Via Dean Moss - Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Lincoln Square Chicago IL):

Good Morning, folks!

Another cold winter weekend in Chicago . . . but still lots to do!  From our Team Member Sue Moss, here's an update of some of the things happening this weekend in the City of Chicago.

Snow Days Chicago - a three-day winter festival in Grant Park.  Over 27 beautiful and unique sculptures, made entirely out of snow, will transform the City into a winter wonderland.  Snow sculpting began this past Wednesday with selected Teams and wraps up at 3:00 p.m. on Saturday.  Don't forget to cast your vote Saturday between 11:00 a.m. and 4:00 p.m. for the "People's Choice Award".  The Awards Ceremony, open to the public, will take place Saturday at 6:00 p.m. at the Chicago Hilton and Towers in the Waldorf Room.

Besides the snow sculpting competition and the high school snow sculpting exhibition, Snow Days also features dogsled racing and weight pulling demonstrations, a snowboard rail jam and kids' activities at the Activities Igloo. So bring your whole family out for a full-day of fun in the cold!  It's free too!!  Click here for further information as to times and any last minute major changes due to unsafe weather conditions.

Did you happen to miss out on the Polar Bear Club New Year's Day Swim at North Avenue Beach?  Guess what - you can redeem yourself this Saturday at the 9^th Annual Lakeview Polar Bear Club's Polar Plunge at Oak Street Beach (1000 N. Lake Shore Drive).  Participants are to meet at 11:30 a.m. for a pre-plunging photo shoot before frolicking in the icy waters of Lake Michigan at high Noon.  After you thaw out, Galway Bay Pub will host an evening after-party from 9:00 p.m. to midnight.  Besides serving up drink specials, raffle tickets will be sold for $2 each to help raise funds for two local families in need of support.  Click here for helpful hints for you Polar Bears as well as information on the two local families.

On a much warmer note, the Windy City Rollers Season Opener is Saturday at the UIC Pavilion (525 S. Racine Avenue).  It's a double-header evening for the roller derby league beginning with Hell's Belles vs. Double Crossers, followed by Manic Attackers vs. The Fury.  Our ladies team reigned #1 in the Women's Flat Track Derby Association's North Central league in 2009!  For more details and ticket information, click here.

Lastly, there's the Winter Music Festival at Uncle Fatty's Rum Resort in the Lakeview neighborhood.  This week long bash, along with the adjoining bar The Coach House, features cover bands, DJ's and drink specials.  Click here for the music line-up, and stop staring at your four walls!

Did we miss anything happening in YOUR world this weekend?  Please share!

Enjoy, but  . . . Keep Warm!

Here's a link to Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Via Jeff Dowler ~ Carlsbad Real Estate ~ 760-840-1360 (RE/MAX Moonlight Beach (CA DRE Lic. # 01490977)):

Is YOUR home sale slip-sliding away? 

In light of all the rain this week in California you might think I'm talking about mudslides. And granted, there are some of those, unfortunately, with more likely to come unless the rain stops. 

But this post is really about home sales losing their potential to become a reality...for a host of reasons. Some may be YOUR fault, deliberate or not. Others, quite frankly, are the result of your agent's actions. Maybe you aren't aware. Maybe you are and don't care. 

As an agent who is, at the moment, working with lots of buyers who are anxious to buy, I thought I'd pass along some feedback that could help. Listen up! If you really do want and need to sell. If you are testing the market (come on, you KNOW if you are), you can simply ignore this. 

So this is what we (me and my buyers) think are a few signs of a seller's faux pas: 

PRICING

OK, the price is not in line with the local market: nuff said. Buyers know this right away, so you aren't fooling anyone. If the agent took the listing with a price that is out of what you are both responsible.

AVAILABILITY

Scheduling a showing is too hard - the hours are really limited, you or the agent do not return calls or emails, you have to call too far in advance (48 hours? Forget it). Do we even need to talk about keys that don't work?  Or how about when we do call you say it's not a good time? Hmmm, you DO need to sell, don't you?

MLS INFORMATION

The information is limited, missing, inaccurate, or contradictory (e.g., it says MOVE IN condition and it looks like a junkyard with more cosmetics needed than most buyers would consider even remotely reasonable). That's your agent's fault, in most cases Are you getting the opportunity to review the listing to make sure it is accurate? Many folks make decisions about showing based on what they read. You CANNOT afford to ignore this. And as the client YOU deserve to have your home's information on the Internet presented in the best light.

