I think I have one of the few jobs that allows me to work 24 hours a day, but also enjoy spending time with my wife, my family, and my friends. What I am talking about is this. The other night, I attended a Cubs game with my friend who had an extra ticket. So we jumped on the “EL” and headed down to Wrigley Field. While on the “EL” I find myself catching “For Sale” signs out of the corner of my eye. This happens often, as I think I have been conditioned to seeing “For Sale” signs. It is not like I am purposely looking for the signs, I just happen to see them. In my business I am always trying to stay on top of the market and on top of the inventory in the market. I work a lot on the North Side of Chicago in neighborhoods such as Lake View, Lincoln Square, Ravenswood, Albany Park, Uptown, etc, so I like to know what is for sale in these neighborhoods. I think I have become very good at spotting a sign, taking a quick look at the building or house, and coming up with a price in my head. I usually come up with a couple of prices to accommodate if there are 2 – 3 bedrooms and if parking is available and so forth. So while we were on the “EL” I saw some properties for sale and did some quick math in my head. While we were walking to and from the game I saw more property and did the same thing. I was sure not to be rude and ignore my friend totally. I do not want to do that especially since he gave me a free ticket. What is good about this exercise is that if I have a client looking for something in this area, I can let them know if I saw something or let them know what I think the value of the area might be. So I was working while at the same time enjoying spending some time with my friend. Of course if something really catches my eye, I will not be so subtle. I will stop take a good look at the property, walk around the property, write down the address, and even make a phone call. Sometimes my friends cannot appreciate what I am doing and will nag at me to keep moving. Luckily, for my friend, this did not happen the other night. So all in all we had a good time at the game and was able to keep from talking his ear off about Real Estate. See the picture above. These are the seats my friend has, they are pretty good. See the tall building all the way to the right? That’s the New York building. Count nine floors up and I have a client who I helped purchase that unit. Ok so maybe a little Real Estate talk at the game:)Monday, June 04, 2007
Work and Play
I think I have one of the few jobs that allows me to work 24 hours a day, but also enjoy spending time with my wife, my family, and my friends. What I am talking about is this. The other night, I attended a Cubs game with my friend who had an extra ticket. So we jumped on the “EL” and headed down to Wrigley Field. While on the “EL” I find myself catching “For Sale” signs out of the corner of my eye. This happens often, as I think I have been conditioned to seeing “For Sale” signs. It is not like I am purposely looking for the signs, I just happen to see them. In my business I am always trying to stay on top of the market and on top of the inventory in the market. I work a lot on the North Side of Chicago in neighborhoods such as Lake View, Lincoln Square, Ravenswood, Albany Park, Uptown, etc, so I like to know what is for sale in these neighborhoods. I think I have become very good at spotting a sign, taking a quick look at the building or house, and coming up with a price in my head. I usually come up with a couple of prices to accommodate if there are 2 – 3 bedrooms and if parking is available and so forth. So while we were on the “EL” I saw some properties for sale and did some quick math in my head. While we were walking to and from the game I saw more property and did the same thing. I was sure not to be rude and ignore my friend totally. I do not want to do that especially since he gave me a free ticket. What is good about this exercise is that if I have a client looking for something in this area, I can let them know if I saw something or let them know what I think the value of the area might be. So I was working while at the same time enjoying spending some time with my friend. Of course if something really catches my eye, I will not be so subtle. I will stop take a good look at the property, walk around the property, write down the address, and even make a phone call. Sometimes my friends cannot appreciate what I am doing and will nag at me to keep moving. Luckily, for my friend, this did not happen the other night. So all in all we had a good time at the game and was able to keep from talking his ear off about Real Estate. See the picture above. These are the seats my friend has, they are pretty good. See the tall building all the way to the right? That’s the New York building. Count nine floors up and I have a client who I helped purchase that unit. Ok so maybe a little Real Estate talk at the game:)
Thursday, May 31, 2007
Realtor from 9 to 5
