Indymac Boys Get Sweetheart Deal

Want to know why loan modifications aren't going through, watch this.  This is just a small example of how our real estate market has gotten in the state it is in.  Homeowners are forced out of their homes so that the rich get richer. I found this on fiercefreeleancer's YouTube Channel.

What kind of home should you buy?

When deciding which house to buy, think about your lifestyle. What are your current and anticipated needs, and your budget. It's a good idea to create a prioritized list of what you want in your next home. Try to strike a balance between your "must-haves" and your "nice-to-haves." If you love to cook, you'll want a well equipped kitchen. If you're into gardening, you'll want a nice sized yard. If you're planning to have a home office, you'll want a room for a separate workspace. If you have several cars, you'll look for a larger garage or a side driveway. If you have young children or will start a family consider school districts. Keep in mind your daily routine. Make sure your next home isn't far from your work, shopping, schools and recreational facilities. Consider traffic and parking. You want your next home to be perfect in every way.

Smart upgrades that are worth it.

Many sellers are starting to think that after the holidays they should jump into the market and either upgrade or downsize their homes. But what should they do to get the best bang for their buck? According to Realtor Magazine here are some ideas. Replace your entry door and hardware. I also suggest a new mailbox and doormat. Next replace your garage door and old siding. On these projects you should see anywhere from a 80% to 100% return on the investment. Granted that you haven't replaced these items in the last 10 years or so. Next is a kitchen or bathroom remodel. There you should see about 73% of your investment back. Kitchens and baths can be big projects. Even minor changes such as appliances, countertops and backsplashes will increase your sale price. Having your home well maintained and fresh is a must in our challenging market. Happy holidays.

When will the real estate market turn around?

First let me say that most areas in the Chicagoland appreciated 150% from 1997 to 2005. The banks loosened the lending rules with all kinds of creative mortgages then.  Many people were given "interest only" loans which kept  their payments artificially low until the 5 year balloon came due. Many people were given adjustable loans based on "stated income". Which meant little income was verified. This is part of  what got us in this mess. Well due to the last of the crazy loans that were given out five years ago, that are now coming due - I think it will be another two to three years to clean the slate. Many of those loans will go into foreclosure or will attempt a short sale. Banks that have already foreclosed on homes are waiting an average 8 months before they put them on the market. The banks can't over saturate the market with their own below market properties, or they'll loss even more on them. Many people are victims of unemployment and could not avoid foreclosure. Far too many owners were denied loan modifications and the banks put them in foreclosure. The bail out money wasn't used to keep many owners in their homes.   Once that inventory is gone, values will level off.  On a more upbeat note I want to mention that only 9% of the mortgages in our nation are now pass due. Yes 91% of  homeowners are current on our mortgages. I am seeing buyers coming out this last year. Buyers have bought homes at low prices they would have never gotten just a few years ago. Some sellers are renting their properties and still buying to take advantage of the low prices. If you don't owe more than your home is worth, get off the fence and upgrade your home while interest rates are still low.
Have a Happy Thanksgiving. Stay safe.

To sell your home during the holiday season or not?

Plenty of people ask me this question. I think it is a great time to sell your home if it's furnished or staged. Play up your decorations. Light up the outside. Put a batch of cookies in the oven before showings. Your home never shows better than during the holiday season. Many sellers take their properties off the market to avoid the hassles of showings. Wrong thought. It's serious buyers who want to buy that are looking at this time. You'll stay on the market while the supply drops. Even if it's vacant, leave it on the market. You'll have a lot more competition in the spring. Supply and demand is the name of the game.  With interest rates at a record low buyers are out there. I really sold a house on Christmas Eve. So hang those stocking with care, in hopes that the buyers soon will be there. Next topic will be, When will prices start to go up again?

You can go to the top banana and get results

Good afternoon friends,
Yesterday I was at a closing for a short sale with my buyers. It had been a long four months to get the first and second lender to agree to a $600,000 loss. I found out that the seller had googled the CEO of the second lender to get his email. They sent emails to him asking for assistance. After a few attempts the CEO responded. He cut through a lot of red tape and moved the transaction along. We were all shocked to find that out. So the moral of the story is no one is too big for their brichs. Everyone puts their pants on, one leg at a time. Check in tomorrow to see if you should sell you house during the holiday season or wait for spring. What do you think?

Welcome to my site

Thank you for stopping by. I hope I will be able to enlighten you for all your real estate questions and needs. I've been a full time broker for the last 21 years. I am looking forward to chatting with you. Feel free to stop by any time. Have a happy and safe holiday.
See you soon,

Nancy