Archive for the 'Lifestyle' Category
YOUR HOME NOT SELLING–WHY?
July 21st, 2010 categories: Buying, Lifestyle, Market Trends, Selling
The Chicago Tribune recently published a great article about why homes don’t sell. There are five reasons and I agree with all of them. What is so nice about the article is that suggestions are given to solve each reason. Here we go with the reasons:
- Overpriced. We have discussed this one many times, probably the most important of all the reasons a home doesn’t sell..
- Bad curb appeal. For a condo, we could translate that to a cluttered hallway area or a front door in bad condition. This shouldn’t happen in a condo–and it still does sometimes. Most associations have rules about what can be left in the common hallway and outside your door–if you have a problem, try to work with your neighbor on getting the clutter out of the hallway. This is a good reason to be sure you have good relations with your neighbors.
- Ineffective marketing, A number of good solutions are given–pay the closing costs, offer a one-year home warranty and lots osf others.
- Interior clutter–now just how many times have I told you to de-personalize and de-clutter? This is basic Selling Your Home 101.
- Undesirable location. This can be as true in a condo as it is in a single-family home. Certain tiers in most buildings are more desirable than others–this can be because of view, amount of light, proximity to the elevator and/or the trash chute.
Need some one to help you with selling your home–just call me, 312-607-1306, or e-mail me.
Other articles you might fine interesting, useful, helpful–one or all of the above:
Price, Price, Price, and Price
Choosing A Listing Agent? Here’s How
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KICK TIRES TO PICK YOUR REAL ESTATE AGENT?
July 19th, 2010 categories: Buying, Lifestyle, Market Trends, Selling
Absolutely! Mary Umberger recently published a great article on just how to do the tire-kicking. It’s amazing how trusting we are with our biggest assets–our home and our person. Of course, many people have a relationship with their Realtor that is based on a trusted friends recommendations or past transactions or a long-time good reputation. As buyers, we are sometimes going into unoccupied homes with our Realtor. Who is that person who shows us possible purchases and has the key to our home in order to sell it? It wouldn’t hurt to be more cautions–a lot more cautious. Especially if you are moving into a new area and are a complete stranger without a reliable referral system. Each state has it’s own way of investigating or not investigating applications for real estate licenses. Many states have a way to check on the status of a Realtor. The Association of Real Estate License Law Officials is working to network all 50 states with a reliable data base–a great Idea. For example, in Illinois The Department of Financial and Professional Regulation matched the names of Illinois’ one million licensed Realtors with state’s sex offender registry.The result was a match for 66 salespeople and 20 real estate brokers. Read the article and get some good advice about how to tire-kick your way to a good Realtor.
Chicago real estate questions? Just call me–312-607-1306-or e-mail me,
Other articles you might be interested in:
2010 A Better Year For Selling Than 2011?
Canceled Final Walk Through–Why?
A Final Walk Through Is A Mandatory Must Do
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PRICE, PRICE, PRICE AND PRICE
July 15th, 2010 categories: Lifestyle, Market Trends, Selling
Maybe it used to be location, location, location–now it’s just price, price, price. Has your home been on the market for a longer than average market time in your area? There are some sure signs that your home needs a price reduction:
- No showings or very few showings.
- Lots of showings and no offers.
- Feedback from other agents that the home is over priced.
- Several offers at much less than list price.
- Your agent is suggesting that you lower the price.
What can you do to determine the right price?
- Have your agent do an absorption rate. This is a calculation that will tell you how long it will take to sell the homes currently on the market if no new listings come on.
- Figure out how much it is costing you per month to carry the home–taxes, mortgage, assessment if there is one. Decide how long you want to continue to pay this amount.
- Go out and look at some of the competition with your agent.
- Have a meeting with your agent and determine what is a fair listing price–make it as close as possible to your absolute drop-dead bottom price.
- Decide if it is better to stay and perhaps remodel a bit or just drop the price and get on with your life.
Remember, it is not good enough to be a “good” deal. In today’s market you have to be the BEST deal. Hope this has been helpful–it is challenging time in even the best of our markets–we need to be honest with ourselves and our sellers about the reality of the market.
Here are a few other articles that might interest you:
In God We Trust, And Our Realtor. . .
A Final Walk Through Is A Mandatory Must Do
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KITCHEN REMODELLING SAVVY
July 14th, 2010 categories: Buying, Lifestyle, Market Trends, Selling
We all like a good bargain and most especially when we are remodeling a kitchen–it is sooooooo terrifically expensive! And there are times when a bargain isn’t a bargain–cheap cabinets, cheap workmanship, bad lighting–all of these can truly make your new kitchen a nightmare instead of a dream. Here are a few clues for a successful remodel:
- Before you even talk to a kitchen planner, draw a basic sketch for the arrangement you think would work. Then talk to several kitchen designers–they know the proper distance between island and stove or refrigerator and can help you understand your cooking patterns.. You can also get some excellent suggestions from books and magazines–try your local library. And above all, take your time no matter how frustrated you are with your present cooking arrangements.
