How much, though, do these shows teach us about Chicago’s housing market? Not much. They may be called “reality” shows, but there isn’t much realistic about it.

Chicago Tribune columnist Mary Ellen Podmolik wrote about a local couple and real estate agent who will be featured on HGTV’s House Hunters on Dec. 10. In her column, Podmolik writes that both the agent and homebuyers soon discovered that there was precious little reality in the “reality” TV show.

The premise of House Hunters is that buyers look at three homes and then pick the one that they like best. There’s supposed to be some drama, too, in waiting to see if the couple actually qualifies for and gets the residence of their dreams.

Not surprisingly, as Podmolik writes, most of this drama is fake. For instance, in the episode airing this week, the couple looks at three residences in Chicago’s Lakeview neighborhood. But the buyers had made up their minds on what home they were going to buy before the episode filmed. Of the three homes they looked at, one was already under contract to another buyer.

In the story, the agent working with the couple said that House Hunters doesn’t really teach viewers anything about what buying a home is really all about. I can vouch for that. For one thing, most buyers will look at far more than three houses or condominiums before finding the residence that’s right for them.

There is one important lesson, though, that shows like House Hunters can teach viewers: These shows do a good job cluing viewers in on how much residential real estate typically costs in a given neighborhood. For the House Hunters show airing this week, the three homes that the buyers looked at in Lakeview cost from $355,000 to $415,000. It’s an accurate representation of what these types of attached, single-family housing cost in this neighborhood.

Next time you’re watching one of the cable home shows, remember that not everything you’re seeing is real. Remember, too, that this is a good thing: Do you want to watch buyers look at 15 to 20 houses before making a decision? Didn’t think so.

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Recently, 600 N. Kingsbury #TH106, one of Mario’s elite listings, was featured in a video and article in Chicago Magazine. You can read the article here.  600 N. Kingsbury is a 3 bedroom, 3.1 bath duplex with an amazing view of the river.  It is surrounded by a huge, quiet park in the heart of River North.

The property is completely customized – ranging from the exquisite stone, tile, and glass work, to the massive, 2-story windows that promise an unsurpassed view of the river.  Even the staircase was designed to be see-through, preserving the views in a sweeping array of steel and wood.  There are a number of custom wood finishes throughout the interior, ranging from Wenge (imported from Africa), to pecan, bird’s-eye maple, and black and yellow walnut.

Huge stainless steel columns add a polished, crisp feel to the living areas, which are offset by the incredibly soft 100-knot wool and silk Tibetan rugs.  The kitchen features ultra-high end appliances, custom cabinets, and a stainless steel backsplash.  Entertainment is provided by a myriad of built-in speakers (14 to be exact) and flat screen televisions, while comfort and relaxation can be found in the custom baths which feature spa-like amenities.

The outdoor space is Christy Webber Designed, featuring trees, flowers, a fountain, and a large park just a step off of the patio.  Gas, water, and electricity lines have been run outside, turning the patio into the perfect space for entertaining.  Even guests can be treated to heated, indoor parking since 6 private parking spaces are being sold with the unit.

For more information or to schedule a showing, please contact Mario at mgreco@rubloff.com or 773.572.6505.

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The conclusion? Yes, but not if you’re going to overpay.

The Buyers Market is ending, we learn, as home prices rise across most of the country.  Pockets of opportunity remain, however, and the focused home buyer can still find a “good deal”.

Some of the video’s tips include:

• On what types of homes can you get the best prices
• What you can learn from looking in a seller’s closet
• How to identify a desperate seller

The piece also goes negative on short sales, noting the amount of time required to buy one.  Short sales typically do take longer to close versus a ”traditional” purchase, but that doesn’t mean they should be avoided.

There’s plenty of bargains in the short sale arena, too.

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NBC’s The Today Show lays it out cleanly in this 5-minute video:

1. How to respond to an “insulting offer”
2. How to handle the first purchase offer you receive
3. What do when you can’t leave your home for its Open House
4. What room in the home should be kept the neatest

But, be aware.  At the video’s end, there’s a piece of advice that may sound extremely self-serving coming from a real estate professional.  Don’t let it turn you off.  The video’s overall message is spot-on and the advice is real-world tested.