I wanted to share with you a story about my day to day work habits, and how they have paid off. As a Chicago Realtor I am often asked what I do all day. Since most people know that a Realtor works with clients, who often work steady job themselves, most of my client time is nights and weekends. People often wonder how I spend my days from 9 to 5. The simple answer I give is that I work on the computer most days (I also do other Real Estate activities which I will share in later post). I work on articles for my Blog, checking the MLS for properties, communicating with clients and prospecting for business (working with leads.) This is the short and easy answer. What I wanted to share with you was one of the little things I do that has helped me become a better buyer agent. As a buyer agent, we are expected to know what types of properties, Condo or Single Family Homes, are available. We are also expected to know the price range for any particular Chicago neighborhood. One of the things I wanted to do was to get an inside edge on my competition. I thought about how I could do this and I came up with the idea to put myself in the shoes of the buyer. Our website Chicago Home Estates works very hard on capturing buyers and bringing them to our website. Now, I know that a buyer who is on our website is probably on another Real Estate website as well. So I thought I should do the same. Since we send out updates to our clients about new properties, I thought I might as well receive updates from other websites just like a buyer. How this has paid off for me is that I was registered on another Chicago Real Estate website and received information about a 2 bedroom condo in Lincoln Square that was not yet on the MLS. I immediately contacted a client who was looking for exactly this type of condo, in Lincoln Square, and we were able to view the condo before it even went on the MLS. This little bit was responsible for me securing a client as their buyer agent. My clients were impressed that I was on top of the inventory of 2 bedroom condos in Lincoln Square, and wanted to use me a their buyer agent. I am always looking for new ways to stay up on the inventory of Chicago properties. I do not claim to know about every condo and Single Family Home in Chicago. There are far too many for anyone to keep track off. Since I live in Lincoln Square, I try to be especially updated on the inventory in Lincoln Square, Ravenswood, Albany Park, Uptown, Irving Park, Lakeview and Lincoln Park. As I said earlier I will share other activities I do as a Chicago Realtor from 9 to 5 in later post.
Friday, February 09, 2007
First steps in the home buying process
This question comes up many times with first time homebuyers. Many first time homebuyers have an idea of where they would like to live, but they do not have an idea about the cost of a home. What I like to tell clients is to start doing some research online. In this day in age the internet provides a countless number of resources for the consumer to look at. You can find a number of Real Estate websites on line, and from these Real Estate Websites you should be able to find some sort of home search locator. A good home search locator will allow you to enter in your specific criteria, such as how many bedrooms you need, bathrooms you need, which neighborhood you like, etc. These home search locators will find homes that are currently on the market. This is a good way to start understanding the type of price the particular home you are looking for is. Another good home search locator should allow you to save specific searches so you can enter different criteria, without loosing your original criteria.
Once you have an idea about the price of the homes you are interested in, you need to know if you can afford your type of home. The next step is to meet with a mortgage lender and discuss with them the types of loans you can get, and the amount of money you would be eligible to borrow. From this you should get a clear idea of the type of home you can afford.
You may find that your originally desired area is out of your price range. Now what? Well there are two things you can do. One, which I recommend, is to contact a Realtor. You should let them know what type of home you are looking for and also let them you know what type of price range you are in. The Realtor can then work with you to let you know what types of homes in your desired neighborhoods are available in your price range. Also they can let you know about different neighborhoods that support the type of home you are looking for and that are in your price range. The second thing you can do is to continue to use the home search locator to explore different neighborhoods on your own. I do not recommend this unless you are familiar with those neighborhoods. You can spend a lot of time searching neighborhoods without finding one that supports your needs. Many Realtors work in all different types of neighborhoods and they may be able to turn you on to a different neighborhood, faster then you can find one.
Now that you know the type of home you are looking for and you found a neighborhood you want to be in (whether it was your originally desired neighborhood or a new neighborhood you found.) The next step in the process, since you followed my advice and are now working with a Realtor, is to go out and start visiting some of the homes you and your Realtor have found. This step allows you to see first hand the layout of a home, and all the features up close. It gives you a chance to speak with your Realtor about how the whole home buying process. It will also give you a good idea about the feel of a neighborhood (if you are not familiar with it.)
The next step would be to purchase your new home. This aspect of the home buying process is another set of steps. If you give me a call or e-mail me, I would be happy to go over it with you. :) I hope this was helpful, and if you have any questions about this or any other part of the home buying process, please feel free to call or e-mail.
Once you have an idea about the price of the homes you are interested in, you need to know if you can afford your type of home. The next step is to meet with a mortgage lender and discuss with them the types of loans you can get, and the amount of money you would be eligible to borrow. From this you should get a clear idea of the type of home you can afford.
