Living in Chicago's New South Side

Top 5 Must-Reads for 2010

2010-01-04T18:06:49Z

If you are anything like me, and had anything happen in your life in 2009 even remotely close to some of the things I have gone through, then you really need to read this list of the Top 5 Must-Reads....these books can change your whole life (and should). Be forewarned, it might be more than 5.

Number One:

I am recommending all things Dave Ramsey...I recommend this if you are tired of the rat-race, and the feeling of having to work to pay bills, as opposed to working because you enjoy it. His books very simply...and I do mean very simply, explain how to focus "like a Giselle" on eliminating all debt (including student loans and mortgages) from your life. He says, if you want to live like no one else, you have to live like no one else.

So, first and foremost, you gotta read...

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Number Two:

The E-Myth Manager....this is a great book that helps you focus on what you really need to do to successfully grow your business. It is especially helpful for the small-business owner. You know as a small business owner you get so caught up on finding the next potential lead of business that you lose sight of running/growing your business...it sort of falls to the wayside, and you think you can catch up by pulling an all-nighter, but you keep falling behind, and eventually the love of what you are doing begins to wane. So...I highly recommend you check this out.

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Number Three:
Another great business resource is...

This book is phenomenal. It is a great illustration of what breaks down and/or blocks great teams. It is something every business owner should read.

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Number Four:
This book is where I really started wrapping my brain around starting my own business, and I have been obsessed with it ever since.

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Number Five:
This is the book that got my incredibly "artsy" mind headed towards strictly business. Yes, I still have to remind myself "it's all a numbers game." But, then I remember some of the words of wisdom I learned from this book, and get back on track. Even though this is about becoming a top real estate agent, the principles can easily be applied across many professions...industries...what have you.

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So...this concludes my recommendations for getting your mind right for 2010. By the way, the biggest lesson becoming a real estate agent has taught me is that if you are a real estate agent, you are 100% a sales person, and everyone is a real estate agent.

Top 5 Lists for 2010

2010-01-04T17:53:57Z

Well, as I am looking at my brand new year (decade...WHAT), I am, of course thinking about the things I want to develop, grow, experience, and most importantly learn. So, for me learning starts with reading, and I am planning a series of Top 5 lists, will consist of recommendations of some of the various things I have discovered that will help me on this road called life I am traveling on. And me, being who I am, I want to share my discoveries with you...the world.

So expect to see these lists roll out over the next week...

A Great Idea

2010-01-03T19:10:32Z

I spent the last couple of months working in a new real estate office, and getting used to its systems. I love this company, ZipRealty, because it is really cutting-edge and a real web-based company. It puts your home search right into your hands, while giving you an expert, me, to help you through the process, whether you are buying, selling, or both.

So, the great idea I want to share with you is this...

I was out with some really great buyers, and while we were looking at homes, they pulled out a video camera to record the homes they really liked to loved, so they could review the homes while making there decision on which one to make an offer on, and to help them as they visualized moving their family into that home.

Now, as a Realtor(R), I went out to jump into the new video camera craze, and although I looked very lovingly at the Flip, which is a great little tool, I ultimately decided to go with Kodak's Z18. This camera has great resolution, zoom-ability, a flip-out USB plug, easy YouTube intergration, a memory card slot, and HDMI A/V ports. It is small and incredibly portable. It fits in your pocket.

What sold me on this particular camera was it's resolution. It surpassed Flip, in my humble opinion.

Take a look at it here...

Hello world...

2009-10-01T05:16:51Z

Good day all.

Well, it's time to dust off the old keyboard, fire up the old hard drive, and start talking all about real estate and Chicago.

I have had the most wonderful summer. I was in Los Angeles and I really enjoyed myself. I had the most fabulous time. I visited Palm Springs and Vegas, and walked the hill in Wilacre Park often. I learned where George Clooney lives (when he is in the states) and most importantly, I learned that life in LA is nothing like on TV or in the movies, so don't believe anything in any of the tabloids, and they are all tabloids.

