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MRED Hacking Away at the Land of Lincoln Hackathon
MLS Giant Helping to Promote the Illinois Open Data Portal
LISLE, ILLINOIS (October 21, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), is participating with the Chicago section of the Institute of Electrical and Electronics Engineers (IEEE Chicago) and other technology companies at the Land of Lincoln Hackathon, an event promoting the public data found at the State of Illinois open data portal.
The Land of Lincoln Hackathon looks to promote awareness of the great resources for the citizens of Illinois and foster innovation from the academic and professional communities. The 2015 Hack Challenge is for those who submit software solutions that creatively utilize the public data found at the Illinois open data portal. Prizes will be awarded at multiple levels: K-12, Collegiate, Professional, and a special “Women Who Code” award for teams that feature one or more women on their project (designed to help promote women in STEM).
Registration is now open for this month long event. A team of judges will award prizes to be handed out November 2nd at the IEEE Chicago Symposium @ Motorola Solutions Schaumburg Campus.
Chris Lambrou, MRED’s Vice-President of Special Projects/R&D, is Chairman of this year’s event. “It’s important to raise awareness of the State’s portal and bring the data closer to the consumer,” said Lambrou. “Events such as this give software developers the opportunity to utilize public data as a utility to innovate with and enhance the quality of life in the Chicagoland area.”
Sponsors for the event include MRED, IEEE and CVSHealth.
“We’ve had overwhelming support from the Chicagoland IEEE and tech communities.” said Vickie Peters, IEEE Chicago Chapter Chair. “The entire planning committee is excited about the process and can’t wait to view the apps that evolve from the Land of Lincoln Hackathon and interact with the development teams that submit.”
For more information about the Land of Lincoln Hackathon – visit http://ieeechicago.org/
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and nearly 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for five consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
MRED Chicagoland Report for August, 2015
Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for August 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happen without careful consideration for the impact such a move will have on residential real estate.
New Listings in Chicagoland were up 2.4 percent for detached homes and 3.4 percent for attached properties. Listings Under Contract increased 23.4 percent for detached homes and 17.4 percent for attached properties.
The Median Sales Price was up 2.3 percent to $221,900 for detached homes and 4.5 percent to $185,000 for attached properties. Months Supply of Inventory decreased 17.6 percent for detached units and 18.2 percent for attached units.
Statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing starts in August 2015 rose 10.1 percent compared to last year to the highest level the market has seen since October 2007. This bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
MRED Chicagoland Report for July, 2015
According to the U.S. Census, homeownership is at 63.4 percent for the second quarter of 2015, down 1.3 percent from the second quarter of 2014. This is the lowest rate of homeownership since 1967. To put that in greater context, homeownership peaked at 69.2 percent in 2004, and the 50-year average is 65.3 percent. Although the data may be indicating otherwise on a macro level, mortgage applications have kept REALTORS® busy through summer.
New Listings in Chicagoland were up 4.7 percent for detached homes and 1.3 percent for attached properties. Listings Under Contract increased 20.1 percent for detached homes and 22.5 percent for attached properties.
The Median Sales Price was up 3.1 percent to $230,000 for detached homes and 6.1 percent to $189,950 for attached properties. Months Supply of Inventory decreased 14.8 percent for detached units and 16.2 percent for attached units.
Ever since the Great Recession ended in about June 2009, the market has strengthened to once again become a cornerstone of the national economy. Better lending standards, lower oil prices and higher wages are a few of the catalysts for positive change. Many trends continue to reveal a stable housing market. Federal Reserve Chair, Janet Yellen, has predicted a fine-tuning of monetary policy by the end of the year. It is widely believed that interest rates will go up before the year is over, an indicator that the housing market is ready for such a move.
MRED real estate professionals can log into MREDLLC.com and click on the Statistics tab to get the latest Lender Mediated and Monthly Market Indicators Reports. You can also click on the Local Market Updates choice under the Statistics tab and use our Interactive Market Analytics map for the latest local market metrics.
Any questions? Please contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.
