Thursday, August 26, 2010
Watch for my Ad in Footlights and get a free gift!
Hello all!
If you're in the market for a new home and you happen to see my Ad in Footlights just show me a copy of the program and I will give you a free gift at closing! Wanna find out more? Give me a call!
Friday, July 30, 2010
Selling in Chicago - What's the Secret?
Selling in Chicago – What's the Secret?
I love telling people that I’m a Realtor because I inevitable get the look of horror and dread, followed by the ever so popular question: “How’s that going for you?”
What most people don’t understand is that news you hear about Real Estate on the radio or on television often gives national accounts, meaning very broad overviews. National news doesn’t account for local news, and the truth is that the Chicago market has been one of the strongest despite the steep decline in comparison to other cities in the US. A recent report in Crain’s stated that more homes were sold in Chicago in May than a year earlier, marking the ninth month in a row of year-over-year gains. The median price also rose, up 2.2% to $230,000, from the same month last year.
Everyone knows that it’s a buyer’s market so usually people aren’t surprised to hear that I work with a lot of buyers right now. What people seem to dread is the thought of selling…
So what’s the truth about selling today? What’s the secret? With all those buyers out there, surely it must be possible to sell your place! Well friends, it is! There is no secret really. It has always been about pricing your place accordingly. In a seller’s market you can afford to take some risks here and there but in a buyer’s market, pricing is everything! There is NO room for error.
So here’s what sellers should expect: first, and foremost, expel anything subjective from the process. I know you paid X amount 3 years ago and have since invested $10,000 into the place but the truth is, buyer’s don’t care what YOU paid and the added improvements are certainly bonuses but won’t help the value of your home by much. When you decide to sell there are two things to consider (and they’re both related): what comparable homes are selling for and what buyers are willing to pay.
Ideally, Realtors should do a comparative market analysis IN ADDITION to compiling data from Agent Metrics, a software program that pulls information directly from the MLS. Agent Metrics will give you a breakdown of how many comparables are on the market in each month, how many places have sold each month, what the median price has been each month, and will help you pinpoint a very specific price point to be in.
I am working with a seller in Evanston right now who would love to sell his one bedroom that he paid $240K for in 2006. The sad news is that in today’s market, there are roughly 122 one bedrooms for sale in Evanston between the price range of $100k and $300k. In the month of June alone, only 8 have sold and 6 are under contract. That kind of supply and demand means it would take approx 10 months just to clear out the current inventory. The median price range for SOLD homes is between $170k and $180k. So if you aren’t in that price range OR below – you ain’t gonna sell! That’s a tough thing to wrap one’s mind around – especially given the purchase price 4 years ago!
Point is – selling isn’t going to be for everyone. Chances are, if you bought between 2006 and today, you stand a chance to lose money on your property. So if you don’t HAVE to sell, then don’t! If you bought prior to 2006, you might break even or make a small profit. The bottom line? If you find yourself in a situation where you HAVE to sell, look at the market data provided to you by your Realtor and make sure that you price appropriately. I always tell people the following: I feel confident that I could sell your place; there are plenty of willing buyers out there.
The question is, are you willing to trust me and do whatever it takes?
I love telling people that I’m a Realtor because I inevitable get the look of horror and dread, followed by the ever so popular question: “How’s that going for you?”
What most people don’t understand is that news you hear about Real Estate on the radio or on television often gives national accounts, meaning very broad overviews. National news doesn’t account for local news, and the truth is that the Chicago market has been one of the strongest despite the steep decline in comparison to other cities in the US. A recent report in Crain’s stated that more homes were sold in Chicago in May than a year earlier, marking the ninth month in a row of year-over-year gains. The median price also rose, up 2.2% to $230,000, from the same month last year.
Everyone knows that it’s a buyer’s market so usually people aren’t surprised to hear that I work with a lot of buyers right now. What people seem to dread is the thought of selling…
So what’s the truth about selling today? What’s the secret? With all those buyers out there, surely it must be possible to sell your place! Well friends, it is! There is no secret really. It has always been about pricing your place accordingly. In a seller’s market you can afford to take some risks here and there but in a buyer’s market, pricing is everything! There is NO room for error.
So here’s what sellers should expect: first, and foremost, expel anything subjective from the process. I know you paid X amount 3 years ago and have since invested $10,000 into the place but the truth is, buyer’s don’t care what YOU paid and the added improvements are certainly bonuses but won’t help the value of your home by much. When you decide to sell there are two things to consider (and they’re both related): what comparable homes are selling for and what buyers are willing to pay.
Ideally, Realtors should do a comparative market analysis IN ADDITION to compiling data from Agent Metrics, a software program that pulls information directly from the MLS. Agent Metrics will give you a breakdown of how many comparables are on the market in each month, how many places have sold each month, what the median price has been each month, and will help you pinpoint a very specific price point to be in.
I am working with a seller in Evanston right now who would love to sell his one bedroom that he paid $240K for in 2006. The sad news is that in today’s market, there are roughly 122 one bedrooms for sale in Evanston between the price range of $100k and $300k. In the month of June alone, only 8 have sold and 6 are under contract. That kind of supply and demand means it would take approx 10 months just to clear out the current inventory. The median price range for SOLD homes is between $170k and $180k. So if you aren’t in that price range OR below – you ain’t gonna sell! That’s a tough thing to wrap one’s mind around – especially given the purchase price 4 years ago!
