8 Quick, Hot Design Tips From the International Builders’ Show Looking for quick, easy ideas to bring a home to life, add value, or prep for sale without spending a lot? Learn from the pros!  Erica Christoffer, a multimedia Web Producer shares Designers who presented at the International Builders’ Show in Orlando last week had a plethora low-cost, chic ideas to make to most of an interior space. 1. Transform closets:  Consider turning a smaller, awkward closet into a built-in with cabinetry and shelving, or if there’s enough space, even a desk nook. Add dramatic dimension with disc lighting on each shelf. Buyers are looking to maximize every inch of a home with workspaces and storage solutions they’ll actually use. (Jerry Collin, Kay Green Design) [Here are some great before and after ... 02/21/2012

FHA Mortgage Premiums On The Rise   Mick Rothblott, Mortgage & Construction Loan Planner informs us the Administration has released the budget for the next fiscal year and included in this budget is a soon to be announced increase in insurance premiums for Federal Housing Administration mortgage loans.   In the last few years, FHA has become the fastest growing source of financing of home purchases and FHA has been a popular choice for refinancing as well. One reason for this popularity is the fact that FHA requirements are more lenient than conventional loans in several respects.  In addition, this past year Congress extended higher loan amounts for FHA mortgages, but did not do such for conforming mortgages.   The increase in FHA insurance will cost homebuyers and those who want to re... 02/20/2012

One of my greatest challenges when working with Buyers wanting to invest in foreclosures, is helping them to fully understand what "as-is" really means.  It means the only negotiation a bank may participate in is price. It is important for Buyers to not only budget for the amount they may be willing to pay for the home, they should also budget for repairs, plus a possible required Village repair escrow.  Some communities have ordinances affording the Municipality to require a repair escrow to insure the Buyer will make repairs before the Village will allow occupancy of the property. 5 Tips to increase your success Buying Foreclosures Vito Simone, a licensed home improvement contractor reminds us when buying foreclosures (or any distressed property for that matter) it is important to kno... 02/15/2012

Several  years ago I gave this business opportunity to my Mom as a gift.  She has discovered so many amazing travels deals affording her to travel several times year. What I loved about sharing this gift was she could travel often very cheaply, not be obligated to sell anything, or recruit anyone, and earn an income for traveling. This business afforded my Mom the ability to have an internet base business whereby she could acheive all of her travel credentials and serve numerous clients without the requirement to prospect for them, resulting in additional income. For years she had been organizing groups of friends to join her on cruises (I call her the "cruise-queen").  This buisness opportunity allowed her to do what she had been doing for years, but now earn income, free travel, and i... 02/15/2012

A corporate attorney sent the following  out to the employees in his  company:1.Do not sign the  back of yourcredit  cards.  Instead, put 'PHOTO ID  REQUIRED.'2. When  you are writing checks to pay on your credit  card accounts, DO NOT put the  completeaccount  numberon the 'For' line. Instead,  just put thelast four  numbers. The credit card company  knows the rest of the number, and anyone who  might be handling your check as it passes  through all the check processing channels won't  have access to it.3. Put your  work phone # on your checks instead of your home  phone. If you have a PO Box use that instead of  your home address. If you do not have a PO Box,  use your work address.Neverhave  yourSS#printed on  your checks. (DUH!) You can add it if it is  necessary. But if you have It... 02/14/2012

Here is a great example of our Public Leaders working with Realtors to improve communities! New pilot program targets vacant, foreclosed properties in six Cook County communities.      Representatives of the Illinois Association of REALTORS® were on hand Friday in Berwyn as Gov. Pat Quinn announced a pilot program targeting vacant and foreclosed properties in six Cook County communities. Called the Illinois Building Blocks Pilot Program, the effort provides $40 million in Illinois Jobs Now capital funding and an additional $10 million in aid from Cook County. The money will be used to help acquire and rehabilitate property in Berwyn, Maywood, Park Forest, Riverdale, Chicago Heights and South Holland. REALTORS® Anthony La Monica, Robert Eby and IAR President, Loretta Alonzo in Berwyn fo... 02/10/2012

2011-2012 Cost vs. Value: Which Remodeling Projects Pay Off the Most?    Melissa Dittmann Tracey, of REALTOR® Magazine reports when tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck. Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly. This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to ... 02/10/2012

I must admit I am reluctant to share forcast information because it is like predicting a future none of us know may become reality.  I do respect research combined from a lot of resources.  This information primary reflects on the overall Illinois marketplace.  Non-Illinois residents, this may help you to understand what to anticipate in your community.  Please let me know if what Dr. Hewings shares also relates to your state or town. At the recent Illinois Association of REALTORS® Public Policy Meetings, Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois, presented his 2012 Economic Forecast. Watch these videos to find out what Hewings has to say about the impact foreclosures will have on home prices and how the sl... 02/10/2012

Potential Pitfalls for REALTORS®, Property Owners with Home Rule  Mike Scobey a highly respected Government Affairs Director for the Illinois Association of Realtors reports the Illinois March 20 Primary Election fast approaching, it is time again to pay attention to the candidate races and the issues that affect the real estate industry. One issue that comes up in every election cycle is Home Rule. Pursuant to the Illinois Constitution, a municipality can seek to become a home rule unit if the voters approve it in a referendum. A municipality automatically becomes a home rule unit when its population reaches 25,000. With home rule status come additional powers to regulate and tax. In past years, several home rule municipalities have abused their powers, particularly when it comes to r... 02/10/2012

