2010 comes and goes and here's what we've learned!

The Sold and Closed figures for Chicagoland for 2010 versus 2009 have just come out and I've attached theses for your review. Not all areas are covered and if you see an area you want more info on let me know.

Overall we are seeing some market stablization in the suburbs and chicago for single families sales. Sales were up and we should continue to see a 5-10% grow over this year. The condo market in suburbs is doing better than the Chicago market. The primary difference is still financing ability. Unless the condo complex you live in is FHA approved it's an up hill battle to get your condo sold and with that said that continues to put pressure on prices.

We may see another 3-5 % drop in the Suburban area and anothe 5-10 % drop in the Chicago market especially the downtown market.

The other big question we have is the Shadow market, these are homes or condo's that have been foreclosed on and the banks have been holding on to. It's estimated between 3-6 million of these properties that will introduced to the market place over the next 1-2 years. Across the United States we do 5 Million units per year and with this type flow to the current market will keep prices stable and may cause some prices to fall if to many in one area or in a condo complex. It has a virus infection effect. One doesn't seem to bad but when you have several it takes it toll.

We are seeing more people moving back into buying or should I say "stealing" if they can't get a great deal they are holding off until something comes a long to make buy and that's going to be that way for a while. Why would anyone pay more than they had to unless it's special property.

In the other area of real estate ie, the rental market. prices are holding and in some areas starting to rise for lack of housing for people displaced because of the foreclosure market. 25% of our company business is now dealing with rentals. Whether it's local or relocation most are choosing to rent rather than buy. I can't believe I'm going to say this ,the Realtors Association would take away my membership, but renting is better for the time being and you can get places for 10-20% cheaper than buying. Well enough good new for now.

If you have to sell keep me in mind to do it cheaper than anywhere else and if you're buying remember we offer 20% rebate on purchases. And for renting we done over 200 in the last couple of years so we will treat you right and help get you the best deal out there.

It's Here and the People love it!

Well my new Video Window is here and boy am I excited. Not only will I get rid of all the old paper listing on my windows but now my sellers, buyers and potential renters will be able to see the photo's of the various properties as well as hear a description about the them too. I've had it up just about a week it's been amazing on how well it's been received. In addition to having sales and rentals on this we will also be adding fund raisers and festivals that are going on in the community. For additional information contact me and we see how we can help.

Bargain Hunters Picking off deals but not much Activity

I just received the latest Credit Suisse Market Report, which I'm a contributing member. They tell or format what agents are saying and reporting in over of 30 largest cities in the United States. The National Association of Realtors says all markets are different and that is so true, especially here in Chicago. When at the Realtors Convention in November, our Chief Economist for the Association was saying how we are going to see a turn around and as I'm listening I'm thinking yes there will be a turn around, but the biggest question is when? As he's passing out statistic's on what's going on I'm wondering if I'm in my own little world because we aren't seeing that here. Buyers are buying short sales & foreclosures but the resale market is almost non-measurable. Unless a seller has to move and willing to reduce 20-30% of their price they are not selling. I've had sellers asking what's wrong with my house because no showings and all I can say it's the market. I tell my clients contemplating on selling "if you don't have to sell stand put and it'll be 2-5 years when the market starts to have some stability" On the other hand if they have to sell "it's bite the bullet and sell where you have to because when you rebuy and most want to, they'll be buying back in at the same low or even lower price".

Bottom line to anyone wanting to buy, you better steal it! I've seen deals where the price paid is 40% off and it's just a matter of time when the market does come back then you will have immediate equity and that's better that the stock market.

Future of Real Estate Plus or Minus

I just looked into my Crystal ball and guess what I saw??? Your right there is no such thing as Crystal ball but if there was one this is what I think I’d see.

Real estate is never going to be like it was with 10% appreciation per year or more or have the price double like it did every 10- 12 years. Sorry it's just not going to happen.

