"You've Caught the NET!"

You own and drive a car in Chicago?  Chances are, you're paying a high premium for your auto insurance!

According to research just completed by the Independent Insurance Agents of Illinois, as reported in the Chicago Tribune by Reporter Kiah Haslett, the average IL driver forks out $1,679.15 each year to keep insurance-legal (basic liability coverage is required of all IL Drivers - although most drivers also keep expensive collision and comprehensive vehicle coverage, many for multiple vehicles).

High insurance bills are something we Chicago Drivers have lived with - albeit reluctantly - for years. 

As a novice driver in Chicago, about the time Richard Nixon was President (really, folks!), my coverage for my Royal Blue '68 Chevy Nova tipped the scales at nearly $1,500/year for basic coverage - but I was 16 at the time, and they say we Young Bucks are, statistically risky drivers!  (Hey . . . how did they know!)

These days, full coverage on my 2008 Honda Accord sets me back about $1,200/year.  My brother Randy, in Grayslake IL, far distant from Chicago, but still a Chicago Suburb, pays about $800 annually for a similar car, with a comparable driving record.

Why higher rates in Chicago?  You may have guessed it - higher statistical incidences of accidents, of car theft.  Higher dollar potential property damage with increased, often strangling, traffic, according to Dennis Garrett of the Independent Insurance Agents organization.   And potentially higher liability payouts as well, with the heightened likelihood of a collision here.

Several states across the U.S. have higher average car insurance premiums than IL.  Drivers in Louisiana, for example, pay an annual average of $2,510.87.  The average yearly auto premium in Michigan - $2,098.29.

On the other end of the spectrum, with the lowest auto rates annually, were Vermont, at 968.58, and Maine, with an average premium each year of $902.85.  These states have reduced populations, and fewer miles per driver.  This keeps the average number of commuting miles per driver low, and collision statistics in check.

But here in Chicago - traffic seems to only get worse, and insurance costs likely to remain high!

Please read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

It's night time in Chicago, and we're writing!

The Chicago Real Estate Market has struggled over the last couple of years, as it has elsewhere.  So NOW is the time to pick up the "Bargain of the Century," right?

Well, not for everyone, it seems!  Especially those who earn less than $62,686 per year, according to a recent study by the Center for Housing Policy, as reported in the Chicago Tribune by Real Estate Reporter Mary Ellen Podmolik.

Across the Chicago Metro Area, as reported in the research, our Median Home Price fell to $210,000 in 2009 - down from $225,000 a year earlier.  The good news - the qualifying income necessary to purchase this median-priced home fell by 14%. 

However, even at the reduced level, those living at the average wage of an elementary school teacher, or a police officer, or a licensed practical nurse - between $43,000 and $55,000 - will likely not be able to qualify for the median-priced home here.

Looking to live in the Chicago Neighborhoods of Lincoln Park, Lakeview, Lincoln Square or North Center - all near Dean's Team Chicago World Headquarters, in the heart of the Lincoln Square Neighborhood?  You'll likely need a minimum of three times the income, or a very strong down payment, to qualify!

According to Chicago Association of Realtors Statistics for the First Quarter, 2010, be prepared to spend between $535,000 and $1,275,000 for the Median Priced Single Family Homes in these Neighborhoods.  This makes many of the In-Town Neighborhoods of Chicago way to pricey for the average homebuyer - even in today's depressed Chicago Real Estate Market!

Across the U.S., 200 Metro Areas were studied by the Center for Housing Policy.  Chicago ranked Number 40 on the list - same as in 2008.

So where are the best housing deals nationally?  Try the decidedly-non-sexy towns or Lima OH, Battle Creek MI, or Wheeling WV.  Each market offered 2009 Median Home Prices under $80,000, the data showed.

The most expensive place to live across the country last year.  You may have guessed it - San Francisco CA.  In this Metro Market, the Median Home Price was $625,000 in 2009, an increase of 8.7% versus 2008.

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Hey, folks! 

Greetings from the Sunny North Side of Chicago - home of friendly people, incredible pizza, cold beer . . . and one very sad Major League Baseball Team (you know, the guys in the blue caps!)

Got in the old Honda yesterday, and headed out to the Chicago Suburb of Palatine IL, to experience something called Rain Camp.  It's sponsored by The Active Rain Real Estate Blog, and several others. 

The purpose - to help us Baby Boomer Real Estate Practitioners, as well as those young enough to know better, the opportunity to improve their web presence, understand the value of good online content, and improve their writing and blogging skills.

Also, to encourage the shy and uninitiated to begin their real estate writing career on Active Rain.

