"Government, the mortgage industry and forces of nature all shook the housing market in 2011. They had both an immediate impact and slow-burning effects, setting the stage for a bumpy 2012 with more foreclosures, political battles and local market risks."
Friday, December 30, 2011
Effective January 1, 2012 - New Way to Dispose of Electronics!
Effective January 1, 2012, Public Act 97-0287, the Electronic Products Recycling and Reuse Act, bans the disposal of electronics at landfills and establishes a statewide system for recycling and/or reusing computers, monitors, televisions and printers discarded from residences. This means that residents can no longer dispose of old electronics by putting them out for collection with their regular waste.
Check with your own municipality to see how this regulation is going to be addressed.
Residents can bring their electronics to one of the registered Residential E-Waste Collection Sites listed on the Illinois Environmental Protection Agency website, www.epa.state.il.us/land/electronic-waste-recycling/index.html. After you are on the EPA website, under the page title, Electronic Waste Recycling, click on "collectors/recyclers/refurbishers" and then on "Registered Residential E-Waste Collection Sites." Call the number listed for the location selected to find out the dates and times when the site is open and what items they recycle.
Thursday, December 29, 2011
Looking good for 2012?
"Sale contracts increased in November, and lenders are accepting more short sales. Meanwhile, prices slipped between September and October. Will this bode well for buyers in 2012?"
Wednesday, December 28, 2011
Confidence Rises!
"A monthly survey released Tuesday shows consumers' confidence in the economy in December surged to the highest level since April and was near a post-recession peak."
Confidence Rises Sharply, but Home Prices Fall
Ideas for Celebrating
"With a few money-saving tricks up your sleeve, you can host a great New Year’s party on a budget that people will be talking about for a long time to come."
Money Crashers: 11 Fun New Year’s Eve Party Ideas for Food, Games & Decorations
Attitudes of Young Americans Bode Ill for Housing Recovery
"Homeownership? No Thanks, That Was Your Dream."
Interesting read in Forbes: Attitudes of Young Americans Bode Ill for Housing Recovery
Interesting read in Forbes: Attitudes of Young Americans Bode Ill for Housing Recovery
Tuesday, December 27, 2011
Case Shiller Index released
"U.S. home prices fell in most major cities for the second straight month, further evidence that the housing recovery will be bumpy and weigh on the broader economy in 2012.
The Standard & Poor's/Case-Shiller index released Tuesday showed prices dropped in October from September in 19 of the 20 cities tracked."
The Standard & Poor's/Case-Shiller index released Tuesday showed prices dropped in October from September in 19 of the 20 cities tracked."
The Standard & Poor's Case-Shiller index of Chicago-area single-family home prices fell 1.8% from September to October and was down 4.8% from the year-earlier level, according to a report released Tuesday.
The index fell 0.8% in September after four consecutive increases.
Chicago was one of 19 of 20 cities tracked by Standard & Poor's where prices fell in October; a 20-city composite price index was down 1.2% from September and 3.4% from the year-earlier level, according to the report."
Monday, December 26, 2011
Do real estate signs work?
Do real estate signs work?
Yes, they do. Several years ago I answered the phone at the office. A neighbor had seen a sign for a property and he called our office to learn more about the house. He wanted to see it immediately -- so at 5:00 on a Sunday night, I drove over to the house and showed him the property. Within a day he made an offer and purchased the home. It was the fastest sale I had ever made! From then on, I was believer in the power of signs.
My friend and former business colleague, Mark Goebel, recently wrote about the power of real estate signs... Those Old-Fashioned Real Estate Signs Really Work!
I know some sellers don't like signs on their property. But don't underestimate the power of a sign!
Today is Boxing Day!
Happy Boxing Day!
Friday, December 23, 2011
Limbo until 2013?
"This year was supposed to be the bottom for the housing market and 2012 was supposed to mark the turnaround. In reality, even the improvements sound like bad news, and some forecasters are saying we'll have another year of gloom before the clouds break.
"It's unlikely prices will rise next year in most markets," said Jed Kolko, chief economist at real estate information site Trulia. "By that measure most local markets will not recover next year, but prices are only one measure of how the housing market is doing."
