Mainstreet offers RPAC headshot incentive to REALTORS® in June

Yes!

No! (Bigstock)

It’s a recurring source of humor in real estate circles: the outdated headshot photo. At some point in your career you’ve done a double take when an agent hands you a business card with a headshot that is a decade or more out of date. Perhaps you are the culprit – still using the headshot of a younger, less experienced version of yourself!

It is an easy task to put off. It takes time to find a good photographer, schedule the photo shoot and justify the expense. Now the Mainstreet Organization of REALTORS® has removed these barriers! Mainstreet has scheduled a professional fashion photographer to travel to the association’s regional offices on Mondays in June to provide headshots to members in exchange for a small RPAC investment.

REALTORS® can choose from the basic package which includes electronic files of two poses with color editing or the premium package which includes electronic files of two poses with facial touch-ups and color editing. To get more information, click on the image to the left, then schedule your appointment by email marisa@succeedwithmore.com or call 630-324-8436.

(The REALTORS® Political Action Committee (RPAC) solicits contributions from Illinois REALTORS® members only.)

Morning Minute: Mortgage rates hit 2017 low, Freddie Mac reports

Image: Bigstock

Mortgage interest rates fell below 4 percent this week and marked the lowest levels so far this year, Freddie Mac reported today.

A 30-year, fixed-rate mortgage averaged 3.95 percent while the 15-year, fixed-rate mortgage dropped to 3.19 percent. Read more from Freddie Mac.

In other headlines:

Existing-Home Sales Slip 2.3 Percent in April; Days on Market Falls to Under a Month – National Association of REALTORS®

Opinion: 9 signs the housing market will only get hotter in 2017 – MarketWatch

Three more local ROTYs to recognize at June 6 ROTY banquet

Among the 24 local REALTORS® who’ll be honored at the 36th Annual REALTOR® of the Year Banquet will be Chris Wilbur, Patrick Dalessandro and Eve Bremen.

Sue Miller

The event will attract members from all over the state to the Abraham Lincoln Presidential Museum in Springfield on June 6. The guest of honor will be Illinois REALTOR® of the Year Sue Miller, managing broker for Coldwell Banker The Real Estate Group, in McHenry. The reception begins at 6:30 p.m., followed by dinner at 7:15 p.m. The deadline for ordering tickets is May 30. Tickets are $75 each.

Place your order online or use the ticket order form now.

Here are some details about the three local winners mentioned above:

Chris Wilbur of Coldwell Banker Residential Brokerage in Bradley will represent the Kankakee-Iroquois-Ford Association of REALTORS®. Wilbur served as 2016 KIFAR president, chaired the Homebuyers Task Force and was instrumental in organizing the KIFAR Homebuyers Fair for the past three years. She is active on several KIFAR committees and chairs the Public Relations Committee.

Patrick Dalessandro of Coachlight Realty in Niles will represent the Mainstreet Organization of REALTORS®. He was the 1997 Illinois REALTORS® president and the 2008 Illinois REALTORS® REALTOR® of the Year. A former Federal Political Coordinator for Congressman Robert Dold, he’s served as a local president and on various state, local and national committees. He is the 2017 NAR Region 7 RVP.

Eve Bremen of Coldwell Banker Residential in Glencoe is the local ROTY for the North Shore Barrington Association of REALTORS®. Bremen served on numerous local committees and as NSBAR president-elect. She is active in local school and community organizations, including leadership positions for the Winnetka-Northfield and Glencoe chambers of commerce.

The Illinois REALTORS® ROTY banquet is jointly sponsored by the Illinois REALTORS® and the Illinois Real Estate Educational Foundation (REEF).

(This is the fifth in a series of stories highlighting local REALTORS® of the Year and the Illinois REALTOR® of the Year. Read the first, second, third and fourth stories.)

Illinois home prices increase in April; Sales lower amid tight inventory

Homes sold faster and prices rose, but home sales slowed in April with seasonally low inventory levels, according to Illinois REALTORS®.

Statewide home sales (including single-family homes and condominiums) in April 2017 totaled 13,958 homes sold, down 3.4 percent from 14,453 in April 2016.

The statewide median price in April was $200,000, up 7.5 percent from April 2016, when the median price was $186,000. The median is a typical market price where half the homes sold for more and half sold for less.

“Sellers flooded the market in March, and as a result inventories were struggling to keep pace with demand in April,” said Illinois REALTORS® President Doug Carpenter, ABR, AHWD, GRI, SFR of Mokena, managing broker of Coldwell Banker The Real Estate Group in Orland Hills. “It’s clear from the relatively short average time to sell that buyers really do want to find a home. The problem is they are having to work much harder to find one that meets their criteria due to a shortage of options.”

The time it took to sell a home in April averaged 61 days, down from 68 days a year ago. Available housing inventory totaled 54,666 homes for sale, a 15.3 percent decline from April 2016 when there were 64,554 homes on the market.

The monthly average commitment rate for a 30-year, fixed-rate mortgage was 4.05 percent in April 2017, a decrease from 4.20 percent the previous month, according to the Federal Home Loan Mortgage Corp. In April 2016 it averaged 3.60 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area (PMSA), home sales (single-family and condominiums) in April 2017 totaled 10,157 homes sold, down 2.3 percent from April 2016 sales of 10,397 homes. The median price in April 2017 was $242,000 in the Chicago PMSA, an increase of 5.2 percent from $230,000 in April 2016.

“While sales will continue the usual early summer upward growth, there are some sharp differences in the forecasts for median prices” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “The forecasts for median price indicate continued positive changes, but the REAL Housing Price Index (HPI), which compares specific housing characteristics, suggests declines and may also be reflecting the employment losses in the state over the past two months.”

According to the data, thirty-four (34) Illinois counties reported sales gains for April 2017 over previous-year numbers, including Madison County, up 11.0 percent with 353 units sold; Rock Island County, up 1.3 percent with 153 units sold; and Kane County, up 0.2 percent with 662 units sold. Fifty-four (54) counties showed year-over-year median price increases including Will County, up 12.2 percent to $218,700; Winnebago County, up 8.5 percent to $108,450; and Cook County, up 5.5 percent to $253,000.

The city of Chicago saw a 4.4 percent year-over-year home sales decline in April 2017 with 2,586 sales, down from 2,706 in April 2016. The median price of a home in the city of Chicago in April 2017 was $297,150, up 3.9 percent compared to April 2016 when it was $286,000.

“With the spring market underway, buyer demand has not abated in the least,” said Matt Silver, president of the Chicago Association of REALTORS® and partner at Urban Real Estate. “Rather, increased competition for homes that are priced well and move-in ready will continue to drive prices upward. Both motivated sellers and buyers should be prepared for these conditions to continue in the coming months.”

Sales and price information are generated by Multiple Listing Service closed sales reported by 28 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC data as of May 7, 2017 for the period April 1 through April 30, 2017. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Illinois REALTORS® is a voluntary trade association whose more than 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, Illinois REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtors.org/marketstats.