Archives

February 2009

Give Your Furnace Attention

Posted at 9:58 AM, Feb. 27, 2009

A furnace filter purpose is to help keep your furnace clean, not your home. Filter manufacturers do an excellent job marketing filters that clean your air, the only thing they do is restrict the air flow throughout your home and stress out your furnace and a/c. There are some excellent air filters on the market that are seperate from your furnace, you can also install a UV lite in your furnace that kills mold spores. After all this spending on air quality remember that the clean air is outside, the answer is to exchange the air in your home. Check out the EPA's website. Just buy the cheap $1.00 filters and at a minimum change every three monts but I recommend every month.

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The Revised Tax Credit

Posted at 9:56 AM, Feb. 25, 2009

Unsure of the difference between the previous new homebuyer's tax credit and the new one?  Learn the difference here.

Highlights of the Stimulus Bill

Posted at 9:53 AM, Feb. 23, 2009

Here is why Realtors are cheering!

Stimulus bill includes boosts for housing. The American Recovery and Reinvestment Act of 2009 (H.R. 1) increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement for buyers who purchase a home between Jan. 1, 2009 and Dec. 1, 2009 (See how the tax credit works). Other housing measures in the bill include:

• FHA, Fannie and Freddie loan limits - Higher 2008 limits will be reinstated for 2009, except in communities where the 2009 limit is already higher. (Link to NAR estimates.)
• Foreclosure mitigation and neighborhood stabilization – Funding will be given to states and municipalities that are recipients of Community Development Block Grant dollars to stabilize neighborhoods and redevelop abandoned and foreclosed homes.

What the Housing Stimulus Means to Homeowners

Posted at 9:39 AM, Feb. 20, 2009

There is plenty of controversy surrounding the latest plan from President Obama.  In a nutshell, his goal is to stop the impending slide of homevalues due to forclosures and reign in the current housing stock.  By doing so, we increase demand and credit with flow once again. 

Many of these changes include allowing Freddic Mac and Feddie Mae to back loans at more than an 80% loan to value ratio when they already own them.  This helps those current homeowners looking to get out of loans with bad terms or refinance at a lower interest rate.  This has been pretty much impossible up until now given homes have dropped in value.  Read the whole story here.

Chicago Condo Market Report

Posted at 9:36 AM, Feb. 18, 2009

Here is the latest stats provided by Chicago Condo Online about current market conditions.  Find out what has been affecting the sales in 2008.