Point is – selling isn’t going to be for everyone. Chances are, if you bought between 2006 and today, you stand a chance to lose money on your property. So if you don’t HAVE to sell, then don’t! If you bought prior to 2006, you might break even or make a small profit. The bottom line? If you find yourself in a situation where you HAVE to sell, look at the market data provided to you by your Realtor and make sure that you price appropriately. I always tell people the following: I feel confident that I could sell your place; there are plenty of willing buyers out there.
The question is, are you willing to trust me and do whatever it takes?
Tuesday, June 29, 2010
My CTA Bus Ad campaign!
For a period of about 5 weeks my ad was on the side of a CTA bus which took different routes all over the city every day! I was one of 15 agents at Dream Town to have their ad on the side of a CTA bus.
Pretty Neat!
Pretty Neat!
Home Inspections – how to avoid big headaches!
Home Inspections – how to avoid big headaches!
Everyone seems to fear the home inspection because you just never know what will come up and what could potentially kill the deal. As with everything in this business, there are certain steps one can take to minimize the chance for surprise and disaster.
I recently had the chance to speak with Michelle Teague of All About Homes and she provided some very helpful tips that I will share below:
Prior to a home inspection it is helpful to review what a home inspector does and does not cover during the inspection with your client. This will set realistic expectations. A home inspector will visually inspect all safety and functionality issues that deal with structure, the exterior, the roof, chimneys, electrical, HVAC, water heater, plumbing, attic and the interior (i.e. walls, ceilings, floors, windows, appliances etc)
A home inspector will NOT do code inspections, they are not contractors, they cannot do repairs themselves, they do not inspect systems owned by utilities or municipalities and they will not do specialty inspections such as mold, termite, or structural. They will recommend that a special inspection be done and can usually point out problems like mold, but they cannot test the mold for instance.
One thing a buyer should know beforehand is that home inspection reports are not as scary as they might appear to be. A good home inspector will provide a very thorough report and it helps to let buyers know that every home inspection will reveal “problems.” The key is to distinguish between the major problems and the minor ones. I always tell my clients that the issues to pay attention to are the ones that are classified as “Safety Concerns,” or anything else that may be a major expense in the near future.
Major expenses include masonry work (look for heavy cracking, leaning walls, cracking and sagging around windows, or crumbling parapets), plumbing (check for low pressure), electrical (look for old fuses and panels that might indicate things aren’t up to code), heating and cooling systems, structural issues, and water damage.
Everything else can usually be categorized as minor and not worth losing a deal over.
If you set expectations up front, your home inspection will go more smoothly and buyers will be less stressed out about this potentially difficult step in the process!
Everyone seems to fear the home inspection because you just never know what will come up and what could potentially kill the deal. As with everything in this business, there are certain steps one can take to minimize the chance for surprise and disaster.
I recently had the chance to speak with Michelle Teague of All About Homes and she provided some very helpful tips that I will share below:
Prior to a home inspection it is helpful to review what a home inspector does and does not cover during the inspection with your client. This will set realistic expectations. A home inspector will visually inspect all safety and functionality issues that deal with structure, the exterior, the roof, chimneys, electrical, HVAC, water heater, plumbing, attic and the interior (i.e. walls, ceilings, floors, windows, appliances etc)
A home inspector will NOT do code inspections, they are not contractors, they cannot do repairs themselves, they do not inspect systems owned by utilities or municipalities and they will not do specialty inspections such as mold, termite, or structural. They will recommend that a special inspection be done and can usually point out problems like mold, but they cannot test the mold for instance.
One thing a buyer should know beforehand is that home inspection reports are not as scary as they might appear to be. A good home inspector will provide a very thorough report and it helps to let buyers know that every home inspection will reveal “problems.” The key is to distinguish between the major problems and the minor ones. I always tell my clients that the issues to pay attention to are the ones that are classified as “Safety Concerns,” or anything else that may be a major expense in the near future.
Major expenses include masonry work (look for heavy cracking, leaning walls, cracking and sagging around windows, or crumbling parapets), plumbing (check for low pressure), electrical (look for old fuses and panels that might indicate things aren’t up to code), heating and cooling systems, structural issues, and water damage.
Everything else can usually be categorized as minor and not worth losing a deal over.
If you set expectations up front, your home inspection will go more smoothly and buyers will be less stressed out about this potentially difficult step in the process!
Monday, May 24, 2010
Best Tips for Selling Your Home!
-
Keep Your Home Sale from Falling Apart
After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read -
7 Tips for Staging Your Home
Make your home warm and inviting to boost your home’s value and speed up the sale process. Read -
6 Tips for Choosing the Best Offer for Your Home
Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. Read -
5 Tips to Prepare Your Home for Sale
Working to get your home ship-shape for showings will increase its value and shorten your sales time. Read -
7 Tips for a Profitable Home Closing
Be sure you’re walking away with all the money you’re entitled to from the sale of your home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
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