Industry News and Trends
Illinois Targets Vacant and Foreclosed Properties in Cook County
IAR President Loretta Alonzo and other Illinois REALTORS® were on hand Friday as Gov. Pat Quinn announced the Illinois Building Blocks Pilot Program aimed at buying and rehabilitating vacant and foreclosed properties in six Cook County communities.
IAR Survey: American Dream of Homeownership Strong
Economic turmoil has done little to sway Illinois residents from a belief that owning a home is a fundamental part of the American Dream, according to a survey released Monday by IAR. Eighty-two percent of respondents said they believe homeownership is a key goal for Illinoisans. Read the complete 2012 Homeownership Attitudes Benchmark survey (pdf).
USDA Program to Help Rural Homeowners Refinance
Illinois is among 19 states participating in a two-year pilot program aimed at helping rural homeowners who have loans that were made or guaranteed by the U.S. Department of Agriculture (USDA) to refinance their mortgages.
More Remodeling Bang for Your Buck
Replacing an entry door with a steel door and converting an attic into a bedroom are two remodeling projects that offer the biggest return, according to the 2011-2012 Cost vs. Value report. See what projects could help your clients at resale.
Incorrect Rumors About 3.8 Percent Transfer Tax Persist
NAR reports it is again being inundated with questions about a real estate transfer tax enacted as part of the Health Care reforms in 2010. THERE IS NO SUCH TAX. A viral Internet posting is riddled with errors. Learn the facts with an NAR Q &A and brochure (pdf).
Market Stats and Research
Illinois Housing Market Q&A and Trends
Watch videos from University of Illinois economist Dr. Geoffrey J.D. Hewings on the impact foreclosures have on Illinois home prices and how a slowdown in consumer mobility is affecting the housing market.
CoreLogic: Distressed Properties a Drag on Prices
U.S. home prices fell 4.7 percent in 2011, but when distressed sales are excluded prices dropped only 0.9 percent, according to CoreLogic’s December Home Price Index.
Study: 60% of Creditworthy Borrowers Wouldn’t Qualify for QRM
A study by the Center for Responsible Lending looked at the higher down payment requirements of qualified residential mortgages (QRM) and found 60 percent of otherwise creditworthy borrowers would be pushed out of the market, NAR reports.
Commercial Outlook
Read NAR's latest Commercial Real Estate Market Survey for data on commercial market performance, sales and rental transactions, current economic challenges, and future expectations.
Legislative and Advocacy
IAR Continues Fight Against Cook County Homestead Bill
Thanks to those who responded to IAR's recent Call to Action against House Bill 506, a Cook County initiative to authorize a tax lien and penalties for those who have been granted one (or more) erroneous homestead exemptions. Your efforts paid off, the bill was not called for a vote last week. IAR will remain vigilant as the bill is not dead yet. Read the latest State Capitol Report for details on why IAR opposes this bill.
Potential Pitfalls of Home Rule
In any election season, home rule is a hot topic as some municipalities ask voters to approve home rule power. But there are potential pitfalls to REALTORS® and property owners with home rule as Mike Scobey, assistant director of IAR Advocacy and Local Issues, writes for the IARbuzz blog.
Legal Issues
Feb. 23 IAR Legal Webinar: Rental/Property Management
If you have questions concerning rental listings, payment of commissions, handling of security deposits or other property management issues, plan on joining IAR Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance at 9:30 a.m. on Feb. 23 for the webinar.
IRS Tools for Those Repaying First-time Buyer Tax Credit
Share this IRS resource with clients who must repay the tax credit because they bought a home in 2008 and claimed the initial First-Time Homebuyer Credit or anyone who claimed subsequent homebuyer tax credits but has sold their home or stopped using it for their main residence.
Sales and Marketing
NAR Webinar: Master Real Estate Sales in Today’s Market
Register for the Feb. 9 webinar featuring real estate coach Dirk Zeller, who will discuss strategies, tactics, and systems that can help you run your lead-generation and conversion systems.
What First Impression Are You Making?
A good first impression can help real estate professionals build strong relationships with potential clients and colleagues. Body language and listening skills are two things to remember as are curiosity and authenticity. Read this REALTOR.com article to learn more.
Are You Using Pinterest?
The virtual pinboard site, Pinterest, is garnering a lot of social media attention these days. Do you see a use for it in real estate and home staging? We want to hear what you think at iarnews@iar.org.
Brokers: Fannie Mae REO Listing Broker Registration
Fannie Mae is inviting brokers to register and receive an application to become part of Fannie Mae’s network of REO listing brokers. The invitation to register (pdf) will remain open until Feb. 17.
Latest on License Law
You've Passed Your Proficiency, Now What?
A frequent question to the IAR Transition Help Line is: "I've taken and passed the proficiency exam, am I done with my transition?" The answer is NO. You need to make sure you complete a transition application for the appropriate license and pay the required fee to get your new license.
IAR Transition Help Line
The IAR Transition Help Line is available 9 a.m. to 3 p.m. Monday through Friday. E-mail questions@IARlicenselaw.org or call 877-538-5861. Due to the high volume of calls to the help line, you may have to leave a voice message. You can also find transition information at IARlicenselaw.org.
Events
IAR Housing Conference and Lobby Day
Make this the year you resolve to get involved by attending the IAR Capitol Conference, a two-day event featuring a Housing Conference with Gov. Pat Quinn on March 26 followed by the traditional REALTOR® Lobby Day and meetings on March 27.
ROTY Banquet on March 28
Join the celebration honoring 2012 Illinois REALTOR® of the Year Kay Wirth and all the local Board REALTORS® of the Year by attending the REALTOR® of the Year Banquet in Springfield.
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