The Circle of Real Estate life

It's been a challenging fall in the real estate market. Even though interest rates are down, home sale inventory is up, at least for the time being. Open a newspaper, turn on the news, or read on-line media, you can probably find 6 or 8 different theories on why the real estate market is down. One that you don't necessarily hear much about, probably because it's the least sensational reason, but also the most honest reason is the circle of real estate life. Let me explain. We have Seller A who's selling their Lakeview condo. They've been out with their agent looking at properties and have found a few that they really love. Seller A is also Buyer A. So why hasn't Seller/Buyer A bought a new home? They want or need to sell their current home before move on to their next home. So many of these homes on the market are also buyers in waiting. A seller is a buyer and a buyer is a seller. A year or two ago, the housing market had so much momentum that seller's didn't hesitate to have their home on the market and at the same time purchase their new home. So they might have to take out a bridge loan in the interim, but ultimately they were confident their home would sell and sell quickly. More and more sellers have been taking this more conservative route and it's reflected directly in the market. Will it stay this way long-term? Probably not. After the past several years of tremendous growth the market is balancing itself. One thing to never forget, people still need a place to live, to call home, so there will always be buyers out there.

Desperate times call for desperate measures, right? And if your home is currently on the market, it might certainly seem like that time is here. Now before you hit the panic button, it's important to consider your position and the overall market conditions. According to the media, the sky is falling and I believe them as much as I believe Chicken Little. No the housing market isn't what it was last year, but people still need homes. Let's assume you're in a position were you're not going to buy until you sell existing home and you haven't had any offers. One day that offer comes in but it includes a home sale contingency. The contingency basically states that if buyer does not receive a signed sales contract on their home by a particular date, they can terminate the contract they have with you. It's understandable to just be relieved there's an offer on the table, so you accept the contingency, and move on. Before you sign the dotted line, it's worth taking a minute to consider the pros and cons of a contingent offer and more importantly to consider where that leaves you in the equation. A nice pro is that generally a buyer will offer a higher price to entice the seller to accept the contingency, and you can still continue to market your home, though some buyers agents might be less inclined to show it if there are other similar properties available. The downsides are the big WHAT IFs? What if they don't sell their home and the deal doesn't close or what if you don't get another offer? As a seller, neither of these are in your control and in many ways the details particular to your situation must guide you. One other thing to consider with your agent is the saleability of the buyer's home. If they're in a high-rise with 20 other properties, it might not be wise to accept that contingency because it might be difficult to sell in say 48 days. Whenever I come across these scenario, I believe it's important to consider the different paths the contingency might take a client down and most importantly what their comfort level is with those paths. There is no easy answer, but as I always say, everything works itself out in the end.

St Joseph to the rescue?

I'm sure most people are familiar with the tradition of burying a statue of St. Joseph, the patron saint of home and family, in the front yard to help speed up the sale of their home. I remember when I was very little hearing my very Italian, and very Catholic grandmother telling friends and family to bury a statue St. Joseph. So I laughed to myself when I heard the big news that St. Joseph has suddenly been making a comeback. It appears that in the new age of longer market times and markets downturns in certain parts of the country, devote or not, sellers nationwide are buying statues of St. Joseph. Even some realtors have jumped on the bandwagon. A little faith certainly never hurt anyone, but online and local retailers can't get over how well the statues are selling. Online sites are selling thousands and even wholesale distributors are having trouble keeping up with the demand. The practice is dates back to the Medieval Times when an order of European nuns were looking for land on which to build a new convent. They buried St. Joseph medals and asked for his blessing. Others say the practice was started by German carpenters buried the statues in the foundation of the homes they built. Regardless of who started the tradition, it is obviously still out there being passed down in it's varied forms. I've heard everything from burying St. Joseph upside down in the front yard facing the street to lying the statue on its back pointing at the house like an arrow. The one thing they all seem to have in common is that after the home sells, the now previous owner is supposed to retrieve the statue and place it on a mantle or other prominent location in their new home. In need of a St. Joseph statue? Stop by your local religious goods store or check online. And for you high-rise sellers out there...may I suggest try burying St. Joseph in the middle of the night when no one's looking?