The Bottom Line from MSNBC
Real estate recovery in limbo until 2013, experts say
Winnetka Holiday Sing!
Join families, friends, and neighbors at the 16th annual Holiday Sing on the Village Green. Gather around the Village Green and sing favorite holiday songs. Please bring your singing voices and your own candles or flashlight. This event will last approximately 25 minutes. The Village Green is located on Maple Street, in between Elm and Oak Streets. Learn more
Christmas 2011: Best holiday gifts for your home
"Christmas is fun for many reasons: Holiday parties, festive decorations and, of course, gifts. You shower your friends and family with fruitcakes, sweaters and a plethora of other gifts, but what do you do for your house around the holidays?"
From CBS Money Watch
Mind-Blowing Home Sales That Happened In 2011
"The U.S. housing market is still in the pits, closing another year marked by falling prices, lackluster sales volumes and a steady stream of foreclosures. For the rich and famous, though, it’s been a year of record-breaking purchases.
We sorted through the biggest, splashiest home sales of the year to bring you a recap of the 15 we deem the most outrageous."
from Forbes
Mind-Blowing Home Sales That Happened In 2011
Thursday, December 22, 2011
What to do... what to do...
"Before homes are listed for sale, most owners make improvements like painting, landscaping, refinishing floors or even remodeling kitchens and baths. Some cost hundreds, others thousands, but all have one thing in common. When they're done, soon-to-be sellers wish they'd made the improvements long ago."
Cash is King!
"If money talks, cash speaks loud and clear in a downtrodden residential real estate market.
The share of Chicago-area homes bought with all cash climbed to 35% this year, up from 33% last year and 15% at the market’s peak in 2006, according to Hanley Wood Market Intelligence, a Costa Mesa, Calif.-based provider of residential real estate research."
Some great news!
"Chicago-area home sales jumped nearly 21% in November compared with the same period last year, according to a report.
In the nine-county Chicago area, 5,453 single-family homes and condos sold last month, up 20.7% from 4,518 in November 2010, according to the Illinois Assn. of Realtors."
Wednesday, December 21, 2011
Good news?
"The number of homes listed for sale in the U.S. fell for the sixth straight month in November to the lowest level since the housing bust began in 2006.
The 2.01 million homes listed for sale was down by 4.8% from October and by 21.3% from one year ago, according to data compiled by Realtor.com."
Read more in the Wall Street Journal
Even worse than we felt....
"U.S. home sales from 2007 through 2010 were about 14% lower than first reported, a real estate trade group said Wednesday, a sharp revision showing the housing bust was far worse than initially thought.
The National Association of Realtors revised downward its sales figures since 2007, using annual Census survey data to recalculate how many homes were sold."
Read more in the Wall Street Journal
Realtors Lower 2007-2010 Home-Sales Estimates by 14%
Tuesday, December 20, 2011
Distressed sales put downward pressure on prices.
"Despite solid demand for home purchases overall, a glut of distressed properties is continuing to put downward pressure on home prices, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.
"Distressed properties accounted for a hefty 46.1 percent of home purchase transactions in November as reported in the HousingPulse Distressed Property Index (DPI), using a three-month rolling average. Significantly, November marked the 23rd month in a row that the DPI has been above 40 percent."
Real Estate Economy Watch
Nearly Half of all November Sales Were Distressed
"Distressed properties accounted for a hefty 46.1 percent of home purchase transactions in November as reported in the HousingPulse Distressed Property Index (DPI), using a three-month rolling average. Significantly, November marked the 23rd month in a row that the DPI has been above 40 percent."
Real Estate Economy Watch
Nearly Half of all November Sales Were Distressed
Greater confidence by US homebuilders
"Rising interest from would-be buyers is leaving U.S. homebuilders less pessimistic about the housing market. But tighter lending standards are still keeping many potential buyers from purchasing new homes."
from NPR
Builders Less Pessimistic About Housing Market
from NPR
Builders Less Pessimistic About Housing Market
Change in seller patterns
"The method most used to sell a home has changed in recent years. A higher share of sellers are relying on the expertise of real estate agents and brokers to sell their home, rather than trying other methods.
