Archive for March, 2009
STASH THAT HAZARDOUS TRASH SAFELY
March 31st, 2009 categories: Market Trends
Most of us assume that our environmental toxic waste is mostly the fault of big anonymous corporations. And this is true. The Environmental Protection Agency says that 1.6 million tons of hazardous waste is discarded by American households each year. Here are a few suggestions for us average citizens that will help us dispose of our haz mats safely.
- Batteries. Most Walgreen stores in the Chicago area accept batteries at their photo counters. Additionally Chicago public libraries and some alderman’s offices (online at egov.cityof chicago.org) have bins for battery disposal.
- Paint. Chicago’s Household Chemicals and Computer Recycling Facility has a paint exchange. They will accept your paint (latex only) and give you paint other people have turned in.
- Ink Cartridges. Many Walgreen stores, and some office supply stores will refill ink cartridges. If you just want to get rid of the cartridges, go to Recycle Tech Solutions (recycletech.org)-they sell them to a company that re-purposes them.
- Electronics. Think about donating your old computer. Many charities and schools gladly accept such donations. Chicago Public Schools takes donations at its center, 3053 North Knox Avenue, from 8:30 a.m. to 5 p.m., Monday through Friday. Recycle Tech Solutions, recycletech.org, or 773-821-9700, will buy old cell phones and donate the money to the charity of your choice. Another solution is to take the old electronics to a Household Hazardous Waste location.
- Medications. Unused and expired medications have found their way into our drinking water because most people feel that just flushing them down the toilet is a great way to get rid of them. Only five police stations have drop-off bins so maybe the easiest way find a safe way to get rid of the medications is to go the city’s recycling site. egov.cityof chicago.org/recycling.
- Fluorescent bulbs have mercury–enough to be hazardous. Take your burned out bulbs to an Ace Hardware or Home Depot. The mercury is contained if the bulb is intact.
- HHW. Hazardous Household Waste is anything that contains corrosive, toxic, ignitable or reactive ingredients such as point, cleaners or pesticides. Some facilities are open year round. In Chicago, the Household Chemicals and Computer Recycling Facility at 1150 North Branch Street has hours several days a week–7:00 a.m. to noon on Tuesday, 2:00 p.m. on Thursday, and 8:00 a.m. to 3:00 p.m. the first Saturday of every month.
The earth belongs to all of us–just a little care will help make it more environmentally sound.
If you have questions about Chicago real estate, please call me at 312-981-2306 or e-mail me.
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EARLY WARNING SIGNALS SAVE LIVES
March 30th, 2009 categories: Market Trends
Lots of pollutants can be eliminated with filters and air cleaners–mold, dust, odors–these are the easy ones. Lethal gases, fuel leaks and fires need more sophisticated warning systems Safety is not guaranteed by smoke and gas detectors. The best thing you can do is be sure that regular professional maintenance is done to insure that stoves, furnaces and fireplaces are working properly. Detectors can warn you and give you a chance to get out safely–alive.
- Smoke detectors. The International Association of Fire Chiefs and the Sense of Smell Institute say that many people believe that they would be awakened by the smell of smoke. Your sense of smell is reduced when you are asleep and experiments show that smoke dulls the senses even more and smoke can be disorienting. You should have a smoke detector on every level of your home and more than one to cover different sleeping areas and one in the kitchen. I am expert at setting dishtowels on fire! My kitchen smoke detector gets quite a workout. Smoke detectors can be hard wired or battery operated. Most of the units sold today have a low battery warning of some sort and you can get lithium battery models–they will last for several years. The screeching piercing signal the detector emits will surely make you jump out of bed.
- Carbon monoxide detectors. This lethal gas can knock you out before you realize what is happening. Just a tiny amount of this colorless and odorless gas can cause slow carbon monoxide poisoning. It really does not matter if your home is old or new–this kind of poisoning can happen in any body’s home. The only way to detect this gas is with a carbon monoxide detector. The best plan is to have one detector near the sleeping areas others near the gas furnace, gas fireplace and gas stove. Most carbon monoxide poisonings happen at night and you need that piercing shriek to get you up and out of your home.
- Natural gas detectors. If you have a natural gas furnace fireplace or stove, think about a plug-in natural gas (and propane) detector. Gas suppliers usually use strong odorizing additives to help you smell a gas leak. A compact detector is a better bet than your nose. For $35 or a bit more, a natural gas detector is a good insurance policy.
- Fire extinguishers. Most fire departments feel that the very most important thing you can do in case of fire is to report it immediately and get out. Quick action with the right fire extinguisher can take care of a small blaze. When you buy your fire extinguisher be sure you buy the ABC rated type. It is effective against wood and paper fires, flammable liquids and grease, and electrical fires. ABC is the magic designation on the canister.
