Chicago Real Estate Blog

Can Countrywide Make Amends?

Barb Van Stensel — Tue, 07 Oct 2008 22:45:00 GMT

Well, the news hit today that Countrywide has reached a settlement with their lawsuits with Illinois and 7 states. Basically, they have agreed to work out new mortgages at interest rates of 2.5% and pay cash compensation to people who has already lost their homes. This program applies to people who received mortgages from Countrywide before December 31, 2007. If people qualify under these programs, proceedings for foreclosures are supposedly to stop.

While this is all good and a beginning, how does this help those people who were standard sales that lost money as a result of this gross negligence on more then just blamed on Countrywide? It never ceases to amaze me as I meet with two "homes" each week based upon referral to sift through the files and find out what in the world happened and why. I'm on the "board" with my eraser marker doing illustrations of financing, budgets, the marketplace and after one hour of a confidential meeting these families understand exactly what happened - some hanging their heads low. What it all boils down to was taking time with the buyers at the beginning. Maybe even more, it is about caring.

I don't want Satisified Customers!

Barb Van Stensel — Thu, 26 Jun 2008 16:46:00 GMT

Jeffrey Gotimer says ....

Satisfaction is based on "HOPE". Hoping that my customers will spread the word about what I've done for them. How much more I deliver then the average Realtor in my industry, the financial, experience, negotiations and time investments to get their property exposed and sold and hoping to proactively encourage others to sell their home through me.

That isn't customer satisfaction! It's CUSTOMER LOYALTY.

Every Realtor must have LOYALTY in their Mission Statement.

Every Realtor must have LOYALTY as it is imperative, not satisfaction.

The reasons that companies, big companies, do not stress LOYALTY is because it is more difficult to achieve and requires both an investment and a commitment on behalf of senior management.

Customer LOYALTY is a hollow statement unless it is preceded by a mission. Loyalty is both an action and a process.

Realtors need to create MEMORABLE SERVICE. LOYALTY-BASED service.

You see, loyalty is a way of life, not just a word.

Until next time,

Barb Van Stensel
Keller Williams
Chicago, Illinois
http://www.barbvan.com
http://www.shortsalestopper.com

Eco-Tip for the Week

Barb Van Stensel — Mon, 16 Jun 2008 13:23:00 GMT

The perfect graduation gift and the perfect gift to the environment is Kindle. This device will save you money on books (even best sellers are $9.99) - Amazon, let alone a lot of trees! Who knows, maybe it will change how books and papers are read and bought. I was enjoying receiving info on my Palm but this even makes reading more enjoyable, here's why ....

Kindle weighs less than a paperback book, has it's very own electronic bookmark, and you can read in any light! It takes seconds to download the newspaper or the latest best-sellers.

Amazon reports having 130,000 titles currently available and Kindle downloads accounted or 6% of their sales. I love it, because if I'm waiting for a Realtor to show a house and they are late or I arrive early, all I have to do is just whip out my Kindle and read!

The 10 Brainiest Places to Retire

Barb Van Stensel — Sun, 08 Jun 2008 16:43:00 GMT

Well, US News has provided us with information that tells us where the people with the brains want to live and why in their later years.

Liz Wolgemuth wrote that "just because you hit your 60's, it doesn't mean your brain starts to power down. Just the opposite. Your noodle needs more stimiluation than ever, and, finally, you hav the time to supply the required intellectual input."

Before I go on, let me inject here that I don't think we want to wait until we are 60 and most of us don't. I agree with Liz that 'our noodle needs more stimulation as we get older" but in today's society we make the time to continually stimulate our brain. Even my grandmother was always reading, being active, pushing the brain and her body. She stayed as healthy as she possibly could with the Parkinsons disease.

Yet, Liz goes on to say ...."What makes the difference? A city with a large local university might offer a colorful slate of arts or educational events nearly every evening." So, at this stage, I'm rooting for Ann Arbor, Michigan and Lansing, Michigan. Why? UofM (Sorry, Mr. T) and Michigan State. Michigan is full of brilliant people, the arts, sports (still love football) and skiing! With that in mind, let's see how the list was put together.

