I’m guessing some of us are experiencing our commissions being reduced on the 11^th hour by banks.  So, even though within our MLS system we are offered a certain co-op commission, banks seem not to be part of that agreement and therefore are able to reduce our commission while we stand by helplessly.  In addition, there appear to be some companies who are employing a similar tactic.  Last month, we had a closing with a property listed by Zendi Realty, LLC, and were offered 2% commission.  One week prior to the closing, we were informed by Zendi Realty that the bank had changed our co-op commission from 2% to 1%.  So, long story short, instead of collecting the $12,000 we thought we were entitled to, we collected $6,000, while Zendi Realty collected $24,000.  So, Zendi Realty collected 5%, paid out 1%, and claimed it was the banks’ doing.  In summary, agents beware: if you’re dealing with Zendi Realty, you may be in for some surprises.

The sweeping trend of “going green” has taken over our nation, but there are still a fair share of people that remain skeptical…with good reason.  Many of the ways you can go green are fairly easy and helpful, but there are also a lot of ways to go green that can be over the top and a waste of money.  Going green has had a great effect on the real estate market.  The price of gas has taken its toll on the housing markets, and people no longer want to live in far off suburbs.  They would rather pay a little more for their home and be in a pedestrian/bike friendly area closer to the city, than waste all of their time/money on gas to commute into the city by car.

Men’s Health online magazine gave us some truly helpful tips to go green in an easy and low key way: hand wash dishes, buy energy efficient appliances, give up bottled water, use your computer’s sleep mode, don’t use disposable razors, don’t use paper plates, use re-chargable batteries, use recycled napkins and toilet paper, and go to the car wash instead of washing your own car.  There are many products that are “green” for your home, including roofing, insulation, and heating/cooling systems.  Some of these options can be helpful/useful and some of them can just be scams. 

Housing sales have gone down in the past couple of months, but turning your home green can save dramatically on costs, especially for bigger homes that use a lot more utilities.  Also, there are incentives to go green, like subsidization for a green roof that helps to cool the building, and a rebate if you buy a hybrid vehicle (on top of the money you’ll save on gas).  Illinois also gives tax rebates to households that use solar energy.  There are many ways (big and small) to go green in your own household; it doesn’t take a lifestyle change, it can just be a small step towards the larger overarching goal of helping the environment.  One of the best and most inexpensive ways to go green is to recycle.

Mayor Daley has proposed a new way for homeowners and business owners to save some money on taxes and stay in their homes/keep their businesses afloat in this downtrodden market.  Since the economy is in a much worse state than it was in 2006, many people feel that they are being taxed unfairly based on outdated home appraisals.  Mayor Daley feels that they are right, and it is not fair, and he has thought of a way to circumvent this problem and to make things more fair.  You can start the process for 2008 next week, and depending on which township you live, you abide by a certain deadline to get your documents in for your home’s appraisal.  If you call the Cook County Board of Review (312-603-5542) they can lead you in the right direction.  You must fill out paperwork and gather documents and pictures for your home and the surrounding homes in the neighborhood and then submit the information for review.  After the Board has reviewed your information, the goal is to appraise your home at its new, lower value and hence cut down on the property taxes you must pay each year.  Mayor Daley is on our side and he has made this, and other tax incentives user-friendly and available so people can stay in their homes and keep their businesses alive.

Contrary to what you might think, right now is a great time to buy a new home in Chicago.  The city and its developing partners are offering a vast array of homes at prices you can afford!  All of the properties are new or rehabbed, and there is something for everyone.  Use the site http://yourplace.mighty-site.com/ and you can search by price, neighborhood, name of a particular development, or type of incentive.  The city of Chicago, its lenders, and philanthropic partners are all coming together to try to make it easier for first time home buyers.  There are grants, tax credits, and various kinds of price assistance that has made the home buying process a lot easier and more affordbale.  For example, you can get $10,000 towards the purchase price of your new home if you are one of the first 100 buyers, this applies only to certain homes and condos.  There are also tax incentives for first time home buyers, you can get a $7500 tax credit if you buy a home between now and June 2009.  So, no matter what your background, if you want to buy a house you can make that happen, we can help!

In today’s ultra fast pace, people’s minds get crowded with buzzing blackberries and ringing cell phones.  Thinking about returning emails and trying to update their various online profiles and sites, people tend to forget to slow down and do something as simple as introducing themselves to their new neighbors. 