But, now .... I am back in Chicago, and I am looking forward to getting back into the things that have meant so much to me. I have some new goals and fresh ideas. Look forward to some really exciting things from me.

Well, as it's late, I am signing off, but will be regularly posting soon.

Gorgeous 2-Flat on West Monroe Street

2008-11-19T17:26:57Z

Just came across a beautiful, 2-flat in the United Center area that looks priced right. The building has three rented units (one is a garden) and the owner is looking for $298,000.

This is a must-see for all investors looking for a sound investment.

Guess whose back....

2008-11-13T08:45:30Z

Sorry for the absence, but I am back now.

Top 5 Chicago Real Estate Blogs

2008-06-08T17:48:34Z

I thought I would share...let the world know about ... a few of the blogs I visit regularly for new real estate information and info on cool places that are on the market right now.

So here is a list of my top Favorite Blogs:

1. Crib Chatter

    This site features tons of available units throughout Chicago. The woman that runs this blog
    is not a real estate agent, so her opinion is neutral and, dare I say, unbiased. She comes
    across some great info and units, so I highly recommend this blog.

2. Yo Chicago

    This is another great site that comes across great units and info. I highly recommend it.

3. The Chicago Real Estate Local

    This is a great resource for neighborhood information on north side neighborhoods. My
    colleague, Eric Rojas, runs this blog, and he is a wonderful source of all sorts of
information.

4. The Real Estate Bloggers

    This blog is run by various real estate bloggers. Some of your most esteemed real estate
    professionals and bloggers contribute to this site. It has all sorts of information. Visit it.

5. ChiTown Living - A Chicago Real Estate Blog

    This is another great blog.

FastSTATS

2008-05-28T01:16:41Z

Why Buy in Today's Market???

2008-05-22T04:41:33Z

Well, I would love to be able to expound on why a buyer should buy in today's market....but I came across a thread that I thought might illustrate the question better than I ever could...it's from Trulia's Question & Answer section....check it out.

Let me know what you think.

University of Chicago Purchases Harper Court

2008-05-20T15:44:22Z

The University of Chicago purchased Harper Court, Hyde Park's neighborhood anchor shopping center. Hopefully, this means a revitalization of this area which will improve the downtown Hyde Park area.

Read the story here.

Buying Your Dream Home in Today's Market

2008-05-15T05:28:28Z

It seems the biggest worry in home buyers minds today is how will I be able to qualify for my home loan, and how do I avoid finding myself in a similar situation as the buyers who are losing their homes today.

A long time ago, a very good friend of mine, represented me in my first home purchase, and he gave me excellent advice, which was to learn everything I could about the process and loan programs/products. The more educated you are, the better loan product you will choose.

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The first step is to get pre-approved. Never before in the history of real estate has it been more important to find out your buying power before you begin looking for your dream home. This helps you know how much you can afford to buy, and it helps you in negotiating a price for purchasing your dream home.

Begin researching different banks and mortgage companies. Find out what products are being offered, along with interest rates. Your interest rate is determined by your credit score. The higher your credit score, the lower your interest rate. A great resource for information on credit and your credit score is myfico.com. At this site, you can research interest rates in your area, based on your credit score, along with a ton of other great and useful information. You can also obtain your credit report and score from any of the three credit bureaus, Experian, Trans Union, or Equifax.

I highly recommend that you print out a copy of your credit report (all three reports if you're feeling gutsy). This way you can show your report to the representative at the financial institutions you choose to interview, and they can evaluate your situation without pulling your credit (and adding a hit to your score).

Most lending institutions will want to see the last two years of your tax returns, two months of bank statements, last two paycheck stubs (though it wouldn't hurt to bring the last four paycheck stubs), and statements for savings or investment accounts. They may require additional information, but if you collect this information, it will make your application process a lot easier.

