May Home Sales Up 6.0 Percent in Illinois

Below are excerpts from IAR’s press release dated June 23, 2005 about economics ofselling a home in Chicago and the surrounding area.

“REALTORS® report a busy May as home sales heat up and condo sales fuel the market. According to the Illinois Association of REALTORS® latest report, total home sales—including single-family homes and condominiums—rose 6.0 percent to 17,656 sales in 2005 from 16,654 sales in May 2004. Year-to-date, total home sales are up 3.8 percent, from 64,297 homes sold in the first five months of 2004 to 66,750 sales for the same period in 2005.
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The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.83 percent, down 0.16 points from the 5.99 average rate during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 6.34 percent.
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Single-family home sales were up 1.2 percent in May 2005 to 11,995 from 11,855 in May 2004. The median single-family home price in May was $198,000, up 9.4 percent from $181,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less. The single-family average home price for May 2005 was $246,808, a 6.4 percent increase from $231,861 in 2004.
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Statewide, a total of 5,661 condominium sales were reported in May 2005, up 18 percent from 4,799 sales in the same month last year. The condo median price for May was $205,000, up 7.9 percent from $190,000 one year ago.
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 7,481, up 0.4 percent from 7,453 home sales in May 2004. The median single-family home price for the Chicagoland PMSA was $260,000, up 8.8 percent from $239,000 in May 2004.
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Condominium sales in the Chicagoland PMSA rose 17.7 percent in May 2005 to 5,445 units sold, while the condo median sales price increased 6.8 percent to $208,163. In May 2004 condo sales for the Chicagoland PMSA totaled 4,627; the median price was $195,000.”

5 Ways to Get To Know...Chicago Government

Below Chicago Government Information is brought to you by Falcon Living, the Premier Chicago Real Estate Brokerage firm serving Chicagoland.

1.) Find out what ward you live in. Chicago is divided into 50 wards. Each ward is run by an alderman or alderwoman who sits on the City Council with Mayor Daley and fights hard to make sure funds are invested in their particular ward. Your local ward office is the government entity whose job it is to be responsive to any problems you might have regarding your neighborhood. From getting an alley paved to helping a local business get its liquor license, your local ward office and alderman or alderman is the place to go for help. Here's a tip: Visit the ward office and stock up on extra parking passes for friends and relatives when they come to visit. The passes will allow them to park in coveted neighborhood-permit-only parking.

2.) Learn the difference between 311 and 911. The City of Chicago has a 311 non-emergency line in addition to the standard 911 emergency line. Use it for general inquiries and for non-emergency situations, like snow removal and animal control.

3.) Familiarize yourself with the Cook County Assessor. Property taxes within the city limits can vary widely even on the same block. Learn how property taxes are assessed, investigate credits that can reduce your taxes, and find out how to contest your assessment if you think it is too high.

4.) Save the Environment - take the CTA. The Chicago Transit Authority is responsible for all of Chicago's buses and trains. If you don't have a car, learning CTA routes is a must. And if you do have a car, it's a good idea to familiarize yourself with the system anyway. Taking CTA to popular tourist spots and special event venues is often quicker and cheaper then searching and paying for parking. Take advantage of tourist packages for visiting friends and relatives -- the packages include discounted CTA fare and discounted admission to area museums and other attractions.

5.) Take advantage of the Chicago Park District. The Chicago Park District is responsible for Chicago's numerous parks. Research the parks near you and the amenities they have to offer. In addition to traditional sports facilities like tennis courts and baseball fields, Chicago Parks also offer classes in yoga, gardening, etc. Chicago Parks also provide a beautiful backdrop for family reunions and weddings. If you're planning an event and want a uniquely beautiful outdoor setting, check with the Chicago Park District about permits and other requirements.

Music In Chicago

There's almost nothing better than listening to music under the stars. Luckily, Chicagoans have several great outdoor music venues to choose from. Below are the schedules for Ravinia Music Theatre and the new Lakefront Pavilion at Northerly Island (formerly Meigs Field). This schedule is brought to you by Falcon Living, the Premier Chicago Real Estate Agency serving Chicagoland.

