Real Estate Information

Smaller homes are quickly becoming today's trend. According to the U.S. Census Bureau, single-family homes in the U.S. are getting smaller and smaller. National Association of Home Builders also confirms that more Americans are in search of smaller square footage, energy efficiency, and manageable maintenance costs.

Many homeowners are downsizing these days for financial reasons and also find smaller homes to be a more efficient, simple way to live by giving up unused space and buying a home that fits their needs.

Here are some helpful tips if you are considering downsizing for financial reasons:

1. First consult with the bank that has your mortgage. See if you can adjust the payments or extend the loan years. Some banks even allow you to freeze the payments for a short period of time to let you build up savings.

2. If you are age 62 or older, see if you are eligible for a reverse mortgage. A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.If you're not eligible, seek a companion in a similar situation and share your property with a reasonable rent.

3. Never withdraw from your retirement account to purchase a home. If you are employed and become unemployed, the loan becomes a permanent withdrawal. Depending on the circumstances, the tax consequences can reach 50% of the amount taken out of your 401k. Also, if you later lose the home and file for bankruptcy, the money is gone. However, if you leave the money in the 401k, it will be protected in bankruptcy because it is a retirement account.

4. Find a knowledgeable Realtor who can help you in your specific circumstance. When are seriously considering moving to a new home, do not hesitate to seek professional advice. Realtors will be able to help you find the best living situation that fits your needs and also discuss whether you should buy or sell first depending on the market and your neighborhood.

If you have any questions about downsizing, please feel free to contact me!

Ripe tomatoes, red and gleaming—bunches of carrots—fresh baked bread, hot and moist—blooming lilacs, roses, irises, and geraniums. All together in one place, under the Chicago sun.

A trip to a Farmer’s Market on a sunny afternoon is an activity that is perfect for any age. The liveliness of the atmosphere and abundance of fresh products create an experience that is more than simply shopping: it is an experience of celebration and joy within the community and nature to which we belong.

Here are my Top Five Farmers’ Markets in the Chicago North Shore you don’t want to miss this summer and fall!

1. Evanston Farmer’s Market

When: Saturdays 7:30AM-1:00PM
Where: Intersection of University Place and Oak Avenue, Evanston
Website: http://www.cityofevanston.org/enjoy/market.shtml
Facts: 30+ vendors of fruit, vegetables, meat, flowers, cheese and bakery items. “Now We’re Cookin” Culinary Service Center and “Home Grown Artists” will be at the Market on certain Saturdays. Senior coupons available on website. Famous for its fresh produce.

2. Deerfield Farmer’s Market

When: Saturdays 7AM-12:30PM, starting June 20
Where: Northwest Corner of Deerfield Road and Robert York Ave, Deerfield
Website: http://www.deerfield.il.us/residents/farmers_market/default.aspx
Facts: Farmers from Illinois, Indiana, Michigan, and Wisconsin sell seasonal vegetables and fruit. Organic and naturally grown vegetables and flowers. Freshly baked breads, muffins and cookies. Handcrafted Wisconsin cheese, maple syrup, and honey.

3. Glenview Farmer’s Market

When: Saturdays 8AM-12PM, starting June 27
Where: Wagner Farm @ 1510 Wagner Road, Glenview
Website: http://www.glenviewfarmersmarket.org/
Facts: 17+ vendors from Illinois, Michigan and Wisconsin. Features artisan crafts on a regular basis. New in 2009 is the “Green Table,” featuring local experts who will provide education on sustainable living. Products include fresh berries, hormone-free meat from Arnolds Farm, buttermilk, ice cream, vegetables, fruits, and plants.

4. Skokie Farmer’s Market

When: Sundays 7:30AM-12:45PM, starting June 28
Where: 5127 Oakton Street, Skokie
Website: http://www.skokie.org/FarmersMarket.cfm
Facts: Voted “Best on the North Shore” by North Shore Magazine readers in July/August 2001 issue. About 20 vendors selling cheeses, fruits, baked goods, spices, pasta, syrup and vegetables. Top products include Wisconsin cheeses.

5. Wilmette French Market

When: Saturdays 8AM-1PM
Where: Village Center on Central Avenue and Green Bay Road, Wilmette
Website: http://www.wilmette.com/business/frenchmarket.aspx
Facts: The French Market offers a variety of traditional farmer’s market goods including fruits, vegetables, flowers, cheeses, meats, and breads from local and regional vendors.