NO PHOTOS

OK, so there's one crummy photo. Your agent is simply NOT doing the job. Buyers DEMAND photos. Like it or not they DO make decisions based on photos. No photos, no showings from some buyers. What a loss. This is your agent's job - you need to hold them accountable.

LOCKBOX ISSUES

This is solely the job of your agent. I can't tell you how many times I have encountered NO lockbox when the MLS says there is one. Or the key does not work. Or the agent doesn't bother to state in the MLS that the lockbox is a combo instead of one we can access with our Sentrilock card. Or the key does not get returned.  

INTERIOR and EXTERIOR HOME CONDITION

If you think buyers are not paying attention to the curb appeal, and the home's condition, you are not being told the reality of today's market (in many areas). Buyers LOOK for signs of a home that needs help, or means more work for them IF they should decide to buy. And they immediately start thinking there are other hidden issues if the home does not show well or clearly has lots of deferred maintenance.  

If this is sounding a little testy, it's meant to. Quite frankly, in the last few weeks I have had far more issues showing property than I would have expected in this market where many sellers presumably NEED to sell. And my buyers have asked me outright...."DO these home owners WANT to sell or not?" 

Some of this is due to the fact that SOME agents are NOT doing their job of educating sellers about the local market conditions, and what is essential in order to get the home sold. 

Thankfully there are also a good number of sellers who are doing all they need to do - the house looks great, they are accommodating reasonable showing times, and they seem genuinely interested that we are coming by to tour their home. And their care and concern about their home shows. 

So give it some thought. Are there things you are doing, or your agent is doing, or not doing, that is causing YOUR home to not be a viable candidate for being sold in this market?

********************************

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If I can provide more information about Carlsbad real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2010 Jeff Dowler "The California Relocation Dude" Carlsbad Homes and Real Estate Tidbits

Via Dean Moss - Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Lincoln Square Chicago IL):

Good Evening, from Chicago!

This week's edition of Chicago Neighborhood News, from our Team Member Cathy Mallers, is full of juicy information from the Chicago Neighborhoods of Portage Park, Lakeview, The Loop, Lincoln Square and North Center, as well as the Chicago Suburb of Oak Park IL.

Got something happening this winter in Chicago or Any Chicago Suburb you would like us to publicize?  Let us know, and we'll help you spread the word!

Dean's Team offers the Number One Rated Active Rain Blog in the City of Chicago!

PORTAGE PARK

The new year has settled in nicely and now it's time to start thinking about your goals and resolutions for 2010.  It's also the time when parents and their kids start viewing colleges.  There is one location in Portage Park that's of particular interest, DeVry University.

The college has several programs available for those interested in attending the college so you can get a true feel for the day-to-day.  You can Crash-a-Class and shadow a friend, sibling or DeVry Ambassador to view classes in action.  You can choose to take a Passport2College where high school students can earn college credits in business and technology with the only cost for books.  If those two options don't work, make an appointment to take a Tour on Thursdays.

LAKEVIEW

Can you say cabin fever?  Thankfully this current weather is great and you can go outside during the warmer part of the day with the kids.  For those not so great days, there's Toddlers' Playhouse (featured today on Daily Candy).

Toddlers' Playhouse is a location for children ages 6 months to 4 years old.  You can sign up for a membership and enjoy such things as "sing-a-long music, independent play, arts & crafts, festive parties, and programmed group activities."  Children must be accompanied by their care provider and can have a play date with up to 25 kids.  Time to get out of the house...

THE LOOP

Chicago is primarily known as the Windy City and traditionally "The Loop" is where our main government and business happen.  Due to the efforts of the Chicago Loop Alliance, once again the city is making changes in how you perceive our expected norms.

PopUp Art Loop is one initiative that is breaking through these conventional norms and providing a new way to view what Chicago's artistic scene offers.  PopUp Art Loop^TM transforms empty storefronts in the Loop into a movable feast of public art galleries, exhibits and studios.  With a map of installations on the main page, plan a free art walk before going to a show at one of the local theaters.

NORTH CENTER and LINCOLN SQUARE

And the crowd goes wild!!!  Local brewery Half Acre Beer Company is making quite a splash in the North Center neighborhood.  With tours happening every Saturday at 1pm, be sure to call early and get on the list because tours fill up quickly. 