Another satisfied client....

I always love feedback from former clients, good and bad. It's one of those things that really helps me improve the services I am able to provide to my future clients and let's me know what I'm doing right. One of the things that I learned early on in this business is that no two clients are alike and you need to be flexible and adjust to the client. Some need lots of guidance and time, others simply know what they want and when they see the right home they jump. Some get up close and personal, while others keep their personal life, well, personal. I think it's very important to respect their needs, wishes and their boundaries.

Here's some feedback I received from two recent and very different clients.

"We came from the suburbs looking for a second home in the city and we had no idea where to start. We met Rebecca at an Open House and were instantly impressed with her professional demeanor and her sincere interest in our needs. She took charge of our home search and a couple of weeks later, we found the type of condo we were looking for, all due to her hard work and research. She continued her top-notch service throughout the escrow process, attended our closing, and really took the time to get to know us. Thank you, Rebecca for helping us find a fantastic condo in the city!"
- Michelle and Pete

"It was a pleasure working with Rebecca on finding and buying my new condo. Rebecca is very responsive, straightforward and upfront. She followed through promptly on all the commitments she made. Most important, Rebecca displayed great energy, but without being "pushy" in any way. Although my experience with her is on the buy side, I certainly
recommend her to anyone interested in either buying or selling property in Chicago."
- Michael

And speaking of feedback...let me know what you think of the information on my blog. Let me know what you'd like to see more of, less of, whatever it is I'd love to hear it.

New concepts in "mobile homes"

I just saw this interesting new concept in "mobile homes," though I don't think you'll be taking this new home to the local trailer park. This new home is called Loftcube, and based on the picture on the left, the name seems to be appropriate. Yes, while this abode is mostly glass, and a cozy 420 square feet, it can also be tailored to the buyer's desires. Pick your colors, materials, blinds (thank god they're included), glass translucence and even customize your layout. And yes, there is a bedroom, bathroom, kitchen and you can see the living room. And all this can be yours for the mere base price of $110,000. While, you can't exactly hook a Loftcube to the back of your SUV, all you need is either a freight helicopter or construction crane. No, this is no joke. The Loftcube is the brainchild of Werner Aisslinger, which I believe is a German company. It's certainly one of the most interesting ideas I've seen in housing in recent years and it will be interesting to see where this goes. Maybe it will be the new beach house.

The CTA's Proposed Circle Line

You may or may not have heard about the proposed CTA Circle line. For those of you who aren't familiar with the project, it's objective is to link all of the CTA's and Metra's lines, from 39th to Fullerton and Lake Michigan to Western. The routes still under consideration include an Ashland corridor and an Ashland/Ogden Corridor, so if you live on Ashland this would be of particular interest to you. The CTA is going to be presenting their Screen 2 Alternative Analysis study at three different venues this week. The study examines all possible transit options and ultimately determine a locally preferred alternative.

Tuesday, Sept. 26th - Bucktown/Wicker Park Library 6-8pm
1701 N Milwaukee, 2nd Flr Community Room
Weds, Sept. 27th - National Teachers Academy 6-8pm
55 W Cermak - Lunch Room/Auditorium
Thursday, Sept 28th - First Baptist Church 6-8pm
1613 W Washington - Community Room

It seems like it could potentially be a great new alternative for the CTA and opens up some areas that have little to no el access. For more detailed information on the project check out the CTA's website.

Time for some grub

Don't you love it when you rediscover some long forgotten anything, a picture, a note from your sweetheart, whatever, and you're as excited about it as the first time you saw it? I just had one of those moments. I know you're going to laugh when I tell you what it is, so don't laugh. I rediscovered grubhub.com. The website has listings of Chicago restaurants that deliver, including menus. Now I understand this might not sound like anything to get too excited about, but I live a half block west of Damen and none of the major delivery services, CEO Deliveries or Dining In, etc will deliver to me. They only deliver west to Damen and not an inch further. So in those moments when my refrigerator is empty I rely on the few menus that I've collected. Boring! Check out the website, it's got tons of great features, and if you're like me your refrigerator spends more time empty than full!