Ravinia Music Theatre
6/28 8pm The Beach Boys
7/11 8pm Wyclef Jean
7/12 8pm Lyle Lovett
7/13 8pm Lyle Lovett
7/22 8pm ABBA: The Music
8/10 8pm Ben Folds, Rufus Wainwright
8/17 8pm Aretha Franklin
8/18 8pm Aretha Franklin
8/19 8pm Tony Bennett
8/20 7:30pm Los Lonely Boys
8/30 8pm Gypsy Kings
8/31 8pm Gypsy Kings
9/10 7:30pm Hootie and the Blowfish

Lakefront Pavilion at Northerly Island
6/24 Chicago w/ Earth, Wind and Fire
6/26 Black Eyed Peas
6/28 Modest Mouse
7/02 Ralph's WOrld
7/14 Gavin DeGraw/Howie Day
7/16 Journey
8/04 Loggins and Messina
8/28 Jack Johnson

Home Sale Record In 2005

According to the National Association of Realtors® chief economist, David Lereah records for both existing- and new-home sales this year are expected. Long-term interest rates look favorable. Lereah mentioned that “Not only have mortgage interest rates declined, but an expected rise in the second half of the year will be slower than in earlier projections". If you are planning on selling a Chicago Home, it is time to contact a Falcon Living Real Estate professional

Top 10 Buyer Don’ts

1. Don't Make a Major Purchase
If you are depending on a mortgage to move in, you should not make a major purchase. An increase in debt to income ratio reduces the amount of monthly income available for your mortgage payment.

2. Don't Change Jobs Unless You Have To
Lenders like to see a consistent job history. The longer you have stayed at your job, the better.

3. Don't Let Your Emotions Take Over
Keep a cool head during the entire home buying process. If you do get excited, do not show it to the sellers as that will hamper you bargaining power.

4. Don't Forget to Switch Utilities
Call the utility companies as soon as you have a contract to find out your options and discontinue services at your old home after the closing.

5. Don’t Misplace Your Trust
Don’t forget that this is a business transaction. No matter how much you like the agent, sellers or the inspector, once you sign the papers, your decision is binding.

6. Line Up Your Hazard Insurance
Before closing, your lender will request an insurance coverage for your new home. Make sure you have it as soon as possible.

7. Don't Become Best Friends with the Seller
It is great to be friendly, but do not get into long discussions with the sellers since personality conflicts often cloud judgments.

9. Don't Do It Alone
Find a trustworthy Chicago real estate agent. A buyer agent provide free service to the buyer as he gets paid by the seller. It is the agent's duty to track many of the day to day details that involve the lender, the seller and the seller's agent. A real estate agent might be able to take a big load of your shoulders.

10. Don’t Rely On Oral Agreements
Get it in writing. Written agreements override oral ones when it comes to contracts.

Chicago Weather

Chicago weather is notoriously unpredictable, but ask any Chicagoan, and they will tell you it is part of Chicago's charm. Chicagoans delight in the hot humid summer months, packing in every imaginable type of festival, fair and fiesta, because they know in just a few short months the seasons will change and winter will be upon us. If you're from the Chicago area, you know the drill: never leave the house without checking the weather. If you're planning on moving to Chicago, get into the habit so you're not caught in a freak summer storm or left out in the cold when the wind shifts, bringing in cooler air off Lake Michigan.

Top 10 Mistakes When Seeking a Mortgage Loan

This Top 10 list is brought to you by Chicago Mortgage professionals affiliated with Falcon Living Real Estate Brokerage.

1. Not getting pre-approved
Without pre-approval, you do not know how much you will qualify for and you might be searching for houses that you cannot afford in the first place.

2. Not reviewing your credit report
Get a copy of your credit report and make an effort to improve your credit rating and have errors corrected before applying for a mortgage.

3. Shopping by interest rate alone
The lowest rates do not always mean the best mortgage. Check for fees, discount points and additional costs in the overall package.

4. Not shopping around
Don't go to the most convenient mortgage broker or that was recommended by a friend without checking elsewhere. There are many types of mortgages and you should find the one that suits you the best

5. Not having the right mortgage broker
Find a mortgage broker that works with several investors, so you will have more options. You should find a mortgage broker that understands what you are seeking.

6. Not knowing how much you have available to put down
Determine how much money you have available for down payment. You cannot look for a mortgage unless you know how much you have.

7. Not understanding the terminology
Check the mortgage glossaries online. Ask what you do not understand and always investigate. Read web sites and books about attaining a mortgage loan.

8. Mismanaging your credit cards
Make an effort to pay off your credit card balances. Do not open and close new credit card accounts.

9. Neglecting to consider closing costs
Talk to your lender and realtor to figure out the closing costs when buying a house such as title, escrow and loan-related fees.

10. Not assessing your monthly expenses
Mortgage calculators are readily available on websites to help you determine how much a loan will cost you on a monthly basis. Using these tools, you should determine how much you can afford to pay necessary living expenses.