Local owner, Gabriel Magliaro, started the company in October 2006 in Wisconsin and opened a new brewing facility here in Chicago in October 2008.  The brewery space is rented from the Murphy family - as in Murphy's Bleachers across from Wrigley Field.  According to Magliaro, "This company was founded on the basis of having a good time.  But we have times when we work pretty hard. Long hours."

OAK PARK

The new 2010 concert series has been announced by the Department of Music at Concordia University Chicago.  The series will feature choral and instrumental ensembles, faculty and student musicians.

The concerts are free to the public, take place on the Concordia campus and offer free parking.  With a full complement of music from classical to jazz this is sure to be a series not to miss.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Via David H Stevens (United States Dept. of HUD):

I wanted to take a moment to make sure you are familiar with events surrounding a sweeping set of policy changes for FHA announced earlier this week. The announcement details the changes that Secretary Donovan promised to deliver by the end of January when he testified before Congress last month.

 

The new policies are designed to strengthen the FHA's capital reserves so we can continue to fulfill our mission of serving underserved communities.  In addition, we were determined that these changes should support, not disrupt, the nation's housing market recovery.  Bringing these changes to market has been the result of a lot of hard work and long hours.  And, I am proud to have worked with so many of you on this initiative.

 

What changes will be implemented?  We announced the following on January 20:

1. Increase the up-front mortgage insurance premium (MIP) to 2.25%;
2. Update credit score and down payment requirements for new borrowers;
3. Reduce seller concessions to three percent, from six percent; and
4. Implement a series of significant measures aimed at increasing lender enforcement. 

 

When combined with the risk management measures announced in September of last year, these new changes are among the most significant steps ever taken by FHA to address risk.  Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery.  Importantly, FHA will remain the largest source of home purchase financing for underserved communities.

 

Let's go into more detail:

 

Announced FHA Policy Changes:

 

1.      Increase the MIP to build up capital reserves and bring back private lending.

o    The first step will be to raise the up-front MIP by 50 basis points to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

o    If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

o    This shift will allow for the capital reserves to increase with less impact on the consumer because the annual MIP is paid over the life of the loan instead of at the time of closing.

o    The initial up-front increase is included in Mortgagee Letter 2010-02 and will go into effect in the spring.

 

2.      Update the combination of credit scores and down payments for new borrowers.

o    New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.  New borrowers with less than a 580 credit score will be required to put down at least 10%.

o     This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

o    This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

 

3.      Reduce allowable seller concessions from 6% to 3%.

o   The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.

o   The change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

 

4.      Increase FHA lender enforcement.

o    Publicly report lender performance rankings to complement currently available Neighborhood Watch data which will be accessible via www.hud.gov on February 1.

§  This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

o    Enhance monitoring of lender performance and compliance with FHA guidelines and standards. 

§  Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

§  This change is included in Mortgagee Letter 2010-03 and is effective immediately.

o    Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.

§  Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

o    HUD is pursuing legislative authority to increase enforcement on FHA lenders.  Specific authority includes:

§  Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders.  This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.

§  Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. 

 

Note:  This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.

 

In addition to the changes I have outlined, we are continuing to review FHA's overall response to housing market conditions, to evaluate its mortgage insurance underwriting standards, and to improve its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

 

I know this is a lot of information to absorb.  Listed below are links to some of the major stories about the announcement.  I promise to keep you aware as we implement these changes going forward.

 

Wall Street Journal (Nick Timiraos, 1/20) "FHA Sets Tighter Lending Requirements" The Federal Housing Administration is implementing more-stringent lending requirements and higher borrower fees to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency. LINK

  

Washington Post (Dina ElBoghady, 1/20) "FHA plans to require borrowers to produce more cash for downpayments" The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. LINK

  

Chicago Tribune (Mary Ellen Podmolick, 1/20) "FHA homeownership rules to change" The Federal Housing Administration announced changes Wednesday that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. LINK

  

CNNMoney.com (Tami Luhby, 1/20) "FHA loan requirements will make it harder to get a mortgage" It's going to be harder to get a government-backed mortgage from now on. LINK

CNBC.com (Diana Olick, 1/20) "FHA Boosts Insurance Premiums to Cushion Defaults" In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities. LINK

 

I want to thank you for your efforts to keep this housing system on track. The role of the Real Estate Agent, Mortgage Lender, Settlement Service Provider, and all who make the dream of homeownership a reality, is critical to stabilizing this economy.  Your work is for a good cause.  We really are making a difference in people's lives.  Thanks for the partnership!

All information is deemed reliable but is not guaranteed.