Select A Fee Real Estate System

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

2011-01-20T11:44:00.001-06:00

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!

2010-12-31T12:39:00.004-06:00

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

2010-12-08T10:38:00.000-06:00

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

2010-12-07T18:23:00.004-06:00

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

2010-11-23T18:32:00.007-06:00

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

2010-11-18T11:55:00.004-06:00

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

2010-11-12T08:33:00.003-06:00

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.

Go Mobile MLS Search for Buyers

2008-12-06T14:47:00.002-06:00

Select A Fee Real Estate System is one of the hand full of companies offering a new service for buyers never offered before. Now buyers can download a widget on their GPS enabled phones and it will provide to them the MLS. The buyer will be able to target a given area and ask to pull up properties based on their criteria within 1/2 mile of a given location and new Mobile manager will show a map on their phone showing properties ( little houses on the map) that match their search. The buyer will be able to touch the house and a box will appear with a picture and general information about the property for them. The buyer will be able to schedule a showing from their phone using this new technology. This widget will be able to be downloaded from Select A Fee Website and no cost to the buyer. The cost to the Buyer will be for free to $4.99 per month depending on which cell provider they may have.

New Market Snapshot offered to Clients for Free on Web Site

2008-11-20T13:12:00.002-06:00

With the market conditions changing almost day I've added a new service for my clients to keep track of what is happening in their area. This market snapshot will comparisons of current homes for sale versus sold homes, asking-to-selling prices, average days on the market and more.
This great for sellers and buyers. For buyers not only does it the buyer of the trends in the area they considering it shows , schools on the map in relation to the home they are considering. The Snapshot will also locate shopping, transportation, hospitals, grocery stores, restaurants plus much more. Click link below if you would a FREE Snapshot of your home.

http://www.homeinsight.com/Widget/default.asp?ZV2MN5PTYBEX

If you have further questions or would like a Free Market Analysis let us know.

We need your help in Getting Congress to Support New Stimulus Package for Buyers

2008-11-13T19:33:00.003-06:00

REALTORS across the nation are contacting their Legislators about them supporting the New Stimulus Package for Home buyers . Here is a copy of 4 Point plan for you to read and I've included a link so too can contact your Legislators. We believe this is go a long way on getting the buyers back in the market place

NAR has urged Congress to include the following provisions in any future legislation:

Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement. The credit’s limited availability and required repayment terms have severely limited the credit’s appeal to potential homebuyers. As a result, the credit has not been widely used or proven effective at stimulating sales.
Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages.
Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures. Don't just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.
Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply properly manage their current lines of business. Do we really want them to manage on the home buying process? Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

http://takeaction.realtoractioncenter.com/campaign/4pointplan

The Sky is NOT falling!

2008-11-12T16:58:00.003-06:00

If you've been listening to the news media over the last several months you would think the sky was falling in the real estate business. They make you believe there is no mortgage money available and no one is buying at this time and there is no hope. But I'm here to tell you that we are doing the same level of Sales in real estate that we did in 1999, and that was record year. Here are the differences in the market place today, the number of agents are around 1.3 million agents (figures supplied from National Association of Realtors) compared to 1999 levels of 850,000. The housing supply is at a 10 months supply compared to a 5 months supply in 1999. The interest rate today is around 6% for a 30 yr fixed rate loan compared to 1999 at 7.5%. Now because of the financial troubles with the banks and mortgage companies it's taking a higher credit score to get buyers qualified and they need more money down to qualify. What most people don't recognize is that we've had 10 + years of awesome growth and prosperity, now we are back to normal times of having a home be on the market 90 to 180 days and sellers have to be realistic to believe they are not going to get a 15-30% increase each year to maybe going up 3-4% instead. Here are some market facts for you, buyers who purchased homes between and 2000 and 2004, if they had to sell today, they will still make money.