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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

November 20, 2012

Market Stats and Research

Illinois Home Sales Soar 37.3 Percent In October
It was a banner month as Illinois home sales soared 37.3 percent over previous-year levels in October and median prices increased 3.0 percent, according to the latest IAR report. In October, Chicago PMSA home sales climbed 44.1 percent while the city of Chicago saw a 53.1 percent increase. "The rebound we have seen so far this year is impressive by any measure," said IAR President Michael D. Oldenettel.  Find county-by-county statistics, talking points and the forecast in Members Only Market Stats (login required). Also download and share an infographic on the October home sales trends. Nationally, year-over-year existing home sales rose 10.9 percent in October, NAR reports

Consumers More Confident About Home Buying
Fewer Americans are putting off their decision to buy a home because of the economy, according to a survey by While 63 percent of survey respondents in 2010 said they were holding off because of the economy, only 30 percent said that now. Read more from NAR

Industry News & Trends

Illinois REALTOR® Organizations Continue to Give to Sandy Victims
The list of REALTOR® organizations in Illinois donating to help with storm relief on the East Coast continues to increase. Midwest Real Estate Data (MRED) has donated $25,000 and the Capital Area Association of REALTORS® and the Three Rivers Association of REALTORS® are each donating $1,000 for the effort. 

MID and the Fiscal Cliff
The Wall Street Journal article, "Fiscal-Cliff Fix May Cap Mortgage Deduction," looks at the possibility that the mortgage interest deduction (MID) could be in the cross hairs as the federal government tries to find solutions to the "fiscal cliff."

Happy Thanksgiving from IAR
The Illinois Association of REALTORS® wishes you and yours a Happy Thanksgiving. IAR and the IAR Legal Hotline will be closed Thursday and Friday in observance of the holiday.

Education & Training

November is Designation Awareness Month; Earn Your GRI
Make yourself more marketable by earning a professional designation. Walk-in registration is still available for the Illinois Graduate REALTOR® Institute (GRI) being held Nov. 26-29 in Bloomington. 

IAR Accepting Applications for Leadership Development Program
The application deadline is Dec. 28.  If you feel you possess the skills, aptitude, interest and motivation to become a leader, this program is for you.  Click here for more information

Legal Issues

Download the IAR Legal Webinar: Legal Issues Potpourri
If you missed the Nov. 16 webinar on emerging legal issues, you can now download a recording to review at your convenience. The webinar covered new FHFA guidelines for short sales, recent cases and new escrow issues. (Reminder: Legal webinars are a members only benefit so login is required.)

Sales and Marketing

What the Color of Your Door Says About Your Home
A blue front door sends the message that your home is a refuge or a retreat while a black door signals strength and authority, according to color psychologists. Find out what other colors say about a home in NAR's Styled, Staged & Sold blog

More Buyers are Using Agents
The percentage of homebuyers who used a real estate agent rose to 89 percent in 2012. In 2001, it was closer to 69 percent. Find these and other interesting facts about today's real estate consumers in a new infographic of NAR's 2012 Profile of Home Buyers and Sellers.


November 26-29
The Illinois Graduate REALTOR® Institute (GRI) will be held in Bloomington. Walk-in registration is still available. Learn more about the speakers and courses.

December 31
The Code of Ethics quadrennial training cycle ends Dec. 31. Learn more about training requirements

January 14
Save the Date! IAR is sponsoring an Instructor Course Development Workshop on Jan. 14 at three locations including Springfield, Downers Grove and Arlington Heights. Online registration coming soon.

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