Ben Kinney, a Bellingham WA Keller Williams Agent  - incredible online knowledge.  Man, the guy even knows how to Tweet!  Incredible, for a guy pushing his mid-30's . . . yes?

And the Harper College Wojcik Center- a great venue, complete with comfortable, amphitheater-style seating, with and electrical outlet and network connection for every seat.  Never had this kind of thing when I went to school.  You know, way back when, when Richard Nixon was (Vice) President!

You know what really hit me from the day-long Rain Camp, however?  I mean . . . REALLY hit me!

Several hundred Real Estate Practitioners in the audience, mainly from the Chicago Metro Area.  My friends and colleagues Larry Bettag, Judi Greenberg, Alan May, John Ziemba.  Active Rain gurus Brad Andersohn, Bob Stewart, and more. 

ALL WILLING TO SHARE WHAT THEY HAVE LEARNED, and WHAT THEY KNOW!   Freely!  Unselfishly!  Not worrying if you are going to use what you learn to compete with them.

As Master Motivator Zig Ziegler, as well as his protege and our Mentor Floyd Wickman once said, "You'll get everything YOU want, if you help enough of your clients, friends, family members, and colleagues get what THEY want!" 

So True!

Because they are secure in what they know.  Their systems to build their businesses.  And sharing to help others succeed is how they got to the high level they enjoy today.

Come to think of it . . . isn't that true of top performers in any business?  The best ones are often the first ones to share what they know.  Those less productive . . . they're the ones turning the paperwork on their desks when you walk by.  Make sense?

These days, Real Estate could be a hard business!  Especially here in Chicago, where some Chicago Condo Priceshave fallen 50% or more from the boom times, not so long ago.  Lenders are all the more scrutinous, sellers often scared to death, and buyers looking for that deal of a lifetime daily, plus a few extra bucks.

Sometimes, you just need a little help from your friends to get by!  And, in the Active Rain Chicago Real Estate Community, we had that help.  Flowing freely, oozing, even, yesterday at Harper College in Palatine IL.

Thanks for sharing, folks!  I cherish you guys!

And appreciate your "gentle nudge" to keep me Tweeting, Facebook-ing, Linking In, and Active Raining my Heart Out!

DEAN MOSS & DEAN'S TEAM CHICAGO

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!  Scary, scary times are about to hit the already-queasy Chicago Real Estate Market.   And it's unsure how the home buying human public will react.

If you follow the financial markets closely, you may have noticed that Average 30-Year Mortgage Interest Rates have climbed quite a bit this week.  On some loans, average rates have topped 5.30% - up from less than 5% just about a week ago, according to an AP Story by Reporters Adrian Sainz and Alan Zibel, published in the Chicago Tribune.

Contributing to the increase, according to observers - an improving U.S. Economy, coupled with a curtailment of the Fed's program to buy Mortgage Backed Securities.  That controversial program has had the effect of keeping average rates low for over a year.  Some feel it has done little to turn around the U.S. Housing Market.

At the end of April, a popular government stimulus program to credit first-time homebuyers, as well as select repeat buyers, up to $8,000 against their taxes, will likely end.  There is little sentiment in Washington to extend this program once again, as it had been extended the last time it was to have expired in November, 2009.

Historically, as Mortgage Interest Rates rise, those "on the fence" buyers hustle up and purchase once of the homes they may have been considering, before rates potentially rise even higher.  As the government stipend appears to reach its end, our Team here in Chicago has noticed many qualified buyers hastening their own purchase decisions, so they avoid missing out on the sizable Fed incentive.

Assuming this act-now buyer behavior is indeed true - what will Real Estate Sales look like next month, in May, when interest rates are predicted to climb even higher, and the government incentive to buy becomes history?

Many are jittery!  Will an already fragile housing recovery derail?   Faced with reduced buying power due to higher rates and no incentives, will on-the-fence buyers jump back to the wrong side of the fence?

As reported in the Chicago Tribune by Real Estate Columnist Mary Umberger,many experienced Real Estate Practitioners expect a bit of a let down after the Fed Homebuyer Incentive Programs - an $8,000 non-refundable tax credit for first-time buyers, and a $6,500 credit for select current homeowners - are pulled off the table at the end of April. 

Few Washington observers feel Congress has the stomach to extend these costly incentives, as they were extended last November, when the First Time Buyer Credit was extended, and a new credit for current owners who have lived in their homes for at least eight years.

Remember the "Cash For Clunkers"program geared to help Automobile Manufacturers move more fuel-efficient cars ended last year?  Although car sales have since rebounded a bit, the first few months after the program expired saw moribund sales in the auto sector.

Many in Real Estate feel the credit was a potent incentive, and that home sellers will need to cut prices further to keep prospective buyer interest peaked.