MRED Ready to Host the Mother of all MLS Events
LISLE, IL, May 7, 2015 (GLOBE NEWSWIRE) — Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that sponsor support for MREDpalooza, the real estate tech expo event of 2015, has already exceeded the total support received for the inaugural experience in 2013. Product vendors and service providers are seizing the opportunity in record numbers to participate in the occasion hosted by one of the largest MLSs in the country.
Real estate professionals are already registering to reserve their spots in the unique training sessions being offered. MRED is predicting upwards of 5,000 attendees at the 2015 event.
Joining MRED and its real estate professionals again are the vendors for some of MRED’s most utilized services, including:
- W &R Studios, which provides Cloud CMA, the awesome Comparative Market Analysis software, and Cloud Streams, the soon to be live product providing real-time listing alerts
- ShowingTime, which provides ShowingAssist, the real estate showing management software; and
- DocuSign, the Global Standard for Digital Transaction Management.
Industry association backing has been provided by the Illinois Association of Realtors (IAR), the Chicago Association of Realtors (CAR), and the Mainstreet Organization of Realtors (MORe). Brokerage support has come from Baird & Warner and Coldwell Banker Residential.
“I could not be more excited about MREDpalooza 2015,” said Rebecca Jensen, MRED President/Chief Executive Officer. “Obviously, the word is out about the event! This is a great opportunity for MRED and vendors to show appreciation to our customers. We anticipate a fun occasion full of the latest products, technology and sixty-three class sessions that are sure to help any and all real estate practitioners.”
About MREDpalooza
MREDpalooza is one of the largest MLS tech expos in the country. Taking place Tuesday, June 23, 2015, from 9:00 a.m. to 4:00 p.m. at the Donald E. Stephens Convention Center in Rosemont, Illinois, MREDpalooza will be a great opportunity for MRED’s real estate professionals to learn about a myriad of real estate products and services to enhance their businesses.
MRED is planning for several thousand attendees and scores of vendors, many of whom have already committed to attending. Product training sessions will be offered throughout the day, providing more in-depth understanding of many of the products. Those wishing to attend or exhibit at MREDpalooza are asked to visit MREDpalooza.com for registration and sponsorship information.
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for four consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
MRED and Rate Plug Help in Horse Race to Sell More Homes
Chicagoland MLS Giant Introduces “FHA Eligibility Indicators” to its MLS System
LISLE, ILLINOIS (May 1, 2015) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced it has introduced a new tool to help its real estate professionals sell more properties and provide greater service to the consumer.
When FHA financing is available to buyers of a property, there are lower down payment and easier credit requirements available. MRED has collaborated with RatePlug and FHA Pros to add FHA eligibility indicators to all condos and townhomes in connectMLS. MRED customers can now simply look for “traffic light” indicators on each condo and townhome listing in the MLS to see if the property is FHA approved (green light), conditionally approved (yellow light) or not approved (red light). There is also handy information regarding obtaining FHA approval for those properties that do not have it.
“FHA PROs, in partnership with RatePlug, is excited to provide to MRED, a leading MLS innovator, real time condominium data that relates to FHA approval, eligibility, and assumability information by specific property address,” said Christopher Gardner, CEO of FHA PROs. “This technology will assist agents who are selling condominiums to be much more efficient and accurate when marketing the property, as well as providing valuable information to their homebuyers regarding potential specialty financing options.”
“We’re excited to introduce another way for our real estate professionals to help their customers find their dream home,” said Rebecca Jensen, MRED President/Chief Executive Officer. “As we have done with our other services, FHA Eligibility Indicators significantly benefit the consumer as well as MRED’s Brokers. This adds yet another tool to MRED customers’ toolboxes.”
The FHA Eligibility Indicators enhance the value of the existing RatePlug Program, which allows for the display of real-time housing payment information within MLS property listings. This helps real estate professionals and homebuyers effectively search for affordable properties. The system uses live lending data from lenders who are referred by and work with participating Brokers.
Currently, there are over 14,000 MRED members using RatePlug. The program provides reliable financing information to homebuyers at the very beginning of the real estate buying process so that sound, knowledgeable decisions are made about housing affordability and financing.
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for four consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
Analysis Indicates Chicago Homes that Disclose Energy Costs Have a Higher Close Rate
Energy cost disclosure gains momentum as more real estate offices recognize the value of energy use data for all involved in the real estate transaction. A new disclosure tool has helped all Baird & Warner city offices and Chicago-based Coldwell Banker Residential Brokerage offices secure their place as leaders in using this latest technology.