- From 1991 to 2011 the share of home sellers who used a real estate agent or broker to sell their home increased from 77 percent to 87 percent.
- Over the same time period, the share of sellers who sold their home as a FSBO (For-Sale-By-Owner) decreased from 19 percent to 10 percent.
- Sellers use real estate professionals to help them sell their home in a reasonable timeframe, to market their home to potential buyers, and to price the home competitively."
Sunday, December 18, 2011
Borrowing for the downpayment?
"Coming up with a down payment is often a first-time home buyer's biggest challenge.
That's why many of them get a little help from relatives or friends."
That's why many of them get a little help from relatives or friends."
Read more in the Wall Street Journal
Friday, December 16, 2011
Still the American Dream...
"Despite problems plaguing the U.S. housing market such as tumbling values, record foreclosures, and tight credit for buyers, 74% of Americans believe home buying is a good investment. And 81% said it's still part of the American dream according to a new survey from Yahoo! Real Estate, the #1 Real Estate site on the web. The survey, which polled 1,500 current and aspiring homeowners, plus renters, found that while few (13%) currently live in their dream home a majority (55%) feel it's attainable."
Americans Still Believe Their Dream Home is in Reach
HARP
"With interest rates at historic lows, the expansion of a federal refinancing program could help more homeowners who owe more than their property is worth move out of higher-rate or adjustable loans into something more affordable and stable."
Read more in the New York Times
Read more in the New York Times
Helping Homeowners Dig Out
Thursday, December 15, 2011
Where the 1% lives...
America’s Richest Zip Codes 2011
So, how did the North Shore stack up?
# 3 - 60043 Kenilworth
#13 - 60045 Lake Forest
#14 - 60093 Winnetka
This year, these were the only three Illinois communities that ranked in the top 50 communities.
# 3 - 60043 Kenilworth
#13 - 60045 Lake Forest
#14 - 60093 Winnetka
This year, these were the only three Illinois communities that ranked in the top 50 communities.
Making life easier
25 clever ideas to make life easier
Why should I buy instead of rent?
Q: Why should I buy instead of rent?
Ilyse Glink answers this and other questions in her column in Equifax.
Ilyse Glink answers this and other questions in her column in Equifax.
Wednesday, December 14, 2011
Five years of home sales to be revised lower
"Data on sales of previously owned homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought."
Five years of home sales to be revised lower in 'meaningful' way
Chicago Tribune
NAR Over-Reports Home Sales for Four Years
Bryan Ellis Real Estate Letter
Housing Bust to Look Worse With Sales Revised
Wall Street Journal
Five years of home sales to be revised lower in 'meaningful' way
Chicago Tribune
NAR Over-Reports Home Sales for Four Years
Bryan Ellis Real Estate Letter
Housing Bust to Look Worse With Sales Revised
Wall Street Journal
Tuesday, December 13, 2011
December Checklist
Of all the lists we make this time of year, don't forget your garden...
See what the Botanic Garden suggests...
Monday, December 12, 2011
How is Square Footage Measured? You’ll Be Surprised
An inch is an inch is an inch. Or, so you’d think. But when it comes to measuring the square footage of a property, it’s not quite that simple.
Winnetka tops the list!
"Chicago is not only the economic hub of the Midwest, but it also sets the regional standard for quality of life.
On Numbers has analyzed 955 Midwestern communities, searching for the places offering the most favorable living conditions. Four Chicago suburbs have taken the top four slots.
Sunday, December 11, 2011
It’s the most wonderful time of the year...
It’s the most wonderful time of the year... But what about homeowners who are trying to sell their homes during the holiday season?
Read Market Watch
HouseLogic Poll Finds Voters Driven by Jobs, Housing in 2012 Election
"A recent survey by Houselogic.com, the consumer website from the National Association of Realtors®, finds that jobs and the housing market will be two of the most important issues for voters in the 2012 election. Nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November."
Read on in NAR news.
Read on in NAR news.