Chicago Libraries

While investigating Chicago Relocation options, Chicago's public libraries are a wonderful resource. Scattered throughout the Chicago Metro Area, a Chicago Public Library is sure to be just around the corner from wherever you choose to live. They're not just about books anymore. From internet access to DVD collections, libraries offer a range of high-tech options for those patrons who prefer electronic media over the written word. For book worms, libraries are a sanctuary whose hushed interiors provide a respite from hectic lives and Chicago's unpredictable weather. Libraries also offer many useful services and programs, from income tax tutorials to book readings.

Chicago Transportation

Below are the different Chicago Transportation hubs from the Chicago Suburbs to downtown.

O'Hare Airport
Midway Airport
Chicago Transit Authority
Metra Commuter Rail Systems
Pace Bus

Chicago Schools

Chicago has a wide variety of school options. From public magnet schools to private institutions, most Chicago neighborhoods boast several schools within only a few blocks of each other. There are a variety of school-ranking websites that can give you detailed information on any school in a given city.

Top 10 Ways to Make Home Buyers Hate Your House

If you're selling a home, make sure it's free and clear of the top 10 issues that turn off Buyers. This list has been brought by the Chicago Buyer Agents of Falcon Living Real Estate Brokerage.

1. Sellers Who Show Up At The Showings
Seeing the current owners of the house will psychologically affect the potential buyers. They will also feel awkward about opening closet doors when seller is there.

2. Bad Odors
Pets, cigarette and mildew are some of the odors that will turn off potential buyers. Ask a friend who does not live in your house to detect odors.

3. Dirty Bathrooms
Scrub your bathrooms, paint them and make sure they shine. Buy new rugs and curtains, etc.

4. Dark Rooms
Replace dim light fixtures, Remove heavy drapes to let light in, Repaint some rooms with colors that reflect light. You might also want to clean the windows inside and out.

5. Barking Dogs
Dogs that meet the visitors at showings might frighten some people. Make sure you take out your pets before showings.

6. Bugs
Roaches, spiders, spider webs should be cleaned.

7. Busy Wallpaper
Busy wallpaper in every room will turn off most buyers. It is usually best to go with more plain colors since you want to reach masses.

8. Gutters with Plants Growing in Them
Gutters that are not cleaned will make the impression that the house is not kept well and make people wonder what else has not been handled.

9. Damp Basements
Any dampness the basement will give people the idea that the basement leaks! If you have leaks, fix them.

10. Poor Curb Appeal
Buyers often refuse to go into a house with an unkempt yard, peeling paint or, sagging doors.

Chicago Blues Festival

As usual, the Grant Park site has become the center of attention with the Chicago Blues Festival. The highlight singer line up for 2005 include John Mayall and the Blues Breakers, David "Honey Boy" Edwards celebrating his 90th birthday, Koko Taylor and her Blues Machine, Mavis Staples and Buddy Guy. The Falcon Living, Chicago Loop Real Estate team hopes you will have a great time this weekend.

Top 10 Things To Do Before Selling Your Home

The home selling process might vary in each state, but below essential steps must be considered before listing your home.

1. Get Your House Ready to Show
Move the family photos; allow the buyer to view the house as their home not yours. Remove unnecessary furniture and other objects, so your rooms will appear larger. Look at your home from a buyer's perspective and ask yourself if you were the buyer, would you be interested.

2. Make Repairs
Make all needed repairs unless you want the house to be regarded as a fixer-upper. I'm not referring to cosmetic updates, but to items in need of repair. Anything that's obviously broken gives potential buyers a reason to submit a lower offer.

3. Determine Your House’s Worth
Determine your home's fair market value. Price the house to sell in a reasonable time frame, do not overestimate the real estate market. Call a Falcon Living Chicago Real Estate Agent to help you determine you home value.

4. Estimate Your Sales Costs
Below are costs that you should consider:
Real estate commission
Attorney and other professional fees
Capital gains tax
Prorated costs for your share of annual expenses: property taxes, association fees, fuel tank rentals, etc.
Other miscellaneous fees: surveys, inspections, etc.

5. Work With A Real Estate Agent
A good real estate agent will save you time and money. Most successful sellers use a professional real estate agent.

6. Listing Agreement
Understand each part of the listing agreement before signing it. Do not hesitate asking questions.

7. Home Warranty
Purchasing a home warranty may protect you from potential lawsuits.

8. Real Estate Title Company
Choose a reputable title company. Ask around to find a professional and trusted title company.

9. Get Pre-Approved for a Home Loan
Most sellers decide to sell their houses before they figure out if they are eligible to buy a new home. Before you decide to sell the house, get pre-approved by a lender

10. Call Falcon Living
Call Falcon Living Real Estate to discuss about more tips on selling your house.

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