Here are things that will affect how much you can borrow.

1. Debt-to-Income Ratio

Lending institutions look at your ratio of debt to income to determine how much home you can afford. Generally, lending institutions are looking for your total housing debt to be no more than 28% of your income, and your total debt (including housing) to be no more than 36% of your income. Currently, typical conforming limits look like this:

- conventional: 28/36
- FHA: 31/43

Visit my web site to find out what your debt-to-income looks like. The calculators will even help you guesstimate how much home you can afford.

2. Property Taxes

The amount of the taxes for the property gets calculated into your housing ratio in the debt-to-income ratio. This means that if the taxes are $8,000 or higher, it may mean you may not be able to afford that house.

3. Association Fees

Condo associations and Co-op's have monthly assessments. These assessments usually cover master insurance, maintenance and landscaping, and sometimes heating and cable. Co-op assessments usually include property taxes. If the assessments are exorbitant, that may mean you can not afford the property. (Sometimes exorbitant assessments are a hint to association problems, so always make sure to review a condos financial reports.)

4. Insurance

Insurance is also included in the housing debt-to-income ratio. Insurance is usually not too high, but a high insurance amount usually indicates that either the property has had previous claims against it, which if you stumble across this, make sure to investigate it, and that is a whole other post.

Or, it can mean that you have made a few insurance claims. Insurance companies now use a "CLUE" report. It is similar to credit reports, but used exclusively in the insurance industry. It's a database of claims and claimants, and its information affects insurance premiums.

5. Down Payment

The amount you save towards a down payment makes the difference in how much home you can afford. After the bubble burst of 2007, most lenders are requiring homebuyers have at least 5% to 10% put down on your purchase. There are still programs out there that help borrowers with a lower down payment amount. The biggest one is FHA. FHA guidelines allows 3% down, and you can still use a gift and seller contribution (up to 6%) to help you with the down payment and closing costs.

There are all sorts of banks offering different programs.

Wells Fargo, Countrywide, Shore Bank, and Bank of America are all offering various programs aimed towards borrowers without strong credit, 5% to 10% down, and lots of reserves. If you would like some people to contract, let me know, I'll give you some recommendations of people to call that do all that can to help borrowers get to close.

6. Reserves

This is the amount that you will need to have saved over and above your down payment. Lending institutions like to see that you have some kind of reserve to fall back on, in the event things go horribly wrong after you close. The more reserves you have, the more comfortable lenders feel about lending you money.

What's Next?

Once you know how much you can afford, it is now time to start thinking about the type of home you want. Download this questionnaire to help you determine what you are looking for in your new home.

Buyer Qualification Form.doc

Really think about why you are looking to buy. Are you hoping to find a great place to live at a great price that will grow equity during the time you live in the house? Is equity not as important as location, style, number of bedrooms or amenities?

How much space would you like? How many bedrooms? How many bathrooms? What type of upgrades would you like? Would you like it to be a completely upgraded place? Or would you prefer a place that needs some work, so you can personalize it to your tastes?

Answering these questions will help you to describe what you are looking for to your realtor. The more information you provide, the faster you should be able to find exactly what you are looking for.

Once you know what you are looking for, you can start looking for a Realtor to represent you. I hope you would give me a call, but ultimately, this is the person that will represent you on the largest purchase of your life. You need to feel comfortable with your Realtor, and you need to feel you can trust your Realtor to represent you in your needs. Once you have chosen this person, give them your wish list, and keep it coming.

Most buyers, today, begin their home search online. Thanks to the internet, you should be able to find every home that is available in the market today. Feel free to browse the listings that are available at my site. In addition, your Realtor should be sending you the exact properties that you told him/her that you wanted to see. To cut through the thousands of units available, to the precise ones you are interested in seeing.