5 tips to protect your assets and guests during holiday parties
"As a host, you’re thinking of decorations, food and music when you plan a holiday party. But you might also want to give a moment’s thought to your home insurance."
from MarketWatchProtect your home when hosting a bash
Tuesday, December 6, 2011
Monday, December 5, 2011
Maintaining a castle
I thought it was hard to keep a 3BR/2.1bath ranch home maintained... imagine a castle. Fun article in the Wall Street Journal.
"Few epigrams about maintaining a country estate ring as true as one uttered by a member of Hollywood royalty now living in the South of France. "It takes a lot of money to lead a simple life," remarked Johnny Depp. These days the simple life is perhaps priciest in Great Britain, where, unlike the sage actor, most owners of stately homes made their money the old-fashioned way: They inherited it. Moats, turrets and drawbridges can be splendid to behold, but if your home is truly your castle, the upkeep can be overwhelming. "
Upstairs, Downstairs and In Between
"Few epigrams about maintaining a country estate ring as true as one uttered by a member of Hollywood royalty now living in the South of France. "It takes a lot of money to lead a simple life," remarked Johnny Depp. These days the simple life is perhaps priciest in Great Britain, where, unlike the sage actor, most owners of stately homes made their money the old-fashioned way: They inherited it. Moats, turrets and drawbridges can be splendid to behold, but if your home is truly your castle, the upkeep can be overwhelming. "
Upstairs, Downstairs and In Between
Dodging a home insurance trap
"Home-insurance policies are pretty much the same, and carriers compete on the basis of price and service—right?
Believe those two myths and you might wind up paying dearly.
Homeowner policies have important differences that can affect whether claims are paid, according to a study scheduled to be published early next year in the University of Chicago Law Review. The problem is that those differences are poorly understood."
Believe those two myths and you might wind up paying dearly.
Homeowner policies have important differences that can affect whether claims are paid, according to a study scheduled to be published early next year in the University of Chicago Law Review. The problem is that those differences are poorly understood."
Read on in the Wall Street Journal
What caused the housing crisis?
"There certainly are a lot of Monday morning quarterbacks now who are telling us that house prices won’t come back for at least so many more years....
And, you can also lay some blame on Fannie Mae and Freddie Mac, two governments sponsored agencies that encouraged lending, but failed to see the problems that lay ahead from loose lending guidelines. These companies became fixated on encouraging lending, increasing home ownership, producing higher profits for their companies, and pushing up their stock prices, while failing to see the structural problems that were developing in the housing industry."
I thought this article by Ilyse Glink was worth reading... she outlines some of the causes of our current housing market situation.
And, you can also lay some blame on Fannie Mae and Freddie Mac, two governments sponsored agencies that encouraged lending, but failed to see the problems that lay ahead from loose lending guidelines. These companies became fixated on encouraging lending, increasing home ownership, producing higher profits for their companies, and pushing up their stock prices, while failing to see the structural problems that were developing in the housing industry."
I thought this article by Ilyse Glink was worth reading... she outlines some of the causes of our current housing market situation.
Housing Crisis Blame
in Think Glink
Winter Fest in Northfield
Saturday, December 3, 2011
Think tiny
"For many Americans who bought more home than they could really afford in the giddy days before the crash, the big-house dream has become a nightmare in the ashes of foreclosure and regret."
New York Times
New York Times
Taking the Tiny House Movement Tinier
Friday, December 2, 2011
Thursday, December 1, 2011
Reinventing the Thermostat
Read about it in the New York Times:
A Thermostat That’s Clever, Not Clunky
Books, books, books
Q. I have an overflowing wall of books in my living room. Should I store them or reorganize them to make it look less cluttered?
Read the answer in the New York Times
Market Ready
Read the answer in the New York Times
Market Ready
Have we hit bottom?
"Housing prices will stop sinking next spring. But recovery will be a gradual process -- too slow to help the economy much next year. Look for prices, which have fallen an average of 31% since 2006, to drop an additional 2% or so in the early months of 2012 and then recover that lost ground by the end of the year."
Read more in Kiplinger's Personal Finance
Read more in Kiplinger's Personal Finance
Prevent Frozen Pipes
The Insurance Institute for Business & Home Safety says frozen pipes are the biggest source of winter-related property damage and can occur nearly anywhere in the country. Here are some tips on what you can do about preventing such damage this winter.
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