Selling a home is a process. Make sure to do it properly.

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Today, the company is in serious trouble, with critics placing a large share of the blame for the country’s mortgage mess on its lending practices. These critics say that Countrywide gave out too many bad loans, lending mortgage money to buyers whose credit histories, income levels and debt should have prevented them from qualifying for home financing.

Several states have since filed lawsuits against Countrywide. Illinois is now no exception. Earlier this month, Illinois Atty. Gen. Lisa Madigan’s office filed its own lawsuit against the company, claming that the lender used “unfair and deceptive” practices to encourage homeowners to apply for risky mortgages that they could not afford.

Click here to view the embedded video.

This situation doesn’t help anyone. Mortgage lenders like Countrywide certainly made mistakes during the housing boom. But they also helped spur our nation’s homeownership rate to record levels. And remember, increasing the number of U.S. homeowners has been a priority for the last several presidential administrations.

The local lawsuit against Countrywide just shows that many people are to blame for the housing slump. Some mortgage companies passed out bad loans. Some borrowers were greedy, trying to get into homes they couldn’t really afford by taking out questionable adjustable-rate mortgages. Some real estate agents encouraged this practice. And legislators and industry watchdogs reacted too late to stop the problems.

At the same time, I’d hate for the Illinois lawsuit – or any of the highly publicized cases against Countrywide – to give people here the wrong idea. I work in the Chicago real estate market every day. I interact with the men and women who originate mortgage loans, sell homes, complete home inspections and conduct real estate appraisals. I can say, with complete confidence, that the vast majority of Chicago-area real estate professionals are skilled, knowledgeable and hardworking. These agents work with the best interests of homebuyers and sellers in mind.

No industry is perfect, and the home-selling business is no exception. But don’t read the negative reports in the media and think that the local real estate industry is full of crooks and swindlers. A few bad apples certainly don’t taint the entire barrel.

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These buyers stretched themselves financially, often taking out mortgage loans with artificially low initial interest rates, to get themselves into larger, nicer homes than their monthly income would normally allow them to purchase. When these mortgage loans – usually adjustable-rate mortgages – reset to higher interest rates, owners suddenly couldn’t afford their higher monthly mortgage payments. Eventually, they fell behind enough to enter the foreclosure process.

I always tell these critics that while some homeowners were greedy, the majority of those who have lost their homes during the housing slump have done so because of some unpredictable event such as a job loss, a serious injury or a costly divorce. Others may have taken on risky mortgages on the bad advice of a loan officer.

In other words, there is plenty of blame to go around.

It gets harder to defend homeowners facing foreclosure, though, when you read stories about people who simply walk away from their mortgage loans and then buy another house for a lower price. And this is happening more often than you’d think.

There is a growing number of homeowners who are basically abandoning their homes as they near the foreclosure process. They have no intent of working out a new payment plan with their mortgage lenders. They don’t even try to stretch themselves to make those mortgage payments. Instead, they simply walk away from their problems.

And the worst part? These homeowners are then taking advantage of the slumping housing market to purchase a new residence — often one in the same neighborhood and the same size — for a far lower sales price.

Click here to view the embedded video.

This move, which is often called the “buy and bail,” isn’t illegal. There is nothing to prevent homeowners from purchasing new primary residences before selling their existing homes. In the end, the homeowner is left with a new house with a lower mortgage payment, while ignoring the first home that has fallen into foreclosure. Not a bad deal.

Problem is, while such a move may not be illegal, it is highly unethical. It’s also a terrible move for a homeowner’s credit record. A foreclosure can stay on a credit report for seven long years. Try taking out another loan with that mark on your record.

This housing crisis has brought out a lot of bad behavior on the part of homeowners, mortgage lenders, real estate agents and government officials. The “buy and bail” plan is, unfortunately, just one more example of it.

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Although YouTube has an exceedingly large amount of hilarious content, there are also a number of ways this website can be used to exchange relevant information and create increased opportunities for education on a topic of your choosing. The real estate industry has certainly embraced this technology, offering a wide range of content that can be viewed by any person with access to the internet. Check out the video below for more information from a CNBC special report (ironically hosted on YouTube).

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