All real estate licensees are not the same. Only real estate licensees who are members of the National Association of Realtors are properly called Realtors. Realtors are committed to treat all parties to a transaction honestly. Realtors subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An idependent survey reports that 84% of home buyers would use the same Realtor again. Here are several reasons to use the professional assistance of a Realtor:
1. Your Realtor can help you determine your buying power.
2. Your Realtor has many resources to assist you in your home search.
3. Your Realtor can assist you in the selection process by providing objective information about each property.
4. Your Realtor can help you negotiate - which includes many aspects including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment.
5. Your Realtor provides due diligence during the evaluation of the property.
6. Your Realtor can help you in understanding different financing options and in identifying qualified lenders.
7. Your Realtor can guide you through th closing process and make sure everything flows together smoothly.
8. When selling your home, your Realtor can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties.
9. Your Realtor markets your property to other real estate agents and the public.
10. Your Realtor will know when, where and how to advertise your property.
11. Your Realtor can help you objectively evaluate every buyer's proposal without compromising your marketing position.
12. Your Realtor can help close the sale of your home.
Fore more information on ways working with a Realtor is beneficial, please contact us today!
Wednesday, May 20, 2009
Thursday, April 30, 2009
House Hunting? Get Your Ducks in a Row Before You Start
Interest Rates are low & housing prices are very reasonable. Everyone is saying it's a "buyer's market" and now IS the time to make a move. However, before you begin your search for a new home, there are a few simple steps you can take to help make the process go more smoothly. With tight financial markets, good credit & planning are more important than ever.
1. Lay the groundwork - Make a realistic list of the features you would like in your new home. Do you need 3 bedrooms & a garage? Move those amenities to the top of your priority list. Do you want a home that is move in ready or do you want a fix-er upper? That's something to consider as well.
2. Determine the areas you want to live in - consdering facts such as schools, transportation & proximity to recreational facilities, shopping, etc. Driving by different areas is greatly helpful to as it will help narrow down where you want to live.
3. GET YOUR FINANCING IN ORDER. You should get a copy of your credit report & FICO score. Talk with a local lender to help you determine how much you can afford & what kind of loan you qualify for. The National Association of Realtors suggests that the principal and interest on a mortgage not exceed 25 percent of your gross income.
4. Line up the money - determine how much money you will need for a down payment & get prepared. You can find a list of state and federal loan programs at www.yourillinoishome.com - click on "financing."
5. Get pre-approved for a mortgage loan so you know what your buying power is and you can move quickly when you do find your dream home. You will need a pre-approval letter to accompany any offer you make on a home, so it's a good idea to have one ready.
6. Go online - visit our personal website link to search the MLS for available homes that meet what you're looking for: http://www.sirmlsinc.com/cgi-sir/BR_login?valll
7. Find a Realtor! A licensed Realtor has the professional resources and experience to help you with your search, guide you in the selection process and assist you in negotiating the best deal when you do find the home you want. In today's challenging market, it pays to have a Realtor on your side.
8. Get a home inspection - an inspection will arm you with information about the home you want to buy and help you determine if any repairs needed are minor or major.
For more information about buying or selling a home, please give us a call today!
1. Lay the groundwork - Make a realistic list of the features you would like in your new home. Do you need 3 bedrooms & a garage? Move those amenities to the top of your priority list. Do you want a home that is move in ready or do you want a fix-er upper? That's something to consider as well.
2. Determine the areas you want to live in - consdering facts such as schools, transportation & proximity to recreational facilities, shopping, etc. Driving by different areas is greatly helpful to as it will help narrow down where you want to live.
3. GET YOUR FINANCING IN ORDER. You should get a copy of your credit report & FICO score. Talk with a local lender to help you determine how much you can afford & what kind of loan you qualify for. The National Association of Realtors suggests that the principal and interest on a mortgage not exceed 25 percent of your gross income.
4. Line up the money - determine how much money you will need for a down payment & get prepared. You can find a list of state and federal loan programs at www.yourillinoishome.com - click on "financing."
5. Get pre-approved for a mortgage loan so you know what your buying power is and you can move quickly when you do find your dream home. You will need a pre-approval letter to accompany any offer you make on a home, so it's a good idea to have one ready.
6. Go online - visit our personal website link to search the MLS for available homes that meet what you're looking for: http://www.sirmlsinc.com/cgi-sir/BR_login?valll
7. Find a Realtor! A licensed Realtor has the professional resources and experience to help you with your search, guide you in the selection process and assist you in negotiating the best deal when you do find the home you want. In today's challenging market, it pays to have a Realtor on your side.
8. Get a home inspection - an inspection will arm you with information about the home you want to buy and help you determine if any repairs needed are minor or major.
For more information about buying or selling a home, please give us a call today!
