Hitchcock Happenings

If you've missed out on Movie in the Park this summer, there's still a couple more opportunities to bring the family out before school resumes!

• Friday August 10th @ 8pm   Raiders of the Lost Ark (rated PG, run time 115 minutes)
• Friday August 24th @ 8pm   Little Giants                    (rated PG, run time 106 minutes)

I recommend you bring a couple lawn chairs or possibly blankets to lay out on.  As far as I know, coolers with non-alcoholic beverages are allowed.  So make time for a family night or treat your loved one to a date night!  Best of all... it's FREE!

The movies will be shown in the Richard A Rock Amphitheater at Settlers' Park which is located southeast of the intersection of Lockport St (Rt-30) and Van Dyke directly behind the new Village Hall.  Parking is available in the Village Hall lot off of Village Center Drive and on Van Dyke.

Hope to see you there!  For further details, Click Here.

Michael Hitchcock   815-600-1831   www.NorthStarAgent.com

Recently, I've had the question asked, "Does it matter what day of the week I list my home on the MLS?"

I tell my clients that Wednesday is the best day to list a property.  Buyers are starting to look forward to the weekend and visits to real estate websites often increase later in the week.  Plus, for the Multiple Listing Service of Illinois, new listings are marked as "NEW" for the first 5 days.  Thus, you want your listing to reflect that it's new/fresh for the whole Friday/Saturday/Sunday that it's on the market.

Lastly, Coldwell Banker Honig-Bell finalizes their weekend print advertising on Wednesday night/Thursday morning... so you'll want your NEW listing to not only be NEW for the whole weekend, but also to appear in the newspaper and print media for that first weekend.  This is just one of many tips I utilize to maximize the marketing impact of the homeowners I work for.

As the Joliet, Plainfield, and other markets slow down and shift to favor buyers, many homeowners are struggling to sell their house.  While some sellers are utilizing home warranty programs to entice buyers and compete with the abundance of homes on the market, savvy sellers and realtors are offering special buy-down options to attract more buyers without lowering their price.

It's a win-win situation in which a seller can "buy-down" the interest rate for the buyer.  This typically will cost the seller less money than lowering their price, yet it will save the buyer more money in interest than if they purchase the home at a lower price.  Additionally, it can help more buyers qualify for financing.  Whether you are looking to buy or sell a home, call me for details on this really great option!  I can help you save $1000's!!

On Wednesday May 2nd, 2007, Larry Mull was welcomed into the Three Rivers Association of Realtors as President-Elect.  Larry is a sales associate in the Joliet office of Coldwell Banker Honig-Bell.  He comes to Three Rivers as successor to a line of presidents affiliated with Coldwell Banker Honig-Bell.  Among these are the current president, Keith Alberico, of the Joliet office and the previous president, Georgann Shaffer, of the Morris office.  This pedigree of presidents demonstrates the commitment and leadership that Coldwell Banker Honig-Bell realtors bring to the communities they serve.

The Three Rivers Association of Realtors serves the real estate needs of the entire Western and Southwestern region of the Chicago area.  While the office is based out of Joliet, it serves communities such as Naperville, Minooka, Mokena, Lockport, Romeoville, Plainfield, Bolingbrook, Palos Park, Palos Heights, Orland Park, Shorewood, New Lenox, Frankfurt, Morris, Oswego, Yorkville, and many more!

The Illinois House of Representatives overwhelmingly passes a statewide smoking ban on Tuesday May 1st 2007.  With a vote of 73-42, the new law will be sent to Governor Blagojevich to sign into law.  (And he has indicated that he will do so).

The new law will encompass the entire state of Illinois and will ban smoking inside all public buildings, restaurants, and bars.  This legislation will alleviate the patchwork of local smoking bans that currently exists throughout the state.  With the ban taking effect January 1, 2008, Chicagoans will get 6 months less than the Chicago-area ban allowed.  I suppose one could speculate that tobacco sales might reach new records this coming New Year's Eve and perhaps those resolutions for 2008 might be more attainable for many smokers given the frigid climate of Chicago in January.

Visit the Chicago Tribune for the full story.

All the talk and hype about the so-called "Subprime Mess" has most homeowners scratching their heads.  So what does all of this mean and what impact will it have on you?

Subprime lending refers to the practice of making loans to people who typically would not qualify due to credit problems.  However, since federal money for lending has been so easy to come by, and interest rates have been so low for the last 5-10 years, lenders have been willing to make loans to riskier consumers.  Why would they do this you ask?  Because they could make a lot more money lending to riskier people by charging them much higher interest rates.  Additionally, many of them will make their payments just fine, and the few folks that default on their loan are nothing compared to all the additional revenue lenders make off this huge piece of the pie.

The "mess" has come in lieu of rising interest rates over the last 12-18 months.  Millions of these "riskier" homeowners have interest-only and adjustable rate mortgages (ARMs) which are becoming increasingly difficult to make their monthly payments.  This is because their monthly payments fluctuate based on the federal prime interest rate.  With monthly mortgage payments rising for the homeowners who are least equipped to handle it, the foreclosure rate is climbing.  As they fall a month or two behind in their payments, they try to sell their home rather than foreclose.  This has led to a significant increase in the number of homes for sale.

Congress is considering forcing the lenders to tighten up their criteria to protect consumers from "predatory lending", but this may worsen the problem as these homeowners attempt to refinance their way out of these high-interest loans.  Additionally, as interest rates rise and the banks tighten up their lending criteria, there are fewer buyers who qualify for a mortgage.  As a result, there is an abundance of homes for sale and a shortage of qualified buyers.  This has created a bit of a "Buyer's Market" temporarily while the real estate market corrects itself.  Due to this shift in the market which favors the buyer, people looking to purchase a home can find some decent deals, but they need to work with a realtor to find the best house and negotiate the best deal.

Likewise, in a buyer's market, it is vital that homeowners who are looking to sell be working with a realtor who can effectively market their home.  Sure, when the market was sizzling hot and interest rates were so low that anybody could qualify (coupled with subprime lending practices), many homeowners were successful in selling "by owner".  But with so many homes on the market, so few qualified buyers, and an average market time of 4-5 months, you'll save time and money to work with a realtor.  You'll avoid a lot of stress and save yourself many mortgage payments by getting the price set appropriately and marketing the home effectively.