Rita Kerins

931 W. Leland #406- Top Floor Corner Unit in Lovely Recently Rehabbed Condo Conversion in Uptown!

TOP FLOOR CORNER UNIT IN LOVELY RECENTLY REHABBED CONDO CONVERSION IN UPTOWN. MANY UPGRADES FEATURING: HARDWOOD FLOORS THRU-OUT, KITCHEN WITH BEAUTIFUL GRANITE COUNTER TOPS & STAINLESS STEEL APPLIANCES, UPDATED BATH, 1ST FLOOR LAUNDRY ROOM (FREE - COINLESS), CENTRAL AIR, AMPLE CLOSETS & AN INVITING WORKOUT GYM!!!! GREAT LOCATION NEAR PARK & LAKE, QUIET CUL-DE-SAC STREET!!! NOTHING TO DO BUT MOVE IN AND ENJOY!

Rita Kerins

1050 W. Dakin #2E- Rehabbed Two Bedroom/Two Bath in Great Wrigleyville Location!

Rehabbed Two bedroom/Two Bath in Great Wrigleyville Location! Large living room with separate area for a dining room table. Huge kitchen, hardwood floors, gas fireplace, balcony, and brand new front-loading washer and dryer. Tons of closet space with closet organizers and a large storage unit. Easy Street Parking, close to the El, and across from the park.

Rita Kerins

444 W. Fullerton #1909- Former 3 Bedroom Converted to Large 2 Bedroom with more Living Space!

ULTIMATE LINCOLN PARK LIFESTYLE! AMAZING, UNOBSTRUCTED NORTHWEST VIEWS! FORMER 3 BEDROOM CONVERTED TO LARGE 2 BEDROOM WITH MORE LIVING SPACE! 2 FULL BATHS, OAK HARDWOOD FLOORS, WASHER & DRYER IN-UNIT MAKE THIS UNIT TRULY UNIQUE! OPEN KITCHEN, OUTDOOR POOL/24HR DOOR/BIKE ROOM/STORAGE! ASSESSMENTS INCLUDE HEAT/AIR/POOL/CABLE! CLOSE TO PARK/ZOO/BUS LINES! GARAGE PARKING ADDITIONAL $30K.

Rita Kerins

4259 N. Ashland #1- Real Three Bedroom Condo in a Total Gut Rehab with a Great Location!

Real Three Bedroom Condo in a Total Gut Rehab with a Great Location!! Gourmet Kitchen with SS Appliances, 1 1/4″ granite, 42″ cabinets, and a huge breakfast bar. Exposed brick in living room. Open kitchen with seperate dining room. Marble & Stone baths, hardwood floors, washer & dryer in unit, three outdoor spaces, plantation shutters on all windows, and gated parking for additional $20k.

Rita Kerins

1528 W. Monroe #PH1- Top Floor,Luxury Penthouse with 2 elevators directly into your new home!

Top Floor,Luxury Penthouse with 2 elevators directly into your new home!! 16 ft ceilings w/ crown molding, Gourmet kitchen with Wolf stove, Subzero, wine fridge, & stone deck off the kitchen & living room. Surround sound & walnut hardwood floors throughout. Copper tub & steam shower in master bath. Master bedroom has fireplace & a 12×10 closet. 2nd floor has a wet bar, fridge, storage, & own roof deck. Heated floors in kitchen and baths. Skinner Elementary

Rita Kerins

The January 2010 Jobs Report May Lead Mortgage Rates And Home Prices Higher

On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls data from the month prior. The data is more commonly known as “the jobs report” and it swings a big stick on Wall Street.

Especially now — many analysts believe job growth is tightly linked to the future of the U.S. economy.

Therefore, when January’s jobs report hits the wires at 8:45 AM ET tomorrow, home buyers would do well to pay attention. A net job reading that is much higher (or lower) than Wall Street’s expectations can make a serious change in home affordability.

Wall Street expects that the economy added 13,000 jobs last month. It would mark the second time in 3 months that the jobs report showed a net monthly gain.

In November 2008, the economy added 4,000.

Jobs matter to the economy for a lot of reasons, but one of the biggest is that when Americans are working, Americans are buying and consumer spending accounts for 70 percent of the economy.

Job growth spurs the economy and draws money to the stock market. Unfortunately for rate shoppers, that kind of stock market growth happens at the expense of the bond market which is where mortgage rates are made.

Good jobs data usually means higher mortgage rates.

Also, job growth can lead to higher home prices. This is because working homeowners are less likely to default on a mortgage versus non-working homeowners. In this way, job growth helps hold foreclosures to a minimum which, in turn, suppresses the housing supply.

Less supply means higher prices for home buyers.

Mortgage rates are idling this morning in advance of tomorrow’s data. If you’re shopping for a mortgage rate, the prudent play may be to lock your rate before the jobs data is released. A jobs figure that’s higher than the 13,000 expected could cause rate to rise sharply.

Rita Kerins

There’s A Very Good Reason Why The New Home Sales Data Plunged In November

One day after November’s Existing Home Sales report blew away estimates, the Census Bureau’s related New Homes Sales report failed to impress.