Realty Times Feature Article

Each time economic data is released or major events happen anywhere in the world, markets react in some sort of way. Lately, markets have been somewhat subdued as the reports have been mixed with both good and not so good data, although it has been positive for mortgage rates which keep going lower. Freerateupdate.com's daily survey of wholesale and direct lenders show that mortgage rates changed this past week for the better.

Conforming 30 year fixed mortgage rates started the week at 4.750%, dropped by .250% and now are at 4.500%. 15 year fixed mortgage rates also dropped by the same .250% and are at 3.750%. 5/1 adjustable mortgage rates are at 3.000%, a drop of .125%. These are the best mortgage rates available with 0.7 to 1% origination fee for well qualified borrowers. After remaining stable for some time, mortgage rates seem to be heading lower at what is usually one of the busiest seasons of the year.

FHA mortgage rates also repriced for the better. FHA 30 year fixed mortgage rates are at 4.250%, and FHA 15 year fixed mortgage rates are at 4.000%, both down .250%. FHA 5/1 adjustable mortgage rates are at 3.375%, down .275%. FHA mortgage loans offer a low down payment, but borrowers must be prepared to pay additional FHA fees and an upfront mortgage insurance premium which results in higher FHA closing costs (APR). FHA's recent increase in the annual mortgage insurance premium has resulted in a slow down of recent FHA mortgage applications.

Jumbo mortgage rates also did well this past week which should be a boost for high end home buyers. Jumbo 30 year fixed mortgage rates decreased by .250% and are at 5.125%. Jumbo 15 year fixed mortgage rates went from 5.000% in the early part of the week to 4.500% in the latter part of the week. Jumbo 5/1 adjustable mortgage rates are at 3.625% which is a decrease of .250%. With outstanding credit, borrowers can obtain these low jumbo mortgage rates with 0.7 to 1% origination fee. This week's economic data had mixed results on MBS prices (mortgage backed securities) as data continued to roll in. MBS prices affect mortgage rates which move in the opposite direction. While new home sales came in stronger, home prices continued to decline. Consumer sentiment increased and personal income rose at the same time that unemployment claims increased. With gas prices heading up, everyone will be watching to see what impact this is going to have on the already slow economic recovery.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders' rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.

Happy Spring!

With the sun warming up and the flowers blossoming day by day, we all participate in the spring cleaning of our homes. But why not take the spring cleaning a step further into our bodies? According to Chinese medicine, spring is the ideal time for a detox!

Here are some simple, excellent ways you can revive your body through a spring detox.

- Drink lots of water. Set a goal and remind yourself to drink at least 8 cups of water a day. Water is the ultimate detox food, and this is the cheapest, easiest way to help your body detox.

- Go vegetarian for a week. If you look through your grocery store, you might find ready-to-eat veggie platters. I've always felt that this is a great way to eat more vegetables without the hassle. Instead of chicken caesar salad, try the tofu salad. More and more restaurants these days have a selection of vegetarian entrees, so feel free to browse those!

- Avoid fatty foods. Look through your cupboards now and see if there are any items with lots of trans fats and saturated fats. Throw out anything that is unhealthy -- and while you're at it, remove anything that's after the expiration date!

- Start the mornings with a homemade smoothie. You'd be amazed at how simple it is to make a healthy, delicious smoothie. Grab some fresh strawberries, bananas, and put them into a blender along with soymilk. You can adjust the amounts of each to create a smoothie that's just perfect for you! If you're feeling extra creative, why not toss in some spinach and wheat grass?

- Incorporate more onions, garlic, sprouts, asparagus, and arugula into your diet! These foods are particularly known for their detoxifying qualities. Whether raw or cooked, look for ways you can add them into your lunch or dinner!

If you would like to find more healthy recipes, I highly recommend the recipes of Dr. John La Puma. Enjoy!

Updating a bathroom is a great way to increase a home’s resale and the fixes are not too costly or labor intensive.

