Members of the International Code Council's Residential Building Code Committee (RBCC) have made it clear that fire sprinklers are destined to become a standard feature in all new homes. The fire sprinkler requirement was added to the International Residential Code (IRC) last year, and it is scheduled to become effective January 1, 2011, in states that adopt the latest version of this code. Currently, 48 states use the IRC as a basis of regulating residential construction, although some states lag behind in adopting updates.At a hearing held earlier this week, the National Association of Home Builders (NAHB) had petitioned the International Code Council (ICC), which publishes the IRC, to repeal the fire sprinkler requirement, but the RBCC rejected that request by a vote of 7 to 4."This ... 11/13/2009

Here's a great way to get in the Christmas spirit and maybe start a new annual family tradition as well. It is Chicago's 18th Annual Magnificent Mile Lights Festival, marking the start of Christmas holiday shopping on Chicago's North Michigan Avenue.  Held every year on the Saturday before Thanksgiving, this year's festival lands on November 21st, 2009. Free to all, the activities begin at 11 a.m. and run through the ultimate Lighting Procession with none other than Mickey Mouse himself as its Grand Marshal.  Throughout the day, activities including great musical entertainment located at the Harris Stage/ Pioneer Court, 401 N. Michigan Avenue, demonstrations of local cuisine, photo ops with Santa and dazzling displays of all sorts of holiday decorations, give strollers ample opportunity... 11/12/2009

Congress's extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off first time home buyers who've been rushing to close deals before the November 30 deadline. That deadline is now gone. Everybody's got until next June 30 to settle on their purchases. But here's something in the expanded program that hasn't gotten much attention: The new $6,500 federal tax credit for so-called "move up" buyers took effect immediately upon enactment. That means that potentially hundreds of thousands of Americans who fit the key ownership and income criteria for the new credit are eligible for it … right now. What are those tests? Number one: You have to have owned and used your current home as your principal residence for five consecutive years out the past eight;... 11/12/2009

Thanks to a new version of the First-Time Home Buyer Tax Credit which was signed into law by President Obama on November 6, 2009, qualifying first-time home buyers in Glenview, Wilmette or across the country, as well as those who already own a home, now have until April 30, 2010 to sign a purchase agreement on a new home and until June 30, 2010 to close on their new home in order to qualify for the tax credit. Here are some facts about this program:  Who is eligible for this tax credit? Previously, only first-time home buyers were eligible for this tax credit. That has now changed and home buyers who owned their principal residence for at least the past eight years and lived in it for at least five concurrent years prior to purchasing the new home are eligible for the tax credit as well... 11/10/2009

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.7 point for the week ending November 5, 2009, down from last week when it averaged 5.03 percent. Last year at this time, the 30-year FRM averaged 6.20 percent.The 15-year FRM this week averaged 4.40 percent with an average 0.6 point, down from last week when it averaged 4.46 percent. A year ago at this time, the 15-year FRM averaged 5.88 percent.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.35 percent this week, with an average 0.6 point, down from last week when it averaged 4.42 percent. A year ago, the 5-year ARM averaged 6.19 percent.The one-year Treasury-i... 11/10/2009

There is a lot of talk about foreclosures in the news today. One aspect of foreclosures that has received little attention is difference between a judicial state and a non-judicial state. A judicial state requires that a lender file a foreclosure action in the court system and get an order from a judge before the property goes to a foreclosure sale. This provides the opportunity for the homeowner to assert any claims against the lender he or she may have and allow a judge to make a determination before the homeowner loses the home.Homeowners that do fight the foreclosure in the court system obtain a better result and have a much higher rate of success in obtaining loan modifications or other favorable outcomes. In the states that follow this protocol, lender abuse, misrepresentation, ne... 11/09/2009

The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30. The Senate's bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years. The Senate bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,0... 11/06/2009

Thinking of selling your beautiful home in Glenview or Northbrook but wondering what the tax implications of such a move will be. Well, here is the answer to one such question that may be "taxing" your mind: Do I have to pay taxes on the profit I make from selling my home?  Since the law was changed in 1997, single homeowners may be able to enjoy a profit of $250,000 while married-filing-jointly homeowners can make up to $500,000 without having to pay taxes on the profit. The only stipulation is that the homeowner(s) owned the house for at least two years before the sale and lived in it for at least two years during the last five years prior to selling.  There are also some loopholes for people with unforeseen circumstances who may have to sell their home before they reach the two-year ... 11/04/2009

If you look at the latest Case-Shiller home price index numbers, which showed prices up in seventeen of the twenty markets it tracks and the fourth straight month of gains, you'd have to say: wow, how things have changed! Even the gloomiest of the major indexes is now documenting month after month that housing not only bottomed out earlier this year, but is steadily racking up price gains. But hold on, this week's numbers get better than that: According to the National Association of Realtors, resales of existing homes jumped sharply last month, up a very robust 9.4 percent during September. Sales around the country were 9.2 percent higher than they were during September of 2008 -- pushed this year by first-time home purchasers looking to nail down contracts to qualify for the $8,000 ta... 11/04/2009

Let's face it. While we all know there are lots of remodels that could make the home you're selling in Glenview or Northbrook more appealing, in the long run, costly remodels may not pay for themselves by garnering a higher selling price.  However, there are three things that every home seller needs to check and fix as necessary. Carpet - The first item to consider is the flooring. Look at the carpeting throughout the house and decide if it can be cleaned and possibly stretched back into shape, or if it's going to have to be replaced. While many home sellers want to avoid this expense, often theorizing that carpet they would select the buyer won't want anyway, it is still in the seller's best interest to replace the carpeting if it's in bad condition.  By installing lower-priced, yet ni... 11/03/2009

