1 / 17

Chicago Association of Realtors Economic Outlook 2013

Chicago Association of Realtors Economic Outlook 2013 . Presented By: Russ Haraus , SRA Independent Consultant Compliance – Appraisal - Review National Account Representative . Economic Outlook-Housing Prices www.calculatedriskblog.com from “Case- Shiller Composite Indices SA”.

lucie
Download Presentation

Chicago Association of Realtors Economic Outlook 2013

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chicago Association of Realtors Economic Outlook 2013 Presented By: Russ Haraus, SRA Independent Consultant Compliance – Appraisal - Review National Account Representative

  2. Economic Outlook-Housing Priceswww.calculatedriskblog.com from “Case-Shiller Composite Indices SA”

  3. Economic Outlook - Inventorywww.calculatedriskblog.com from “Case-Shiller Composite Indices SA”

  4. Economic Outlook Months Supplywww.calculatedriskblog.com from “Case-Shiller Composite Indices SA”

  5. Chicagoland Market Prices Off Peak www.calculatedriskblog.com from “Case-Shiller Composite Indices SA”

  6. Local Market ComplexityCrain’s Chicago Business 1-7-2013 www.chicagobusiness.comRealtyTrac Metro Study

  7. Local Market ComplexityCrain’s Chicago Business 1-7-2013 www.chicagobusiness.comRealtyTrac Metro Study

  8. Why Aren't We Moving Up? • Still encumbered by the “New Normal.” • Lack of Income Growth • High Unemployment • Immense Foreclosure Competition • Substantial Foreclosure Backlog • Increasing Litigation Risks/Costs in Mortgage Banking. • Extensive Compliance & Regulatory Expenses

  9. How Do We Regain A Competitive Edge In Illinois? • Effective Leadership From The Public And The Private Sector. • Focus All Efforts on Reducing the Unemployment Rate and creating real income growth. • Streamline the Short Sale & Foreclosure process. • Reduce The Litigation Risks to all parties in the mortgage lending process. • Revisit Health Insurance & Healthcare Costs to allow for affordable healthcare for existing employees and encourage new hiring!

  10. How Do We Regain A Competitive Edge In Illinois? • Review Our State Trade Policy for effectiveness. • O’Hara Airport is a huge job creator with allot of pent up potential! • Chicago is the Midwest’s Railroad & Trucking Distribution Center for the US…another job creator. • You might be saying, “We have no control over……” • What are your ideas? • What will be important to Realtors in 2013?

  11. Realtors Obstacles in 2013... • Deferred Maintenance & Repairs • Increasing Price Challenges; mortgage vs. relocation • Lender & Underwriter Scrutiny • Regulation, Compliance & Litigation Risk to all parties in the lending process.

  12. Overcoming Realtor Obstacles in 2013... • Discussions with AmielSteuerman, President, Cypress Mortgage in Chicago. • Remember mortgage rates are historically very low! • Get pre-approved with a mortgage professional. • Pending offers may take some time to close so prepare for additional documentation, etc. • Potential Buyers need to know that managing their personal credit has never been more important when applying for a loan.

  13. Overcoming Realtor Obstacles in 2013... • Deferred Maintenance & Repairs -Rise of Equity Loans • Meet the appraiser at every inspection. • Challenges to Value – Realtor Due Diligence at the time of the Listing and at Offer right-up. Prepare a New CMA, get back to basics. Use value professionals. • Challenges to sales price; Ask the lender for a copy of their Quality Control procedure manual. “How do you handle…” • Lender & Underwriter Scrutiny. Prepare for them. • Regulation, Compliance & Litigation Risk to all parties in the lending process. Preparation overcomes most…

  14. Areas Of Growth For Realtors in 2013 …Familiarity Spawns Ideas • Take classes on the innovative new technologies in communication offered by CAR and MRED. • Short Sale Transaction Expert • Foreclosure Purchase Consultant • Rental Market Counselors • Foreign Real Estate Investor Consultant • Talk to an Import Export Consultant • Relocation Specialist

  15. Consider This…. • “Robert Vanderwerf, Director of Innovations at Jones Lang LaSalle (JLL),”… “Innovation is not e-commerce, venture capital, mergers and acquisitions, research and development, strategic sourcing or a think tank. Innovation develops from teaching, focusing on strategy and long-term value, collaboration, and approaching problems and issues as a team. Innovation at Jones Lang LaSalle is "focused entrepreneurship.”” www.web.mit.edu

  16. Conclusion • Look around you, “Focused Entrepreneurship” is in this room today. You are the “innovative leaders” who will ignite our economy and lead us into prosperity again. Thank you.

  17. For more information or to schedule a presentation contact: Russ Haraus, SRA Independent Consultant Compliance – Appraisal - Review National Account Representative Tel. (630) 747-5944 RHaraus@Gmail.com

More Related