SoldByWallen-Real Estate Blog - Mundelein and Lake County Illinois

Obama’s Refi Initiative: What’s It All About?

2011-11-08T15:30:00.000-08:00

We are seeing a lot of homes that are "Under Water" in Lake County Illinois. This is not pointing out any specific towns, it is relevant to all areas and all price ranges. Unfortunately, the Home Values are dropping below what is owed on these Homes. Below is an article that might shine a little light on the "New HARP" Program.

Obama’s Refi Initiative: What’s It All About?
On October 25, 2011, in Breaking News, Economics, Mortgage Financing, Politics & Government. By Robert Freedman, Senior Editor, REALTOR® Magazine

The administration yesterday rolled out an initiative to boost refinancing so struggling underwater borrowers can take advantage of today’s historically low interest rates. The effort is being called HARP 2, with “HARP” standing for Home Affordable Refinance Program and “2” standing for the fact that the first iteration of the program, rolled out two years ago, hasn’t attracted the volume of refis that’s needed to match the scale of the problem.

Under the new version of the program, lenders process refi applications for borrowers no matter how deeply they’re underwater. Previously, the limit was set at borrowers whose loan-to-value ratio was no more than 125 percent. Even so, the program isn’t intended for all underwater borrowers; just those who have been conscientious in making their payments despite having to pay on a mortgage that’s larger than the value of their home. Those who have stopped making payments or who have a checkered history of making payments can’t apply.

For eligible borrowers, the refi option is available to them without the lender having to order a new appraisal, which saves them several hundred dollars, and they get a waiver on fees that Fannie Mae and Freddie Mac would otherwise charge them because they’re high risk (that is, they’re underwater). Lenders, in turn, get relief from having to make representations and warranties that would otherwise hold them liable for losses on defective loans.

There are other important pieces to the initiative, including a requirement in some cases for borrowers to refi into a shorter-term loan to get all of the benefits.

It’s too soon to know how much the initiative will help borrowers. Some of the provisions require federal guidance, so lenders can’t start processing applications right away. And Fannie Mae and Freddie Mac still have to do some updating of their automated underwriting programs, and lenders, in turn, have to update their underwriting procedures. In short, you can expect little to happen before the first part of next year.

The Federal Housing Finance Agency, which oversees Fannie and Freddie as their conservator, is the main agency behind the initiative. You can read all the program details at its Web site.

For you, as a real estate agent, the benefit of a successful HARP 2 will be mainly on a macro level. The improved financial condition of participating households will lessen the chance of them defaulting on their payments and forcing the lender to foreclose on their mortgage. That will help reduce the number of foreclosures coming onto the market, which will help curb further price declines. It will also help give these borrowers some financial breathing room, so they might start spending again, which is something the economy needs to help it sustain its growth. All of these are big ifs, but the initiative at least shows the federal government understands housing is at the core of the country’s economic doldrums and it’s starting to look for ways to give it a boost.

As it looks for more ideas, it can start with NAR’s five-point housing plan, which calls for the federal government to stop doing harm to the market by talking about changes to the mortgage interest deduction, lowering FHA and conforming loan limits, and proposing a 20-percent down requirement. Those and other pieces of the plan are outlined in plain language online.

For all the focus on HARP and HARP 2, it’s worth noting that the lion’s share of refis since the downturn have been done outside the HARP structure and that will continue to be the case. (See below. HARP refis are shown in grey; regular refis are shown in blue.)

For borrowers who aren’t underwater or who don’t have a Fannie Mae or Freddie Mac loan, their ability to refinance is dependent solely on lender policies. NAR continues to urge lenders to dial back their underwriting requirements to the sound policies that were in place prior to the housing boom. To the extent lenders replace overly tight standards with prior sound policies, borrowers will be able to take advantage of today’s low interest rates, and that will certainly help the economy.

Big Four Set to Participate in HARP 2.0

2011-11-03T12:10:00.000-07:00

Here is an Article that anyone who owns a home should read! This article is from DSNEWS.com

Big Four Set to Participate in HARP 2.0

10/27/2011 BY: CARRIE BAY

The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).

Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates.
Government officials expect the program’s revisions – particularly the GSEs’ waiver on representations and warranties – to increase competition for mortgage refinancing.
An executive with JPMorgan Chase told the company’s investors this week that HARP 2.0 will facilitate “cross-servicing refinancing” because with the rep and warranty waiver, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.
Chase explains that HARP may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan, and typically reduces the borrower’s monthly payment.
Frank Bisignano, CEO of mortgage banking at Chase, estimates that with the new HARP guidelines, thousands of Chase customers could lower their mortgage payments by an average of $2,500 a year.
Citi said in an emailed statement that it “supports the program and expects to participate.”
Wells Fargo, likewise, said in a statement that it “welcomes the addition of the new HARP features.”
Veronica Clemons, a spokesperson for Wells Fargo Home Mortgage, says the company is waiting for specific guidelines and requirements from Fannie Mae and Freddie Mac in order to put the changes into practice.
She adds that once the company’s mortgage servicing team has the guidelines in hand, “it will take us some time – depending on the complexity of the guidelines – to make the necessary systems changes to begin offering the new enhancements to our customers.”
The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), says Fannie and Freddie plan to issue guidance with operational details about the HARP changes by November 15th.
“Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers, and other market participants modify their processes,” FHFA said.
Bank of America says it will participate in the enhanced Home Affordable Refinance Program announced by the administration, and it expects the new guidelines and eligibility criteria to go into effect after December 1st.
“Despite ongoing economic challenges, nearly 90 percent of our customers remain current on their mortgage,” BofA spokesperson Rick Simon said. “HARP helps these homeowners who remain current on their mortgage with options to lower their monthly payment when, otherwise, conventional funding options are limited.”
The GSEs have removed the 125 percent loan-to-value (LTV) cap under the program. Now any borrower with an LTV ratio above 80 percent is eligible for a HARP refinance, as long as the loan was sold to Fannie or Freddie prior to May 31, 2009, and the borrower is not delinquent on their payments.
Since HARP was launched in 2009, nearly 900,000 loans have been refinanced through the program. Government officials estimate that an additional 1 million homeowners will receive assistance under the new guidelines.
In its announcement of the program changes, FHFA encouraged borrowers to “contact their existing lender or any other mortgage lender offering HARP refinances.”

Trend Watch: Luxurious Bathrooms Don’t Always Need a Fancy Tub?

2011-10-25T12:41:00.000-07:00

I am seeing "some" truth to this trend. We are located in the Lake County IL Market, based in Mundelein, Illinois. Please let me know what your thoughts and preferences are regarding this article and Trend!

