Chicago's North Shore - North and Northwest Suburbs Real Estate

The Chicago North Shore area is gearing up for Halloween fun! Trick or treating is not the only thing you can do to have a good time. Below are some local events happening in the area that are fun, festive and perhaps a little spooky. Have a happy and safe Halloween!

Goebbert's Farms Pumpkins and More

Goebbert's Farms
40 W. Higgins Rd.
South Barrington, IL 60010
(847) 428-6727        
Do you love a good scare? Goebberts farm offers an 8 room Haunted House is designed for school age children - but make no mistake, it’s scary — so be ready! Other Halloween and fall activities include wagon rides, pony rides, camel rides, pig racing, a corn stalk maze and a little straw town maze for your tiny ones. And don't miss Animal Land, with 55 different types of animals, like cows, pigs, goats and baby chicks, plus camels, kangaroos, llamas, zebras, lions and a giraffe.

Farm general admission is free, but other attractions may require tickets which can be purchased for a fee. Time: 9am-6pm , Cost: FREE, Ages: All ages

Children's Halloween Party 

Games, dance contest, costume parade, & treats
Date: 10/29/10  Start Time: 4:00 PM - 5:30 PM
Schedule Notes: For ages 3-13
Cost: free
Location : Loyola Park,1230 W. Greenleaf Ave.,Chicago, 60626 
Halloween festivities include fun for the entire family with great pumpkin patches, haunted houses (and not so haunted houses), parties and much more. At the Chicago Park District's pumpkin patches, you can pick your personal favorite from a field filled with pumpkins of all sizes, and many of our pumpkin patches offer some of the following activities: pony rides, pumpkin decorating, petting zoos, photo stations and treats. Activities are designed to appeal to all ages. Call 773.262.8605  for more information.

 
Boo At The Zoo

Brookfield Zoo
First Avenue and 31st Street
Brookfield, IL 60513
(708) 485-0263

From a crazy costume parade to pumpkin-carving demonstrations, Brookfield Zoo’s annual Boo! at the Zoo festival is the perfect way to celebrate Halloween, and everyone is invited to attend! The not-so-scary event will include frightfully fun activities for the entire family. Visit web site for schedule.  Cost: Included with regular zoo admission.

We would love to know of other events in the area, share with us other fun things happening in the area!

  
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Your neighbor’s overgrown lawn and boat trailer may have been mildly annoying, but now you are ready to sell your home and their unkept property now poses a real problem. How can you expect to sell your home when your neighbor’s house looks terrible? Here are a few actions you can take to make your neighborhood a little more presentable:

1. Start by communicating with them. You may uncover a problem that you can help to solve. Is your neighbor elderly or ill? Perhaps you could help out with lawn care or basic maintenance. You might even get other neighbors involved to lend a hand.
2. If you have an HOA, you can go to the president or governing committee. Most HOA’s have strict requirements for upkeep, and they take quick action to correct violations.
3. Call the city code enforcement. If your neighbors’ grass is knee high and they have a rusted out Chevy in the front yard, they are probably in code violation.
4. Use a fence or landscaping to hide unsightly side or back yards.
5. Some home sellers who are serious may offer to pay to haul off trash or try to work out another option to try to help the situation.

Another property de-valuer, especially in today’s economy, is the foreclosure. While you can’t personally do anything about a foreclosed home in your neighborhood, you should be prepared to take a hit on your home’s appraisal value. Be aware of the home values in your neighborhood and what other sellers are listing their homes for. You may need to consider discounting your home or offering incentives to counteract the foreclosure.

Foreclosure is so commonplace now that it probably won’t affect people coming to your neighborhood – in fact, it may draw potential buyers. You just have to be ready to compete with the ‘bargain’ a foreclosure may present to your potential buyers.

If you have been in a similar situation with a less than ideal neighbor, we would love to know how you handled it. Share your ideas!

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November mid-term elections are just around the corner and you may have seen the emails or the rumors that warns innocent homeowners and taxpayers of a possible 3.8% tax on real estate sales. If you are like most homeowners and potential home buyers you are in shock and may be confused about this.

