Glenview Real Estate News

March 22, 2020

Real Estate things to Consider During Covid-19

Real Estate During Shelter-In-Place

The governor has deemed real estate as an ”Essential Business” similar to accountants, attorneys, insurance agents, financial institutions and title companies. There are many questions both buyers and seller’s have about home sales during this time.

Many home sellers are asking, “Should I take my house off the market during Stay-at-Home” order or “My house is currently for sale, should I still accept showings?”

Many home sellers are confused as to what to do. This is a highly personal decision. If the house is vacant, I would recommend keeping it on the market during this time. If you live in your house and have family members that are immune compromised or elderly folks living with you, you may want to consider having your realtor making your property “temp” in the MLS. This means the property is still for sale but it’s temporarily off the market.

In regular times, your house would still accrue market time while it’s temporality off the market. However, during this Stay-at-Home order many Multiple Listing Service providers will make exceptions.

Our local MRED MLS (Midwest Real Estate Data ) & it’s board of managers voted to permanently halt the accumulation of market time for any listings that have been moved into MRED’s Temporary (TEMP) status. So that means if your house’s market time was 32 days and your agent changes the status to Temporary, when your home goes back on the market in say 35 days from now, the market time will remain at 32 days and show as 32 days when your house is re-listed as Active in the MLS.

Many buyers are asking me questions like, “Can I still go house hunting & see house for sale during Governor Pritzker’s “Stay-at-Home” order for Illinois. Should I suspend my home search during Pritzger’s Stay-at-Home order? Again if you or a family member are immune compromised or if you live with elderly family, it’s probably best if you put your house hunting on hold. If you are healthy, the property is vacant & your realtor will likely be able to make arrangements to show you the house.

It’s important to maintain all the health advisories. Try not to touch any doors, surfaces or door handles in the house. Bring hand sanitizer and clean hands before entering the house and directly afterwards. Keep the number of people previewing the home to a minimum. Leave children and elderly folks at home while house hunting or if you aren’t feeling well cancel the showing. 

Another good alternative to previewing the home live, is to ask your real estate agent to give you a virtual tour. Your real estate agent can Face Time you  do Zoom call while walking through the house room by room. Or the homeowner/ seller can do the virtual walk through directly with the buyer as well.

This is a highly personal decision and I would be happy to discuss individual circumstances with you. Please feel free to call or text me at 847-867-0360 with any questions or concerns or if I can be of service in anyway.

Stay healthy & be well! 👍🙏

Vittoria Logli
Top Real Estate Agent
@properties
Glenview IL

March 20, 2020

5 Things to Avoid When Selling Your House

5 Things to Avoid When Selling Your House

 

 

We all know that selling your home can be both really exciting and stressful . Market times can really fluctuate depending on the specific areas as well as a home’s price point. Here are a few problem areas or pitfalls to avoid when listing & selling your house.

  1. The number one rule of real state is location, location, location & a bad location can be challenging. Is your house on a busy street, backing up to power lines, in a flood plain, near the railroad tracks or train station, next to a highway? We all know you can’t change the location of your home but it’s important to overcompensate in other areas if you have a poor location. Keeping up with the maintenance of mechanicals like HVAC, water heater, roof & appliances can be a huge benefit. Keeping up with current home décor trends such as updated paint colors, darkening hardwood flooring, updating carpet & painting kitchen cabinets white can help potential home buyers overlook an undesirable location. And finally pricing your home well is the #1 thing you can do to sell your house quickly. Any home can sell no matter where the location if it’s priced right!
  2. Try to avoid selling in the off season. In most areas of the country, spring is the best time to sell your house with peak times in April & May. Winter is the worst time to sell your home followed by Fall. Spring & Summer tend to be peak seasons for listing and selling your house. It’s not to say that homes can’t sell during bad weather and holidays, but your buyer pool is limited.
  3. Is your house in bad condition, is there a lot of deferred maintenance? Is your roof older than 20 years old? Is your air conditioner more than 15 years old? is your furnace older than 20 years? Do you windows leak? Do your windows have cracks in them? Do your windows have broken seals? Is your landscaping overgrown? Are their cracks in your front stoop? Are there cracks in your back patio? All these things can be very costly to fix. I would recommend getting the advice of a professional real estate agent on which items to address first. You can always offer a home warranty to potential buyers through companies like American Home Shield or Hello Super. You can also use 3rd party rehab company such as Curbio. Curbio will fix, repair and refresh your home and get it market ready. They not only pay for the rehab and repairs upfront, they also provide project managers that manage all the contractors so you don’t have too! Curbio pays for everything and then you pay them back once your home closes nor do they charge any interest. Again consulting with a reputable Realtor should be your first step in deciding what to fix & how much to spend.
  4. Has your home been on the market longer than 100 days? Has your home come on and off the market in the last few years? When your house spends too much time on the market or MLS, it sends signals to buyers to be wary. This is especially true if the house swings back and forth between pending and active. Generally, a home sits on the market for a long period of time, if it’s overpriced from the start. If after 30 days you aren’t’ getting any 2nd showings or any offers, the rule of thumb is to reduce the list price by 5% and keep reducing by 5% until the house sells!! Avoid long market times by pricing your home right from the start.
  5. No Curb appeal can be a deal killer. If your lawn is unkept, bushes and trees overgrown, peeling or chipping paint on the front door, worn siding are all big turn off’s to potential buyers. You wouldn’t buy a piece of fruit if it was bruised & rotted would you? There are lots of things little things you can address before listing your home for sale and without spending a fortune. Getting the advice from a professional Realtor should be your first step in determining exactly what needs to get done upfront, what to price it at and what improvements should be made in order to sell your house fast and for top dollar.