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5 THINGS BUYERS REALLY, REALLY DON’T LIKE
March 26th, 2009 categories: Buying, Selling
The following are the five things buyers most dislike:
- Odors. Bad smells are a huge turnoff. You, the owner, may not even be aware that the smells exist. Get an outside opinion from several people–your Realtor, your neighbor, your friend. Then do whatever it takes to get rid of the nasty odor. You may even have to replace the carpet and clean the air ducts.
- Clutter. Clutter and cleanliness are partners. First get rid of the clutter–remember you will have to move everything you keep. That idea usually motivates people to get rid of a lot of stuff. Too much clutter creates an atmosphere of chaos which confuses buyers–confused buyers don’t buy.
- Cleanliness. Now that the closets are empty and surfaces are clear, clean, clean, clean. Your home should look like you could eat off the floor, not like you just did. Remember that buyers will open every door and every drawer–everything must be clean and orderly.
- Sellers at Home. There is only one word–LEAVE! Potential buyers are never at ease with the current owners at home. Potential buyers need to feel free to do the drawer and door opening to see how clean and orderly your home is. If the buyer’s agent tells you it’s OK to be there–don’t believe them–they are lying.
- Unfinished Projects. Buyers don’t want to finish a bunch of things that the former owner didn’t get around to. If you start the kitchen remodeling, finish it. In the first place your home will show better and the new owner will not have to complete the project.
None of the above will matter if your home is overpriced–today’s buyer won’t even make the appointment to see if your home sports any of the above five turn offs.
Shameless self promotion: If you are thinking of buying or selling in the Chicago area, give me a call at 312-981-2360, or e-mail me. Twenty years as a professional Realtor will help me help you avoid the five pitfalls listed above and many others.
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REAL ESTATE CONVERSATIONS
March 25th, 2009 categories: Market Trends
Way back in August of 2008, when I was a neophyte blogger, I borrowed ideas from my friend, Keahi Pelayo, a Realtor in Honolulu. Visits to my site are increasing rapidly and I feel that this is a good time to re-visit the ideas I talked about then. I LOVE being a real estate professional–I have the wonderful opportunity to help people in the sale or purchase of one of their most significant assets. This requires me to have ongoing consulting and advisory conversations about all aspects of a transaction. I classify these conversations in two groups, easy and hard.
Almost anyone can have the easy conversations. These include things like the following:
- Congratulations, your offer was accepted.
- Your loan is approved.
- You received a lower interest rate than we expected.
- The seller took our price on the offer.
- The seller agreed to close earlier and you can move in when you wanted to.
- The seller agreed to pay $5,000 of your closing costs.
- The buyer is willing to pay full price.
- The Buyer is paying cash.
- The city has bought that empty lot for a small park–nothing can be built that will block your view.
- There are lots and lots of other “good news” conversations.
Hard conversations that I don’t want to have with my buyers and sellers and I HAVE to have them are:
- Your loan is approved, but it’s at a higher rate than you wanted.
- The buyer will be using a VA loan and this means you will be paying more closing costs.
- Based on the condominium minutes, it appears that there may be a special assessment in the near future.
- Right now nobody knows what will be built on that vacant lot. If it is a high rise condominium building, your view will be blocked.
- The buyers’ loan approval was due on Monday. The loan process doesn’t appear to be going well. You may want to consider canceling the sale.
- We have been on the market 30 days and have not had any offers. Based on this activity level, it is time to consider reducing the price.
- If we don’t reduce the price now, you could end up getting less money six months to a year from now.
While almost any real estate agent can have the easy conversations, it takes an experienced professional to have the hard conversations. By now you are probably thinking, what’s the point? The point is this–a truly professional Realtor is good at both conversations and goes out of their way to make sure that any required hard conversations are handled in a timely manner. Timing is key because the longer a hard conversation is postponed, the greater the potential issue can grow in magnitude. Many agents “go underground” when it is time to deal with difficult conversations, especially about price reductions. A true professional wants to deliver a clear picture of the situation, possible solutions and potential outcomes of a course of action. Ultimately, the client is the one responsible for making the decision concerning the transaction. The Realtor’s job is to be sure that the client has the best information for making the decision that is right for them.
Do you need a conversation with a Realtor? If you do please call me at 312-981-2360 or my cell phone, 312-607-1306. Or do feel free to e-mail me.
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DINING ROOM OR EATING ROOM?
March 23rd, 2009 categories: Lifestyle, Selling
That all depends on your lifestyle. It also depends on your floor plan–do you have an eating area in the kitchen and a formal dining room? Do you have most of your meals in the kitchen and use the formal dining room for just that–formal dining? If you have two places for serving breakfast, lunch, and dinner, each can reflect the mood of the individual space. If you only have one eating space, you need to find a middle ground that won’t feel too casual for a more formal dinner or too formal for everyday family meals.