I clicked a link to the Wall Street Journal's market data chart, called the Hagerty's Quarterly Housing Report and was really taken aback by what they are reporting in the Washington, D.C. area (my home base). Again, they have labeled our market as a "buyers" market and reported that more foreclosures are on the way. The problem I have with both those statements is that * they are created out of data provided by the real estate industry; and * they are accurate, but not truly reflective. The real estate industry is its worst enemy when it comes to reporting sales data to the media and, ergo, the public. The reporters call, asking for the latest sales information and that's exactly what we hand them, latest solds, the houses that actually settled in the last month. Then the media take th... 11/02/2009

There seems to be some good news for homeowners in the colder parts of our country, which of course include Glenview and Wilmette. Warmer temperatures are expected this winter which may lead to lower heating costs.  According to the Energy Information Administration, those heating with propane this winter may be able to lower their costs by as much as 14% from last winter. Natural gas bills could drop by 12% but houses that use electric heat may only see a 2% reduction.  While warmer weather is part of the reason for these expected savings, natural gas supplies are also up making prices go down. Some sellers are even offering homeowners deals on natural gas furnaces in an attempt to gain new customers for their increased supply of natural gas.  Those heating with oil may see prices that... 10/29/2009

Question: Our homeowner association has 30 single family detached homes. Our governing documents were basically written for townhomes. One of the bothersome issues is that the governing documents state that the HOA is responsible for replacing roofs, painting, gutters and other things that are commonly done with condominiums. Many owners object to building up a reserve fund to pay for repairs that may be as much as 20 years or more down the road. The covenants also state that the board cannot special assess for anything other than common area improvements. So that leaves us with pretty much the options of building up the reserve fund or changing the governing documents. Can you provide us some sample wording for a single family home HOA that would allow homeowners to pay for major repai... 10/29/2009

You probably remember the line about porridge from Goldilocks: It wasn't too hot, it wasn't too cold, it was ... just right. Well, you could make that point about some of the latest housing and real estate numbers. Last week's new housing starts were reported by the media as further evidence of the deep hole the home building industry is in: Starts were up by barely half a percent nationwide, and permits for future construction were down. But is that "cold," or maybe something else? If you dig below the anemic sounding half a percent gain, you discover something very different: New starts by builders on single family homes were actually up by nearly four percent for the month nationwide. It was multifamily apartment starts, which are notoriously volatile and jump around every month, tha... 10/28/2009

The clock is ticking. Time is running out. To be exact, time runs out midnight, November 30, 2009. Many readers will know what I am referring to. Under the American Recovery and Reinvestment Act of 2009, November 30 is the last day for a home purchased by a first-time home buyer to qualify for the $8,000 tax credit. The purchase must be closed and title transferred by that date. It will not be sufficient simply to be under contract or in escrow.By way of a brief refresher:   1. The tax credit is for first-time home buyers only. For the program, the IRS defines a first-time home buyer as someone who has not owned a principal residence for the past three years.   2. The credit does not have to be repaid.   3. The tax credit is equal to 10% of the home’s purchase price, up to a maximum of ... 10/27/2009

We hear talk about "sleepy little bedroom communities" but what exactly is a bedroom community? Here's a bit of the history and a few characteristics of today's bedroom communities. First of all, bedroom communities first started springing up shortly after the end of World War II when people decided they'd rather raise their families in smaller communities, but yet they needed to be close to where the work was located, which was in the cities. Technically, the name bedroom community refers to a smaller town where its residents come to sleep, while most of their other day-to-day activities happen in the city. Since the interstate highway system was developed around the same time, the suburbs developed farther and farther out. Today's bedroom communities such as Glenview or Wilmette, are ... 10/27/2009

Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona."They see the price and they way, wow! I can buy that house and turn it into a rental," says Cain, who lectures around the country and online about investing intelligently."But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property," Cain said in an interview last week with Realty Times.For example, a property manager in Tennessee called Cain for advice recently. The manager had a simple question: "Should I fire my client?" who lives in California and purchased rental rea... 10/26/2009

We all know that as things age, they often need replacing but sometimes homeowners neglect to take care of their home's electrical wiring and that can set them up for potential danger. Electrical consumption since the middle of the last century has increased in most homes on average about 400 percent.If you're tripping your main safety circuit box that could be a sign that you're overloading the electrical outlets and an indication that an electrical contractor should examine your wiring. Oftentimes, homes are renovated several times without any electrical wiring updated. Yet, this is a part of the house that can cause huge problems if it isn't kept up-to-date.Outdated circuit boxes. When a home hits the 40-year mark the biggest area of electrical concern is the circuit breaker box. Zac... 10/23/2009

Planning on moving to Glenview, Wilmette or Northbrook? Want to see lots of fun things throughout the year but not have to pay big bucks to do so? Well, then the Go Chicago Card may be just what you're looking for. Read on to learn what it is and how it works and how it can save you as much as 55% on ticket prices to Chicago attractions!  First of all, the Go Chicago Card covers entrance to 30 city attractions and in many cases allows users to avoid long waiting lines and offers other little extras. When visiting Chicago from out of town, you might want to purchase a card that will last several days. With the purchase you'll get a tour guide booklet to help you plan your visit. Once you activate your card with its first use, the number of days you purchased will continue from there. For... 10/22/2009

The U.S. Treasury is poised to announce a finalized plan to expand mortgage relief efforts to include short sales. A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance. It's a strategy to avoid foreclosure, but banks have been more likely to let a home go into foreclosure, rather than short sell it, even if it means holding the property during moratoriums set by some jurisdictions. That's because short sale bids often come in well below the last appraisal, real estate agents don't want the extra work involved and buyers fear a four-to-five month transaction period that could end in a no-deal scenario. To help move more distressed properties through the clogged pipeline, the Treasury, under the Making Home Affordable's Home Affordable Mo... 10/22/2009