In Chicago, however, the positive impact of the home buyer credits appears somewhat muted.  Last February, for example, the Chicago Metro Market edged out Miami FL as the metro area with the slowest turnover of houses for sale.  Market wide, Chicago-area houses were on the market an average of 220 days that month, versus 219 days in Miami.

Within our Team, our clients of a year ago were eager to take advantage of the first time buyer credit available last year.  This year, interest is less intense.  Even our participation in a "Nationwide Open House" event promotion this past weekend drew a great number of tire kickers, but, as of yet, few written offers.

Even promotional incentives, such as a Century 21 "List Your House In April and Win $8,000" contest,is drawing steady, but not overwhelming response.  Other franchises are making the homebuyer incentives, and the impending April 30th deadline for qualifying for them,  prominent in their tv, online, and print advertising.  Their true impact on sales this month - at this point, hard to figure.

In fact, some prospective home buyers may be repelled by what they consider "pushy" tactics to buy now.  One agent in Washington State tells how he gained a client after a previous agent seemed, in their minds, a bit too aggressive at promoting a fast home purchase.

So, I don't know, you dogs!  Everyone - human or canine - wants to save a buck, you know.  But the short-term credit, and it's extension, may not be the strongest medicine for turning around a housing market with high levels of unsold inventory, and uncertainties about the prospects for the job market.

Enjoy the weekend, folks!  But, if you get the urge . . . BUY SOMETHING!

Please check out my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Hope you enjoyed the Easter Holiday!  In our family - perhaps also it yours - it seems like the Food Fest never ends!

Here in Chicago and in nearby Chicago Suburbs, hundreds, if not thousands, of single-family homes, condominiums, townhouses, and apartment buildings were built many years ago.  Those beautiful Chicago Bungalows, Victorians, and American Four-Squares may contain lead-based paint and plaster, quite legal when those homes were built, many more than a century ago.

Across the U.S., the sale, manufacture, and distribution of Lead-Based Paint was banned over 30 years ago, in 1978.  However, the 1970's-era ban did not eliminate the dangers of lead-based paint in older residences. 

According to the U.S. Environmental Protection Agency, as reported by Emily Udell in the Angie's List Magazine last month, there are 37.8 million homes and other facilities where children are regularly present which pre-date the lead paint ban.  Although painted-over lead-based paint poses a limited danger if not disturbed, renovating these older homes - some dating back to before 1900 - could pulverize old lead paint, send it airborne, and create a hazard for those who breathe in the dust.

Although anyone can be poisoned by ingesting enough lead or lead dust, the danger is especially acute for small children.  The Centers for Disease Control and Prevention in Atlanta GA estimates a quarter of a million children under the age of 6 suffer from lead poisoning.  The standard testing threshold - 10 micorgrams per deciliter of blood.  Those with elevated levels of lead in their bloodstreams can experience future behavioral issues, and perhaps developmental disabilities.

The new EPA Law, effective April 22nd, requires all home remodeling contractors be certified in safe working practices around lead paint and plaster, if their work will involve more than six square feet on the interior, or 20 square feet on the exterior of any home.  Older homes pose a far higher risk of disturbed lead paint turning into a fine, breathable dust - potentially hazardous.

According to the EPA, an estimated 212,000 firms and 236,000 people need lead certification in order to comply with the law.  However, as of the publishing of Udell's post, only 817 companies and 13,669 individual contractors have gotten the required certification.  Nationwide, the EPA has only slightly more than 130 certified lead-hazard trainers, although they contend their staffing level is adequate to train all involved.

The EPA fears that most contractors will not be aware of the upcoming new law, and will not take the special protection steps - including removing furniture from rooms undergoing renovation, posting warning signs, and putting up plastic sheeting to prevent airborne lead powder from traveling to other rooms in the house.  They are concerned that independent handymen, and other firms not complying with the new rules, will routinely underbid compliant companies, and unwitting homeowners will not know the difference. 

The new law also requires that certified contractors provide their homeowners with a new "Renovate Right" pamphlet before they start work.

Although the EPA feels that compliance with the new Lead Paint Laws will only add nominal costs to each renovation or remodeling project, some experienced contractors fear the new rules, which involve considerably strengthened record keeping, labor, and materials cost, as well as a more intensive clean up procedure after the job is done, could add hundreds of dollars to the cost of each project.

The new Lead Paint Law will include an "Opt Out" Provision for homeowners who live in the subject home, have no children under the age of six, and do not operate a day care center or other business frequented by young children.   At their option, these homeowners may waive the obligation of their contractor to use lead-safe practices.

As you may imagine, debate is strong on either side of the issue, as the date of the new law to begin approaches later this month.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO