Buyer Agency contracts have become the norm in the State of Illinois. You already know that to sell a home, you sign a Seller’s Agreement. With all of the changes in real estate, Illinois has now provided a Buyer Agency Agreement which is used to represent buyers. Basically, as a buyer, you have the same rights that a seller does – we already provide sellers with marketing, presentation and negotiation, right? As a buyer, you need to know that you have the same right to hire an exclusive agent to represent your best interests in the transaction. The seller does pay the fee, but if you were to call the listing agent or developer directly or meet with them at an open house, their responsibility will be to the seller. You need to be represented! And you need someone in the know. So, the state is now offering exclusive buyer representation – and our clients are excited to know that means we will work exclusively for them!
Email triciafox@triciafoxgroup.com for a copy of the new agreement.
Wednesday, February 3, 2010
Tuesday, January 19, 2010
Real Estate Outlook: Strong Sales Predicted
By Kenneth R. Harney, Realty Times
Will housing outperform the overall economy in 2010 as we pull out of the Great Recession?
Nothing is absolute in the predictions business, but there are solid indications that, yes, housing is likely to rebound more energetically than the overall economy.
Here's why: Even the most bearish Wall Street analysts now concede that home sales are up in many areas from year-earlier levels -- sometimes by extraordinary percentages.
For example, MDA DataQuick reports that sales in the greater Phoenix market in November were 62 percent higher than the year before.
Prices either have bottomed out in dozens of these markets or are close to it. That's because the distressed sales component of local volume - short sales, REOs and foreclosures - has been declining slowly but steadily.
In his latest forecast, Jay Brinkmann, chief economist for the Mortgage Bankers Association, says both existing and new home sales will be higher in 2010 than in 2009 - and 2009 was better than 2008.
No question that a key part of the energy in housing will be the direct result of stimulus efforts by the federal government - especially the two tax credit programs -- that will push sales and even pricing through mid year.
The overall economy, on the other hand, according to Brinkmann, is likely only to grow slowly in the first half of 2010, and not really warm up until the second half.
The heavy anchor dragging on national economic growth -- and on housing demand -- will continue to be unemployment. Brinkmann says that "the time of job destruction is over" in this cycle - that is, the number of new layoffs and new unemployment insurance claims filings are trending down.
But we haven't yet moved into the next phase nationwide - that of "job creation," which may not begin until later in the year, he says, and may be a long, slow process.
The National Association of Realtors' chief economist, Lawrence Yun, sees a strong sales year ahead - up 20 percent over 2009. In some markets, he also expects to see a return to modest and sustained price increases - anywhere from two to five percent on average.
Will higher interest rates put a big dent in these projections? Many economists are forecasting 30 year rates in the upper 5 percent range later in the year.
Those higher rates won't help - but last week they headed in the opposite direction. Thirty year fixed rates averaged 5.1 percent and 15 year rates were half a point below that - both down slightly from the week before, according to the Mortgage Bankers' national survey.
Published: January 19, 2010
Will housing outperform the overall economy in 2010 as we pull out of the Great Recession?
Nothing is absolute in the predictions business, but there are solid indications that, yes, housing is likely to rebound more energetically than the overall economy.
Here's why: Even the most bearish Wall Street analysts now concede that home sales are up in many areas from year-earlier levels -- sometimes by extraordinary percentages.
For example, MDA DataQuick reports that sales in the greater Phoenix market in November were 62 percent higher than the year before.
Prices either have bottomed out in dozens of these markets or are close to it. That's because the distressed sales component of local volume - short sales, REOs and foreclosures - has been declining slowly but steadily.
In his latest forecast, Jay Brinkmann, chief economist for the Mortgage Bankers Association, says both existing and new home sales will be higher in 2010 than in 2009 - and 2009 was better than 2008.
No question that a key part of the energy in housing will be the direct result of stimulus efforts by the federal government - especially the two tax credit programs -- that will push sales and even pricing through mid year.
The overall economy, on the other hand, according to Brinkmann, is likely only to grow slowly in the first half of 2010, and not really warm up until the second half.
The heavy anchor dragging on national economic growth -- and on housing demand -- will continue to be unemployment. Brinkmann says that "the time of job destruction is over" in this cycle - that is, the number of new layoffs and new unemployment insurance claims filings are trending down.
But we haven't yet moved into the next phase nationwide - that of "job creation," which may not begin until later in the year, he says, and may be a long, slow process.
The National Association of Realtors' chief economist, Lawrence Yun, sees a strong sales year ahead - up 20 percent over 2009. In some markets, he also expects to see a return to modest and sustained price increases - anywhere from two to five percent on average.
Will higher interest rates put a big dent in these projections? Many economists are forecasting 30 year rates in the upper 5 percent range later in the year.
Those higher rates won't help - but last week they headed in the opposite direction. Thirty year fixed rates averaged 5.1 percent and 15 year rates were half a point below that - both down slightly from the week before, according to the Mortgage Bankers' national survey.
Published: January 19, 2010
Friday, January 15, 2010
Take A Tour At Trump
Take a tour at Trump Tower with Tricia. This 3 bedroom, 3.5 bath has just been reduced in price. Now only $2,475,000!
Wednesday, January 13, 2010
What Do Real Estate Agents Do?
Real estate agents sometimes face a battle when it comes to justifying their value as a professional. Many sellers think of a real estate transaction is as simple as selling a futon on Craigslist, and are perfectly willing to try and negotiate their way out of paying for a professional service. This doesn't work well in other businesses and real estate is no exception.
Let the Tricia Fox Group show you what a difference a qualified agent can make!
Let the Tricia Fox Group show you what a difference a qualified agent can make!
Monday, January 11, 2010
2009 Mortgage Rates
Diane Swonk, chief economist of Mesirow Financial, predicted in late December 2008 that 30-year fixed rate mortgages “could go below 5%” in 2009.
The average nationwide rate of a 30-year fixed rate mortgage dropped to 4.71% on 12/03/09, an all-time record low.
(source: Money, Freddie Mac)
The average nationwide rate of a 30-year fixed rate mortgage dropped to 4.71% on 12/03/09, an all-time record low.
(source: Money, Freddie Mac)
Friday, January 8, 2010
Thursday, January 7, 2010
Trolley Tour
Join us for our first Trolley Tour of the year!
For more information or to RSVP visit our event website.
This event is for prospective clients only please.
For more information or to RSVP visit our event website.
This event is for prospective clients only please.
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