Below-zero wind-chills at my heels, I hopped a 146 Express to the South Loop last Wednesday evening. Why? They promised to ask the tough questions and candidly discuss the market and they did!

For over an hour, veteran real estate attorney Greg Braun of McCormick Braun and Friman moderated a panel comprising Rubloff agents Steve Breinling and Maria Sabatini along with Rubloff Wells Fargo loan officer Brian Cumpton.

Greg, a self-described poster child for realtors, introduced the discussion with a backdrop of the 10,000 hour rule from the bestseller The Outliers by Malcolm Gladwell. Greg says, though he is an experienced real estate attorney, he has always relied on a realtor for the four homes he has bought in the past 14 years: “I believe in the 10,000 hour rule that says to be expert in anything you need at least 10,000 hours working, practicing in your field. And that is what I look for in a realtor.”

Questions ranged from the basic:

• At what point in the process should a buyer retain an attorney?
• How low are interest rates and how long will they remain low?

To the more probing:

• What features are buyers looking for to maximize resale value?
• How do you help buyers determine if a condo is financially sound?

To the frank:

• What increased lending restrictions are buyers up against?
• Why can’t realtors tell buyers about crime rates in any given area?

Interesting tips and tidbits were scattered throughout the discussion:

• FHA loans are back in the forefront with market share doubling in the past 18 months.
• Look at the big picture and choose a property that is both functional and flexible to meet your needs for 5-7 years.

Brian cited dramatic pre-sale requirements for new construction hiking upward to 70%; juxtaposed with interest rates hovering at 40-year lows! And just when we thought we were on information overload someone in the audience asked: what is the difference between a short sale and a foreclosure? Greg provided a succinct definition of each, helping us understand the risks involved.

Want answers? Free Buyer Coaching events are held from 5:30 to 6:30 p.m. on the first and third Wednesday of each month at Rubloff Residential Properties, 80 West Harrison in Chicago. For public transportation options to the South Loop, check out the CTA‘s handy trip planner. Hope to see you!