Andrea Geller

Originally Posted on the Chicago 77 Real Estate Blog August 24, 2009

With the sale of the Chicago Cubs finalized to the Rickets family, one has to wonder of the future of the Cubs and Wrigley Field. The franchise and the ball park have become Chicago's most beloved assets. Year round fans flock to the Lakeview neighborhood to take their picture in front of the Chicago landmark. While they are there they enjoy the shops, bars, and restaurants making Wrigleyville one of Chicago's top tourist attractions. The Tribune Company has faced opposition from some neighborhood groups as they have tried to move Wrigley Field forward. There has been some success in negotiating compromises. Wrigley Field has been home to baseball since 1914. Some residents who have moved into the neighborhood as property values have risen in the last years have tried to control the congestion and modifications surrounding the ball park like it was a surprise they found out about after they moved in. Don't move by the airport if you don't like the sound of planes. The question remains how will the Rickets react as they have to battle the few but vocal neighborhood opposition?

As most Chicago homeowners property taxes continue to rise, there are a few ways to bring down the bill but you have to make sure you go after them, they don't come to you.

APPEALS
Within a specified period of time of receiving your property assessment from the you can appeal it through the Illinois Property Tax Appeal Board. For Lakeview Township property owners, the deadline is September 3, 2009. You can submit the forms your self or hire an attorney who specializes in tax appeals. Many condominium associations typically hire an attorney


EXEMPTIONS
There are several exemptions you can apply for. You must have owned the property since January 1st of the previous year. For this year you would be applying if you owned the property since January 1, 2008.

1. Homeowners Exemption: You can qualify for the if the property is a single-family home, townhouse, condominium, co-op or apartment building (up to six units) is your primary residence. You can save $250 to $2,000 per year, depending on local tax rates and assessment increases.
2. Senior Exemption:Seniors who own and occupy their properties can save $160-$250 in addition to the homeowners exemption.
3. Home Improvement: Homeowners can make up to $75,000 worth of property improvements without an increase in property taxes for at least four years. The value varies depending on the reduction of the assessed value and the tax rates where the property is located.
4. Disabled Veteran: The program provides a significant assessment reduction for any qualifying veteran who was disabled in the service of their country. It is administered through the Illinois Department of Veteran's Affairs.

Exemptions need to be filed on an every year and are reflected in the second installment of your tax bill. They are not automatic.

If you have not taken advantage of these exemptions in the past and met the criteria, you can go back and apply for current year and the previous four years by submitting a Certificate of Error found on the Cook County Assessors site.

There is also a senior freeze on the assessed value of the property that seniors can apply for. The value increases over the years as it eliminates the impact of regular re-assessment increases that may occur every three years. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value.

Millions of dollars are left on the table of Cook County because property owners are not applying for these opportunities to reduce their real estate taxes. Get what you are entitled to.

Originally Posted on the Chicago 77 Real Estate Blog, August 13

Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. In Chicago, a single person who earns $ $79,200 or a family of 4 earning $113,100 now can qualify. This program helps borrowers who cannot obtain conventional, sustainable mortgages from credible lenders because of factors such as bruised credit or a high debt-to-income ratio.

Officials Listening to the Realtor^® Voice

This change resulted from when Ben Noven, a representative from Illinois Treasurer Alexi Giannoulias's, attended the Chicago Association of Realtors® Government Affairs meeting as one of its monthly guests. He spoke and then listened to concerns of the committee. The way the guidelines were written, the program was ineffective for Chicago due to income levels and property values. By raising the qualifying AMI, many more Chicago residents will be able to take advantage of this program and keep people in their homes as well as creating more new homebuyers.

"Over the past year we have had the opportunity to have several guest speakers at the C.A.R. GA meetings, primarily public officials and civic thought leaders who are listening to REALTORS® about their issues and real sharing is taking place," said Brian Bernardoni, C.A.R. Government Affairs Director, "Providing opportunities for sharing of ideas beyond just practitioners but to decision makers was something leadership and Chairman Bob Floss asked of us. I am happy that our input is respected and these important efforts are making a difference."

As the upcoming chairperson of the C.A.R. government affairs committee I look forward to participating in continuing efforts to create opportunities that result in helping our members and the communities they service.

The Illinois housing market continues to be on the upswing according to the second quarter housing numbers released today by the Illinois Association of REALTORS®. In Chicago, total home sales jumped 65.2% to 4,947 units sold in the second quarter of 2009 compared to 2,995 home sales in the first quarter.

"In the second quarter, we see the ongoing absorption of existing inventory by investors and smart homebuyers, and 2009 continues to be a great market of opportunity." says David Hanna, president of the Chicago Association of REALTORS®. This is reflective of my experience in the Chicago market for the last 120 days.

It is all about presenting the realistic expectations with the current conditions of the marketplace. My clients have to realize the hire me as the professionals to give them my best evaluation with them and not just tell them what they want to here. It is not about being nice but being honest in a constructive way. That is how homes get bought and sold.

Originally Posted on the Chicago 77 Real Estate Blog August 7, 2009

Regardless of real estate market conditions, our clients hire us to get their properties sold. Sorting through this week's news and numbers regarding how we market those listings, there still seems to be a huge disconnect between how most agents think their listings are marketed and the realty of the fastest growing resources that the consumers are getting their information from.

Just Being in the MLS Does Not Cut it Anymore

It is all about turning your listing into a story now. The websites that are gaining most of our consumers attention are not depending on the information feeding from the MLS. They are looking for agents to contribute information on their listings. Our consumers are buyers, sellers and other Realtors®. They are going in masses to sites like Zillow and Trulia, sites that take basic information from feeds, but are looking to the listing agents for more pictures, open houses and additional descriptions about the property. Sites like these mix social networking and listing data. They offer free blogs and question and answer pages to engage professionals with consumers. The sites are doing a good job evolving as social media evolves.

Blockshopper.com is another example of MLSs losing their relevance in marketing both agents and listings. They pull their data from tax records. Owners can "claim" their homes. Agents who establish accounts can add notes to their listings and previous sales. It shows transaction history of the property. This site is a work in progress, as every site needs to be.

Does Your Broker Do Your Showings?

Think of it this way: it is the agent, not the broker, (the difference explained here) who has viewed the property, evaluated the pricing, condition, and sales potential. You now have platforms to communicate all of this information. The new generation of sites depend on broker feeds as a foundation and build upon that with agent participation. What prospective sellers see on these sites is your first interview and then the follow up in getting a listing. When buyers are searching for a property what they see online about your listing is the first showing and if there is any interest it is the third showing. The brokers provide agents with the tools but it is the agents that sell the properties. It works the same way in the virtual world.

These sites are growing at a faster pace than traditional sites because they are providing the transparency the consumers are looking for.