Joseph Alfe reminds us, One of the most neglected, and yet, most important part of a successful short sale is getting both buyer and seller on the same page. This may stem from the traditional way of thinking on a traditional “retail” sale: It’s “Us against them.” This does not apply to short sales, and if you can over come this mentality, your closing success will skyrocket. Getting the short sale approval is only part of your responsibility; the other part is getting your buyer to the closing table. This is how I do it: Locking the Buyer Down: The StickAs I have gone over in my other articles, locking the buyer down into an airtight commitment is part of my “.” We do not allow a buyer to have any “outs.” To recap, here are the “Rules:”  1. 90 day contract close date-We need enough tim... 02/09/2012

My respected colleague Mike who serves the Baltimore marketplace shares some important facts to remember about short-sales. How Long Will It Take For Short Sale Approval? The concern of how long will it take for short sale approval to be received or handed down is actually something that is very hard to answer categorically.  The main reason is that you would need to look closely at the situation of the lending bank along with a host of other factors that can affect the entire approval process. The timeline for approval of a short sale transaction can run from as little as a few weeks up to almost six months.  This is something that majority of homeowners need to deal with and understand in order to avoid facing foreclosure on their pr... 02/08/2012

Loan Officer Mick Rothblott reports it may not feel like it but the US economy is recovering. We know this from the numbers and numbers don’t lie (or do they?). The non-farm payroll numbers for January was another in a series of better (still not great) economic indicators.               Non-Farm payrolls rose 243,000 in January with another 183,000 in revisions from last year adding a total of 2.1 million new jobs created in 2011. Add it all up, and there are now 163 million people in the United States on payrolls, the highest number since February of 2009.   Among other good news, the jobless rate dropped to 8.3% from 8.5% in December, the best showing since February, 2009. The unemployment rate has now declined for five straight months, partly because of unemployed workers giving up ... 02/03/2012

Subject: cute signs and true.           And Last, but certainly not least http://www.linkedin.com/news?viewArticle=&articleID=5570184344804261906&gid=3831911&type=member&item=92313659&articleURL=http%3A%2F%2Fwww%2Emortgagemarketguide%2Ecom%2Fchartsyndication%2Ffeaturedcharts%2F013112%2Fmmg_chart_013112%2Ehtml%3Ftime%3D1328035373&urlhash=nBdX&goback=%2Egde_3831911_member_92313659 Thought I'd give a little humor before you click on the above link to see a good reason of why now is the right time to purchase. 02/01/2012

Pending Home Sales Decline in December, Remain Above a Year Ago Washington, January 25, 2012 After reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November but is 5.6 percent above December 2010 when it was 91.5. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said the trend line remains positive. “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said. “Contract failures remain an issue, reported by one-t... 01/31/2012

Homeownership Matters to State of the Union Washington, January 24, 2012 The following is a statement by National Association of Realtors® President Moe Veissi: “The National Association of Realtors® commends President Obama for his remarks in support of homeowners and the struggling housing market during tonight’s State of the Union address. As leading advocates for homeownership, Realtors® know that restoring the health of the housing market is the only way to achieve a broader economic recovery. “Realtors® stand ready to help Congress and the administration implement Obama’s proposal to significantly reduce monthly mortgage payments by streamlining the refinancing process. But beyond that, we must make housing a national public policy priority. Realtors® believe that more must be do... 01/31/2012

Jeff Schnepper of MSN Money reminds us A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?   1 of 11 Charitable noncash contributions Charity, as I hope everyone remembers, begins with a tax deduction. Now, let's say you emptied your closets and gave everything to Goodwill or a similar charity. The value of your donated items -- clothes, furniture, whatever -- is deductible. Get a written receipt. With noncash charitable contributions, the rule is simple: No receipt means no deduction if you get audited. Clothes and household goods must be in good or better condition to get the deduction. If you've already dumped your old clothes in a Salvation Army box and walked away without a receipt, take t... 01/31/2012

The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI).The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. New entrants to the list in January include the following (listed alphabetically by state):Florence, Ala.Tuscaloosa, Ala.Fayetteville, Ariz.Denver, Colo.Greeley, Colo.Bridgeport, Conn.New Haven, Conn.Cape Coral, Fla.Jacksonville, Fla.Punta Gorda, Fla.Honolul... 01/31/2012

Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007, according to RealtyTrac®, an online marketplace for foreclosure properties. The company recently released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total. The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percen... 01/31/2012

NMick Rothblott, a respected Loan Officer in Illinois, reminds us no discussion of the prospects for our economy in 2012 would be complete without an examination of the housing sector. As daunting as the debt crisis in Europe is, there is no doubt that the real "x" factor is housing. This topic is so complex that it is hard to sort out. For example, we know that the housing sector will not rebound without employment strengthening. But we also know that the housing sector is very important in creating employment. If that sounds like a catch-22, it is. And it is one of the main reasons our recovery has been tepid up to now. We also believe that it is no coincidence that the housing market seems to be improving now that the employment sector is also getting stronger. Of course, we will kno... 01/31/2012

The Stress of Buying a New Home Buying a home can be one of the more stressful experiences in life. It is often a long and sometimes intimidating process, lasting up to six months on average. The Real Estate market is huge and changes often with swings up and down. It's easy to become overwhelmed by how much is ahead of you and how little you know about the process. But with the right attitude, it can also be an enjoyable, even exhilarating experience. Here are some tips to make your home-buying experience positive and less stressful. Preparing to Move Organize Be prepared by becoming knowledgeable. Educate yourself on each step of the process so you know what to expect. Get organized ahead of time. Keep a notebook and calendar dedicated exclusively to the home-buying process. An Excel ... 01/29/2012