"U.S. News consulted a lit of more than 1,000 Best Places to Retire and came up with 10 retirement destinations that attract hightly educated folks." (Right now, I'm thinking .... the north does get kind of cold for our senior saints).

So, my search tool list was pretty close to their requirements for retirement spots! "One brainy spot that won't surprise: Berkeley, California." My good friend and coach, Bernice Ross who is http://www.realestatecoach.com is from the Berkeley area and she is smart and brilliant.

Then they say Chapel Hill, NC "where residents might spend their evenings paddling out in kayaks to watch the stars with an astronomy educator from the Morehead Planetarium and Science Center at the University of North Carolina-Chapel Hill."

Boulder, CO - Now we are talking! My niece and her husband live in that area and yes, both teachers and both are smart, love the mountains, constantly on the go! Boulder is a university town, with all sorts of activities.

Yes! Ann Arbor, Michigan is the top place on the list! About time!!! Again, my apologies to my Michigan State family and friends. BUT, the University of Michigan "offers an array of intellectual and cultural programs through the University of Michigan's Osher Lifelong Learning Institute.

West Lafayette, IN - one of my clients has his business in this town and it is home to Purdue University. "They hots lectures and bring in ballets and plays ... "a variety of different programs that you wouldn't necessarily normally get in this size community," says Joanne Wade, president of Lafayette-West Lafayette Convention and Visitor's Bureau.

"Hoboken, NH and Brookline, Mass - also have the big city experience close at hand. Hoboken is just across the Hudson River from Manhattan, while many Brookline residents commute the short distance to work in Boston's medical centers and universities."

So, the brainiest places to retire:

Ann Arbor, Michigan
Berkeley, California
Boulder, Colorado
Brookline, Mass
Chapel Hill, NC
Hoboken, NJ
Lake Oswego, Oregon
Reston, Virginia
Upper St. Clair, PA
West Lafayette, Indiana

Until next time,

Barb Van Stensel

Mortgage Defaults, Foreclosures but we're appreciating?

Barb Van Stensel — Mon, 19 May 2008 22:48:00 GMT

Candace Donofrio, one awesome Realtor posted this on a blog and I think Chicago, Illinois and America needs to take a look see at this information. What Candace shared with her fellow Realtors is the May 9, 2008 edition of Gary North's Specific Answers featuring these four maps from the Federal Reserve System starting last quarter of 2004. Look at where the growth and delinquencies began and then just spinned right out of control. I agree with Candace that too bad we didn't see the maps from 04 on!

The very last map shows the House Price Indexes. I hope we have or can learn something from it!

As my coach would say, "Learn from it and move on."

The Top Ten and it's not David Letterman's List!

Barb Van Stensel — Wed, 14 May 2008 00:01:00 GMT

Forbes.com has come out with the list of the 10 Recession-Proof Cities. That's right! Whn the media was reporting that the sky was falling and here Forbes has found TEN Cities in this Country that are holding steady or improving. Well, I can assure you that my hometown, Grand Rapids, Michigan is not on this list, there are ten that have.

The criteria for making the top ten was: Forbes.com examined the country's 50 largest metros and looked at several key measures.

They examined unemployment data supplied by the U.S. Bureau of Labor Statistics for the year ending in February 2008 to see which areas are most adding or subtracting jobs. Next, they looked at the BLS data on job growth in non-farm payrolls, through February 2008 for construction, education and health services, financial activities, information, leisure and hospitality, manufacturing, natural resources and mining, professional and business services, trade, transportation and utilities, and the BLS's catch-all category, "other services".

They also took into account the median price data from the National Association of Realtors - from the fourth quarter of 2006 to the fourth quarter of 2007 - to see which areas posted the largest annual gains. Their data didn't account for the impact for the declinSt. ing sales in the first several months of this year.