Trend Watch: Luxurious Bathrooms Don’t Always Need a Fancy Tub

On October 11, 2011, in Home Trends, by Melissa Tracey

By Melissa Dittmann Tracey, REALTOR® Magazine

Home owners may be starting to rethink what all makes up a luxurious, spa-like bathroom. Whirlpool tubs for several years have been on the wish-lists of many home buyers, but now some buyers are starting to show a change in preferences, swapping larger showers or extra storage space for that oversized bathtub or whirlpool, some designers say.

Many home owners may have once been swayed into adding an oversized bathtub in their master suite for resale value, but now some real estate agents and designers say that as long as you have at least one bathtub in the home, a missing massive tub in the master suite won’t likely dampen your chances at resale.

Home owners had complained that the oversized tub was taking up too much space and becoming a “dust magnet” that hardly got used, noted an article earlier this year by the Charlotte Observer, Goodbye Whirlpool Tub; Hello Luxury Shower.

In that article, Patricia Dunlop, a spokeswoman for the American Society of Interior Designers, said that many home owners are now opting for an extra vanity, shower and storage space in lieu of the whirlpool tub. Plus, home owners are instead wanting to spend money on upgrading to a larger shower with extra amenities, such as multiple shower heads, benches, or even steam showers.

It’s a trend that AVID Ratings Co., which conducts annual surveys on must-have home features, has been picking up on. In 2010, AVID Ratings reported that while whirlpool tubs were still desirable to many home buyers, they “clearly went down a notch” while oversized showers were moving up in popularity.

Chimney Maintenance for Warmth and Safety

2011-10-20T15:02:00.000-07:00

Cold Weather is coming soon to Northern Illinois and Lake County Area. Before you get ready to use your Fireplace, make sure it's ready to use. There are some great tips in this article!!

Chimney Maintenance for Warmth and Safety

By: Wendy Paris

Published: August 31, 2009

Chimney maintenance and a fireplace inspection can make the difference between warm safety and drafty danger.

Annual inspections keep flames burning right

Creosote—combustible, tar-like droplets—is a natural byproduct of burning wood. The more wood you burn, the wetter or greener the wood, and the more often you restrict airflow by keeping your fireplace doors closed or your damper barely open, the more creosote is produced.

Soot build-up, while not flammable, can hamper venting. One half-inch of soot can restrict airflow 17% in a masonry chimney and 30% in a factory-built unit, according to the CSIA. Soot is also aggressively acidic and can damage the inside of your chimney.

The more creosote and soot, the more likely you are to see signs of chimney fire—loud popping, dense smoke, or even flames shooting out the top of your chimney into the sky. Chimney fires damage the structure of your chimney and can provide a route for the fire to jump to the frame of your house.

"If the chimney is properly maintained, you'll never have a chimney fire," says Ashley Eldridge, the education director of the CSIA.

The best way to ensure your chimney isn't an oil slick waiting to ignite? Get it inspected.

Three inspection levels let you choose what you need

A level-one inspection includes a visual check of the fireplace and chimney without any special equipment or climbing up on the roof. The inspector comes to your house with a flashlight, looks for damage, obstructions, creosote build-up, and soot, and tells you if you need a sweep. If so, he'll grab his brushes, extension poles, and vacuum, and do it on the spot.

"You should have it inspected every year to determine if it needs to be swept. An annual inspection will also cover you if the neighbor's children have thrown a basketball in it, or a bird has built a nest," says Eldridge.

A level one typically runs about $125. Add a sweep, and you're talking another $80, or about $205 for both services, according to CSIA.

Consider a level-two inspection if you've experienced a dramatic weather event, like a tornado or hurricane; if you've made a major change to your fireplace; or bought a new house. This includes a level-one investigation, plus the inspector's time to visit the roof, attic, and crawl space in search of disrepair. It concludes with a sweep, if necessary, and information on what repair is needed. The price will depend on the situation.

A level three inspection is considered "destructive and intrusive" and can resemble a demolition job. It may involve tearing down and rebuilding walls and your chimney, and is usually done after a chimney fire. The cost will depend on the situation.

Small steps can improve your fireplace's efficiency

Besides the annual sweep, improve your fireplace's functioning with responsible use.
Only burn dry, cured wood—logs that have been split, stacked, and dried for eight to 12 months. Cover your log pile on top, but leave the sides open for air flow. Hardwoods such as hickory, white oak, beech, sugar maple, and white ash burn longest, though dry firewood is more important than the species. Less dense woods like spruce or white pine burn well if sufficiently dry, but you'll need to add more wood to your fire more often, according to CSIA.
Wood, only wood! Crates, lumber, construction scraps, painted wood, or other treated wood releases chemicals into your home, compromising your air quality. Log starters are fine for getting your fire going, but they burn very hot; generally only use one at a time.
Close your damper when not using the fireplace to prevent warm indoor air—and the dollars you're spending to heat it—from rushing up the chimney.
On a factory-built, prefab wood-burning fireplace, keep bifold glass doors open when burning a fire to allow heat to get into the room.
Have a chimney cap installed to prevent objects, rain, and snow from falling into your chimney and to reduce downdrafts. The caps have side vents so smoke escapes. A chimney sweep usually provides and can install a stainless steel cap, which is better than a galvanized metal one available at most home improvement retailers because it won't rust, says Anthony Drago, manager of Ashleigh's Hearth and Home in Poughkeepsie, N.Y.
Replace a poorly sealing damper to prevent heat loss. "You can get a top-mounted damper that functions as a rain cap, too, an improvement over the traditional damper because it provides a tighter closure," says CSIA's Eldridge.
Install carbon monoxide detectors and smoke detectors in your house—near the fireplace as well as in bedroom areas.
If you burn more than three cords of wood annually, get your chimney cleaned twice a year. A cord is 4-feet high, by 4-feet wide, by 8-feet long, or the amount that would fill two full-size pick-up trucks.
To burn fire safely, build it slowly, adding more wood as it heats and keeping your damper completely open to increase draw in the early stages. Burn the fire hot, at least occasionally—with the damper all the way open to help prevent smoke from lingering the fireplace and creosote from developing.

By the way, fireplaces aren't officially rated for energy efficiency because they're so varied. Depending on the source of information, they can be 10% to 30% efficient in converting fuel to heat.

No inspection will turn a masonry or factory-built fireplace into a furnace, but it can improve efficiency somewhat, decrease the amount of heating dollars you're sending up the chimney, and increase your enjoyment of your hearth time by reducing smoke. If a sweeping prevents a chimney fire, you're talking about the difference between another ordinary January day, and the potential loss of your home, or even life.

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Essential Heating System Maintenance

2011-10-20T14:26:00.000-07:00

It's starting get Colder Outside and Now is the Time to think about keeping your Home warm! Here's an article on Heating Maintenance that is good for you and your home!