- Allow 10 to 15 per cent as a cushion against the inevitable cost overruns–don’t get stuck with making cheap compromises thinking that you will replace the compromise with something better at a later date. Chances are you won’t.
- Be careful about the size–and do listen to the kitchen planning pros on this one–you don’t want to have to roller skate from stove to prep area to stove. Big is not always better!
- And probably most important–get everything in writing if you are using a professional remodeling person or company. Everything should be in writing with very detailed specifications, appliance models and numbers, Copies of the contractor’s license and workmens comp and liability insurance should be furnished so that you can be sure that they are still in effect. Every detail of each phase of the remodeling should be carefully spelled out in a written contract.
And do have fun in your new kitchen!
Need help finding a kitchen to remodel? I would love to do just that–call me at 312-607-1306 or e-mail me.
Other articles that might interest you:
Lightning Tops the Trump Tower
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BEAUTIFUL UNDERVALUED BEVERLY
July 13th, 2010 categories: Buying, Lifestyle, Market Trends, Selling
One of my faves, Kay Severinsen, has written three wonderful articles about one of my best-loved neighborhoods. If you are looking for the suburbs in the city, Beverly is the place for you. It is one of the best kept secrets in Chicagoland. We lived there with our four sons while they went to grade school and high school and didn’t leave until the youngest went away to college. It is the kind of neighborhood that allows a grade schooler to ride their bike to Ridge Park and to their friends homes. The housing stock is varied and ranges from relatively new homes built when there were still a few vacant lots left to homes built in the period before WWII.On of Kay’s articles is about the places that everybody knows about–one of the icons is the famous Rainbow Cone at 92nd and Western and the other is Top Notch. Rainbow Cone has been a mecca for ice cream lovers since 1926–a must-do on every one’s summer treat list. Top Notch grinds their own beef and forms their own hamburger patties by hand each and every day and has fabulous lard-fried (?!?!) french fries. To read “Here’s the scoop on Beverly eats,” just click here. I am sure that there are fine dining options in the neighborhood and who needs them with Top Notch right there on 95th Street?
Another of the articles by Kay is “Beverly – pretty streets, resilient residents.” This one details some of the recent projects that are continuing to improve the neighborhood–the new library at 95th and Damen and a new LEED certified fire house close by. Most unusually in a city with an ever-changing population, the reason most people move to Beverly is to be near friends and family. Housing prices in Beverly mirror those in Chicago–they didn’t go up as much as some cities and the are not going down as much as other cities. Same thing is true of Beverly, the prices didn’t go up as much as other neighborhoods and they are not going down as much as some other neighborhoods.
Kay’s third article, “Beverly: From hilly forests to high-end homes,” is a concise history of the Beverly-Morgan Park area beginning with the Potawatami Indians. It details how the residents of the area have worked together to preserve their neighborhood and welcome the diverse neighbors who have chosen to live there. Kay’s three stories really chronicle the area beautifully–I have often thought of highlighting the Tribune’s neighborhood articles in my blog and just never have gotten around to it. Kay’s excellent articles shows the depth of her research into an area that was a very happy place for me to live when our children were growing up.
Questions about Chicago real estate–I’d love to answer them–312-607-1306 is a good place to reach me. Or e-mail me.
Here are three other articles that might be helpful or interesting:
2010 A Better Year For Selling Than 2011?
Bottomed Out? Maybe Irish Cottages?
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MOVING MISERY MADE EASIER
July 12th, 2010 categories: Buying, Lifestyle, Renting, Selling
It always amazes me that I make a living encouraging people to move–I consider moving to be a form of cruel and unusual punishment! Gregory Karp has an article in the Chicago Tribune that gives some very good moving tips that most of us would not think about. For instance, consolidating your belongings with other people’s belongings. If you can’t fill a full-size moving van, why pay for one? Flexibility about delivery dates and times is usually necessary for this kind of move and consolidation can be lots cheaper. Did you know that summer weekend moves around the 15th and 30th of the month are the most expensive? I surely didn’t. How about buying used boxes instead of new ones? Here is a tip that I thought was fabulous–mail books! If you are paying for weight and distance, let the Postal Service do the work for you. It is much cheaper. There is also excellent advice about choosing a mover. To read the entire article click here.
Need help finding a place to move from or to move to? Just call me, 312-607-1306 or e-mail me.
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CONTRACTOR SPEAK 101
July 7th, 2010 categories: Buying, Lifestyle, Market Trends, Selling
Money Magazine recently published an article that will help us translate what the contractor says into what the contractor means. Your contractor may be the most honest man in the county and still be a bit less than forthcoming in his negotiations with you. Everything a contractor says is not written in stone–the chief of enforcement for the California Contractors State License Board gives us ways to counteract three negotiation maneuvers by a contractor and still maintain a good working relationship. Here are the three contractor ploys:
- I don’t have any wiggle room in my price.
- I need money upfront for materials.
- You’ll save on property taxes if you skip the permit for a small job.
The article helps us understand the difference between what he says into what he means and suggests ways for you to respond. If you are thinking of remodeling instead of moving, and many of us are, this article is a must-read. Just click here to do so.
Questions about Chicago real estate–I would love to answer them! Just call me, 312-607-1306, or e-mail me.
