Remember to vote daily for Illinois’ Melanie Stone

REALTOR® Melanie Stone

REALTOR® Melanie Stone of Coldwell Banker Residential Mortgage in Chicago can become one of REALTOR® Magazine’s 30 Under 30 class of 2017 if she gathers the most online votes this week.

You can help by casting daily votes for her as she competes with 50 other finalists for the Web Choice Award. REALTORS® can vote once every 24 hours for their favorite candidate through Friday, March 24. To vote, go to this page.

In addition to the Web Choice competition, 29 other winners will be chosen by judges. The announcement of all 30 Under 30 winners is scheduled for Monday, March 27.

For more information on Stone, go here.

Managing Brokers, are you ready for the April 30 deadline?

Time is running out for Managing Brokers to complete their license renewal requirements before April 30. If you have not renewed yet, here are steps you can take to ensure you don’t miss the deadline.

  1. Review the requirements
    Use the Managing Broker Renewal Checklist and the Managing Broker Renewal webpage to determine how many CE credit hours you need (if any).
  2. Check your CE credits
    Courses that were taken and passed through the Illinois REALTORS® Licensing & Training Center will appear in the Illinois REALTORS® Education Lookup. Courses not taken through the Illinois REALTORS® Licensing and Training Center will not appear in this search.
  3. Complete any CE courses you need ASAP
    If you still need CE, it is important to enroll in courses as soon as possible. A limited number of classroom and webinar dates are available before the deadline.For example, only two 12-hour Broker Management CE Webinars are available before the license renewal deadline: April 6 & 7 and April 19 & 20.  This interactive course is part of the renewal requirements for managing brokers licensed before February 1, 2015. Classroom CE courses may be found on the CE classroom calendar and Home Study CE courses may be found in the Illinois REALTORS® Store.
  4. Renew Your License with IDFPR before April 30
    You may renew your license online or submit a paper application.

Do you have general questions about renewal procedures? Contact one of the Illinois REALTORS® Licensing & Training Center’s Education Specialists at (217) 529-2600 or education@illinoisrealtors.org.

 

 

 

 

Fed raises interest rates, but impact not expected to be severe for homebuyers

The Federal reserve has raised it’s short-term interest rate by a quarter percentage point.

The Federal Reserve, which had signaled interest rates were going to be ratcheted up, did just that on Wednesday, sending the benchmark short-term interest rate up a quarter of a percentage point.

The short-term rate likely will have some implications for the real estate industry, as increases in the short-term rate often result in increases in mortgage rates.

The average mortgage interest rate jumped to 4.17 percent last week in anticipation of the Feds announcement, according to USA Today. The upward shift was seen as a preparation by lenders for the announcement.

“While any increase in a mortgage interest rate adds to the cost of financing a home, the increase Wednesday is not expected to deter many people from their quest to buy,” said Doug Carpenter, Illinois REALTORS® president. “As we have seen for more than a year, consumer demand is such that the market impact should not be dampened in the near-term, especially given the relatively low numbers of homes on the market.”

A third rate increase could be in the offing as the Fed weighs largely positive economic numbers and tries to keep inflation in check.

“Borrowers with adjustable rate mortgages that are seeing their rates reset should brace for higher payments. Because most ARMs only adjust once per year, the next rate reset could be a doozy if it encompasses 2 or 3 Fed hikes in the interim,” said Bankrate’s Greg McBride in the USA Today online article.

 

 

 

REALTORS® delegation marketing state at largest real estate conference

Illinois REALTORS® Treasurer Dan Wagner interviews Jim Schultz, CEO of Intersect Illinois which helps market the state to foreign investors. Video produced by Matt Difanis, Illinois REALTORS´® president-elect. 

Illinois REALTORS® have spent two full days meeting real estate investors from throughout the world at the annual MIPIM Conference in Cannes, France.

Association President said the Illinois delegation attended a panel discussion on Tuesday featuring National Association of REALTORS® Chief Economist Lawrence Yun, and the booth has seen a steady stream of visitors.

“The setup is fabulous this year,” Carpenter said via telephone from Cannes. “NAR did a nice job of putting this together, and the pace of traffic has been very workable.”

This is the third year Illinois REALTORS® has taken part in MIPIM. Joining the state delegation this year is Jim Schultz, Chairman and CEO of Intersect Illinois, a public-private which markets Illinois as a place to do business.

Illinois REALTORS® is located in the NAR Pavilion, which houses a number of other REALTOR® associations seeking to provide information to prospective investors.

MIPIM is touted as the largest real estate conference in the world. The event is hosted at the Palais Des Festivales which hosts the Cannes Film Festival. The multi-level facility is chock full of real estate firms, investment groups and localities seeking business.

The event continues through Friday.

New video explains pre-license steps

Video: Become a Real Estate Agent in Illinois

Step-by-step pre-license instructional video at www.illinoisrealtors.org/education/prelicense

A new video created by the Illinois REALTORS® Licensing & Training Center explains the pre-license process to prospective brokers. “Become a Real Estate Agent in Illinois” provides a two-minute overview of how students can earn a license in three steps.

Nearly 1,000 people have watched the video in the first two weeks.The accompanying pre-license guide “Start Your Career in Real Estate” is a free pdf download available on the same webpage at www.illinoisrealtor.org/education/prelicense.

Illinois REALTORS® are encouraged to share the video and pre-license guide with anyone interested in pursuing a career in real estate.