Some helpful hints to selling an older home

If you are trying to sell an older home in today’s challenging market, here are a few easy ways to compete with newer homes in the area. There is a beam of hope and some easy solutions. Try to recognize ways your property can compete and be more luxurious. There are plenty of inexpensive ways to renovate a home to make it more desirable for when it’s put on the market. Here are a few:

De-Clutter/Clean it up!
- If you know you are committed to moving, cleanse and purge as much as possible. A home with less clutter not only looks more organized, but it also makes the space look larger.
Closet organization systems
- Believe it or not, closets are a subtle factor in buying a home. A good way to increase the look of your closets is to install organization systems. Doing this yourself is not that hard and is significantly less expensive than paying for a closet company to do it. Spend less on the material to build the system by purchasing pieces from a hardware store and fitting them together to create a custom organized space. Ikea and Home Depot have excellent choices for this.
Secluded deck
- Here in Chicago, privacy and personal land is scarce and we treasure summer, as it is short so short lived. Because most condos and homes overlook alleys and other porches, it’s hard to get that little satisfaction of isolation once and a while. In order to make your home stand out from the rest, make the back porch area (if possible) into a little getaway. An extremely cheap way to do this is to buy three-foot planters of flowers that are in season, and mini trees, which are much less expensive than full sized ones, and set them on the ledge to seclude the area a bit. A small table and chair adds that extra detail that screams “relaxation”. If not a back porch, maybe a spruced up roof deck will work as well.
Squared counter top edges
- If you are able to, when looking to replace old counter tops, remember that granite is the current trend. The price of granite and its installation is quite expensive, but one minor decision could save you 20%-50% of that price. Rather than choosing a rounded or designed edge for the counter top, opt for a square edge. The reason this is cheaper is because the person who installs it has much less work to do with sanding, buffing, etc.

When looking to increase the value of your home, consult a real estate agent in the area, who can give you insight on what’s in style right now. Chances are they have the best idea about what is most likely to sell. Please remember that I’m always here for assistance and would love to help you out or answer any questions you have. Have a great week!

Happy 4th of July!

Driving through the busy streets of Chicago, I spot real estate signs everywhere. Whether people are looking to lease, rent or sell property, I realize the market is busy! While the country may be in a real estate market slowdown, there are still plenty of opportunities here in Chicago. Beautiful homes are coming on the market everyday and many are incredible values. Unfortunately, the current economy is forcing some people to put their homes on the market, desperate to sell. Mortgage rates are low, which makes owning a home more affordable than ever. While it may not be the best time for sellers, buyers are experiencing tremendous purchasing opportunities. My listings in particular consist of a wide range of deluxe homes in incredibly desirable locations. The prices are market driven, based on recent comparable sales.
This booming market is a major upside to the city, but I believe that Chicago has more to offer than just great values in real estate. This time of year our city is just spectacular. People are outside enjoying the beautiful weather and all sorts of outdoor activities. If you’re looking for something to do, you’ll never be disappointed. I hope you have a chance to enjoy Lincoln Park, the zoo or Lake Michigan. Come visit us Monday night for volleyball on North Avenue Beach! The truth is, even if you’re not looking to buy or sell a home, Chicago is a great place to venture through on a visit. Who knows, maybe your vacation will be enough to convince you to move! Have a good 4th of July!!

Welcome to 2010!

2010 is already proving to be a confusing year for real estate in Chicago. In today’s unstable economic climate, homebuyers are unusually cautious and apprehensive in their decision-making. However, given that most home values have dropped significantly in the past year, if you are brave enough to stray from the herd and willing to make a move, you might be in for the home-buying opportunity of a lifetime. There are several factors working in favor of today’s homebuyer:

1) Since the 1970′s, the relationship between home prices, mortgage rates and supply have never been more favorable for a buyer.
2) Builders in today’s market are offering large discounts and/or attractive incentives to move their inventory as they are under pressure to pay back their construction loans.
3) The $8,000 Federal Tax Credit has been extended for first-time homebuyers and now many existing homebuyers may also qualify for a tax credit.
4) With the current mortgage restrictions in place, many otherwise-qualified homebuyers may not be able to get loan approval. This means that the rental market is thriving so this is also a great time to buy investment property.

Properties priced well in desirable locations are selling so don’t miss out!

FIVE TIPS TO HELP YOU SELL YOUR HOME FAST

There is no question that houses are taking longer to sell in today’s market. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:

1. Price It Right
If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects. The first 90 days are critical.

Deciding the value of a home isn’t an exact science. Yet, there is data to help you determine a reasonable asking price. Try to find the true market value based on facts and not emotion, don’t let outside factors such as what you need to move and buy your next home or what you’ve spent in the home enter into the equation. Use facts and comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. From your analysis, especially in this difficult environment for home sales, price your home conservatively, give it a competitive edge.

2. Make Your Home Irresistible
Unless they are looking for a fixer-upper, most homesellers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the home attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself.

Evaluate the home from a buyer’s point of view. An experienced real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home’s look such as installing newer carpet and light fixtures and painting the walls a neutral shade. Would you buy your home now at the price you are asking?

3. Create Traffic
If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the internet, yard signs, open houses and so on.

4. Go With A Professional
Selling a home is more than just putting a sign in your yard and having a listing on the internet. In a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience.

Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.

5. Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a professional home inspection, home warranty, or allowance for paint or carpet.

Don’t be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.

Spectacular Luxury Penthouse at 445 E. North Water….

http://www.cltv.com/video/?autoStart=true&topVideoCatNo=default&clipId=3617690

Penthouse Listing on NBC’s Open House Chicago

http://lxtv.com/openhousechicago/video/9632

432 W. Grant Place on Chicago Magazine’s Deal Estate

http://www.chicagomag.com/Radar/Deal-Estate/February-2009/On-the-Market-Price-Cut-Enhances-Lincoln-Park-Condo/

432 W. Grant Place on CLTV….

http://cltv.trb.com/video/?autoStart=true&topVideoCatNo=default&clipId=3468903

Opportunity Knocks!

 

With mortgage interest rates at an all-time low and the uncertainty of the financial markets, this is an exceptional time to buy real estate in Chicago. Take advantage of the stability of the Chicago real estate market.  In 2008, the stock market went down over 37%.  The real estate markets in Florida, California, Arizona, etc. were also hit hard but Chicago’s real estate still holds its value.  Yes, there will be corrections and properties are on the market longer and the media continues to paint a dismal picture, BUT this makes motivated sellers realistic and creates an opportunity for serious investments.  Don’t miss out on this perfect opportunity!

Just Announced!

Mortgage rates have been reduced to 4.37% on a 30-year fixed.  Now is the time to buy!!