Here are the facts:

1. Starting in 2013, not only will you pay the closing costs and real estate fee when you sell your house but you may be required to pay a 3.8% Sales Tax

2. You are only subject to the tax if you make over $200K a year, $250K married filing jointly.The Internal Revenue Service says that to qualify for the $250,000/$500,000 exclusion, a seller must have owned the home and lived there as the seller’s "main home" for at least two years out of the five years prior to the sale.

3. If you are fortunate enough to bring in $200K, the tax still does NOT apply to the first $250,000 on profits ($500,000 if married)

4. This new tax was implemented under the new health care bill that was signed earlier this year

5. On the bright side, in today’s economy and with home values falling, you most likely will have no tax burden if you sell your home. A typical home sale would not incur any tax. In March, for example, half of all existing homes sold for $170,700 or less, according to the National Association of Realtors.

If you’re still concerned about this possible tax, it is a good idea to check with your accountant if you are planning and selling your home and you think you will have a large profit.

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There has been many changes in the lending industry lately due to the economy and unstable real estate climate. As a result many lenders are selling their loans on the free market, similar to to how stocks and bonds are bought and sold.

When a mortgage is sold to another financial institution, it means that the servicing rights to the loan have been transferred to a new lender. So what does this mean to you the homeowner? Generally this mean that you will now be sending your payments to a new company. This transaction may be seamless or you may see changes, so you should have an understanding of what has happened and what your rights are.

If your loan has been sold or there is a possibility that it might be, you should have received a statement that there is an indication or some level of likelihood that your loan might be sold during its life to another lender. If that does happen, then federal mandates require both the seller and the buyer of your paper to notify you of the pending sale and the closed sale.

Your current lender must notify you, in writing, at least fifteen days before your next payment is due. The lender is also required to give you complete contact information – company name, physical address, phone number and account manager of the new servicer.

The servicer buying your loan is required to provide this information to you as well. They are required to provide a direct link to a person you can speak to – not just an automated system.

This helps to protect you from mortgage scams directing you to send payments to an unknown entity via P.O. Box or wire and gives you the right to ask questions about the status of your loan and receive prompt answers. In addition, you are protected from any delinquency status for 60 days during the transition.

If you are behind in payments, your loan will likely stay put, as most servicers aren’t interested in purchasing problem loans. If you have an application in for loan modification, your loan will probably not be sold as well. However, if it is sold after you have started the loan modification process, be prepared to provide additional paperwork or even start over with the new lender.

The Mortgage Bankers Association of America (MBAA) has a great consumer site – The Home Loan Learning Center. You can also contact them for more information via phone at (202) 557-2700.

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Autumn in the Chicago area is spectacular with the changing leaves and the all the beauty of the changing seasons. The Northshore area has many fall festivals scheduled with events and fun for everyone to enjoy.

Celebrate this wonderful time of the year by making plans to attend one of our area's many events!

Oktoberfest
Oct. 1, 2010 - Oct. 2, 2010

Enjoy a Naper Settlement tradition! Oktoberfest to be held from 4 to 10 p.m. Friday, Oct. 1, and from 11 a.m. to 10 p.m. Saturday, Oct. 2. Join in the fun under a lively tent in the village. Hear live music as you enjoy authentic German cuisine at this fun salute to one of our community's ethnic heritages. Tickets are $10 per person at the gate or $8 in advance with on-line ticket purchase.  Naper Settlement, 523 S. Webster St., Naperville, IL 60540 For more information call 630-420-6010      

Scarecrow Festival
Oct. 8, 2010 - Oct. 11, 2010

Straw will fly in celebration of the 25th anniversary of the St. Charles Scarecrow Festival held on Oct. 8-10, 2010 in downtown St. Charles. Over 100 whimsical hand-crafted scarecrows will show-off their  stuff  in hopes of being chosen the  best  in the ever popular Scarecrow Contest. Entries are constructed with care by creative families, clubs, businesses and individuals for festival guests to view and vote for their favorites in seven categories. The festival activities include a huge riverside arts & craft show, live entertainment, lots of free kids activities, petting zoo, carnival and the popular  make-your-own scarecrow  where friends and families can make a scarecrow to take home. Join us in celebrating twenty five years of scarecrow fun with new events planned including an amazing indoor Lego Train exhibit featuring an  out of this world  Star Wars display . So much to do and see and the best part is that it is Free! For more information contact 800-777-4373.