Other blogs that you might find interesting:
Lightning Tops the Trump Tower
| Discussion: 2 Comments »
REAL ESTATE AGENTS AND TIME
July 2nd, 2010 categories: Buying, Lifestyle, Market Trends, Selling
Did you ever wonder how we spend our time? Well, I have and it is amazing to me how much time a professional Realtor can spend working–it can be 24-7 if you allow it to become that time intensive. What do I do all day? Here are a few things::
- Showing my listings. In central Chicago we show our own listings. Some areas of the city are beginning to use lock boxes–just not the area where I am most active. The pro of showing my listings is that I know the home better than any other agent and can emphasize the good points. The con side is that it can take a number of phone calls to arrange a showing. This is especially true if the showing request is last minute.
- Returning phone calls–I am joined at the hip with my cell phone–it is my constant companion from early morning until after dinner in the evening. I have been known to turn the darn thing off after dinner so that I can have a bit of peace and quiet with my husband. A Realtor is entitled to some time off–right?
- Making phone calls–there is always something to check on–how is the deal going, please give me feedback on showing my listing, do you have any other questions, here is what happened in your building or area during the last week.
- Paper work–endless paper work. A new listing requires getting everything ready for Multiple Listing Service input. A sale requires processing paper work for changing the status in the MLS and this includes being sure all disclosures are signed and turned in (no disclosures, no check from my company).
- Working with buyers–this involves a preliminary session that can take some time. In order to do the best job possible for the buyer, I need to know what area is most desirable for their new home, the size (how many bedrooms), their comfortable price range, their time frame. Of course the buyer must get a pre-approval from a mortgage person. Then and only then am I comfortable setting up a series of appointments.
- Making phone calls–for the second time. I am blessed to have many, many past clients that I find enjoyable–I love to call and see what is going on in their lives. These calls are more joy than work and I try to do a few each day just to keep my disposition sunny. That paperwork can really get me down!
- Open houses–holding them and attending them–this takes only a few hours a week usually. And it is necessary–public open houses are good for finding buyers and broker open houses expose your listings to many brokers in a short period of time. Attending broker open houses is one of the best ways to learn a building or a neighborhood.
So–there you have it! How I spend my day–and I am a Chicago addict and a real estate addict–a perfect world for me! Some agents do have assistants to help with paper work and some of the other tasks that don’t require the attention of a licensed and experienced agent.
Questions for a self-confessed addict? Just call me at 312-607-1306 or e-mail me.
You might enjoy these posts too:
A Catio? You Have To Be Joking!
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WHAT’S HAPPENING–SALES AND RATES BOTH DOWN?
July 1st, 2010 categories: Buying, Lifestyle, Real Estate Finance, Selling
A recent Wall Street Journal article summarized what is going on in the real estate market today. Interest rates are at 4.58%–the lowest since Freddie Mac began keeping records in 1971. And even with plentiful inventory and historically low interest rates, home sales are down. Everyone expected sales to fall after the April 30 tax credit expired–just not as much as they did.
The point is made that because of today’s tougher lending requirements, many would-be borrowers cannot get a loan. Also noted is the fact that it takes from one to two months to close a transaction once a property is under contract. It will be July or August before subsequent declines will show up. If mortgage rates had gone up instead of down, it could have been much, much worse. And this is bad enough for me!
The closing paragraph says it all: “No job=No house.” Employment will stop the pain in the housing market. To read the whole article, just click here.
It would be my great pleasure to answer any questions you may have about Chicago real estate. Just call me, 312-607-1306, or e-mail me.
Other articles that might interest you:
A Hunting We Will Go–Stress Free!
Sweet Dreams? No! A Bit Kooky? Yes!
Chicago Association of Realtors? Why?
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PRIOR PLANNING PREVENTS . . .
June 25th, 2010 categories: Buying, Lifestyle, Market Trends, Selling
Kay Severinsen and Mr. Severinsen are far kinder to their children than Ruth Karel and Mr. Karel were to theirs when they came home from college. The Severinsens went to their son’s college and helped him move. The Karels took their sons to college for their freshman year with anything and everything they wanted to take. The catch in our plan is that they had to figure out how to get it back home. Realize that we had three sons in college at one time and could easily have spent weeks on moving them home since they went to school in North Carolina, Florida, St. Louis and Milwaukee. So we weren’t being unkind–not very anyway–just self-protective. To be honest with you, I don’t remember how any of the four of them took care of the problem. I do know that we had enormous quantities of everything you could imagine with us on our trips–one of our sons was a shoe salesman all through his last years of college and my recollection is that his gear included two army-size duffel bags of shoes.
Kay’s article, after detailing her son’s move home, gives some great tips for anyone who is moving. The central idea is that planning is the key. She gives a wonderful time line count down of things that need to be done and when they need to be done. Kay has some very practical ideas–one of them being doing an inventory on what you have and then deciding what will go with and what will not go with. Please do read the entire article if you may be moving anytime soon.
Other posts you may enjoy:
Gut Feelings–Trust Them Or Not?
Used Car Salesmen, Realtors, Mortgage Bankers
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