Essential Heating System Maintenance

By: Oliver Marks

Published: September 24, 2009

Getting your home's heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control.

Who does the job?

The simplest way to get the work done is to hire your fuel company to do it. Oil companies and gas utilities usually provide this service, or you can hire the contractor who installed the equipment. Also, some plumbers handle heating systems.

What is involved?

The technician will clean soot and corrosion out of the combustion chamber where the fuel is burned, and check it for leaks or damage. He'll inspect the flue pipe for open seams, clogs, or corrosion that could cause carbon monoxide to backdraft into the house. He'll replace the filters on oil and forced-air systems. Finally, he'll test the exhaust from your cleaned machine and use the information to adjust the burner for maximum efficiency.

How much will it cost?

You'll pay between $100 and $180 for the service, depending largely on whether you have a gas system, which is easier to maintain, or oil, which requires a fair amount of soot removal. Usually the cost is covered by an annual maintenance contract that also provides 24-hour emergency service. While the technician is there, he should also service your water heater, assuming it has a separate oil or gas burner.

When is the best time to do the work?

Ideally, have your system tuned up in the fall so it's in top shape for the start of the heating season. Of course, that's when technicians are the busiest, so if you can't do it when you want, do it when you can—as long as your system is serviced once a year. And don't expect your provider to call to remind you that it's time. Even if you subscribe to an annual service plan, you still need to call to make an appointment. Call in the spring or summer to be sure of getting on the schedule in the fall.

Illinois Housing Stats

2011-09-29T15:09:00.001-07:00

Market Stats and Research

Illinois Home Sales Rise 25.9% in August
Statewide home sales totaled 10,622 in August, a 25.9 percent increase from a year ago, according to the latest IAR report. The statewide median price in August was $149,000, down 5.4 percent from $157,500 in August 2010. Looking ahead, home sales in Illinois and the nine-county Chicago region should see positive year-to-year gains in September, October and November, according to the University of Illinois REAL forecast. Find the forecast, county-by-county statistics and talking points in Members Only Market Stats (login required). Nationally, August existing home sales were up strongly from a year ago.

IAR in The News
IAR's August home sales report garnered favorable media coverage including: "Local home sales jump for second straight month," "Home sales in Illinois up 25.9 Percent," and "Another positive report on county housing market." IAR President Sheryl Grider Whitehurst was interviewed by Chicago's WGN and WBEZ radio stations and IAR President-Elect Loretta Alonzo was quoted in the front page Daily Herald article, "Number of homes sold here increases in August."

First-time Buyers Tired of Short Sales
A survey by Campbell/Inside Mortgage Finance found first-time homebuyer interest in short sales waning due to several factors slowing down the process, HousingWire reports.

Article is Courtesy of "The Illinois REALTOR® Weekly Connection" - IAR

A Great Home in Mundelein

2009-06-05T11:13:00.001-07:00

This is a Beautiful Home in Mundelein's "Fields of Ambria" that has it all. You'll Love the Wide Open Floor Plan, Huge Kitchen for Entertaining, Wonderful Master Suite, Finished Basement, the 3 Season Room with Deck that Overlooks a Tranquil Nature Area.

Take a Look at this home and You will be impressed! Call me, or e-mail me for your Private Showing!

Stimulus Package - 1st Time Home Buyers!!

2009-03-16T15:54:00.000-07:00

Well, Accountants, Attorneys, Lenders and Realtors® are doing a lot of reading. The Stimulus Package is over 1000 pages. From what I can see and have been told, 1st Time Home Buyers seem to fair pretty well on this Bill. A 1st Time Home Buyer is someone who hasn't owned a home in 3 Years. This Bill is geared to your Primary Residence only. Qualified 1st Time Home Buyers can be eligible for up to an $8000 Refundable Tax Credit. Qualifications are based on being a 1st Time Home Buyer and your Income. Yes. Full $8000 credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). The Credit phases out above those caps ($95,000 and $170,000). The Home must be Purchased on or after January 1, 2009 and before December 1, 2009. This credit DOES NOT require repayment. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

For the 1st Time Home Buyer who is sitting on the Fence, this along with Low Home Prices, Low Interest Rates and a lot to Choose From should be what it takes to knock you off of that Fence. Whether it is the Real Estate Market, or the Stock Market it is hard, if not near impossible, to "Time The Market". Sitting and Waiting for Better Prices, or Better Loan Rates could cost you Dollars and the Opportunity to own your 1st Home - or to Buy More Home than you will be able to later, if you miss this "Window of Opportunity".

My Office is in Mundelein Illinois, in the Heart of Lake County, we are starting to see activity pick-up and even Multiple Offers. Never fails, when you like something a lot, someone else probably does, too. Waiting and getting into Multiple Offers can cost you more money also. If you have been kicking around the idea of Buying your 1st Home, Don't Wait - the situation is Great for You Now!!

Stimulus? We Hope!!

2009-02-16T19:15:00.000-08:00

Well, we are on the verge of President Obama signing into Law "THE" Stimulus Package. Will it save us and deliver us from recession? Only time will tell! I, like a lot of people, will wait to see exactly what is signed into law before forming an opinion. It may be a start to "Change" that we all have been waiting for. But as we all know , the economy needs a big jump start and a tourniquet to stop the bleeding. We have seen home prices continue to fall here in Mundelein and all of Lake County. Mundelein and Lake County are no different than the rest of Illinois and our Country. We need to create a bottom to the market that we can build on. That along with low interest rates and tax incentives may start to turn the housing market around. But until we see exactly what Washington has planned for us and how they plan to implement it, we'll just have to optimistically wait and see - Hopefully Better Days Are Coming!!!

Short Sales and Foreclosures!

2008-12-01T09:36:00.000-08:00

There are Many Great Deals out there. Some Homes in Great Shape and some Homes that have been neglected and need varying degrees of work. However, to take advantage of these Great Deals, you must be patient.

Buying a Short Sale or Foreclosure takes Much longer to put together and close on than a conventional purchase. You will find that there is no set time frame for approval, you are at the mercy of the Banks. Also, a lot depends on how far along in the process the Seller and Bank are. If the Short Sale is in the beginning stages, it is very frustrating. You are always looking for, or waiting for answers. There are processes that the Home Owner must follow, first they have to be behind on their Mortgage. Ideally, they have had to have put their home on the Market and not been able to sell it for a Price above what they owe on the home. Owing more on the home than what you can sell it for is being "Upside Down" on the property. The Seller, usually with the help of a good attorney who is used to working Short Sales, has to send a Hardship Letter and HUD Statements along with all other forms requested by the Bank. The experience has been that, if things are not prepared in full from the beginning, it will take much longer for an approval. Once the Bank has everything they need, they will process everything into their system, assign a negotiator and order a BPO. This normally takes between 1-2 weeks. Once this is done, then and only then, there is a good chance that negotiations can begin. The unknown is when the Bank will have their part done. Unfortunately, with the increase of Short Sales and Foreclosures there are many more homes to be processed than the Bank has people to process them. Part of the delay is the log jam in the system and where each home is in the stack of progress. If everything has been processed correctly, thing can move along in a timely fashion, if not - be prepared to wait.