Vittoria Logli
Broker Associate
@properties
847-810-8438
vittoria@atproperties.com

March 16, 2020

Selling your house ‘as is’

Selling your house ‘as is’

When I meet with people that want to sell their homes, I often get asked the question, “should I sell my house as is”


First let’s define what “as is” really means.

Selling “as-is” means selling the house in its current condition or as it exists immediately prior to closing.  If the property has any damage or defects, the seller will not make or pay for any modifications or repairs.

sell house as isWhen you put your house up for sale and it’s advertised ‘as is’, you are telling buyers upfront that there could potentially be something really wrong with the property and you’re not willing to put money into getting the problem fixed. Or a buyer may surmise that the house hasn’t been properly maintained and there might be a lot of deferred maintenance. If a buyer gets this message upfront, they will likely come in with a very low ball offer and assume there is something really wrong with your home.

 

There are a 3 scenarios where selling your home ‘as is’ is appropriate.

  1. if the property is an estate sale. Meaning someone has passed away and their family is selling the property. If that’s the case, then the home should be advertised for sale not only as is but also as an estate sale.
  2. If the home is being sold in a distressed sale- short sale or foreclosure. In these scenarios a buyer expects there to be deferred maintenance and the pricing is already built in to account for the all work that needs to take place.
  3. If the house is a teardown. Meaning there’s no value in the home other than the land value. In this scenario a builder will come in and often pay cash to buy the house, tear it down and build a brand new home in that lot.

In general, I don’t recommend selling a property as is unless it falls under one of the three criteria. It can be a hassle to fix the little things or even some more major components, but ultimately if you want to net the most amount of money in the sale of your home, it’s important to maintain and fix issues before they arise during inspection.

 

Vittoria Logli
Broker Associate
@properties

Posted in Real Estate
March 1, 2020

Top Designer Tips & Tricks

While the process of decorating your home is thrilling, it also comes with its fair share of challenges. Your goal should be to showcase your design aesthetic in a tasteful way, but it’s a given that you'll be faced with everything from an interior that lacks natural light to a layout that’s much smaller than you’d like. So it’s no surprise that these common dilemmas might turn you off from decorating altogether. But instead of viewing them as stumbling blocks, use them as inspiration to design the home of your dreams.

Regardless of the type of space you're decorating, there's nothing more important than paying attention to details—and expressing your creativity. Taking the time to understand the basic principles of decorating, from choosing the right furniture to finding the perfect color palette, will get you one step closer to crafting the home you’ve always wanted.

Here, we share decorating pointers from our archives and useful tips from top interior decorators to help you make sense of what good design really means. If you're ready to master the art of decorating and up for putting your imagination to the test, click through for some of the best tips in the business.

https://www.elledecor.com/design-decorate/interior-designers/g3183/home-decor-ideas/?slide=1

Posted in Interior Design
Feb. 29, 2020

Smart Curb Appeal Ideas

Help your home make a great first impression.