Once you have identified the property that you are interested in owning and living in, review the comparable prices in the area, then make an offer. If you think the property is overpriced, as it is a buyers market, make an offer where you feel it should be. Your Realtor should be able to give you advice as to whether your offer is way off-base, or if it has a good chance of being accepted.

A good tool to use is to look at the difference between what homes are listed for and what they sold for. Don't forget to look at "Pending" sales. These are really good indicators of what price homes in the area are selling for. If your offer is within the average percentage of difference, there is a good chance your offer will be accepted.

Countdown to Closing

Once your offer has been accepted, you will only have a few more steps to closing.

Generally, it should take 45 days or less to close. Once the contract is executed, meaning signed by both the buyer(s) and seller(s), you then have five days to have your attorney review the agreement and to have the home inspected. Once again, I highly recommend having the home inspected. This small amount invested can save you thousands in future headaches.

After the property passes the inspection and attorney review period, you need to give an earnest money check to the holding party. Earnest money is exactly what it sounds like, it is money the seller is holding for you that shows the seller how earnest you are about buying the property. The amount you give as earnest money is up to you, but a good amount is usually around 5% of the purchase price. As earnest money is applied to the buyer's side at the closing table, 5% usually covers your closing costs, and will be 5% fewer dollars you will need to bring with you to the closing.

The next step will be the appraisal. Your lender will send the appraiser out to the property to make sure it is as valuable as the amount being loaned on the property. Once the appraisal is done, your lender will begin the final approval process to get you and the property clear to close.

Once you are clear to close, the closing date will be scheduled and you are headed to the closing table to sign many documents, and then receiving your keys, and voila, congratulations, you are now a homeowner.

East Lakeview Open House - 519 West Melrose on Sunday, May 4 from 12 to 4

2008-05-03T05:01:01Z

East Lakeview Open House
519 West Melrose
Sunday, May 4
12p to 4p

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Gorgeously upgraded, very modern junior one bedroom. The best floorplan at Metro on Melrose.

Bright exposures face beautiful Melrose Street.
Custom top-down, bottom-up shades on huge floor-to-ceiling windows
Gorgeous kitchen w/stainless steel appliances, cool granite countertops, double bowl, undermount sink, and cherry cabinets
In-unit Bosch Washer/Dryer
Minutes to downtown Chicago

Click here for more pictures and details.

My Squidoo Lens

2008-04-29T16:53:41Z

I wanted to announce my squidoo lens. This is a page that is an interactive/informational promotion page. Please visit and interact.

Nyassa Bossette-Price

About Me

2008-04-28T04:29:49Z

Chi-Girl Realty ... that's me!

I am a genuine native Chicagoan, who comes by my extensive insight of its neighborhoods and surrounding suburbs the good old-fashioned way, I've lived in most of them. Having experienced the rich array of cultures and characters that the city has to offer from Bucktown to Bronzeville, from the lakefront to Lakeview and from Wicker Park to Woodridge, I am uniquely positioned to offer a view of Chicago that you're not likely to find anywhere else. You can't help but appreciate my love for and comprehensive knowledge of "The Windy City".

Whether you are a buyer, seller, investor or "just looking", I have a vast network of resources available to help you meet your real estate goals. Specializing in first-time buyers, women buyers and investment/rehab buyers, my aim is to educate my clients as I take you step-by-step through the basics of the process from start to finish. My attention to detail and commitment to service ensures that I can and will meet any need that arises whatever the challenge.

Whatever your real estate dreams, I have the tools, experience and knowledge to make them a reality. Let me show you "my" Chicago.

Overnight Art Sleepover at Hyde Park's Art Center

2008-04-23T17:52:34Z

As I was searching the web for an indoor rock climbing wall thing I discovered a few years ago but have absolutely no recollection of, I discovered this way cool looking event coming up this weekend at the Hyde Park Art Center.

This sounds like as much fun as the outdoor house music party in the park on Michigan Avenue a couple of years ago.

I think you just might find me there...

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