Negotiating a Short Sale or a Foreclosure is completely different from a Conventional Sale, due to the fact that we are negotiating with a Bank instead of an Individual. The Negotiations are based on Facts and Numbers, not emotions. Of course a Short Sale would take place before a Foreclosure would. A Bank does not want to foreclose unless it is absolutely has to, they don't want the house, they want their money. So in most cases, if you are realistic, a Short Sale deal can get put together, saving you and the bank a lot of money.

However, if you are under time restrictions, like coordinating the closing date of a home you are selling and trying to get into a new home without interim housing, or financing, most likely a Short Sale or Foreclosure is not for you. But if you are willing to patiently wait and can let the process run it's course, you stand to do very well in purchasing a home at a great savings.

The Weather is Changing!!

2008-09-29T09:14:00.000-07:00

Here we are, the end of September, and Summer is behind us, the leaves are starting to change colors and fall - and Snow can't be far behind in Lake County Illinois.

Now is the time to get your home ready for Winter. Check Roofs for missing shingles, damaged vents or attic fans, bad flashing around skylights, chimneys and plumbing stacks, leaking flashings and holes or pulled away portions of your soffit and fascia. Your roof is one of the most important components of your home. By taking care of problems now will prevent water, snow and animals from damaging your home. We always think about the damage that weather can cause, but never really think about what wildlife can do until it happens. Remember, as the weather starts getting colder, wildlife is looking for a warm place to ride out the winter. They will try to set up home in a place away from were you spend time, such as Attics, Garages and Basements - also in your Sheds or Out Buildings. By inspecting now, before they get in, you can cut down on damage that they will do, and the work and cost of getting rid of them.

We do from season to season call on the Professional Trades that maintain and repair our homes to look at preventive maintenance. If you are not handy, or don't like climbing on to your roof it doesn't hurt to call an experienced Roofer - most of them can check out the Roof, Gutters, Soffits, Fascia and Siding. It doesn't hurt to have them re-caulk where needed, also. If there are openings in any of these areas, make sure that there animals have not got in. If there are signs of animals, it is probably wise to hire a "Wildlife Removal Professional" to make sure that all animals that have been getting in are out of the home before sealing the openings. If you seal the opening and the wildlife is still inside, they will do a lot more damage than you have now, just trying to get out. I have had squirrels get in to my attic and it is well worth it to have a Professional trap them and humanely relocate them. If you live in Lake, McHenry or Cook Counties in Illinois (I'm in Mundelein), I highly recommend the company that I used: http://www.alwaysnaturesway.com/, they did a great job removing the squirrels and repairing the whole in the Fascia that the critters had chewed.

Remember, we always look at repairs or upgrades to our homes when there are problems, but we can save alot of money, time and frustration just by putting together a Preventive Maintenance Program and sticking to it!

What is My Home Worth?

2008-03-18T20:17:00.000-07:00

Everyone thinks they have a pretty good idea of what their home is worth, or do they? You know what you paid for your home. You know what improvements you have made to your home and what they cost you, right? So it should be easy to figure what your home is worth. You just add the price you paid to what it has cost you to make repairs and improvements, right? Wrong!

It isn't a precise science to figure the value of your home, but it does take a little work. When we are figuring the value of a home, whether it is in Mundelein, Lake County, Cook County or McHenry County, the process is pretty much the same. List Prices are based on what similar homes have sold for in the past 6 Months, How similar they were, along with any adjustments we must make to make them as similar as possible. Factors that can affect the price are: Location, Age, Condition, Curb Appeal, Landscaping, Updating, Decorating, Schools and the Market. Each of these factors affects desirability. Even though we take into consideration all of these factors when trying to determine the price, the true price is determined between the Seller and the Buyer.

The Seller, with the help of a Realtor®, Appraiser, or his own due diligence, comes up with a Price that they feel their home is worth (at least a starting point). The Buyer, after looking at similar homes, comparables that have Sold, the Market, considering how much they really like the home, along with the opinion of a Realtor® (or other real estate professional), they come up with an "Offer" Price. It is this act, the negotiating, that truly determines the Price of the Home. The actual price is not determined by your Realtor®, but by the Seller and the Buyer agreeing on a Mutual Value.

Remember, as a Seller, try to price your home at a realistic price and as a Buyer try to buy the home at a realistic value (this will reduce Market Time). If this is accomplished and both sides feel they have won something - then it is a good deal and everyone should be happy with the transaction. Good Luck to all of you Buyers and Sellers, may you get what you want!

The Market is Changing!!

2008-03-13T19:51:00.000-07:00

I am starting to see some changes in the Real Estate Market. Buyers are starting to surface again in Lake, Cook and McHenry Counties. My Office is in Mundelein, in the middle of Lake County Illinois. Inventory Levels are Good and Interest Rates are still as good as they have been in recent times. I am seeing Buyers in many price ranges and in many Villages and Cities. Mundelein has a large range of Housing Prices from the Lower 100,000's to over $2,000,000, so we have had something for all Buyers.

My phone is ringing and I am seeing e-mails from people registering on my website, http://www.soldbywallen.com/, to search for homes, inquiring about Ads and asking for a Market Analysis to determine the value of there home while wanting to know when they should put their home on the Market.

With the Market the way it has been, people want to no when the best time to put their homes up For Sale is. I have been telling them that I really think it depends on the Weather. Well, with what we have seen in weather this week in Mundelein and Lake County this week - the time is now.

If you are looking to Sell, try to get a jump on the competition - Don't wait until everyone puts their house up For Sale. If you are Buying, take advantage of the Low Interest Rates and the New Inventory that is coming into the Market Daily, along with what is on the Market and has been sitting. Sellers may compete for your purchase by adjusting their prices, incentives, or just making improvements to there homes to make them shine for prospective Buyers.

If you are looking to Buy or Sell a Home, don't wait and possibly miss a great opportunity to put together a deal that may not be available later. Whether you live in Mundelein, or Lake County, Cook or McHenry Counties, or most of Illinois, the time is now, so don't wait!

Remember - You want to Sell Your Home!!

2008-02-09T12:19:00.000-08:00

Winter can be a very trying time to sell your home. Usually at this time of the year there are less Buyers, due to the Season and Weather. It is very important to Shovel and Plow your Driveways and Sidewalks, along with Patios and Decks. Unfortunately, the outside of your home does not look it's best, due to No Green Lawns, No Leaves on the Trees, Landscaping is hard to see and we have Large piles of Snow every where.

