Do You Know What’s Going On In Your Neighborhood?

Want to share a link for EveryBlock.com. It is currently available for New York, Philadelphia, Charlotte, San Francisco, in addition to Chicago. Enter in any street address, and you can find out:

Crime in the area
Filming closings
Business license applications
Real estate listings
Restaurant inspections
Street closings

Check it out. It is good info for your current place, or for a [...]

Yikes! Bank of America Says Chicago Zip Codes Now Classified as “Declining Market”

Got word today that BofA changed their lending policies: most, IF NOT ALL, zip codes in Chicago have received the dreaded “declining market” label.
So what, you ask?
Well, that now means that for most conventional and jumbo mortgage purchase loans, the borrower now has to come up with 5% MORE in down payment. If before this [...]

A Few FHA Secrets, From an Insider

Had a meeting this morning with a mortgage lender regarding FHA loans. I’ll try to pull out some important stuff out for you, as best as I understand it (remember – I focus on SELLING real estate, not financing it.) Let’s start with the positives:

The down payment can be a gift – allowing buyers to [...]

Time to Check Your Water Shut Off Valves

Quick post: Heard some advice yesterday on the radio.
This is a good time to test EVERY hot and cold water shut off valve in your house (or apartment, for that matter.) Make sure they close easily. That way, if or when something really happens, you’ll be able to shut water off to your place, but [...]

“When Will ‘This Market’ Turn Around?”

I hear this question quite a bit, not only here in Chicago, but from friends of mine all over the country.
Gently, I remind people: “Real estate markets, always are and always will be, local.” Period. End of story.
Real estate is local. What is going on with unemployment news, short sales across the Midwest, or the [...]