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May 27th, 2008

Ignore the Headlines…

…says Dan Kadlec in Time Magazines February 25, 2008 issue.
 

Dan brings what the pundits and negative press would have you believe about the current real estate market down to $$$$ and sense.  Common sense that is.
 

His argument is that although some ‘regional’ skepticism is certainly in order, overall finance costs will rise as the economy (and real estate market) recover, so trying to ‘time’ real estate might not pay off.
 

“Let’s say you are emotionally ready to be a homeowner.  You have good credit, plan to stay put for five years and have been waiting for the perfect entry point.  It’s time to get serious—–before an inevitable rise in interest rates wipes out your advantage”.
 

According to Jim Svinth, chief economist at mortgage firm Lending Tree, “the thing that will make home prices stop falling is the very same thing that will push mortgage rates higher”.
 

That should translate into the realization that any $$ advantage  you might gain by real estate prices dropping will likely be offset by rising financing costs.
 

Read the complete article at http://www.time.com/time/magazine/article/0,9171,1713483,00.html   Do the hard math.  Then contact Doug @LincolnParkLiving.com to discuss the local real estate market, get the statistical facts on Chicago and get started on your home search today.
 



 

May 27th, 2008

Avoid the long lines for you city sticker!!

In the May/June issue of the 43rd Ward Alderman Vi Daley News, staffers remind us that on Saturday, June 7th (9am-12:30pm) and Monday, June 23rd (10am-5pm) Chicago City Clerk Miquel del Valle’s staff will be at Alderman Daleys offices (735 W. Wrightwood) selling city stickers and residential permit parking stickers.

Easier still, if you have received your renewal notice from the City, go to www.ChiCityClerk.com. You will need the ‘application’ numbers on the notice and a major credit card in order to process your renewals. The entire process took me less than 5 minutes and my sticker and residential Zone permit should be here within 10 days.

May 2nd, 2008

The road to a jumbo mortgage

Fannie Mae & Freddie Mac were supposed make getting a conforming jumbo mortgage easier by raising the dollar limit to $625,000 from $417,000 in the more expensive markets. Unfortunately, for some reason, Chicago didn’t make that cut! What they’re finding in those markets that did make that cut, the jumbo rates have increased to a point that it seems to offset the benefit of the higher loan amount and the lender requirements have gotten to a point that it is getting even more difficult to get that loan. So, is it relief or grief!

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