LISLE, ILLINOIS (April 20, 2015) – Chicago single family real estate listings that disclose energy costs have a higher close rate and spend less time on the market than comparable homes that do not disclose this information, according to an analysis by Elevate Energy.
Elevate Energy’s findings indicate that homes that disclosed energy costs at the time of listing sold at a higher percentage of the asking price. On average, an attached home (e.g., condominium or townhome) that was listed for $352,000 would have sold for $4,576 more if the listing had disclosed the home’s energy costs. In addition, attached homes that disclosed energy costs spent about 25 fewer days on the market compared to homes that did not disclose energy costs. Detached homes that disclosed energy costs spent eight fewer days on the market.
“Elevate Energy has done an outstanding job of taking a cumbersome task – locating accurate information about a home’s energy usage – and simplifying it to create a wonderful experience for our broker associates and their clients,” said Tripti Kasal, vice president of sales for Baird & Warner, one of the first real estate brokerages to institutionalize electronic disclosure. “Baird & Warner is committed to providing the most innovative tools to better facilitate our transactions – a partnership with Elevate Energy was the right thing for us.”
In 2013, the City of Chicago became the first municipality in the country to allow direct disclosure of residential energy costs (gas and electric) via a multiple listing service (MLS) when a single family or two- to four-unit home was listed for sale. The achievement was the result of a unique partnership between Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), the City of Chicago Office of the Mayor, and Elevate Energy. In addition, an “Energy eCompliance” tool was launched to help listing agents in Chicago provide buyer agents and home purchasers with immediate online access to an energy cost disclosure (ECD) report for a property. Using the tool also helps agents comply with the specific time requirements of the updated energy cost disclosure ordinance.
The analysis from Elevate Energy bolsters earlier indications that energy cost disclosure is meaningful and beneficial. In addition to higher close rates and quicker sales, disclosure facilitates more informed decisions for all involved in the real estate transaction and helps demonstrate the value of energy efficiency in the marketplace.
“Energy costs are such a significant issue to home buyers it is a no-brainer for MRED to assist its real estate professionals in providing the most accurate and timely information,” said MRED President/Chief Executive Officer Rebecca Jensen. “At the same time, we are enabling our listing brokers to comply with the City of Chicago ordinance. A win for everybody, especially the consumer, and we are pleased to be a nationwide leader in this arena.”
Energy cost disclosure is gaining momentum in Chicago as an increasing number of brokerages utilize the Energy eCompliance tool and comply with the ordinance. MRED, the City of Chicago, and Elevate Energy have launched an ongoing Chicago Energy eCompliance Brokerage Challenge to help real estate offices secure their place as leaders in using this latest technology.
More than 20 offices have participated in the challenge so far, including all Baird & Warner city offices, Chicago-based Coldwell Banker Residential Brokerage offices, the MG Group at BERKSHIRE HATHAWAY HomeServices KoenigRubloff Realty Group, Century 21 Affiliated Hyde Park, and The Gramata Realty Group with @properties. A complete listing of all participating offices is available on the Elevate Energy website.
All Chicagoland real estate offices, agents, and sales teams are encouraged to participate in the Chicago Energy eCompliance Brokerage Challenge by completing a checklist:
- Commitment to use digital energy cost disclosure fields offered by MRED on all eligible Chicago property listings.
- Office staff member oversees training activities on the Energy eCompliance tool.
- Using energy cost disclosure fields provided by MRED becomes part of the brokerage’s listing process. A “how to” primer for real estate professionals is available.
To participate, brokerages should complete the three tasks and return a completed form to pamela.brookstein@elevateenergy.org.
About Elevate Energy
Elevate Energy’s mission is to deliver smarter energy use for all. Elevate designs and implements efficiency programs that lower costs, protect the environment, and ensure the benefits of energy efficiency reach those who need them most. For more information, please visit http://www.elevateenergy.org.
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. MRED delivers over twenty products and services to its customers, complementing connectMLS™, the top-rated MLS system in the country for two years running according to the WAV Group MLS Technology Survey. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for four consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
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