You may find that your originally desired area is out of your price range. Now what? Well there are two things you can do. One, which I recommend, is to contact a Realtor. You should let them know what type of home you are looking for and also let them you know what type of price range you are in. The Realtor can then work with you to let you know what types of homes in your desired neighborhoods are available in your price range. Also they can let you know about different neighborhoods that support the type of home you are looking for and that are in your price range. The second thing you can do is to continue to use the home search locator to explore different neighborhoods on your own. I do not recommend this unless you are familiar with those neighborhoods. You can spend a lot of time searching neighborhoods without finding one that supports your needs. Many Realtors work in all different types of neighborhoods and they may be able to turn you on to a different neighborhood, faster then you can find one.
Now that you know the type of home you are looking for and you found a neighborhood you want to be in (whether it was your originally desired neighborhood or a new neighborhood you found.) The next step in the process, since you followed my advice and are now working with a Realtor, is to go out and start visiting some of the homes you and your Realtor have found. This step allows you to see first hand the layout of a home, and all the features up close. It gives you a chance to speak with your Realtor about how the whole home buying process. It will also give you a good idea about the feel of a neighborhood (if you are not familiar with it.)
The next step would be to purchase your new home. This aspect of the home buying process is another set of steps. If you give me a call or e-mail me, I would be happy to go over it with you. :) I hope this was helpful, and if you have any questions about this or any other part of the home buying process, please feel free to call or e-mail.
Monday, January 29, 2007
Chicago Open House...can be windy city blues
This weekend I did an Open House at my new listing 2512 W. Iowa #3. (sorry, but I had to plug my new listing.) I try to do Open Houses every weekend. I find that this is a good way to market my listings and to meet potential buyers. My Open Houses are usually from 1:00pm – 4:00pm. I bring my paper to read if it is slow. I also have my PDA so I can keep in touch with clients. Overall it is a good experience. The only part I dread is the putting up of Open Signs. This part of the day takes a ½ hour at the most, but it can feel like hours. Especially on weekends like this past weekend. I am fortunate enough to be practicing Real Estate in Chicago. The market is strong, and the city is a desirable place to live, but when it gets cold…it gets cold. This weekend was one of those weekends I wish I was at home relaxing on the couch and not having to go outside.
I try to strategically place my Open House signs where I can draw the most traffic to my Open House. So I am usually at a busy corner or intersection. I have to stop my car, turn on my hazard lights, avoid traffic and grab a big metal sign from the back of my truck. These signs are made entirely of metal, and are not very flexible or easy to move. Of course when the wind gets a hold of them, they have no problem flying around. I can have it in my hand one second and the next I am fighting the wind to keep it from blowing out of my hand. By the time I am done putting up the signs I am exhausted and worn out. Three hours later, I am back out there grabbing my signs again. But, the most frustrating thing of all is, I have spent my morning putting up the signs only to come out a find half of them blown over from the wind. Not much you can do, except pick up the sign and hope for better the next time.
Weekends like this past one are not over yet. As Chicagoians we have seen it before and we know it will happen again. I will continue to put out Open House signs that will get blown over in the wind, get tossed in a dumpster by someone who has nothing better to do, and overall test my patience. So if are driving around this winter and happen to see a Realtor putting up an Open House sign. Slow down, give them some space and hope that the wind does not cause them too much trouble.
I try to strategically place my Open House signs where I can draw the most traffic to my Open House. So I am usually at a busy corner or intersection. I have to stop my car, turn on my hazard lights, avoid traffic and grab a big metal sign from the back of my truck. These signs are made entirely of metal, and are not very flexible or easy to move. Of course when the wind gets a hold of them, they have no problem flying around. I can have it in my hand one second and the next I am fighting the wind to keep it from blowing out of my hand. By the time I am done putting up the signs I am exhausted and worn out. Three hours later, I am back out there grabbing my signs again. But, the most frustrating thing of all is, I have spent my morning putting up the signs only to come out a find half of them blown over from the wind. Not much you can do, except pick up the sign and hope for better the next time.
Weekends like this past one are not over yet. As Chicagoians we have seen it before and we know it will happen again. I will continue to put out Open House signs that will get blown over in the wind, get tossed in a dumpster by someone who has nothing better to do, and overall test my patience. So if are driving around this winter and happen to see a Realtor putting up an Open House sign. Slow down, give them some space and hope that the wind does not cause them too much trouble.