Here is good example of what I’m taking about in just one aspect of real estate . In the 1970’s , I know I’m dating myself but I’m an old guy, apartment building whether a 2 flat or multi-family property was priced 8 to 10 times net of the building and no one was paying more than that price because everything was based on what the return was based on your investment. Now comes the dreaded “Condo Conversion” and with that everything changed . With condo conversions sellers started pricing them as if they were already converted and that sent prices out of control and pretty much killed the apartment business as we knew it. Almost never in the last 20 years did I see an apartment building pay for itself that’s right it cost you money! The total rents minus expenses weren’t covering the payment. Why in the world do you buy something to lose money? Well if there is any shot you can sell them off as condo's you might be able to make some money. You've heard about getting in early whether it's buying stock for Google or real estate ideas and after a while once everyone ( novices) knows about it that's when the rug is pulled out from everyone.

Here’s what we are seeing today in just Cook County, the latest figures say 35% of owners are upside down on what they owe compared to what they paid. If you check out the latest sales on 2-4 unit building were back to 8 to 10 net. So if you buy today your getting 8 to 10% return on your money. Don’t count on the appreciation just pay it off and you’ll have a nice income for a long time.

OUR front window goes Electronic with Video Window

Select A Fee Real Estate System just purchased the latest in Technology for its front window bordering on Madison Street in West Loop of Chicago, IL. The company is excited about the new addition. George Ayling owner says “that the current listings posted on his window currently attracts 20+ walk-ins a month and by adding the Video Window it should increase the exposure of his client’s properties for rent and for sale and increase the number of people stopping in by double.” Over the last 2 years Select A Fee Real Estate System has become one of the premier leasing agents and Management company's in West Loop. The Video Window lets you see all photos. Customers will be able to see everything about the property on a 32" Plasma TV. The system works this way there are several display board an each listing has a number. The customer will type the listing number into the touch keyboard on the front window the system will not only show all the photos of the property, property particulars it can even show a visual tour and a recording of the highlights of the property. The customer will be in total control by either emailing us or call the listing agent from the window. Now you be able to schedule a showing or seek additional information just from the window. Additional benefits of the Video Window will be to promote the great Parks in our neighborhood plus the great eateries, Sports Bars, local business and all the special events in the West Loop hosts year around. To find out more how this works and to host you special event call George at the office 312-421-1000 or email me.

George Attends Illinois Veterans Task Force Jump Start Employer Recruitment Seminar

Wednesday evening at the Union League Club in Chicago Top employers were in attendance to offer Veterans employment opportunities other companies in attendance were Harris Bank; U.S. Foodservice, Inc.; Arthur J. Gallagher Risk Management Services, Inc.; Sears Holding Company; Alexian Brothers Behavioral Health Hospital; United Parcel Service of America, Inc.; John Deere; AAR Corp,Blue Cross Blue Shield plus many more. Lt Colonel Jack Amberg- McCormick Foundation is in charge of spear heading this important function of getting these Veterans back into civilian life. Special Guest Becky Stokes who offers all veterans her services in helping them develop a winning resume with her proven techniques. George , President of Select A Fee Real Estate System offered his companies service for putting on seminars for Veterans around Chicagoland, on how they can take advantage of G I Bill on purchasing a home with NO MONEY down! George stated" This is a great time to buy and with GI Bill it can help veterans get their piece of the American Dream they fought to protect for us"

These meeting are held quarterly so if you or your company is interested in helping with this important function please contact me on how to get involved.

Attends Realtors Conventions in New Orleans

George attends the National Association of Realtors Annual convention in New Orleans November 4th through the 8th,2010. The latest in technology and economic updates were items covered over the 5 day conference. The QR codes used many other countries are now the hotest items being presented at the convention. These codes that can be read by Smart phones can hold all the information contained in a business card plus give you a direct link to websites , photos and even show a visual tour on properties.
Speakers at the convention included Federal Housing Administration Commissioner David Stevens; president of the Kansas City Federal Reserve Bank Dr. Thomas Hoeing; and Gulf Coast Claims Facility Administrator Kenneth R. Feinberg.

More than 30 Sessions Featured Expert Speakers From Inman News, ActiveRain, Kodak, DocuSign and More Cover All Facets of Real Estate Sales, Marketing and Operations.
Over 20,000 agents from around the country and world were in attendance.