Weekly 10-22-13

Illinois REALTOR® Weekly Connection

The Cost of Putting Off a Home Purchase

Share this newIAR infographicwith your new and move-up buyers on the long-term costs of waiting to buy as mortgage interest rates inch higher. The infographic shows that even a 1 percent difference in interest rates can mean thousands of dollars for a homeowner over the life of the loan.Download it and share it with consumers today.

Skylights: Learn About the Local Issues Affecting Your Livelihood

Skylights, an online tool, enables Illinois REALTORS® to stay current on the local issues that impact their business and private property rights. Find at-a-glance maps showing where IAR's governmental affairs efforts are active and get updates on issues that affect you. Login with your NRDS ID | Lookup NRDS ID

Strongest September for Illinois Home Sales Since 2006

Illinois home sales increased 19.8 percent in September to 13,018 homes sold, the strongest September in terms of sales since 2006, when 13,594 homes sold statewide, according to the IAR home sales report released Monday. The statewide median price rose 12.9 percent. Said IAR President Phil Chiles: "The numbers reflect a strong end to the warm weather selling season, and provide good momentum into the final quarter of the year." IAR members can access county-by-county data, market talking points and the latest forecast by logging into Members Only IAR MarketStats. Nationally, home sales were down 1.9 percent month-to-month but remained 10.7 percent higher than a year ago, NAR reports.

Jumbo Loans Help Boost Chicago Market

The increased availability of jumbo loans is making it easier for Chicago homebuyers to finance higher-end homes and that is having positive effects on the overall market. IAR President-Elect Jim Kinney spoke to the Chicago Tribune and Chicago Association of REALTORS® President Matt Farrell wasinterviewed by HousingWire about the trend.

Amnesty Period for Cook County Improper Homestead Exemptions

Qualifying Cook County homeowners who erroneously filed for a homestead exemption have until Dec. 31 to take advantage of an amnesty period established under a new law that IAR fought to improve. Read more on the IARbuzz blog.

Banks to Improve Loan Modification Process

Illinois Attorney General Lisa Madigan recently announcedthat the five bank mortgage servicers involved in the national mortgage settlement will implement new procedures aimed at improving the modification process, which has been the source of consumer complaints.

Chicago Among Top Cities for House Flipping Profits

Chicago ranked fourth when it comes to average flipping profits in the third quarter of 2013, according to RealtyTrac's latest Home Flipping Report

REALTORS® Talk Real Estate with Congressmen Quigley and Schneider

With the government shutdown over, Illinois REALTORS® resumed their "Let's Talk Real Estate" events with U.S. Rep. Mike Quigley in Chicago on Oct. 18 and U.S. Rep. Brad Schneider in Wheeling on Monday. Discussions covered FHA loan limits, the Marketplace Fairness Act and the Mortgage Interest Deduction. Find highlights on the IARbuzz blog and stay tuned for upcoming and rescheduled events.

Lawmakers Return to Springfield for Veto Session

The Illinois General Assembly convenes this week for the fall legislative veto session. Watch for a new State Capitol Reporton Friday for a wrap-up of the week's action. The final week of veto session is Nov. 5-7.

RPAC Update - Thank You!

A huge thank you to all members who answered the call to invest in RPAC! As a result, Illinois increased its participation 122 percent from the previous year. In all, 8,766 members gave to RPAC at least at the fair share $20 amount — more than 1,000 new givers than last year. (Final numbers are still under review by NAR).

Thursday IAR Legal Webinar: What's Covered Under E&O Insurance?

There's still time to register for the Oct. 24 IAR Legal Webinar, "E&O Insurance...What is Covered...Or Not?" IAR Chief Legal Counsel Steve Bochenek and IAR Legal Hotline Attorney Betsy Urbance will discuss risk management,  what is covered under a broker's errors and omissions insurance and what typically is not. The webinar begins at 9:30 a.m.

Education & Training

Register for GRI by Oct. 31 and Save!

GRI returns to Chicagoland this Dec. 2-5 at the Westin Chicago Northwest. Register byOct. 31 for the early-bird rate. REALTOR® Michelle Sather, of Coldwell Banker Honig-Bell in Oswego shares why she attends GRI: " Class act speakers keep you entertained as well as educated. I'm always inspired after GRI and look forward to GRI Graduate classes once my designation has been completed."

2014 Broker Renewal: What if I Have Too Many Core CE Hours and Not Enough Elective?

By April 30, 2014, Illinois Broker licensees must have completed the CE requirements and applied to renew their license through IDFPR. IAR's Licensing & Training Center has created a Q&A and checklist to help you get ready. This week's question:

  • Q: What if I have too many Core CE hours and not enough Elective? A: Your core hours will count towards Elective CE hours, however Elective hours do not count towards your Core requirement. Keep in mind that credit hours for the same course cannot be repeated within the same cycle.  

Use Strategic Thinking to Get More Listings and Get More Done

If you missed last week's IAR Lunch and Learn Webinar with Greg Herder, you can get his tips for working smarter by downloading a recording of the one-hour webinar, "Strategic Thinking for REALTORS®." And be sure to register for the Nov. 12 webinar with Terry Murphy, "Everyday Agents with Easy-Low/No-Cost Marketing Ideas that Yield Extraordinary Results."

Spruce Up a Property with These Tips for Fall

Clean out weeds and leaves, turn on more light and add pumpkins, chrysanthemums and other seasonal decorations to help a property look its best this fall. Find these and other tips from NAR's Styled Staged & Sold blog and share it with your sellers to help them put a fresh face on their home's curb appeal.


October 22-24

Illinois General Assembly Veto Session

October 24

IAR Legal Webinar - "E & O Insurance...What is Covered...Or Not?"

October 29-30

IAR Licensing & Training Center Webinar: Broker Pre-License Applied Real Estate Principles (15-hour interactive) with Lynn Madison. REGISTER | 800-523-5077

November 5-7

Illinois General Assembly Veto Session

November 8-11

2013 NAR REALTORS® Conference & Expo in San Francisco

November 19-20

IAR Licensing & Training Center Webinar: Broker Pre-License Applied Real Estate Practices (15-hour interactive) with Norm Willoughby. REGISTER | 800-523-5077

December 2-5

Graduate REALTOR® Institute (GRI) Course II and III, Itasca

December 4-5

Graduate REALTOR® Institute (GRI) Grad Course, Itasca

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