Pumpkinfest
Saturday, October 2nd

Fall just is not complete without pumpkins! Make plans to visit pumpkinfest where there will be pumpkins of all sizes for purchase. There will be games, entertainment and a craft show. Prince of Peace Church, Elk Grove Village, Illinois For more information call (847) 439‑0668 or visit their website at www.princeofpeaceumc.org

Villa Park Autumn Festival

November 18th-21st, The Odeum Villa Park, Illinois
Voted one of the top 100 shows in the country by Sunshine Artists Magazine, Villa Park Autumn Festival is full of excitement! Over 500 artists and crafts booths from 30 states with Home Decor & Gifts - All Handcrafted & One-of-a-Kind.Entertainment & Plenty of Food & Drink. Register for $30 Gift Certificates -- Awarded Hourly. For more info call 402-331-2889 or visit their website at www.hpifestivals.com

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Mortgage rates have plummeted over the past year, in fact, we have seen the lowest 30 year fixed mortgage rates in history – 4.5% or lower, with 15 year fixed at 3.9%. With these rates so low many homeowners are tempted to refinance. If you are considering refinancing your current mortgage, look a little closer and look at all the facts.

Many are unaware that the lowest of the low rates are reserved for premium borrowers – those with strong credit and a low debt-to-income ratio. Many homeowners won't be able to qualify for the lowest available rate so be sure to discuss that with your lender before starting the refinance process.

It is important to understand the refinancing process as well. There are significant costs, including application fees, appraisals, credit reports, inspections, insurance, title insurance, surveys, points and other fees specific to the lender. There may also be hidden costs, like prepayment penalties, that can wipe out the monthly savings gained.

Do you intend to stay in this home long enough to reap the rewards of the savings?  For example, if you are only saving $100 a month and you intend to sell your current home in 18 months, you probably won’t realize the actual savings after costs.

What about points? Lower points produce a higher interest rate. Again, it probably depends on how low you plan to stay in your current home. Balancing points vs. rates should be considered with how long you are giving yourself to recoup costs.

Start by doing your homework and shop around for current refinance packages from your lender and other lenders. Many may choose to offer special deals or no-cost packages, especially if you have not refinanced previously. Your put a lot of time and effort into purchasing your home – take the same care with your mortgage plan.

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Many homeowners are making the choice to remodel their existing home rather than purchase new homes as a result of the sluggish economy. In a recent survey by the National Association of Home Builders (NAHB) they report that respondents indicated that a bathroom remodel was one of their most common projects during the first half of this year. In fact, almost 61% percent of all remodels were done on bathrooms.

"While remodelers are continuing to struggle, we expect the rest of 2010 to be a period of stabilization for remodeling, with the first stages of recovery emerging by the end of the year, followed by a robust recovery beginning early next year," said NAHB Chief Economist David Crowe.

The popularity of bathroom remodeling may be attributed to the concept that it can be a very affordable means to make your master suite more comfortable and add value to your home when it’s time to sell.

If you are considering making some improvements to your bathroom, below are some tips to help give your bath a great lift:

Vanity Sinks: From artistic vessel sinks to furniture pieces that have been modified to accommodate plumbing, sinks can become a bathroom showpiece while keeping their functionality.

Countertops: Granite, ceramics, recycled glass and marble are all popular materials to consider if you want to update the counters of your existing vanity.

Showers: Open, walk-in showers are very popular right now and can be designed to accommodate more than one person.