Monday, December 11, 2006
Interest Rates Decline
I recently read an article I found on MortgageNewsDaily.com. The article talked about the steady decline in interest rates that we have been seeing. I included a couple of passages from the article that I think are note worthy: “The 30-year fixed-rate mortgage (FRM) reached its third lowest level of the year at 6.14 percent with an average of 0.4 in fees and points. With 2006 drawing to an end, only two weeks, those ending January 19 and January 26, recorded lower rates at 6.10 and 6.12 respectively. Last week's level was 4 basis points below that for the week ended November 22. With the exception of a single small one-week up tick in November, rates have steadily declined since the week ended October 26. Frank Nothaft, Freddie Mac vice president and chief economist stated that "Mortgage rates drifted lower this week, bringing long-term rates to levels below those of this time last year. Mortgage applications for home purchase in November have remained healthy, due largely because of the drop in mortgage rates and a softening in home prices in some areas."
The Mortgage Bankers Association in its Weekly Mortgage Applications Survey for the week ending December 1 was in rare unanimity with Freddie Mac in finding interest rates retreating in all categories.
The survey results show that the average contract interest rate for 30-year fixed-rate mortgages decreased to 5.98 from 6.13 percent, with points, including the origination fee, decreasing to 0.91 from 0.97. This is the lowest level reported by MBA for the 30-year FRM since October 2005.”
This is a positive sign for the Real Estate market. The more the Interest Rates remain steady the more positive the Real Estate market looks. This year there have been a number of negative things said about the Real Estate market, that I believe has kept consumers out of the market. The more positive signs we see, the more consumers will return to the market place. With interest rates in a steady decline and property values balancing out, we should see a growing market in 2007.
The Mortgage Bankers Association in its Weekly Mortgage Applications Survey for the week ending December 1 was in rare unanimity with Freddie Mac in finding interest rates retreating in all categories.
The survey results show that the average contract interest rate for 30-year fixed-rate mortgages decreased to 5.98 from 6.13 percent, with points, including the origination fee, decreasing to 0.91 from 0.97. This is the lowest level reported by MBA for the 30-year FRM since October 2005.”
This is a positive sign for the Real Estate market. The more the Interest Rates remain steady the more positive the Real Estate market looks. This year there have been a number of negative things said about the Real Estate market, that I believe has kept consumers out of the market. The more positive signs we see, the more consumers will return to the market place. With interest rates in a steady decline and property values balancing out, we should see a growing market in 2007.
Monday, December 04, 2006
Historic Uptown Theater
For all those familiar with the Uptown neighborhood here is an article found I found on Chicagoist.com website written by Shannon Saar . This is article focuses on the Historic Uptown Theater. Currently there are two major companies submitting bids to purchase the Uptown Theater. This could be a positive sign of good things to come for the Uptown neighborhood. Here is the article "Please, Boys, No Need to Fight Over Li'l OL' Me"
Tuesday, November 28, 2006
Personal Story of Real Estate Blogging
As a Realtor, I am always looking for ways to increase my market range. I have recently been turned onto the world of Blogs. I was not quite sure what a blog was when I first started so I decided to look it up. According to Merriam-Webster Blog is defined as follows:
Pronunciation: 'blog, 'blägFunction: nounEtymology: short for Weblog: a Web site that contains an online personal journal with reflections, comments, and often hyperlinks provided by the writer - blog·ger noun - blog·ging noun
This makes sense, and if I may, I would like to expand on this definition. A Blog may also follow a particular theme. In my case Real Estate is the theme, and more specifically Chicago Real Estate. Of course there are times in which I will write about other things (The Cubs signing Alfonso Soriano…die hard Cub fan “waiting for next year”) because in fact this is an online personal journal.
When beginning my Blog, I was set up with a template from Blogger.com, and away I went. I started out with a story, or as the correct term is I added a post. Then time passed and I added another post. Then some more time passed I added another. What I am trying to get at here is that blogging was much more difficult or shall I say intimidating then I had anticipated. The idea of thousands of people reading my weekly thoughts and opinions was intimidating. I mean who was I? Was I an expert on Chicago Real Estate? Not an expert, but very knowledgably. Also, how is my writing? I am no Pulitzer Prize winning author or for that matter even a published author. So how was I going to write about Chicago Real Estate on a regular basis? What I decided to do is to check out other Real Estate blogs. I know for a fact I am not the only one doing it so I thought it would be a good idea to see what others are writing about and how they are writing. Do you know what I found? I found posts that were very informative and insightful. I also found posts that were not informative and I also found posts that were just plain insane. (I have decided not to mention any of the posts I saw, but trust me they are out there.) Doing the research made me realize that everyone writing a blog does not have to be an expert or a great writer. Besides the definition of blog does not specify you being an expert or great writer. With my fear of being ridiculed out of the way, I was ready to really get going on my blog.