A “new home” is a home that is newly-constructed; not bought as a resale.

In a lackluster showing, New Home Sales dropped 11 percent in November, falling to the lowest levels since April. Furthermore, the all-important “months of supply” climbed by a half-month to 7.9.

The press pounced on the figures and if you only read the headlines, you’d think that housing had cratered. Some of the angles were quite bold, even:

• Weak U.S. Home Sales Show Recovery’s Shakiness (Reuters)
• New Home Sales Plunge In November (CNNMoney.com)
• Housing Forecast : Off Life Support, Still In Critical Care (CBS News)

These headlines, although technically accurate, only tell half the story, however. The other half relates to November 30’s role as the original First-Time Home Buyer Tax Credit ending date.

See, different from home resales, when a contract is written on a newly-built home, the home is rarely finished. According to the Census Bureau, just 1 in 4 new homes are sold “move-in ready”. The other 3 of 4 are in various stages of construction when a buyer signs on the dotted line.

Some have yet to break ground, even.

Regardless, it’s at this date of signing that the Census Bureau counts the home as “sold” — not at the actual closing. This is the main driver of the November New Home Sales data dip.

First-time home buyers would have risked up to $8,000 in federal tax credits if they bought a newly-built home and it wasn’t ready for move-in by November 30, 2009. And it wasn’t until November 5 that the credit was officially extended.

Suddenly, first-timers representing more than half of last month’s Existing Home Sales isn’t so shocking. Buying new carried a lot risk.

There’s always more to the story than the headline. Sometimes, you have to dig deeper. Looking back over 10 months, the housing market is on a steady course of improvement. November’s New Home Sales data — although weak — is not terrible.

Despite what the papers might say.

Rita Kerins

Home Inventories Plummet, Foreshadowing Higher Prices By Spring 2010

Home resales are soaring.

For the 4th consecutive month, the Existing Home Sales report revealed what today’s buyers and sellers already know — there’s a lot of buyer activity right now.

Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in 33 months. Sales volume is up 44% higher versus last year.

It’s another example of the housing market in recovery.

There were other interesting statistics buried in the November data, too. According to the National Association of Realtors:

1. 51 percent of home buyers were first-timers
2. Distressed properties accounted for one-third of all sales
3. The median home sale price rose slightly

But of all the stats from the November Existing Home Sales report, perhaps the most important one is the one showing home supplies falling to 6.5 months. It’s nearly half of the home supply available last November.

The rapid run-off of inventory throughout 2009 is more than a trend at this point and suggests higher home valuations in 2010. Especially because mortgage rates are low, tax credits are available, and the press is giving housing positive coverage.

You shouldn’t feel rushed to buy, but you probably don’t wait too long, either. The best deals of 2010 may be gone before that Spring Buying Season even starts.

Rita Kerins

When It’s A Holiday Week, Mortgage Rate Shoppers Should Be Extra Vigilant

Mortgage pricing worsened Monday, driving mortgage rates to their highest levels since October.

The day’s action was drastic, too.

Some banks issued as many as 3 rate sheets Monday — each worse than the preceding and one reason why rates got so bad, so quickly, is because this week marks the beginning of mini-Vacation Season on Wall Street.

Between now and January 4, 2010, be prepared for big swings in pricing from day-to-day. Shopping for a mortgage could be a challenge.

The relationship between vacation days and mortgage rate volatility is rooted in how mortgage rates are “made”.

1. Conforming mortgage rates are based on the price of mortgage-backed bonds, a security that is sold on Wall Street
2. Mortgage-backed bonds can’t sell without a bond buyer and a bond seller agreeing to a specific sale price

So, during vacation week, when the total number of market participants are less, there are fewer opportunities for buyers and sellers to meet at a specific price. As a result, bond prices rise and fall with a higher velocity than on a “normal” day. Rallies and momentum plays are exaggerated, too.

Now, mortgage market action like this can work in your favor, or it could work out of your favor. Unfortunately, on Monday, rates moved out of favor.

This rest of this week is stacked with market-moving economic data. The data could be better-than-expected, or worse-than-expected. Either way, markets will react a little more feverishly than normal. Therefore, if you have a chance to lock a favorable rate, consider taking it.

Before long, the rate could be gone.

Rita Kerins

Keep Your Home Safe : The Consumer Product Safety Commission Recalls 50 Million Window Coverings

The U.S. Consumer Product Safety Commission has issued a recall on 50 million window coverings, specifically Roman and roll-up blinds. 8 million such products are sold annually.

According to representatives of the CPSC, the danger of Roman and roll-up blinds relates to stangulation — specifically of young children. The blinds’ design has led to 8 deaths and 16 near-strangulations this decade.

Despite the relatively small number of incidents as compared to the 125 million blinds sold since 2001, the Window Covering Safety Council is embracing the recall, offering safety tips and free retro-fit kits.

• Move cribs, beds and furniture away from window cords
• Keep window pull cords out of the reach of children
• Lock cords into position whenever possible — even if resting on a windowsill

The video from NBC News highlights the risk of Roman and roll-up blinds. Order your free retro-fit kit online.

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