1. Beautify: Add decorative glass, stone tile or accents. Extra-wide wall tiles are popular and wood cabinets can be embellished with carved wooden inlays.
2. Lighting: Add more lighting options around the room to reduce shadows and glare. Mood lighting around the tub area is also very popular.
3. Bath/Shower: A new tub, a messaging showerhead and a spa-like atmosphere can do wonders.
4. Update Fixtures: Fixtures in a bathroom can add a great deal. From cabinet handles to faucets. Brushed nickel or other metals is a good idea. If space permits, add a second sink.
5. Think Green: Install fixtures that save water. A low-flow showerhead, low-flow faucet aerator and a dual-flush toilet can save thousands of gallons of water. Energy-efficient windows is another easy option.

Of course it is tempting: an enormous 5 bed, 6 bath home of over 5,000 square feet in Northbrook for only $550,000? However, home buyers have to be very careful when purchasing in a short sale or foreclosure situation.

When you walk into a foreclosure, it is often a huge mess. People are angry and frustrated (rightfully so) when they have to leave their houses, and many of them do things that destroy the house.

Short sales will always attract buyers on the financial aspects, but oftentimes they end up being hassles because of all the paperwork required by the banks.

Other negative factors of buying in a short sale or foreclosure include:

- unplanned expenses before buying (repairs, inspections, certifications);
- uncertain and long wait time;
- homeowner is usually not cooperative;
- last-minute changes made by lenders;
- homeowner can file for bankruptcy and foreclosure process needs approval from the bankruptcy attorney;

If you have any questions regarding short sales and foreclosures, please feel free to contact Marlene.

* Marlene was quoted on "Make it Better," Chicago North Shore's premier online resource and magazine! Click here to see the article.

Whether you need to furnish an entire home or buy a new piece or two, furniture shopping is not an easy task. First, you have the question of price range, then style and then fit. There is a lot to think about. 

In terms of affordability and modern style, IKEA is always a great choice. But if you're looking for something more unique, make sure to check out some of the following furniture stores unique to Chicago North Shore:

• 57th Street Bookcases & Cabinet, Evanston: 604 Davis St, Evanston. Custom bookcases and full range of ready-made hardwood cases and furniture. Called "a hidden treasure of Chicago" by the Chicago Magazine.


• North Shore Bedding, Highland Park: 1374 Old Skokie Road, Highland Park. Easy shopping with an experienced sales staff and low pressure environment. Great selection of all natural and organic mattresses.


• Toms-Price, Lincolnshire: 725 Milwaukee Ave, Lincolnshire (also in Skokie and Wheaton). Wide collection of sofas, dining furniture, bedroom furniture, home office furniture as well as accent pieces.

• Garden House of Casual Furniture, Wilmette: 521 Green Bay, Wilmette. Outdoor furniture, sunroom furniture, and casual dining.

• Sawbridge Studios, Winnetka: 897 1/2 Green Bay Rd, Winnetka. Fine, handcrafted home furnishings with exquisite craftmanship at realistic prices.

Have a favorite furniture store in your neighborhood? Feel free to share and leave comments!

During the sweltering summer heat, keeping cool on the inside and out is very important. Make these yummy summer treats to stay cool:

1. Frozen fruit: Watermelon, blueberries, strawberries...you name it!
2. Yogurt cups: Fill a small dole paper cup with your favorite yogurt and fruit, stick a Popsicle stick in, freeze and enjoy.
3. Iced Tea: Great way to stay hydrated. Make the tea with your tea of choice. Consider sweet flavors, such as hibiscus. Pour hot tea in jug with tea bags and add cool water 10 minutes later. Add some juice and Stevia to sweeten it up.
4. Iced Teacicles: Freeze the above tea in a Dole cup with Popsicle stick.

Please feel free to contact me for more information on how you can take advantage of this extended tax credit!

(Image by First Sterling Mortgage Services, LLC)

To provide extended relief for the U.S. housing market, President Obama signed into law a new legislation this month that allows first-time homebuyers to receive the $8,000 credit until April 30, 2010. The credit was due to expire on December 1, 2009.

Buyers also have an additional 60 days to close after April 30, 2010, meaning: if a homebuyer enters into a contract to buy a home on April 1, 2010, then they have until June 1, 2010 to close on the purchase and are still able to claim the $8,000 credit.

The legislation also provides a new credit for homeowners who purchase a larger residence between November 7, 2009 and April 30, 2010. Up to $6,500 in credit will be available to new buyers who have lived in their residence for at least five consecutive years during the eight-year period before the purchase of the new residence.

For more information, please click here.