Its easy to forget the importance of this simple task, but it makes a world of difference when you are moving into a new place.  Whether you are new to Chicago or you have lived here your entire life, never underestimate the value of a neighbor.  If you start the relationship off right, you can build friendships that last a lifetime.  You don’t even have to go door to door, bake cookies for everyone on the block, or throw a party.  Simply go outside the first weekend at your new home and do some yard work, paint the front porch, or do any activity that keeps you outside.

Although you shouldn’t be, you will probably be surprised at how receptive people are to a new neighbor moving in.  I was sitting on my porch just this past weekend watching my new neighbors paint their front steps and porch, and as the day progressed, more and more people stopped by to say hello and see what their new neighbors were all about. 

If you live in a condo, you can still use my tactic, you just have to circumvent the obstacle of the verticle neighborhood.  Go downstairs sometime during the weekend with a book or magazine, just hang out for a bit in your own lobby.  You will see who your neighbors are and maybe get to meet a few.  Who doesn’t want to make friends?  Especially where they are living…I mean you never know when you may need to borrow some milk, or an egg, or need a referral to a great Realtor!

This past weekend I attended the 51st Gold Coast Art Fair along LaSalle Street.  The River North/Gold Coast area is already known for its chic, artsy, and gallery filled streets, but this weekend this reputation was even more glorified.  It was an amazing cultural and enriching experience, and a celebration of creativity and art from around the world.  It is one of the most coveted art fairs in America, and as I strolled down the sidewalks passing the thousands of fair-goers, I saw people of all ages enjoying themselves.  Kids made their own art, people could paint a donated car, and adults and kids alike played bingo and searched the fair for images on their cards. Local restaurants took part in the festivites, and many types of food were offered and devoured by the crowd.  Live music added to the ambiance of the weekend, it was a nice breath of fresh, warm, summer air.  Embracing the culture and enjoying the part of Chicago that makes the rough winters worth while– the summer fairs are what brings the people of Chicago together, and this one certainly impressed me.

Roscoe Village is a welcoming neighborhood set back by the Chicago River on the North Side.   I had the pleasure of attending Retro on Roscoe this past weekend, and had a wonderful time.  This festival is held to raise money for the community, and it is run solely by volunteers.  Over 350 volunteer community members are who made this weekend (and many other events throughout the year) possible.  The excitement and dedication that the volunteers feel towards their community speaks volumes about the attitude of the area.  Everyone comes out (many dressed in “retro” style) for this family-oriented weekend  to enjoy live musical entertainment, games for kids, antique cars on display, delicious food from local restaurants, and lots of superb shopping from all the different local  shops and boutiques. 

It is amazing the way Roscoe Village has managed to keep its small town feel in the middle of a huge city.  On one hand it is not densely populated, and therefore is favored by families looking for a nice neighborhood to raise their children (while staying within the city’s limits). On the other hand, it is excellent for young professionals attracted to its buzzing nightlife, plethora of inviting restaurants, and short train ride to downtown. It has become more and more popular over the years, making it a desirable yet affordable option for people looking for a versatile place to live.  Roscoe Village…a village within a city.

           I saw an interesting article in the Chicago Association of Realtors online magazine the other day and wanted to suggest that their approach was of great interest. In the article, they showed that the Chicago residential inventory has risen steadily from 93,514 in 2006, to 115,818 in 2007, to 118,640 in 2008. Meaning, there are more houses on the market, and less people buying them.

           For the week of July 11-July 18^th the number of closings went down each year from 2006 to 2008 for Multi-Units, Attached, and Detached homes. Multi-Units: 103 closed in 2006, 52 closed in 2007, and 39 closed in 2008. Attached homes: 523 closed in 2006, 412 closed in 2007, and 254 closed in 2008. Detached homes: 183 closed in 2006, 153 closed in 2007, and 110 closed in 2008.

           It is easy to see how closing activity has decreased considerably across the board since 2006. What this might mean to you as a seller is that you are now in 2 contests: a beauty contest, and pricing contest. In other words: in order to sell, you must be the prettiest, and the most competitively priced house around. In general, there is more inventory of all property types now, so it may be an ideal time if you are a buyer.

What to read during your search for Chicago Real Estate

Welcome to YOUR resource for the latest news, trends and events in the fantastically unique and diverse neighborhoods of Chicago. The Team at We Sell Chicago will be writing about life and homes in Chicago  from Bucktown/Wicker Park to Lakeview, Gold Coast to Lincoln Park, New Eastside to River North, Old Town to South Loop and Streeterville to West Loop. To follow the market in these neighborhoods, check back frequently.  Learn everything you need to know to find the community within Chicago that you will want to call home.