So, let's open up the envelope and announce the winners:

1. Raleigh, North Carolina

2. San Francisco, California

3. Austin, Texas (home to Gary Keller and the Keller Williams Corporation)

4. San Antonio, Texas

5. St. Louis, Missouri

6. Houston, Texas

7. Portland, Oregon (Say Hello to my friend, "Dr. Phil" at http://www.newportlandhomes.com)

8. Dallas, Texas

9. Denver, Colorado (Hello to my niece and her husband)

10. Baltimore, Maryland

I believe Forbes. com has said it best: "In his statements to Congress' Joint Economic Committee earlier this month, Federal Reserve Chairman Ben Bermanke predicted the economy would possibly move into recession in the first half of 2008 but begin to rebound in the second half." First, I'd like to interject here just a tad and say that maybe Mr. Chairman hasn't gotten the memo that we've been in a recession for quite some time and the rebound, I beg to differ. I'm a realist and from what is beening seen, talked about ..... we've got at least another two years before we head back up.

So, if you're tired of waiting, these might be the best places to go. BTW, I'm still rooting for Michigan and my Grand Rapids. Chicago, is my kind of town.

Until next time,

Barb Van Stensel

To be or not to be ....

Barb Van Stensel — Sun, 20 Apr 2008 14:04:00 GMT

Good Sunday! I've just come back from putting up the open house signs,. It's about 9:00 a.m. and my thought this morning is ......

If you as a seller, are selling your home or otherwise known as "marketing". how do you expect it to be marketed? For instance, how successful do you think an open house be if the signs were put up 10 - 15 minutes before the open house? Is that Realtor trying to catch the church crowd? By the time church is out, people aren't looking for those signs but for food. Then again, I may be wrong.

But now, let me ask you this...... if you were getting married and on the day of the wedding you sent your invitations out, obviously now by e-blast, how many friends would show up? The same holds true for an open house - yes, yes, yes, it can be in the MLS and it can be blogged but those "inviting signs" pull alot of weight in driving traffic to your house. Oh, how many signs are being used? For you wedding guests, there is an invitation of each couple right? How many streets would drive traffic to your house in your neighborhood.

And, by the way .... in my last post, I purposely spelled "disfunctional" wrong because the movie "Happyness" got alot more attention and was remembered because of it.

To be or not to be sold, that's the marketing question.

Till next time,

Barb Van Stensel

The Driving Force: Condition

Barb Van Stensel — Sat, 19 Apr 2008 21:42:00 GMT

I was involved in a round table discussion this past week about Selling in Today's Market. When I first thought about talking about the successful sale of a home, alot of memories and horror stories could be told. There's the listing where the seller had the home staged by someone they knew but the stager made the house look disfunctional and when that happens, not one buyer can see beyond the thought of "what in the world happened here?!" Or the home where there was no heat source for the bedroom in the basement. Missing duct openings for central air? Just poke holes in your ductwork - that seems to work. Proper drainage that meets code in the basement or a furnace that ticks and the sellers would turn up the heat high enough so that the furnace would be off during showings and the 'tick' wouldn't be heard! I showed a house where the sellers were getting ready to move and had all the boxes in the middle of the room. I thought it was an organized way of doing things until I moved the boxes only to find out the house had structural problems and the boxes were there to cover the dip in the floor! The topper, I would say would be the silent killer - a hot water tank with no flue. Carbon Monoxide. Nothing!

These are things that can make or break a sale. In today's marketplace, the typical home needs the WOW factor in order to draw attention to itself. You are competing against your own brother! And, I would want to close before my brother!

Are you willing to get your house organized and eliminate any deal breakers like what I mentioned above? If you are, then you are smart and will be successful in the sale of your home, well with the exception of price. That has alot to do with it. The closer you are to your SP, the faster you will close.

Your home needs internet exposure and local exposure. If you Googled your agents or Realtors name, would you find them? If you found them, how many times does their name appear on the internet? Do their listings appear on the internet? Not just on the company website but anywhere else? Where do the calls go to? A floor person who hasn't seen your property? I just checked the stats for my listings and the amount of hits in the last year have been lower than the norm. In the last 30 days, the stats have tripled and hence, it is telling me that the buyers are out there looking on the internet. Are you visible? Is your house in order?

The driving force is condition but you must also have exposure.

Until next time,

Barb Van Stensel

We have a heat wave Chicago

Barb Van Stensel — Sat, 05 Apr 2008 18:39:00 GMT

For every homeowner out there that means - clean the gutters! Rake the lawn and get ready to fertilize and seed your lawn.