Faucets: Old, polished brass fixtures really date your bathroom – check out new silhouettes and finishes for your faucets and cabinetry.

Lighting: Bathrooms that are well lit, especially with natural light sources look fresh and modern. Consider glass block windows and skylights to bring in natural light and create an open feeling.

Tile: Tile can be used creatively in the shower and wet areas as well as the floor and for backsplash.

Before starting a home improvement project, list your objectives, create a budget and do your homework before you select a contractor. The NAHB also offers a list of resources and reference guides to help make decisions and find qualified professionals.

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It is hard to believe that summer is almost over. School is starting and soon the leaves will be changing. But the fun of summer is not over yet as the Chicago area is host to many fun Labor Day events. Make your plans now!

32nd Annual Chicago Jazz Festival

Sep 2, 2010 - Sep 5, 2010

The longest running of the city's lakefront music festivals. For more than 30 years, the Chicago Jazz Festival has been a Labor Day weekend tradition. Know for its artistic creativity, the Chicago Jazz Festival promotes awareness and appreciation for all form of jazz through quality live musical performances. The festival’s mission is to showcase Chicago’s vast jazz talent alongside national and international artists to encourage and educated a jazz audience of all ages.

This year’s performers include: Artist-in-Residence: Nicole Mitchell, Henry Threadgill, Brad Mehldau, Brian Blade and the Fellowship Band, Rene Marie, The Either/Orchestra, Kurt Elling and more. Best of all this is a free event!

Buffalo Grove Days
Sep. 2, 2010 - Sep. 6, 2010

This annual festival has fun for everyone. There will be the Chamber Beer Garden, a Business and Craft Fair, Free Entertainment all day long, a Carnival, Games, Special Events, a Parade on Sunday and Fireworks. Visit their website for more information.

Oak Brook Half Marathon
Sep. 6, 2010 - Sep. 6, 2010

Make plans to be a part of the Third Annual Oak Brook Half-Marathon, a Labor Day tradition that distance runners of all types will enjoy. This challenging course is comprised of the streets, rolling bicycle paths and limestone forest preserve trails of the scenic Village of Oak Brook. This is an ideal lead-up event for anyone training for a fall marathon, or who simply enjoys the half-marathon distance. After the run, stay for great refreshments from our sponsors and enjoy the hospitality of this lovely Village. There will be activities for the whole family - including youth races  which will be presented by the Oak Brook Park District. Admission Charge. Visit their website for more information on this event.

62nd Annual Jubilee Days Festival
Sep. 4, 2010 - Sep. 6, 2010

This weekend long festival begins with a golf outing at the Shepherds Crook Golf Course on Friday. Saturday includes a 5K run, Miss Zion Pageants and an ice cream social. Sunday's entertainment includes the Arts and Crafts Festival, food, live music and fireworks. Monday will include the Mayors Breakfast, and Arts and Crafts Festival, food and the Jubilee Parade at 1pm.

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Record high new home loan requests to the FHA are causing strain due to the governemnt agencies lack of resouces. The FHA is short staffed and also contributing to the strain is a computing system that is two to three decades out of date.

The FHA is utilizing hardware and software that are from the 1980's and their workforce is minimal and at the workload is at capacity. Changes are not likely unless the agecy can fins a way to break away from HUD according to Brian Montgomery, who was once a commissioner for the FHA.

Mr. Montgomery states that the Management and Budget office barely gives them the amount needed to keep their computers running, but not an adequate amount to actually upgrade the old system they are forced to use.  There is not anything in the works to separate them from HUD, but if they were individualized, resources would likely be more readily available for them. The companies create 6.4 billion dollars yearly in revenue surplus.

The administration has not yet taken any action, and is delaying any such action while awaiting hearings. Elections are likely to cause even greater delays as decisions will be made depending on what happens at the November elections.

At yearly meeting of the NAREE in Austin,  TX, Mr. Montgomery indicated that he is doubtful that higher amount loan limits for the FHA will continue. He indicated that unless Congress does something, the loan limits are set to expire at the year’s end. 

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