When we look at what's happened in the past week or so in Mundelein, Lake County and surrounding Areas with the Huge Snowfalls we've had (Most Snow in 29 Years), it's hard to beleive that anyone would possibly want to look at Buying a Home. However, I have been out showing homes almost every day this week, with 3 diferent sets of Buyers, even on Wednesday, February 6th, when we received 12-14 inches of Snow!! The Snow didn't stop my Buyers from wanting to see a particular home and didn't stop me from getting to the home and treking through more than a foot of snow to show them this home. After looking at the home, we put an offer in and are still negotiating.

So people are out looking at and buying homes, even in this weather. Make sure they can get to your home. Also, make sure that you have mats and or rugs to handle the dripping shoes and boots. Have extra Pictures of the Exterior of your home when the Landscaping was looking good, with Leaves and Flowers. If you have a Deck, Patio and or Pool make sure your potential Buyer knows how nice they look (by keeping them shoveled and Pictures)and can picture themselves enjoying the Backyard Paradise in the warmer months. Try to keep all Blinds, Curtains or Drapes open and the Lights are on -it's usually Cloudy and Dreary at this time of the year - so make sure your home looks as bright as possible! Garages - try to shovel and broom any snow or water out of the Garage -make it look it's best and make sure you have no hanging icicles from Gutters, Eaves or Porches - a Safety Issue if they fall.

Just remember, at this time of year, homes usually look their worst, do everything you can to make yours look it's Best!! Good Luck and Bring on the Buyers!!

What is Happening to "The Market"?

2007-12-27T12:48:00.000-08:00

How's Business is the most common question I am asked anymore, along with How's the Market? My answer is that the Real Estate Business is still good. Yes, we are not selling at record prices on a regular basis and Homes are not flying off the market in a few days the way they did over the past 5 years, but they are still selling.

There is a much larger inventory of homes on the market than there has been for years, but people still want to move - they keep putting homes up for sale and will probably need to buy another home. This is a Great Time for anyone that is looking to Buy. Sellers, due to the inventory, are needing to be more competative by pricing their homes more aggresively, making repairs and updates, staging their homes to appeal to the Buyers Eye and removing any clutter so the Buyer can picture how they will use each room.

Yes, it is a Great Time to Buy!! Interest Rates are still low and could move lower, depending on what the Fed does. What we seem to have is a Log Jam. People want to Sell their homes, otherwise they wouldn't put them on the Market. These people that are selling will need to Buy, or Rent a new home and should find some great deals out there. It's just a matter of not being afraid to pull the trigger. We have all been listening too much to the Media and are starting to believe"The Sky is Falling". If we all believe that, it is possible it could happen. The Glass isn't Half Empty - it is Half Full - so take advantage of this situation if you can.

For the people that are Selling: No, we are not getting Record Sale Prices like we have seen over the past 4 or 5 years, but usually what ever you have to do to sell your home, you will find you will make-up for on your Purchase with a better price, better or bigger home, or just more to choose from which you will benefit from in the long run.

What's happening to the Market? It seems to be a Correction instead of Recession. Lake County Illinois is still a good place to Buy, Sell and Live in and the Market isn't as bad as it is in other parts of the Country. Face it, we will always need Food and a Place to Live, so Real Estate will continue to Sell, just maybe not at the speed it has in the past few years, but it will Sell.

How's the Market? GOOD, if you can take advantage of it!!!

2007-03-01T08:18:00.000-08:00

New Time Change Dates!

When do we change our clocks?

Beginning in 2007, most of the United States begins Daylight Saving Time at 2:00 a.m. on the second Sunday in March and reverts to standard time on the first Sunday in November. In the U.S., each time zone switches at a different time.

Spring forward, Fall back!
During DST, clocks are turned forward an hour, effectively moving an hour of daylight from the morning to the evening.

Date change in 2007
On August 8, 2005, President George W. Bush signed the Energy Policy Act of 2005. This Act changed the time change dates for Daylight Saving Time in the U.S. Beginning in 2007, DST will begin on the second Sunday in March and end the first Sunday in November. The Secretary of Energy will report the impact of this change to Congress. Congress retains the right to resume the 2005 Daylight Saving Time schedule once the Department of Energy study is complete.

When in the morning?
In the U.S., clocks change at 2:00 a.m. local time. In spring, clocks spring forward from 1:59 a.m. to 3:00 a.m.; in fall, clocks fall back from 1:59 a.m. to 1:00 a.m. In spring, clocks spring forward from 12:59 a.m. to 2:00 a.m.; in fall, clocks fall back from 1:59 a.m. to 1:00 a.m.

In the U.S., restaurants and bars have various closing policies. In many states, liquor cannot be served after 2:00 a.m. But at 2:00 a.m. in the fall, the time switches back one hour. So, can they serve alcohol for that additional hour in October? The official answer is that the bars do not stop serving liquor at 2:00 a.m., but actually at 1:59 a.m. So, they have already stopped serving when the time changes from Daylight Saving Time into Standard Time. In practice, however, many establishments stay open an extra hour in the fall.In the U.S., 2:00 a.m. was originally chosen as the changeover time because it was practical and minimized disruption. Most people were at home and this was the time when the fewest trains were running. It is late enough to minimally affect bars and restaurants, and it prevents the day from switching to yesterday, which would be confusing. It is early enough that the entire continental U.S. switches by daybreak, and the changeover occurs before most early shift workers and early churchgoers are affected.

Different U.S. Areas
For the U.S. and its territories, Daylight Saving Time is NOT observed in Hawaii, American Samoa, Guam, Puerto Rico, the Virgin Islands, and Arizona. The Navajo Nation participates in the Daylight Saving Time policy, even in Arizona, due to its large size and location in three states.

Safety reminder
Many fire departments encourage people to change the batteries in their smoke and carbon monoxide detectors when they change their clocks because Daylight Saving Time provides a convenient reminder. More than 90 percent of homes in the United States have smoke detectors, but one-third are estimated to have dead or missing batteries.

New Carbon Monoxide Detector Laws in Illinois!

2007-01-06T14:12:00.000-08:00

There’s a New State Law Requiring the Installation of Carbon Monoxide Detectors In Your Home. What Do You Need To Know?

In 2006, the Illinois General Assembly passed a new law which requires the placement of Carbon Monoxide Detectors in residences. Find out what you should know about detectors and your compliance with this law.

Public Act 94-741 mandates that every dwelling unit in Illinois must be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes.

This law is effective January 1, 2007.