To clean your gutters, do not flood them with water as that just moves all the debris to the downspout and they usually get clogged. Put on a good pair of gloves to protect your hands and remove all the debris in your gutters. Once the debris is out, then hose down the gutters and look for any leaks. This is when you need to seal up those leaks to minimize derioration and damage to your gutters and downspouts.

Why is now an ideal time to clean up the fallen leaves on the ground? The ground is just moist enough but dry enough so that the leaves are not "caked" on to the ground and can be easily removed.

Once you've removed all the debris and leaves off of the ground - spike some holes in your yard and then use Scott's fertilizer/seed. Why Scott's? The majority of the companies that provide seed for your yard, actually has a combination of weed within that seed!

If you have some spots in your lawn that need extra help, take the Scotts seed and sprinkle pretty heavy and then lightly sprinkle with a good top soil and that's it!

Beat your neighbors to having a jump start in having the best lawn in the neighborhood. You'll be surprised how many follow!

TORNADO tears through Atlanta, Georgia

Barb Van Stensel — Sat, 15 Mar 2008 22:08:00 GMT

A sign rests atop four cars in a downtown Atlanta parking lot after a tornado touched down Friday evening, pictured Saturday March 15, 2008. Crews hauled broken glass and furniture out of downtown streets Saturday and homeowners surveyed damage caused by a tornado that caught residents and basketball fans by surprise.(AP Photo/Ron Williams)

Michael Wesley talks to a friend on his cellphone in Atlanta, Georgia, as he recovers his belongings from his Honda Accord that was destroyed by debris. A violent tornado blasting winds up to 130 miles per hour wreaked havoc through downtown Atlanta, Georgia, toppling trees onto homes, blowing windows out of high-rises and injuring 30 people, city officials said Saturday.(AFP/GETTY IMAGES/Gavin Averill)

Broken windows pock mark The Omni Hotel Saturday March 15, 2008, after a tornado struck it and nearby buildings downtown Atlanta Friday evening.(AP Photo/John Amis)

People get out and survey the damage in Atlanta's Cabbage Town neighborhood Saturday, March 15, 2008, after a tornado struck the area Friday evening. At least 27 people were hurt Friday night, though no injuries were believed to be life-threatening.(AP Photo/John Amis)

Never take your friends or family for granted!

A Glance into Tedster's Life ......

Barb Van Stensel — Mon, 10 Mar 2008 19:58:00 GMT

As most of you know, I am third generation in a family of real estate professionals. As a result, the day to day challenges of roofing parties, putting in a new deck, painting, replacing fixtures, taking out kitchen cabinets and installing new ones, creative backsplash work, or installing a new hot water tank has always been, in general, has been a family affair. When I go home to Michigan to visit, I get to enjoy seeing all the latest creations and even at times, get to design a new entry floor.

Know that there are alot of projects the kids have done and I am proud of all of them. This, however, is my niece in Colorado. She and her husband Andy, are renovating their two story home out in Colorado. Tedster, their dog is leading a different life with all the activity going on at the home. I've added some humor and hope you enjoy this. All in the name of Tedster and how his life is effected right now .....

http://www.photoshow.net/viewshow/ys7nj6Jj

Until next time,

Barb Van Stensel

A Little Bit Ol'Irish

Barb Van Stensel — Fri, 07 Mar 2008 01:08:00 GMT

I'm so excited to be able to go see some serious Traditional Irish Fiddlers do their magic tomorrow night! Music has always been a relaxer for me and I truly enjoy and am imspired by professional getting down serious musicians who can take and make their talents reach out and create some really beautiful inspiration sounds!

This is one of the greatest things I enjoy about St. Patrick's holiday time - the music! Believe me, I take advantage of a wee bit of Ireland.

Wishing you some great times this weekend!

Barb Van Stensel

Eco-Tips

Barb Van Stensel — Tue, 04 Mar 2008 19:42:00 GMT

Go Green!

When it comes to saving energy, small changes can make a big difference! Try these quick fixes for long-lasting savings - for you and the environment!