- If you are “doing” a formal dining area–think of your favorite restaurant. Is it sleek and formal or cozy and warm? Do you like an eclectic look? This can be tricky–care is needed to prevent a mismatched untidiness. An interesting wood table base with a glass top surrounded by beautifully carved wood chairs creates a formal look.
- A dado can create a cozy, warm space. The lower three to four feet of the wall is treated in a different way from the top–usually a trip of molding separates the two pieces. The bottom could be paneled in wood and the top treated with wall paper or paint.
- Comfort is the prime consideration. Chairs should not be closer than 30 inches apart when measuring from center to center. Be careful about your table base–straddling a leg is supremely uncomfortable. The top of a center pedestal table should extend 14 inches beyond the base for enough knee room.
- Storage is another something to consider. If you have lots of books, think about lining your dining room walls with book shelves. A friend of mine did this and it makes for a very warm and intimate dining space. She also used objects collected on her travels to break up the books. An armoire is a terrific place to store linens, stem ware and china–some armoires have shelving arrangements that enable you to leave the doors open and display some of your glasses.
- A more casual space can still be quite elegant when it needs to be. A tablecloth will add a grace note and actually the chairs around a kitchen table can be handsome and still functional enough for daily use. And what is wrong with family meals being served with place mats (washable, of course) and drip-dry napkins instead of paper? Isn’t our family entitled to a few niceties on a daily basis?
To sum it up–let your dining area, formal or casual, reflect you and your lifestyle.
If you have questions about Chicago real estate, call me at 312-981-2360 or on my cell phone, 312-607-1306. Or you can send me an e-mail.
Related Articles: Kitchen Counter tops–A Primer, 3-17-09; Out With The Old–In With The New–Slowly!, 2-16-09
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THE FIRST TIME HOMEBUYER TAX CREDIT PUZZLE
March 19th, 2009 categories: Buying, Real Estate Finance
This first time home buyer tax credit is not as simple as it sounds–it is a much more convoluted complicated animal than the press would have you believe. Don’t count on that $8,000 tax credit–it isn’t automatic. You might even have to get professional advice to help you figure out how much of the tax credit you qualify for. Unfortunately Congress put in so much tricky fine print that many of us can’t decipher it and we need somebody to help us figure it out. This complicated wording may make it impossible for many people to reap the benefits that Congress intended.
Things to be aware of:
- Earnings limit–how much you can earn and still qualify for any of the tax credit.
- Purchase date–the amount of the tax credit can vary according to the date of your home purchase.
- If you move out too soon, you might have to pay the tax credit back.
- 2008 purchases–you may qualify for some of the credit.
The Wall Street Journal recently had a comprehensive article about this tax credit. To read the entire article click here.
Related Articles: 95% Condo Mortgages Back, 3-18-09; Unfreeze Your Credit Score Correction, 3-09-09; Unfreeze your Credit Score, 3-4-09; Must Haves For A Mortgage Application, 2-20-09
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95% CONDO MORTGAGES BACK!
March 18th, 2009 categories: Buying, Real Estate Finance, Selling
For a time period starting late last year and lasting until just this week, condominium buyers had to put down a 10% minimum unless they bought an FHA approved condo. Most Chicago condo bylaws require a waiver right of first refusal. FHA approval is never given to a building with a right of first refusal. This meant choices for people with only a 5% down payment were extremely limited. The good news and the reason our leprechaun is dancing is that condo mortgages requiring only a 5% down payment with no FHA restrictions are now available for well qualified condo buyers!
As of March 15th, Radian Group Inc., a major credit risk management company, has decided to venture back into insuring low down payment condominium loans. The buyers will have to be very well qualified and the underwriting guidelines are extremely conservative. High credit scores, cash reserves after closing, and low debt to income ratios will all be part of the guidelines. Newly constructed buildings and conversion projects will have their own set of guidelines.
This is good news for both buyers and sellers. Good for the sellers of condos that aren’t FHA approved because it increases the number of potential buyers and good for well-qualified buyers because they will have more choices since possible condo homes don’t need FHA approval.
Has the 10% down requirement prevented you from buying a condo? If it has, please call me at 312-981-2360 or my cell phone, 312-607-1306.
Related articles: Unfreeze Your Credit Score Correction, 3-9-09; Unfreeze Your Credit Score, 3-4-09; My Lender Said No, 2-28-09; Must Haves for a Mortgage Application, 2-20-09
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KITCHEN COUNTERTOPS–A PRIMER
March 17th, 2009 categories: Lifestyle, Selling
We all know that the kitchen is the heart of the home and that if you are selling your home, the kitchen can be a deal maker or a deal breaker. If you decide to remodel your kitchen, there are a great many types of counter tops that are visually pleasing and will add value to your home.