Monday, April 6, 2009
Illinois Mortgage Foreclosure Timetable
Following is a link to an "Illinois Mortgage Foreclosure Timetable" - check it out. The foreclosure process takes quite a long time in Illinois.
http://www.informz.net/baarinc/data/images/illinoismortgageforeclosuretimetable.pdf
Please feel free to contact either of us anytime with any real estate needs you may have, including discussing foreclosure properties.
Thank you!
Lucy & Lacey
http://www.informz.net/baarinc/data/images/illinoismortgageforeclosuretimetable.pdf
Please feel free to contact either of us anytime with any real estate needs you may have, including discussing foreclosure properties.
Thank you!
Lucy & Lacey
Wednesday, March 18, 2009
What's Your Negotiating Rationale?
What's Your Negotiating Rationale? When asked, most people could not identify or describe their negotiating rationale. Some might even respond that they don't have one. Oh yes, they do. We all do. Unless specifically selected from a list of possibilities, we adopt a rationale by default. We just gravitated to one accidently. The problem is that our default rationale might not be the best forus, the most effective for our negotiating situations or the one compatible with our style. There are four (4) negotiating rationales to choose from.
1. Accommodation: Our rationale here is that we want to give up things so others can have them. It could be summarized as: I lose, you win. We all know accommodators. We've even been them, at least in certain situations (especially with our kids). Can we agree in a serious negotiation, this isn't our best choice?
2. Persuasion: This rationale is when we are super aggressive and strongly focused on trying to influence our negotiating opponent to do or see things our way. Call it: I win, you lose. Here we pullout all the stops. We leverage every power source available andmuster our most influential language to get the other side to yield. To some, this sounds wonderful. But consider, if you have to live a long time with this opponent or ever have to negotiate with them again, problems become inevitable. Another bad choice.
3. Compromise: Here's where many will drop their anchor and say,"Yes, I like this one." But wait, isn't compromise when both sides are required to give up something? Couldn't this be called: I lose, you lose? We've all experienced this one too. It has become the default rationale of many. The only (significant) downside is that both end up 'losing'!
4. Partnering: Most haven't heard of or considered this one. It's more of a collaborative rationale where our goal is: I win, you win. Now that you have heard of. Can you think of a reason why you wouldn't want all your negotiations to end with both sides feeling like winners? Let's face it, this should be our selection!
Epilogue: Can't leave this discussion without admitting that we don't live in a perfect world where everything fits into a neatcategory. There's no way every negotiation can be restricted to just a 'partnering' rationale.
* Most good negotiators use a combination...and so should you. Aren't there times you want to be persuasive? Should you be accommodating here and there? And, finally, don't we all have togive us something small (compromise) to gain something big (partnering).
**The message is...diversify and don't get caught using but one rationale, especially if it isn't the best one for you and your negotiating circumstances.
1. Accommodation: Our rationale here is that we want to give up things so others can have them. It could be summarized as: I lose, you win. We all know accommodators. We've even been them, at least in certain situations (especially with our kids). Can we agree in a serious negotiation, this isn't our best choice?
2. Persuasion: This rationale is when we are super aggressive and strongly focused on trying to influence our negotiating opponent to do or see things our way. Call it: I win, you lose. Here we pullout all the stops. We leverage every power source available andmuster our most influential language to get the other side to yield. To some, this sounds wonderful. But consider, if you have to live a long time with this opponent or ever have to negotiate with them again, problems become inevitable. Another bad choice.
3. Compromise: Here's where many will drop their anchor and say,"Yes, I like this one." But wait, isn't compromise when both sides are required to give up something? Couldn't this be called: I lose, you lose? We've all experienced this one too. It has become the default rationale of many. The only (significant) downside is that both end up 'losing'!
4. Partnering: Most haven't heard of or considered this one. It's more of a collaborative rationale where our goal is: I win, you win. Now that you have heard of. Can you think of a reason why you wouldn't want all your negotiations to end with both sides feeling like winners? Let's face it, this should be our selection!
Epilogue: Can't leave this discussion without admitting that we don't live in a perfect world where everything fits into a neatcategory. There's no way every negotiation can be restricted to just a 'partnering' rationale.
* Most good negotiators use a combination...and so should you. Aren't there times you want to be persuasive? Should you be accommodating here and there? And, finally, don't we all have togive us something small (compromise) to gain something big (partnering).
**The message is...diversify and don't get caught using but one rationale, especially if it isn't the best one for you and your negotiating circumstances.
Monday, March 2, 2009
$8000 tax credit to first time home buyers - Government Stimulus Plan
As part of the "American Recovery and Reinvestment Act of 2009," the bill referenced was signed into law on February 17, 2009. With this new tax credit, there is no repayment required. Here are some of the specifics of the new bill:
--Amount: $8,000 tax credit, or 10% of the home's value, whichever is less - on buyer's 2008 or 2009 taxes.
