Sellers and Buyers Looking for Some Action? Jump into the Real Estate Market!

Since January 2013, a scarcity of housing inventory in the Chicago ‘burbs has caused a figurative gold rush in the real estate marketplace! In the North and Northwest Suburbs, for example, investors and buyers engage in bidding wars on almost every townhouse or single family home that pops up on the MLS Multiple Listing Service! Depending on the property’s location, condition, and price, it’s common for sellers to receive two to ten multiple offers within a matter of days!

This sense of urgency on part of buyers is especially apparent during the months leading up to the fast-approaching school year, as parents want their families settled into their new dwelling when school begins.

Two other driving forces include slowly climbing house prices, coupled with rising interest rates. In January 2013, a fixed-rate, 30-year mortgage could be had for 2.5% interest, while current interest rates waver between 4.5 and 4.75%. This increase adds a couple hundred dollars on to the buyer’s monthly mortgage.

I am a Realtor with Coldwell Banker. If you or someone you know is in need of real estate advice and numerous property listings Imagefrom a experienced real estate professional (and not working with another Realtor), feel free to reach out to me at 847-293-5696 or realtorjennie@aol.com. http://www.jenniespallonerealtor.com

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Short Sales and Re-Financing Doing Fine, Thank You!

As of March 1, 2012, President Obama’s new program on Short Sales mandates that lenders holding a property in Short Sale must give an answer to a prospective buyer within 60 days. Bank of America, one of the largest holders of Short Sales, has adopted a new program to shorten the time frame required to complete its research  — as long as the Hardship Package and all pertinent documents have been turned in at the onset. 

Obama also cut the credit requirement for a current owner to get refinanced to stay in her/his home. The thinking is that it’s more productive for the bank to assist the current owner, the person who is emotionally and financially invested in the house,  rather than put it on the market as a Short Sale or Foreclsoure. In the past, three month refinancing trial periods have resulted in the owner owing more than what she or he started with. This is another area that is being investigated. For more information, contact realtorjennie@aol.com or another Realtor who specializes in these matters.

Buffalo Grove Great Frame Up

Have you gone through an economic period where puzzles were the only art pieces you could afford? Ever thought about reframing those hand-me-down pictures, paintings, posters, or maps? How about brand new wall hangings? The Great Frame Up www.lifeissimplyart.com in Buffalo Grove at 765 S. Buffalo Grove Road, 60090 can effectively service all your framing needs — all for a great price.

When my kids were little, I put together my share of puzzles during their nap time. Everything from Rousseau to Renoir, with a little bit of wild animals thrown in for good measure. The Great Frame Up made them all look authentic — a bit scary for the kids, but whatever!

Recently, The Great Frame Up worked with me to re-frame a handful of paintings I’d picked up at local arts & crafts fairs. What I liked was that I had a choice of assembling those frames under the manager’s expert instruction, or having her assemble them for me. This time around, I chose Option I. My husband even joined me in the endeavor — a new shared adventure, to say the least.

Give Sharon at The Great Frame Up in Buffalo Grove a call and tell her Jennie Spallone from Coldwell Banker Real Estate in Buffalo Grove sent you. You’ll be glad you did!