WHAT IS CARBON MONOXIDE?
Carbon Monoxide (also known as CO) is a colorless, odorless, poisonous gas which can cause poisoning when inhaled. Carbon Monoxide is produced by the incomplete combustion of organic fossil fuels such as oil, gas, or coal. In normal conditions, the combustion process (the addition of oxygen) will result in carbon in the fossil fuel, combining with oxygen, in the air, to produce Carbon Dioxide (CO2), the same substance we exhale when we breathe.

However, if there is a lack of air for the combustion process or the heating appliance is faulty, Carbon Monoxide can be produced. When CO is inhaled in the body it combines with the blood, preventing it from absorbing oxygen. If a person is exposed to CO over a period, it can cause illness and even death.

WHAT IS THE MAIN REQUIREMENT UNDER THE NEW LAW?
The new law mandates that every dwelling unit must be equipped with at least one approved carbon monoxide alarm in an operating condition within 15 feet of every room used for sleeping purposes. A dwelling unit, defined as a room or suite of rooms used for human habitation, would include a single-family residence as well as each living unit of a multiple-family residence and each living unit in a mixed use building.

ARE THERE ANY EXEMPTIONS TO THIS REQUIREMENT?
The law exempts residential units that are in buildings that: (1) do not rely on combustion of fossil fuel for heat, ventilation or hot water; and (2) are not connected in any way to a garage; and (3) are not sufficiently close to any ventilated source of carbon monoxide. Buildings that have electric heat are exempt.

ARE THERE ANY SPECIFIC REQUIREMENTS ABOUT THE TYPE OF DETECTOR OR ALARM THAT MUST BE USED?
The law allows three different types of alarms to be used to meet the requirement. The alarm can be battery-powered, a plug-in style (with battery back-up) or it can be wired into the AC power line with secondary battery back-up.

The Carbon Monoxide alarm must bear the label of a nationally recognized testing laboratory and must comply with the most recent standards of the Underwriters Laboratories. Look for the “UL” symbol on the package. If you are not sure, check with the retailer and read the description and the instructions on the box containing the alarm.

CAN YOU USE ONE ALARM SYSTEM TO MEET STATE LAWS THAT MANDATE BOTH A SMOKE DETECTOR AND A CARBON MONOXIDE DETECTOR?
YES. The Carbon Monoxide alarm may be combined with the smoke detector provided that combined unit emits an alarm in a manner that clearly differentiates the hazard.

GENERALLY, HOW MUCH DO ALARMS COST?
The price range per alarm is $18 to $50 depending on the features of the alarm. Generally, alarms are available from hardware stores or larger retailers of home products.

IS THERE A PENALTY IF I DO NOT INSTALL A DETECTOR?
Willful failure to install a detector is a Class B misdemeanor. Tampering with, or removing, destroying, disconnecting an alarm (except in inspection or maintenance) is a Class A misdemeanor.

Visit these Web sites for more information:• Consumer Product and Safety Commission www.cpsc.gov/cpscpub/pubs/466.html • Illinois Department of Public Healthwww.idph.state.il.us/public/hb/hbcarbon.htm • United States Environmental Protection Agencywww.epa.gov/iaq/pubs/coftsht.html

RESPONSIBILITIES OF LANDLORDS AND TENANTS
IN A MULTI-FAMILY BUILDING WHERE UNITS ARE BEING RENTED OUT, WHO MUST FURNISH THE ALARM? WHO MUST MAINTAIN IT?
The law specifies that it is the responsibility of the owner to supply and install all required alarms. So, while the owner of a multi-dwelling unit must supply and install all required alarms, the tenant is responsible for the testing and general maintenance within their unit, including the responsibility to replace any required batteries, and to notify the owner or the authorized agent in writing of any deficiencies that the tenant cannot correct.The owner is further required to give one tenant per dwelling unit written information regarding alarm testing and maintenance and must ensure that the batteries are in operating condition at the time the tenant takes possession of a dwelling unit.

This article is from the Illinois Association of Realtors®.

© Illinois Association of REALTORS®Disclaimer Site Map
REALTOR® is a registered trademark of the National Association of REALTORS®IARaccess@iar.org217/529-2600fax 217/529-3904P.O. Box 19451Springfield, IL 62794-9451

Are the Holidays a Bad Time to List My Home?

2006-11-18T16:40:00.000-08:00

This is a question that we hear all the time. Traditionally, the Holidays have not been a good time to sell, but that is because everyone believes what they hear! If we let people convince us that we will not be successful, that is probably what will happen, we will be unsuccessful.

It is true that less people are looking to buy a home during the Holidays, face it, people usually have more on their minds during that time of year. However, due to that mentality, there are Less homes on the Market, meaning less competition. The Buyers that are out there are "Serious Buyers", not Tire Kickers. So if we do our homework, we can create an advantage.

During the Holidays, you must do everything possible to make your home marketable. Put it in the best shape possible, by making sure it looks it's best. Remember, First Impressions are Important! Make sure that the yard has been cleaned, with all Leaves and Twigs removed, Front Door and Storm Door painted if needed and clean. Inside, Paint, where needed, Replace worn Carpets, or make sure that they have been cleaned, remove clutter and correct any objections before you put your home on the Market.

Another favorable condition of this time of year. Decorate your home for the Holidays, in a lot of cases your home may look it's best with festive decorating. During the Holidays, we also have some wonderful smells, which don't hurt when trying to sell your Home. Play on the emotions, if your home is decorated nicely during the holidays, it gives potential buyers an idea of what life in this home might be, along with possibly reminding them of some wonderful times in their past.

The last reason to consider putting your home on the Market during the holidays is - Get a jump on your Competition. During the end of the year is a common time for large companies to Transfer, or Relocate their Employees. The companies will usually break the news to them during the Last Quarter and let the Transferee make a visit to the area which they will be transferred to, to scout out the area and make a decision on whether or not they would like the new area and accept the transfer. We have seen that having your home on the Market at this time of year might work in getting your home sold. Transferees normally are working against time restrictions. When you have done your homework to make sure that your home is in the best condition possible, looks great and is priced competitively, you could be a Winner!

Homes do sell every month of the year, it is a proven fact. You can wait until Spring and Hope that you can take advantage of the "Best Time" of year to sell, or whip your home into "Ready to Sell Shape" and give it a try. In the end, the Seller that has their home ready to sell and priced right can probably sell their home anytime of the year.

Written by Bob Wallen

http://www.soldbywallen.com/

2006-11-13T08:25:00.000-08:00

Document Value Of Donated Household Goods.

If you regularly count on Goodwill, the Salvation Army and others to find homes for what won't fit in your attic, garage or spare room -- all while getting a charitable tax deduction -- do your spring purging now.

That's especially true if you commonly fudge the value of donated items.
In 2007, the Internal Revenue Service will hold you accountable for accurately documenting the value of donated goods under a new tax edict tucked away in the Pension Protection Act of 2006, signed by President Bush this summer.