- Laminate is the darling and the work horse of counter tops because it is inexpensive , durable, and comes in an infinite variety of patterns and colors. The downside is that a hot pan taken directly from the oven or the stove burner will damage the surface. A do-it-yourselfer can probably install laminate counter tops–if a seam is necessary, best to get professional help.
- Ceramic tile is very popular with do-it-yourselfers. Creativity can shine with the large variety of styles and colors–mix and match reigns supreme. If it is installed well, ceramic tile is extremely durable, and heat and scratch resistant. Grout is the downside–because it stains. Very fine grout lines and sealing can help with this problem.
- Concrete is new and trendy. It is very long lasting and can give your kitchen a natural textural feel. It is expensive, time consuming to install and has to have a very sturdy base. Concrete also needs sealing. This one is best left to the professionals.
- Solid surface counter tops are easy to clean and small blemishes can be sanded out. If you want an absolutely seamless look, your sink and counter top can be bonded into one piece. Professional help is needed for these counter tops –they are made from acrylic resins and mineral fillers.
- Granite has been the darling of the counter tops for some time now. It is best installed by a professional and unless you drop a heavy weight on it, it will last forever. If you want to do the installation yourself, try granite tiles.
- Stone and natural quartz are gorgeous and at the very high end of kitchen counters. Their natural beauty lends an air of elegance to your kitchen. Serious bakers prefer the coolness of the stone even though it stains and is extremely heavy. Try using it in a small area. Quartz does not usually need to be sealed or polished. A professional installer is required for either stone or quartz counters.
If you have questions about Chicago real estate, please call me at 312-981-2360. My cell phone is 312-607-1306.
Related Articles: To Remodel Or Not To Remodel And When?, 12-08; Proper Packaging For Your Home Sale, 12-08; Sucessful Kitche Re-do–Some How To Tips, 1-09
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DESK AND CHAIR TIPS FOR YOUR HOME OFFICE
March 16th, 2009 categories: Lifestyle, Market Trends
Your chair is probably the most important choice you make when furnishing your home office–it should be your biggest expense. The proper chair today can help you avoid back trouble tomorrow.
A great chair will :
- Support your back by following the curve of your spine.
- Have an adjustable seat pan that moves forward and back.
- Can be adjusted higher and lower.
- Have adjustable arm rests.
Prices can range from a low of about $150 to whatever you want to spend. Be sure to try it out–don’t buy on line. You really need to sit in the chair and be sure your back and your body feel good in it.
Now for the desk–most are 30 to 32 inches tall. Be sure your chair will adjust if you buy one that is taller. You can also solve that problem with a keyboard tray that attaches to the underside of the desk. The purpose is to achieve that ergonomically correct 90 degree angle that helps prevent back pain.
Related Articles: Home Office 101, 3-10-09; Record Keeping 101 for Homeowners, 12-29-08.
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A STIMULUS PACKAGE FOR REALTORS! FABULOUS!
March 13th, 2009 categories: Lifestyle
Would I ever love a stimulus package from the government–you bet your life I would. If it’s good enough for General Motors and AIG, I am sure it’s good enough for me! Imagine every National Association of Realtors member receiving a check because our industry has been dealt a body blow. Even though Chicago has been a better market than most in the country–Realtors could use some help. We all know that we’re not going to get that check so what can we do? First of all we need to create our own emotional stimulus package–and this just isn’t for Realtors–we’re all dealing with the same negative energy. We must first come out of the corner, put down our blanket and stop sucking our thumbs! Here are some thoughts that won’t cost the tax payer a cent.
- We’ve all heard that ATTITUDE IS EVERYTHING forever and it truly is everthing. We may be on a tough uphill road now and complaining about it is sort of like complaining about the weather–the road and the weather don’t care about our complaints. If it’s tough going up, think how great it will be when we go downhill again and the pendulum swings the other way.
- TURN OFF THE NEWS. We know our local market and it can be very different from other market places–we don’t need the generalizations and negative news that the national media feeds us. It is important to be informed, not inundated.
- Gratitude. A gratitude list is a big help–write it or read it at least once a day. There is so much to be grateful for–a job, family, a good office, and in Chicago, a sunny day!
- Focus on solutions. Let your mind roam and explore all the possibilities you can think of–we need to be thinking creatively without limitations. Imagination and creation can bring ideas that will help our recovery.
- Support each other, Realtor or non-Realtor–pass a long a compliment, a kind word and a big smile.
- Optimism. Feel it, be it, share it! If you need a positive thought, all me–312-981-2360, direct line, or cell phone, 312-607-1306.
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