Superbowl Sunday, Jewelry, and Chicago Real Estate

 

superbowl marks chiago real estate market start

It’s Superbowl Sunday — traditionally, the start of Chicago’s spring real estate market. In the next few weeks, the winter weather will begin to subside, and buyers will come out in droves to find their new homes. It’s the busiest 4 months of the year for Chicago Real Estate!

I love sports, and I particularly love the Bears, but  Superbowl without my team isn’t the highlight of my sports year.  One thing I look forward to, however, is the annual Superbowl gathering with my dear friends – Linda and Barb. They host my crazy family every year, and this tradition began with JEWELRY.

Let me go back to the beginning…

Tom bought my engagement ring 27 years ago from Erckman Jewelers. Barb and Linda Erckman took on the business when their father died, and the business was located on Wabash Ave –  Jeweler’s Row. Tom was referred to them by a colleague who himself purchased an engagement ring from them. Until he proposed, I didn’t know one could have a “personal jeweler”. I was more familiar with where  “every kiss begins” and Zales. Until Tom popped the question, my jewelry was costume or small family items.

I met Barb and Linda Erckman when I got the ring sized, and then again when we picked out our wedding rings. In the years since then, we have sent my brothers to them for their engagement and wedding rings. I give them my “wish list” and Tom occasionally goes in to buy an anniversary gift. I would recommend them to anyone looking to buy important pieces – it costs no more (in fact LESS) to find exactly the right thing with them than to run in and grab “off the shelf”  items at a retail outlet.

Our friendship has become more than jewelry, however. 

erckman jewelers engagementSixteen years ago, Linda and I spent several weeks together in Venezuela, adopting babies who were born within a month of one another. We shared the excitement, the fear, and the ultimate joy of bringing these children into our families. I was blessed to get to know Zar, Linda’s mother, as we anxiously waited each day in our Caracas hotel for a phone call saying we could bring our babies home.

Our children are now 16!

Superbowl Sunday is the one day each year we pledge to see one another and share in our good fortune. It’s more about family and community than football, more about sharing our good fortune than watching new commercials.

So Superbowl Sunday, jewelry, family, and a rest before the real estate boom go hand in hand for me.

When you consider buying jewelry for a special someone – the one you plan on creating years of traditions with – I suggest you work with great personal jewelers –

Erckman Jewelers

Looking for great businesses in Chicago –

those with the highest professionalism, service, and finest products/pricing?

Call me !

773-620-5333

Anne Rossley Chicago Real Estate Broker

 

 

Luxury Homes now more Affordable than Ever

Jumbo mortgage rates are inching closer to conforming mortgage rates; what does this mean for purchasers?

With lenders’ renewed confidence in luxury home values, “jumbo” rates have come down dramatically and are nearly the same as “conforming” rate loans.

During 2008 and 2009, when lenders were nervous about the luxury home market, the interest rate spread between a jumbo loan (>$417,000) and a conforming loan (=/< $417,000) was 1.5%.  The higher jumbo rate, coupled with stricter down payment and underwriting guidelines, paralyzed the luxury home market.

During 2012, the differential was .5%.  Today, we are seeing only a 1/8% rate difference in 30 year fixed rates between jumbo and conforming loan amounts.

The reasons for the shrinking interest rate spread are:

–       Higher fees charged by Fannie Mae and Freddie Mac are increasing the rates of conforming loans

–       Demand for luxury homes are on the rise resulting in more stable luxury home prices; lenders are more comfortable with luxury home collateral

–       Lenders are seeking to build a customer base or cement established relationships with high net worth client

Although the jumbo market we have now is very conservatively underwritten, it is the best it has been in the past years.  Some lenders allow up to 85% loan to value with most offering up to 80%.

The lenders are looking at the client in the jumbo loan sector and they see clients with liquidity, strong earnings, and ability to withstand financial shock.  Lenders are trying to find ways to cater to these clients.

And, that’s a good thing for jumbo borrowers right now.

diane pyshos

 

Article written by terrific lender and friend, Diane Pyshos.

For more information about luxury home loans, contact Diane Pyshos at A&N Mortgage

 

 

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