Past and Present

For many weeks now, the showings on homes have increased. The potential buyers coming through listings seem to be highly qualified both financially as well as in their commitment to buying a home. Sellers have made their adjustments to the market and buyers are taking notice. As a real estate practitioner, the art of the deal keeps evolving but I am busy working with clients in the buying and selling of homes. There is no longer anytime to sit back and have the discussion what happened to the market because I am busy working. Contracts are being negotiated. This is my market indicator.

As someone who relies on the RSS feeds for news as I am running around throughout the day coming to my blackberry via Google Reader or Twitter, I see some positive market indicators and them some negative. When I sit down at the end of the day and read the postings all the way through, I see much of the negative is old news, reports that are coming out with first quarter data. In this dynamic environment, 60-120 days ago is not a measure of what is happening now. We can use some of that information as guidelines for our offers but that was then and this is now.

Agents All A Twitter About Signs

You can tell the times have changed as to how we get our information. In 140 characters or less, word of an old sign ordinance spreads like the Swine Flu.

Many, many years ago, the City of Chicago passed a sign ordinance banning signs from being placed in the public way. There are fines ranging from $100-$500 associated with this offense making each sign you put in the public way a very expensive lead.

Every so often the Chicago Association of Realtors is informed that real estate agents are violating the law either by various aldermen’s offices or members of the public. Periodically, the association communicates to its members they are violating the law with their open house signs via the communication of the current time. At first the Chicago Realtor newspaper, then the magazine. Now it is posted on their website and warnings emailed out to its members. All along there has been outreach to the designated brokers.

As a long time member of Chicago Association of Realtor's Government Affairs Committee, I was well aware of the weekly violations and complaints coming into the association as well as all of the years of ongoing outreach efforts the association does to make its members aware of all legislation that affects our industry. Most of the Chicago Real Estate community has ignored the sign law like it did not apply to them until last week.

Mary Ellen Podmolik of the Chicago Tribune article about a certain alderman and the sign ordinance posted early Friday. Within minutes many of the Tweeters were all in a Twitter about this law they claim to have never known about and how it will fringe on their business. It was spreading like a wild fire on Twitter as it kept being re-tweeted. As someone who keeps Seesmic(a desktop platform that integrates Twitter and Facebook) running in the background of her computer and is on Twitterberry when she is away from it, the uproar is still continuing days later.

What occurs to me is that these same real estate agents used the same medium they are expressing their rage in to promote their open houses they would have quality prospects coming through their listings rather than somebody who stumbled over a sign on a corner a block away. Buyers who are real purchasers have typically toured the home virtually online before coming to the property. They have downloaded the list of the homes they want to visit from a variety of sites including brokerages websites, open house portals or Googling.

The odds of a qualified buyer finding your listing is a lot better optimized/advertised online via websites, portals, good SEO, syndication and social networking than putting signs at every corner in the neighborhood that the Chicago Department of Streets and Sanitation could throw away or fine you. Is this a quality lead at the cost of $500 per lead?

The Chicago 77

Today my first article was posted on the Chicago 77. I am very excited and honored to be published on this great resource for Chicago home buyers, sellers and just about anybody who is interested in this great city and its real estate market.

The Chicago 77 is dedicated to writing about the Chicago real estate market from all possible angles. The Chicago 77 is written by the professionals who know the market best: real estate agents and brokers, developers, appraisers, bankers and mortgage brokers, inspectors, insurance agents, lawyers, and economists.
The name comes from the 77 official community areas that make up the City with Big Shoulders. This is the area that The Chicago 77 will write about.

Please read my first post at the Chicago 77.

Followups to come!

Open Houses Chicago: Saturday, May 2 and Sunday, May 3

This week's featured open house is 111 S. Racine at the Chelsea Townhomes in Chicago's West Loop. This 2 year old townhome built by the Belgravia Group, a company with over 60 years of experience. This spacious 3 bedroom, 3.1 bath extrawide home was thoughtfully upgraded and is tastefully decorated, ready for its new owners.
This property will be open Sunday, May 3 from noon -2pm and always can be shown by appointment.

Open houses provide a great way to to learn about the local real estate marketplace and meet your local Realtors. Pictures are never a substitute for actually seeing the space.