The broader act is aimed at curing the ailing defined-benefit pension system but it includes a host of unrelated provisions, including one that governs required, accurate documentation when you claim tax breaks for gifts, including household goods trucked off to charitable organizations.
Under the current law, the IRS pretty much takes you at your word when you claim a tax break for donations of money or items you've valued at up to $250. Documentation is required for larger amounts and, of course, if you are audited.

Next year, you might want to put a check in the Salvation Army's Christmas Kettle and make sure that futon is really worth $50 -- if you take the deduction.
Under the new provision, you won't have to file your receipts, canceled checks or other donation documentation, but you'd better have proof on hand.

IRS will keep tabs on you through a form that's already necessary when you give goods, IRS Form 8283, "Noncash Charitable Contributions" which comes with instructions, both of which you can download from http://www.irs.gov/.

Along with newly required documentation, the IRS will be beefing up enforcement of existing penalties that rain down on you if you overstate the value or adjusted basis of donated goods.
The penalty is 20 percent of the underpayment of tax related to the overstatement if the value or adjusted basis claimed on the return is 200 percent or more of the correct amount, and you underpaid your tax by more than $5,000 because of the overstatement.

The penalty jumps to 40 percent if the value or adjusted basis claimed on the return is 400 percent or more of the correct amount and you underpaid your tax by more than $5,000 because of the overstatement.

And of course you'll have to pay any taxes that were actually due.
The Salvation Army (http://www.satruck.com), Goodwill Industries (http://www.goodwillpromo.org) and other charities offer suggested values for a host of items, but it's up to you to make sure you get it right.

If you are a frequent household goods donator it makes sense to get more assistance from the source of the new rules. IRS Publication 561 "Determining The Value Of Donated Property" or theIRS Web page (http://www.irs.gov/) with the same name, both teach you how to value everything from aircraft and household goods and to real estate and stocks.

Written by Broderick Perkins

Seller's Home Appeal for Today's Market

2006-11-01T22:36:00.000-08:00

After years of hearing from successful sellers that they didn't have to do a thing to sell, they now need to understand how they can stand out from their competition. Here is a handy list to help sellers determine if some features in their home might need some attention.

Test all door and cabinet knobs. Replace mismatched or inexpensive hardware for a quick update. Buyers rarely can get beyond a knob that comes off in their hand as they attempt to use a door.

Take the time to paint walls, trim and ceilings. Keep adjoining rooms in one color palette, which will make your home appear larger. Clean up spills from messy painters. Hire professionals to paint mullions on windows and staircase spindles.

Slipcover mismatched furniture in a room that requires visual unification.

Discover ways to organize day-to-day room needs. Substantial wicker baskets or square stainless steel or brass containers can organize magazines, remote controls and toys. Books provide a good look, but vary them by laying some down and standing some up.

Wallpaper is considered fill-in-the-blank decorating. No two people have the same taste in this instant decorator wannabee. If it's more than three years old, take it down and paint in a neutral color. And wallpaper borders are out.

Simple furniture rearrangement can bring new life to a tired space. Float sofas and coffee tables away from walls for a designer look. Use area rugs to anchor furniture groupings on bare tile and wood floors. Place groupings of candles and clear glass bowls filled with natural potpourri, fresh fruit or glass crystals on side and coffee tables.

Make sure there is balanced lighting in every room for dusk and evening showings. Dimmers help set the right tone.

Polish and wax hardwood floors to brighten and blend an old finish.

Clean every surface until it shimmers and shines. Clean can seal a deal. Don't forget the windows.

Purchase the best quality carpet pad which can make any new carpeting "cushy," and home buyers love cushy. Stay away from shag styles; buyers know it won't be around long in style cycles.

Streamline window fashions. Heavy drapes are in the minority. Think "let the light shine in" when placing blinds and shades. Light and bright can overcome other issues with a home.

Freshen-up closets with closet organizers to maximize storage space and paint a neutral, washable color. Make sure buyers can see the back of all closets and cupboards. Lighting is an often overlooked feature in closets, but buyers will always turn on lights when viewing a closet, big or small. Thinning closets, cabinets, basements, attics and garages will also help your storage spaces look larger. If you can't part with items, rent a storage locker to hold items for decision making later.

Don't forget the basement; dark, dirty and musty basements are a turn-off to buyers. Add extra lighting, paint the floor and vacuum out all the cobwebs. Organize storage areas and take the time to clean the washing machine and dryer. To spruce up the hot water heater and furnace, wipe down with a strong cleaner. Scrub the laundry tub and sweep left-over leaves out of exterior stairs and window wells. Run a dehumidifier to reduce basement moisture.

Take a good look from the street or road at the front of your home. Look for shrubs that are overgrown or dead and remove and replace them with shrubs or plants that are to scaled to your home. Small inexpensive bushes send the wrong message.

Limit yard ornaments to a favored few. Excess ornaments can make yards look busy and buyers might want them included in a purchase contract.

Paint and refresh yard lights, flagpoles, mailboxes, window boxes, fences and trellis. Don't forget the swing set or play equipment.

Replace broken bricks on terraces, cracked concrete patios and steps.

Restore screens on porches and lanai's. Dirty, rusty and ripped screens limit functionality to homebuyers.

Don't leave pets unattended for property showings, especially if you think they could be aggressive or territorial around strangers.

Have carpets and area rugs cleaned before showing your home to potential buyers. Those allergic to animal dander and hair, even if they can't see your pet will know when their eyes and nose start to alert them to an allergic reaction. Many will not purchase a home that poses strong allergy issues.

A barking dog or overly-friendly cats can kill a showing. Be pro-active and take your pets off site for showings. Hire a dog walker to occupy pets if you can't be home.

Written by Mark Nash
Bullet #10, Purchasing carpet “Stay away from shag styles, buyers “ - should be “styles; buyers

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Wondering What Your Home Is Worth? -- Let me show you.
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What is a "Buyer's Market"?

2006-10-26T12:06:00.000-07:00

Most real estate practitioners consider a typical market to be one in which homes take an average of six months to sell. Realtors keep track of this number by keeping up with the days on the market (DOM) of every home listed and sold.

If the number rises above six months inventory on hand, then the market is swinging into a buyer's market. If it falls below, it is becoming a seller's market.

A buyer's market is one in which there are too many homes on the market for the number of buyers. Homes take longer to sell and prices fall.

Sometimes buyers believe that winter time is a buyers' market. Homes offered for sale during slower times of the year are generally aggressively marketed, and may not sell for a significantly lower price than they would if they were marketed in a busier period.

In the spring, a seasonal adjustment occurs, and more homes come on the market. Buyer activity picks up as families with children (still the single largest buyer demographic) buy homes so they can move during summer vacation.