Then I found another problem…content. I knew I wanted to blog about Chicago Real Estate, but what does that mean. Does it mean me just blogging about my daily conversations with friends and colleagues? It could, but I knew I wanted more. I wanted people who read my blog for the first time to want to come back again. I knew that a daily journal of my thoughts and opinions would only carry me so far. I needed more to say about Real Estate. And that’s when it hit me. I am a Realtor, I can comment on the market, the value of a house or condo, the process of buying and selling a home, etc. But, I am not the only one involved in the Real Estate process. There are Mortgage Lenders, Attorneys, Home Inspectors, the Buyers and Sellers (just to name a few). I needed a way to incorporate view points from all these sources as well. So where can I find all this…on the internet. So I started searching the internet for stories, articles, what ever I could find that dealt with Real Estate. I found a lot of resources and now I was truly ready to go.
With my intimidation behind me and an expansive amount of content just a click away, I am ready to really get involved in the world of blogging. I hope all who come here find it informative and entertaining, and continue to return. Keep an eye on the changes, as the more I learn, the more I will incorporate into my blog.
Pronunciation: 'blog, 'blägFunction: nounEtymology: short for Weblog: a Web site that contains an online personal journal with reflections, comments, and often hyperlinks provided by the writer - blog·ger noun - blog·ging noun
This makes sense, and if I may, I would like to expand on this definition. A Blog may also follow a particular theme. In my case Real Estate is the theme, and more specifically Chicago Real Estate. Of course there are times in which I will write about other things (The Cubs signing Alfonso Soriano…die hard Cub fan “waiting for next year”) because in fact this is an online personal journal.
When beginning my Blog, I was set up with a template from Blogger.com, and away I went. I started out with a story, or as the correct term is I added a post. Then time passed and I added another post. Then some more time passed I added another. What I am trying to get at here is that blogging was much more difficult or shall I say intimidating then I had anticipated. The idea of thousands of people reading my weekly thoughts and opinions was intimidating. I mean who was I? Was I an expert on Chicago Real Estate? Not an expert, but very knowledgably. Also, how is my writing? I am no Pulitzer Prize winning author or for that matter even a published author. So how was I going to write about Chicago Real Estate on a regular basis? What I decided to do is to check out other Real Estate blogs. I know for a fact I am not the only one doing it so I thought it would be a good idea to see what others are writing about and how they are writing. Do you know what I found? I found posts that were very informative and insightful. I also found posts that were not informative and I also found posts that were just plain insane. (I have decided not to mention any of the posts I saw, but trust me they are out there.) Doing the research made me realize that everyone writing a blog does not have to be an expert or a great writer. Besides the definition of blog does not specify you being an expert or great writer. With my fear of being ridiculed out of the way, I was ready to really get going on my blog.
Then I found another problem…content. I knew I wanted to blog about Chicago Real Estate, but what does that mean. Does it mean me just blogging about my daily conversations with friends and colleagues? It could, but I knew I wanted more. I wanted people who read my blog for the first time to want to come back again. I knew that a daily journal of my thoughts and opinions would only carry me so far. I needed more to say about Real Estate. And that’s when it hit me. I am a Realtor, I can comment on the market, the value of a house or condo, the process of buying and selling a home, etc. But, I am not the only one involved in the Real Estate process. There are Mortgage Lenders, Attorneys, Home Inspectors, the Buyers and Sellers (just to name a few). I needed a way to incorporate view points from all these sources as well. So where can I find all this…on the internet. So I started searching the internet for stories, articles, what ever I could find that dealt with Real Estate. I found a lot of resources and now I was truly ready to go.
With my intimidation behind me and an expansive amount of content just a click away, I am ready to really get involved in the world of blogging. I hope all who come here find it informative and entertaining, and continue to return. Keep an eye on the changes, as the more I learn, the more I will incorporate into my blog.
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