worth discussing (more or less).

We understand there will be lots of regulatory approval hoops to jump through, but it's exciting to think of this coming down our path, so to speak.

Yes, we take our Earth Day very seriously here in E-Town!

Excellent Deal at Museum of Science & Industry

April 19-23, busy? Clear your calendar and head on over to MSI (otherwise known as the Museum of Science and Industry). You must make the effort to get there if you can because those 5 days are free-admission days. What a deal that is! Normal admission for adults runs between $13-$15. And children 3-11 pay $9 or $10 (depending on your home address - Chicago vs. not Chicago).

Where? 57th Street at Lake Shore Drive in Chicago
When? 9:30 am - 4 pm
Why? All those really cool exhibits, like Science Storms and You, and the U-505 submarine.

Allow as many hours as you can spare. It's a full day's worth of exploration and learning, no matter what your age.

Chicagoland Market is Perking Up

According to the local real estate board for the suburban communities that lie due north of Chicago, the statistics for the first quarter of the year are definitely encouraging.

Single family home sales are up some 59% over the same period of time in 2009.

Homes under contract are up 60% for the entire Chicagoland region.

When I check the daily "hot sheet" for several of the communities that I cover, there are new contracts pending every day. And the price spread is large, from the modest condo unit to the multi-million dollar homes.

Here's hoping that the energy continues past the April 30 deadline for the income tax credit!

The Critters are Capitalizing on Stupid Human Tricks

According to a recent article in the Chicago Sun-Times newspaper, there is an interesting side effect of the growing number of foreclosed and vacant properties in the city (and suburbs as well, I suppose).

As a Realtor, I've been in my share of foreclosed properties the past 3 years, and it isn't much fun. Be careful to avoid walking directly under the falling ceiling plaster. Step around that hole in the floor. Oh, and don't let yourself trip over the bulging hardwood floor that rises a good 6 inches above the rest of the flooring. Hold your breath so the mold doesn't make you gasp for air. Never mind the paint that is peeling off the walls in sheets, just like wallpaper might do. Don't be alarmed if the basement concrete floor looks like the surface of the moon from the frost and freeze cycle of the ground underneath it. Obviously, don't expect to find a forgotten soda pop in the refrigerator, because there is most likely no refrigerator in the kitchen.

And keep your distance from the raccoons that have invaded the house. The abandoned houses are apparently an attraction for the wild creatures that share the city with us humans. Makes sense; it's shelter from the elements, protection from those pesky dogs that tend to chase them up a tree, and a virtual playground with all those stairs to climb, counters and cabinets to explore, windows to peer out of.

And they aren't satisfied to enter only the empty houses; the nice neighbors next door are getting visits from the 'coons as well now. Seems the fear of humans is decreasing in the animals, and they think nothing of squeezing through a partially open window to munch on the smorgasboard on the kitchen counter and the goodies stored in cabinets.

The City of Chicago is waking up to the problem and ramping up the distribution of traps to the owners of occupied houses who request this assistance in an effort to eliminate those late night run-ins with 4-legged fuzzy creatures in the kitchen, when all you wanted was another glass of warm milk and a cookie.
(Photo courtesy of Flickr Creative Commons - RubiconLaw)