 Home | Profile | Archives | Blog Manager 
Recent PostsWhat's Hot and What's Not in 2008Events For September Get Your Finances in Order: To-Do List What Is an Appraised Value? 5 Things to do Before Putting Your Home on the Market  RSS Blog Feed
CategoriesSelling Real EstateBuying Real Estate Market and Trends Homeownership Home Finance Acts of Agents RE Manners Staging The Examined LIfe Credit Ready Favorite LinksIncredible Agents.comArchivesAugust 2008What's Hot and What's Not in 2008Posted at 12:05 PM, Aug. 29, 2008Every year Coldwell Banker's star agent and real estate columnist Mark Nash tells us what's in and what's out with Home Buyers.
In: Here is an obvious one, home buyers. They are calling the shots and they want updated kitchens and baths, pristine condition and a perception of value. That last one be key! Short Sales. Pet Showers. No longer are buyers satisfied with bathing the pooch in the tub. Outdoor Living Spaces that Look Intertior. Statement fireplaces, custom kitchens, heating flooring and walkways, artwork and fabrics that can tolerate the elements. Down Payments. Good old-fashioned saving is expected. A Homes Carbon Footprint. Home buyers want to know how their potential new home can save the plant. Multi-Use Hand Held Devices. Control everything in the room with one remote. Concealed Appliances. Hinged and pocket doors are more popular than matching cabinetry for hiding appliances. Non-Smoking Homeowners Association. Decs and By-Laws are being re-written to prohibit homeowners from smoking in their units and in common areas. OUT: Unrealistic Home Sellers. These relics of another time and market missed the cocktail party chat and water cooler angst by the transitional sellers of 2007. Cautions included: pricing your home right the first time, consider home-sale contingencies, and offer closing cost givebacks. Hear-no-evil sellers were overlooked by buyers who pined for reality minded ones. Because if sellers were flexible with buyers' needs, buyers bought. Living Rooms. The great room is what is in. Open living spaces combined with the kitchen and dining areas to allow family and friends to congregate together. Empty For Sale Homes. Buyers expect homes to be lived in. Stage it and stage it right with neutral colors and thoughful furniture rental is more appealing. Double Digit Home Value Appreication. Get rich quick is out. Normal flat or single-digit appreication is what is going around. Order Taking Real Estate Agents. During the boom, everyone and anyone got licensed and into the frenzy. It is the seasoned, full-time, professional agents who were able to produce the fifth highest year in real estate sales in 2007. McMansions. Size means little if it's not well finished. Home buyers want quality, not quantity. Obese Ceiling Heights. It's cheaper to go up than out. That was the reasoning behind the past residential design. Buyers want ceiling heights between nine and eleven feet. More than that, is a waste. Even more so if the room is under 10 by 12. Pioneering Locations. Buyers are steering away from take-a-chance hoods. They now what the tried-and-true address keeping resale desirability firmly in mind. Balconies As A Marketing Gimmick. Real balconies that can fit a table and chairs along with a grill is what is expected, not the anorexic appendage hanging off the building. Pre-Construction Pricing. Get rid of the "everything's an upgrade" mentality. On The Way Out: Mosaic Tile. Once deemed the ultimate tile, is now considered a very personal design commitment to the previous owner. The cost and waste to remove is over-whelming to buyers and could very well cost the deal. Retro-1970's Chic. No more trend designing they cry! The desire is looks that will remain in no matter what the trend. Read more at:
Events For SeptemberPosted at 10:23 AM, Aug. 27, 2008
Events around Illinios for those home-geared. Mark your calendars. Tuesday through Saturday, Sept. 7-28 2008 Showcase House, benefitting The Children's Clinic 801 Park Ave., River Forest, IL 60305
September 13-14 Chicago Home Show 10 a.m.- 5p.m. Harper College, Roselle and Algonquin Roads Palatine, IL 60067
Saturday, September 20th Old Irving Park House Walk and Garden Tours 10 a.m.- 5p.m. Old Irving Park, Chicago, IL 60641
Sept. 26-28th The Old House New House Show 10 a.m.- 7p.m. Fri. & Sat., 10 a.m. - 5 p.m. Sun. Pheasant Run Resort 4051 E. Main St. (Rt. 64), St. Charles, IL 60174
{ 0 comments } { add comment } { Permanent Link }
View more entries tagged with: Home Remodeling, Homes Get Your Finances in Order: To-Do ListPosted at 6:31 AM, Aug. 25, 2008
1. Develop a household budget. Instead of creating a budget of what you'd like to spend, use receipts to create a budget that reflects your actual spending habits over the last several months. This approach will factor in unexpected expenses, such as car repairs, as well as predictable costs such as rent, utility bills, and groceries.
2. Reduce your debt. Lenders generally look for a total debt load of no more than 36 percent of income. This figure includes your mortgage, which typically ranges between 25 and 28 percent of your net household income. So you need to get monthly payments on the rest of your installment debt - car loans, student loans, and revolving balances on credit cards - down to between 8 and 10 percent of your net monthly income. 3. Look for ways to save. You probably know how much you spend on rent and utilities, but little expenses add up, too. Try writing down everything you spend for one month. You'll probably spot some great ways to save, whether it's cutting out that morning trip to Starbucks or eating dinner at home more often. 4. Increase your income. Now's the time to ask for a raise! If that's not an option, you may want to consider taking on a second job to get your income at a level high enough to qualify for the home you want. 5. Save for a down payment. Designate a certain amount of money each month to put away in your savings account. Although it's possible to get a mortgage with only 5 percent down, or even less, you can usually get a better rate if you put down a larger percentage of the total purchase. Aim for a 20 percent down payment.
What Is an Appraised Value?Posted at 6:28 AM, Aug. 18, 2008
· Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.
· For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
· Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
· Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
· Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.co { 0 comments } { add comment } { Permanent Link }
View more entries tagged with: Appraisals, Home Values 5 Things to do Before Putting Your Home on the MarketPosted at 6:25 AM, Aug. 11, 2008
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you'll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don't plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you're a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
{ 0 comments } { add comment } { Permanent Link }
View more entries tagged with: Marketing, Staging, Preparing Your Home Does Moving Up Make Sense?Posted at 6:22 AM, Aug. 4, 2008
These questions will help you decide whether you're ready for a home that's larger or in a more desirable location. If you answer yes to most of the questions, it's a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don't build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you've owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you're making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you'd like to be closer to your job or live in a better school district.
4. Are there reasons why you can't remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn't large enough, your municipality doesn't allow it, or you're simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you'll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. { 0 comments } { add comment } { Permanent Link }
View more entries tagged with: Trading Up, Buying New |
View more entries tagged with: None