Buying Advice You Can’t Miss!

Make a smart buy in today’s real estate market!

May/June 2009

The up-and-down see-saw of Sales Volume seems to be showing our Real Estate Market in Chicago has not yet hit bottom.

But there are a few encouraging signs we are beginning to see.

First-Time Homebuyers, eager to take advantage of the new $8,000 direct tax credit taking effect under President Obama's Economic Stimulus Program, have purchased two of our more modest-priced houses over the last week.  Indeed, both houses sold for less than the owners paid for them less than three years ago, but each had high interest, and, for the first time in over a year, multiple bids!

Active Listing Inventory remains stable in the North and Northwest Sides of Chicago Market Area we serve. Units Pending Sale lifted a bit, while the figures for Expired Listings and Closed Sales took their typical fall as we approached mid-month.  Absorption Rate, including theoretical time to clear existing listing inventory, continues its troubling increase.   The Percentage of Sale Within Six Month (180 Days) also unfortunately fell.

10 Spring Staging Tips!

#1.) “Happy” colors on front door. Choose a contrasting color of house or door. Such as if house is tan and door is red, use yellow decorations. Use yellow marigolds and other fragrant flowers in a nice large container. Do not over-fill space. Use yellow in door decoration.

#2.) First Impression- What are your own first impressions that you have when seeing the house? Would you want live here? Would you even come in the driveway?

#3.) NO empty flower pots-especially filled with dead flowers! It is better to have nothing rather than dead flowers.

#4.) Rake and tidy-up yard. Having nice clean lines will make yard appear large and un-cluttered. It is difficult to have yards pretty this time of year. Put out new mulch in beds, this will at least cover-up winters wrath. Landscaping will appear neat. Be careful… make sure that mulch doesn’t have any manure smell or other unpleasant odor. That is not the impression you want perspective buyer to experience. The yard is part of what perspective buyer will see first. It is “curb appeal”. When buyer sees that yard is neat & tidy they are willing to see the inside. They should make the connection that if the yard is tidy than most-likely the interior is neat & tidy too!

#5.) “Spring” clean the interior. No matter what problems a particular house may have, no one wants to have to clean their NEW home. Dig in and clean, hire professional cleaning crew if needed.

#6.) Box and store off-premises your winter wardrobe. Why have items in house that seller probably doesn’t need for several months? Rent a storage unit and edit items that are not crucial to ones well being.

#7.) Have a garage-sale. Seller can have a sale BEFORE advertising the house. It will make their move to new home less stressful, why schlep these things to new home. Seller can than use profit towards any minor staging suggestions or for items needed for their new home.

#8.) Have “WOW” factor when new buyer steps in the door. This is EVERYTHING! According to NAR perspective buyers make connection to house in 15 seconds! Make sure your “wow” is a positive one. You don’t want the thought..”Wow, this is awful, or stinks. You need a magazine “WOW”. You need them to WANT to live there.

#9.) Place a new “Welcome” mat at doorways. This seems so simple, but many seller’s fail to understand the significance. The mat is the house’s way of saying “Hello, come on in and stay awhile”.

#10.) Use silk greenery and spring flowers for that added touch throughout your home. Plants=life. Not only will good silks add aesthetic value, they have a subliminal effect. Think about it….dried dead flowers in pots or the appearance of living plant life.

Remember that first impressions are everything make sure their “wow” factor is a good one…NOT “Wow did you see that? Or smell that?"

Is It Time To Refinance?

With mortgage interest rates at historic lows, many homeowners are asking if this is a good time to refinance their mortgages. Of course every situation is different, but for many people refinancing can reduce their overall repayment by tens of thousands of dollars over the course of the loan.

Are you planning to stay put for a while? If so then refinancing may be a good option, if you can lower your monthly payment by enough to cover the closing costs associated with the new loan. For many, breaking-even for a refinance can take two to three years. If you are planning on moving with a year or two, then the costs of refinancing may be more than the money saved. To determine whether refinancing is right for you, contact us for a quick consultation and a list of recommended mortgage consultants. You'll be glad you did!

So there it is…tips for “Your Best Move”
Good luck and call me at 847-967-0022 with any questions!
We hope you enjoyed Helen’s take on “How much can I afford?” 

Stay tuned for 2009 January/February edition of Buyer’s Corner
where Helen will address other compelling real estate issues!