Why would you want to register on a website?

Today, I received a call from a potential buyer, who seemed irritated ( I'm not sure that the right word, maybe frustrated is a better word )that they had to sign in to view more information on a web site.

I explained to the buyer they could go on to Realtor.com, which is owned by Homestore and has a license to use our name. Unfortunately, the information is generally out of date, painfully slow because of all the ads, and doesn't let you know if the home is under contract or contingent on a sale or close. I told the buyer they could use another site to view a sampling of a company's agents listing, but if you want to view all listings of various companies, you are required to register which was set by the National Association of Realtors rules.

The system I was thinking about is an IDX, Internet Data Exchange, which has an opt in or opt out feature for the various brokerages. The listings usually have in very small print, "Compliments of another company". The "Other Company" has opted into the exchange, hoping that traffic will come their way with the exposure. About 85% - 90% of all the listings in the multiple listing service are in the local IDX systems.

The second option is a VOW (virtual office website) or a direct MLS connection by the Realtor. These solutions require a sign in and password. These are the ultimate in home information, but just like coming into my office and giving me your criteria, I'm going to have to get some information about you and your needs. The National Association of Realtors have set a national policy that vows or mls connections require a registration (your name, phone number and email address at the very least).

It's not a matter of you giving up your anonymity.I see registration is empowering you with information to make good choices. The payoff for the Realtors is that we hope you grow comfortable with us and our services, that over some time, you will choose us to be the "right" REALTOR to help you with the process. I'm happy to report that the buyer decided to try out this exchange of information that I may have and therefore they can contact me with questions or signs they see on the street and why it may not have showed up in their search. And as I told them, they can unsubscribe any time they want if the system doesn't work for them.

Rent vs Own

There are some basic rules of real estate, which I'm sure you have been told:

1. Location, Location, Location
2. Buy the least expensive home in the best neighborhood
3. Purchase what you can afford.
4. It is better to own than to rent.

The last sentence seems to be facing some challenges with our soft market, but I believe it's as true now to own rather than to rent. as long as you realize, it is a long term investment. Lawrence Yun, chief economist for the National Association of Realtors reported the following data from the Federal Reserve, "The median wealth accumulation for renters from 1995-2004 was $4000. The median wealth accumulation of a homeowner was $184,000". If you know you'll be living in a place over a few years, it's foolish not to own, in my humble opinion. There is an income tax deduction on the interest paid, and assuming you pay principle in your mortgage payment, you are increasing equity in your property. Both of these facts happen, even if the property does not appreciate, (increase in market value0, at all.

We are in a correcting market for the past two years, but the sales data from MLSNI is showing signs of more pending sales, and more closings. What should you do? First, get some expert advice from a professional Windy City Realtor. This Realtor will guide you to buy the best value, in the strongest location with the least risk of detrimental conditions, at a fair price. We show you the latest comparable sols, price trends within neighborhoods and towns. Secondly, talk to a mortgage originator recommended by your Realtor. Start thinking of budgeting maintenance, and repair costs of home ownership--at that, consider either negotiating a home warranty from the Seller or buying it for yourself. Third, you must do an inspection. Your Realtor maybe able to see some faults of a property, but a good home inspector will be looking at the guts of the home, and will explain during the inspection maintenance issues. Fourth, don't rush the process. Have a criteria for purchase and shop for a few homes, it's great to have alternative properties while negotiating.

The market has a great selection and prices have come down in many neighborhoods. In short, there are some great buys available right now! Take advantage of this opportunity in the market: It is better to own rather than rent in the long run.