This Weekend's Open Houses:

Saturday and Sunday, May 2 and 3, 11am-4pm
Fletcher Row Townhomes: Model at 2452 W Fletcher, Chicago

Sunday, May 3,
Noon-2pm - Edgewater: 5555 Sheridan Road, Unit 316,

Noon-2pm - West Loop: 111 S Racine,

11am-1pm Lakeview: 3330 N Ashland, Unit 2,

Start your Chicago home search at http://hotpropertychicago.listingbook.com/.

Follow me on on Twitter

Chicago Open Houses Saturday and Sunday, April 25 and 26

Open houses are always a great way to to learn about the local real estate marketplace and meet your local Realtors. Pictures are never a substitute for actually seeing the space.

This Weekend's Open Houses:
Saturday and Sunday, April 25 and 26, 11am-4pm Fletcher Row Townhomes:

Model at 2452 W Flethcer, Chicago

Sunday, April 26:
Noon-2pm Edgewater: 5555 Sheridan Road, Unit 316, Chicago
1pm-3pm West Loop: 111 S Racine, Chicago
1:30pm-3:30pm Lakeview: 3330 N Ashland, Unit 2, Chicago

Start your Chicago home search at http://hotpropertychicago.listingbook.com/.

Follow me on on Twitter

This morning I attended the Chicagoland Chamber of Commerce’s Business Leaders Breakfast. The panel discussion was the “Art of Negotiation” featuring Cliff Stein, Senior Director of Football Administration & General Counsel of the Chicago Bears and Dave Hanna, President of the Chicago Association of Realtors. Both are agents with fiduciary duties their client. Although one negotiates contracts for football players and the other for real estate, the message was the same. It is the skill that comes from experience and preparation resulting in a successful negotiation.
Both men articulated the same course of action in their own way. Stein’s process was identifying the parties, the goals, the rules of engagement, preparation and the how to structure the plan. Hanna said it this way: Identify the client, the goal, the process, expectations and the negotiating strategy.
What I walked away with was as an agent for my clients, I am an advocate. My advocacy comes from the skills I have learned through my experiences in the many transactions I have participated in, what I have learned from others in the Realtor© community and putting that game plan in place for each client I represent.

"Should I Buy Now or Should I Wait?"

There is an over load of information between the media and the "experts" for those that are considering buying a home right now. Are prices going to fall more? Are you eligible for the home buyer credits being offered? What are the loan options? Are the rates as low as they are going to go? Will something better come on the market tomorrow or next week or next month and so on and so on and so on..........

Do you have your finances in order to own a home and are you ready for the responsibility of home ownership?

If you are considering buying a property as your own residence, first and foremost on your list should be is there a property out there you want to call your own. This will be where you will be living for at least the next several years. How does it work with your lifestyle? You won"t know that until you go out and start looking. Pictures only can tell you so much.

Even if you don't think you are looking for an immediate purchase, work with your Realtor® to start helping you sort listings out. A true professional knows that most clients are not ready to go buy something the first time out but expect to work with you from 30 days to 18 months. If you don't have an agent you have worked with or been referred to or want to interview several, open houses are a great place to start. You get the feel of a variety of spaces and neighborhoods as well as get to personally meet with many agents.

Because of the attention brought to foreclosures and short sales, many buyers are just focusing on this segment of the market. You need to be educated on the process to make sure you are suitable for this type of purchase. Both are sold "as is" meaning there are no inspection contingencies. Regardless of the condition of the property at the time of contract, a seller can go in and strip the home of appliances, fixtures and cabinetry and you are still obligated to close on the property. In some cases we are seeing the copper plumbing taken out. Typically, if it is a true foreclosure, you must be a cash buyer. The short sale transaction is totally in the control of the mortgage holder's bank, not the buyer or the seller. The time line is up to them not what is in your contract. There are so many ins and outs you need to be experienced in these transactions or work with a Realtor® who is. The perceived bargain could very well end up costing you more than the property would be worth at market value.

Day by day we are seeing more buyers out looking and they are writing contracts that are getting negotiated. More and more sellers are now accepting the difference of getting a property listed and listing it to sell. The fat is coming out of the pricing. With that being said, if you find a place you would like to call home, go for it! As in any market, everything is negotiable!