--For Whom: 1st time home buyers (A 1st time home buyer is defined as someone who has not owned a property in the last 3 years).
--Time Frame: Purchase between 1-1-09 and 11-30-09
--Repayment: No repayment required as long as you live in the home 3 years, or more.
--Property Taxes: For principle residence only - single family residence, condo or townhouse.
--Income Requirements: Maximum $75,000 for single buyer, and $150,000 for a married couple.
--Claiming the Credit: The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
As always...please email or call either of us anytime for further details.
--Amount: $8,000 tax credit, or 10% of the home's value, whichever is less - on buyer's 2008 or 2009 taxes.
--For Whom: 1st time home buyers (A 1st time home buyer is defined as someone who has not owned a property in the last 3 years).
--Time Frame: Purchase between 1-1-09 and 11-30-09
--Repayment: No repayment required as long as you live in the home 3 years, or more.
--Property Taxes: For principle residence only - single family residence, condo or townhouse.
--Income Requirements: Maximum $75,000 for single buyer, and $150,000 for a married couple.
--Claiming the Credit: The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
As always...please email or call either of us anytime for further details.
Friday, February 13, 2009
First Time Home Buyer's Tax Credit Update
Currently there is a $7500 tax credit that is offered to first-time homebuyers who purchase a home by June 30, 2009. However, there is an updated bill that may go into effect very soon. The most recent bill that is set to be voted on today will amend previous bills. It looks like the final bill will allow for a tax credit up to $8000 (instead of the initial $15,000 that was proposed) for first time homebuyers that will have to be repaid only if the homebuyer sells their house within 36 months of the purchase date.
If this provision passes, it could have a tremendous impact on our industry. Coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
For more details, please call or email us...
If this provision passes, it could have a tremendous impact on our industry. Coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
For more details, please call or email us...
Monday, February 9, 2009
Welcome to our very first blog! Following is some optimistic news about the current real estate market:
The National Association of Realtors said Tuesday its index of pending home sales, which measures contracts signed but not closed, rose 6.3% to 87.7% in December from a month earlier.
Moody's Economy.com cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama Administration "that will help place a floor under the housing downturn." Those measures could include lowering mortgage rates further, preventing more foreclosures and generating jobs through higher federal spending.
Stimulus News:
Currently the Stimulus package is considering a proposed $15,000 tax credit, which applies to all home purchases -- not just new homes. It is sponsored by Senator Johnny Isakson, Republican of Georgia, a former real estate broker. He said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975. The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices. The amendment would allow taxpayers to claim the credit on their 2008 income tax return and to spread the tax credit over two years. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase.
The U.S. Senate on Friday also approved an amendment to an economic stimulus bill that would direct $50 billion in funds from the Treasury Department's Troubled Asset Relief Program to foreclosure mitigation efforts. This program is estimated to prevent approximately 2 million foreclosures. The amendment also forces changes in the federal government's $300 billion Hope for Homeowners program to increase participation. Under the amendment, homeowners would have to share 25% of future equity in their home, rather than the current 50% requirement.
Please contact us to find out more about the proposed $15,000 tax credit or any other real estate needs you may have:
Lucy Vallowe 618-973-0494
Lacey Campbell 618-973-2576
Re/Max Preferred
website: www.YoullLoveLucy.com
email: Lucy@YoullLoveLucy.com
The National Association of Realtors said Tuesday its index of pending home sales, which measures contracts signed but not closed, rose 6.3% to 87.7% in December from a month earlier.
Moody's Economy.com cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama Administration "that will help place a floor under the housing downturn." Those measures could include lowering mortgage rates further, preventing more foreclosures and generating jobs through higher federal spending.
Stimulus News:
Currently the Stimulus package is considering a proposed $15,000 tax credit, which applies to all home purchases -- not just new homes. It is sponsored by Senator Johnny Isakson, Republican of Georgia, a former real estate broker. He said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975. The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices. The amendment would allow taxpayers to claim the credit on their 2008 income tax return and to spread the tax credit over two years. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase.
The U.S. Senate on Friday also approved an amendment to an economic stimulus bill that would direct $50 billion in funds from the Treasury Department's Troubled Asset Relief Program to foreclosure mitigation efforts. This program is estimated to prevent approximately 2 million foreclosures. The amendment also forces changes in the federal government's $300 billion Hope for Homeowners program to increase participation. Under the amendment, homeowners would have to share 25% of future equity in their home, rather than the current 50% requirement.
Please contact us to find out more about the proposed $15,000 tax credit or any other real estate needs you may have:
Lucy Vallowe 618-973-0494
Lacey Campbell 618-973-2576
Re/Max Preferred
website: www.YoullLoveLucy.com
email: Lucy@YoullLoveLucy.com
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