A buyer's market can easily exist in the spring, if conditions dictate that there are more homes than buyers, falling prices, and longer DOMs.

Sometimes a buyers' market can be created that lasts for a long time. The exit of one or more major employers from a community, a natural disaster such as a flood or earthquake, or some other catastrophic event can affect home values in an area for years.

As homes become more competitive, buyers realize that their interest is at a premium and they will increase their demands to sellers. Those nice chandeliers that normally would not be included in the purchase price of the home, now become a bargaining chip for the buyer.

The buyer may ask the seller to provide a home warranty at the seller's expense, or for the seller to pay more of the closing costs than usual out of the settlement proceeds, or any number of other contingencies.

The one certainty that can always be counted upon is that one side of the market will never stay on top forever. In fact, it can turn on a dime. The same area that remains depressed for a period of time can make a comeback as lower prices stimulate reinvestment. Contact your REALTOR® for more information about market conditions in your area.

-From my Newsletter @ http://www.SoldByWallen.com

Why Do I Need a Realtor for New Construction?

2006-10-19T10:55:00.000-07:00

Most people think that they only need a Realtor to Buy or Sell an Existing Home - Not True! A Realtor can be a lot of help when dealing with New Construction. In the case of New Construction, the Home Buyer may think of the Realtor as a "Middleman", which I can understand the assumption, but it is far from reality.

An Experienced Realtor can be an asset when purchasing New Construction due to the fact that we deal with Buying and Selling Homes everyday. We can be a great help in determining Location or Lot Selection, which can affect the Resale of your home down the road, along with is a "Premium" Lot worth the higher price. Evaluation of Models regarding Lay-outs or Floor Plans in regards to Flow, Ease of Entertaining and Privacy. Determining "Upgrades" - what Bells and Whistles are Wise Upgrades and Desired Features that you will Enjoy, that will help you Sell your Home whenever you decide to Sell, and what "Upgrades" are Good Values and Money Well Spent!

A Realtor can also help you compare Builders, and developments. We can set appointments and show you existing homes built by the same Builder. This gives you an idea of how the homes may hold up over time, workmanship and materials used and what their completed developments look like. We can also help you make comparisons of similar developments based on Price, Size and Location.

One of the Main Reasons a Buyer won't use a Realtor is they believe it will cost them more money to buy New Construction using a Realtor than without using one, this is not true. The Builders appreciate working with Realtors. They know that we bring them qualified Buyers and can make their Sale go that much smoother. The commissions that they pay are paid from their advertising or budget. The Home will cost you the same whether you use a Realtor or not, so it doesn't cost you anything to have a Realtor represent you. If you do not use a Realtor you may be paying an unknown fee (for advertising) and not getting all the benefits of having an experienced Realtor representing you. Many Buyers feel that since there is an "On-Site" Salesperson, that is who they should work with in their Purchase. The "On-Site" Salesperson (at the Model Homes) works for the Builder and acts as the "Sellers Agent" (Builders Agent). Though they must treat everyone fairly, their purpose is to put together the best deal for the Builder - not you. Just as the Builder has their representatives, you are entitled to have a Real Estate Agent, a Realtor, a "Buyers Agent" to represent you, while also looking out for your best interests.

As you can see, there are many good reasons for using a Realtor to aid you in your purchase of New Construction. The most important thing to remember is to Contact a Realtor First, before visiting the Builder, or Builders Models. Even though Builders are happy to work with Realtors, many of them require the Realtor to accompany and register the Buyer on the first visit. If you meet with the Builder first, he may not allow the Realtor to represent you, leaving you to represent yourself. Remember, our Job is to represent YOU, so use a Realtor and you won't be sorry.

Written by Bob Wallen

New Listing

2006-10-13T08:34:00.000-07:00

Are you looking for a Very Nice, Recently Updated Ranch Style Home in Mundelein, Illinois? I have a New Listing that if you are Looking up to $249,900 this is the one for you!

You will Love the Openness and Brightness of this completely remodeled Home that sits on a Quiet Cul-De-Sac Street. The Homeowners have put alot of Time, Thought and Hard Work into this One. This Home boasts a Completly Remodeled Kitchen with 42" Light Oak Cabinets (featuring an Appliance Garage and Pullout Shelves in the Cabinets), Planning Desk, Ceramic Backsplash, Ceramic Floor, All the Appliances, Can Lighting, Pantry and a Large Eating Area which makes a Great Country Kitchen, or could be used as a Dining Room. The Two and a Half Bathrooms have also been Totally Remoded, You'll find Ceramic Floors, Newer Tubs and Showers, Oak Vanities and a Pedistal Sink in the Powder Room. The Hardwood Floors have been Re-Finished and give the Home that Special Touch. It doesn't stop there - wait until you see the Basement. You'll find a Light and Bright, Spacious Second Master Bedroom, that could also be used as a Family Room if you choose and a 5th Bedroom or Home Office/Den/Craft Room. Throw in a Beautiful Full Bathroom and it becomes a Great Get Away Level with lots of Privacy! This Home has Newer Windows, Doors, Furnace, Central Air, Humidifier, Central Vac, Kitchen and Baths and the Roof and Gutters are Brand New- what more could you want, except to move right in.

Call me, or e-mail me to set up your Private Showing!

Welcome!!

2006-10-12T13:30:00.000-07:00

I am your Real Estate Information Source, a Place for you to "Get Your Questions Answered" and find out what's Happening in Lake, McHenry and Northern Cook Counties.

The Media is really playing up how the Real Estate Market "Bubble" has popped. I think that if everyone starts believing what they are hearing, it is possible that it will happen - remember the story about "The Sky is Falling, The Sky is Falling". I am still seeing quite a bit of activitiy in our geographic area, my office is Century 21 Market Place, Ltd in Mundelein, Illinois. Sellers are still putting their homes on the Market, Buyers are still looking for a new home and Interest Rates are still at Great Rates and have even dropped recently, too. So is it a "Bad Market? I wouldn't say it's Bad. We do have a larger Inventory of Homes on the Market compared to Last Year, but as a Buyer, that gives you more to choose from, and due to competition you may get a little better price. As a Seller, you have more Competition, so you need to make sure that your home is Priced Fairly, Ready to Sell (in the Best Shape Possible - Clean, Staged, No Clutter, Looking it's Best) and Marketed using all the Tools. I don''t think we are going to see the glut of "Multiple Offers" that we saw over the past few years. This may slow appreciation down to less than 5% or make it flat this year - but did we honestly think that appreciation could keep going at the double digit rates it has been growing at? I think that we are seeing an adjustment - but nothing like the Stock Market - people will always need a home and our personal situations will make moving to a new home or new area a necessity.

Written by Bob Wallen