Show the Flow - installing a flow restrictor on yoru showerhead can cut the amount of hot water you use in half! The cost: About $6
Did you hear that Pop? ..... that gas water tank sound means sediment has hardened inside, which lowers your heater's efficiency and raises your gas bill! Save: Get it cleaned
Give your fridge a vacation! How? If the cooling coils behind your fridge have fuzz on them, they're using more energy to cool food. Easy: clean the coils with a vacuum every three months - or to make it easier to remember - when the season changes!

Buy with Confidence

Wondering if the big purchase is really worth it? Log on to http://www.wize.com to see what other consumers - as well as the pros - have to say.

Until next time,

Barb Van Stensel
http://www.BarbVan.com

TOP STORY - Buyer's Market - Stop Playing the Waiting Game

Barb Van Stensel — Mon, 03 Mar 2008 21:01:00 GMT

TAKING ADVANTAGE OF A BUYER'S MARKET .....

We are heading into the busiest month of sales closed - April! Buyers, you should be taking advantage of the reduced housing costs and favorable interest rates. While it is conceivable that home prices may drop further, it is likely that these decreased prices will be accompanied with increased interest rates.

This rate increase isn't just speculation. Just a couple of weeks ago, in early February, the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years!

The table below demonstrates how even as home prices may drop, monthly mortgage payments basically stay the same; due to increased interest rates:

Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%

Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%

Today

Scenario 1

Scenario 2

Home Price

$218, 900

Home Price: -5%

$207,955

Home Price: -10%

$197,010

Interest Rates

6.04%

Interest Rates: +0.5%

6.54%

Interest Rates: +1.0%

7.04%

Monthly Payment

$1,054

Monthly Payment

$1,056

Monthly Payment

$1,053

Table: Kadlec, Dan. "Ignore the Headlines!" Time 25 February 2008

Stop Playing the Waiting Game and invest in yourself.

Until next time,

Barb Van Stensel

Advantages and Disadvantages of Selling "As Is"

Barb Van Stensel — Sat, 01 Mar 2008 23:30:00 GMT

A listing that is advertised as an "as is" sale can be misleading to the public for one good reason: You might be considered by the consumer as a Short Sale, also known as a Pre-foreclosure, an REO - Bank Acquired Property, or a RELO - relocation property. And what were you trying to convey about your home? That your home might just need some paint or refinishing of floors? The consumer might assume that something is wrong with the home that requires time and effort and with the inventory in the marketplace today they might consider just passing on your home.

With as many "as is" sales out there in the marketplace, wouldn't you want to make a good first impression of your home? Were you aware that of the competition that your home will be compared to? Better yet, do you want your home to be compared to the "as is" competition at all?

"As Is" means to the consumer, on the whole, that the seller knows very little about the property. The property could be in really great shape and now you may be thrown into the category of questionnable condition as well as significant pricing results.

Let's say you have an estate to sell, you inherited it or you are the executor or executrix of the estate. One of the things that I love about estates is that as a whole, they are generally maintained well in the mechanical area. If the property is an estate, it could be exempt from disclosures, like REO's, because of how the laws govern in that state. However, never skimp on inspections if you are going to buy a foreclosure, an estate, REO, a Short Sale or the good old standard sale. You may need to inspect certain sales prior to making an offer and you must have the seller's written permission to do so. Always get everything in writing so that there is no miscommunication!

Be aware that offers made on Short Sales, Estate Sales, Foreclosures may require court approval or bank approval prior to acceptance of the offer. These approvals may take as long as 60 days once the offer is submitted. Once you have the approval, you made be required to close in two weeks.

Long and short of Selling or Buying an "As Is" property, it all has to do with the price break. Know and understand all the inventory that is out in the marketplace where you want to purchase or sell. How much as the market changed in the last 3, 6 and 9 months. What is the average time in the marketplace. What sells more quickly in your choice of marketplace?

When buying or selling in today's marketplace, make sure you have a qualified Realtor who knows and understands how to get you to the closing table.

Sellers will be in a better position in selling their home if they have the work done prior to putting their home on the market as well as understanding the rate of absorption for their home.

Until next time,

Barb Van Stensel