 

By Sarah Yang and Petra Guglielmetti 
February 27, 2020
Each product we feature has been independently selected and reviewed by our editorial team. If you make a purchase using the links included, we may earn commission.
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First impressions do matter, especially in real estate: It’s called curb appeal. Buyers might be less likely to check out the rest of a house if the outside is rundown or unattractive, or the porch decor is lacking. Even if the interiors are stunning, a house that lacks curb appeal will feel unwelcoming to guests and potential buyers alike.

You know curb appeal when you see it, and you definitely notice when it’s lacking. Yet sometimes it’s hard to pinpoint what exactly makes a particular house on the block so much more welcoming than the next. “You don’t need a big budget to create outstanding curb appeal,” says Deb Cohen, who runs the popular Instagram account @thefrontdoorproject.

What you do need: color and contrast, balance, and good old-fashioned TLC. “Contrast dictates what our eye sees first, like a pot of yellow flowers against red brick,” explains Paula Monthofer, a real estate agent in Flagstaff, Arizona. Balance—a thoughtfully composed garden bed, symmetrical window boxes—affects our first impressions more subtly. “Balance and symmetry convey stability,” Monthofer says.

Beyond what guests and neighbors have to say about the plants for the front of the house you’ve chosen, if you’re looking to sell your house, a few quick, inexpensive changes to your home’s exterior could help make the process easier for you, from being able to sell faster to adding more value to the asking price.

“Whether you’re getting ready to sell, or you’re just looking to add a little extra pizazz to your home’s exterior, boosting your curb appeal can be quicker and easier than you might expect, you just have to pick the right projects,” says Kerrie Kelly of Kerrie Kelly Design Lab. “Many of these quick-fix projects can be done in an afternoon, and without professional help. But be careful—anything that requires electrical work, fencing, or major landscaping are best left to the experts.”

Take a look at top curb appeal ideas, including tips from pros and research from real estate site Zillow. You’ll be ready to put your best house forward with these expert tricks.

David Papazian/Getty Images
1
Paint Your Front Door

First on your to-do list should be the front door—use it (with the right front door colors) to greet any potential buyers. “Let your front door speak to your home’s style with a new coat of paint,” says Kelly. “A beautiful front door color can completely refresh your home.” You can go with a tried-and-true classic like black or charcoal, or pick a bold hue like bright red or yellow.

2
Replace Your Mailbox

It’s all about the details, so if your mailbox looks like it’s going to topple over or is rusty, it might be time to bring a new one in.

3
Update Hardware

“Replace your street numbers,” says Christina Salway of 11211 Interior Design. “Don’t underestimate the impact of little details like swapping out junky old street numbers for something fresh and modern. It can be transformative and only takes about $15 and 15 minutes!” The same can be said for door hardware (doorknobs and door knockers).

4
Give Garage Doors a Lift

In many neighborhoods, garage doors dominate what you see from the street, but they often lack the detail or depth of the rest of the home. One fix that requires zero commitment (and almost as little effort): temporary or magnetic decorative hardware—like handles, hasps, and faux window panels. These accessories add interest and remain secure, says DIY expert Jenna Shaughnessy, creator of the blog Jenna Kate at Home. (Try these magnetic hinges and handles.)

Garage doors are also paintable, and shifting away from basic white (or worse, dingy whitish) can have a huge impact. Paint the garage to match your siding so it blends in (it can help that sometimes-eyesore disappear), or opt for the same contrasting shade as your front door. This can be a weekend project if you use a fast-drying exterior semigloss paint, like Sherwin-Williams SnapDry Door & Trim Paint. Some door finishes may require a coat of primer first; ask at the store if you’re not sure. Save this project for mild, dry weather—not humid or rainy—so the paint can dry properly.

5
Add Potted Plants

Plants can breathe some life into a space and make it seem lived-in and well cared for. “Varying heights of annuals or perennials grouped together at either side of the walkway can make a huge statement for your curb appeal,” says Thee.

6
Do a Thorough Cleaning

A marathon cleaning session can also do wonders for your curb appeal. “Power wash or hose down your exterior, driveway, and sidewalk,” says Leslie Ebersole, a real estate agent for Baird & Warner in Illinois's Fox Valley region.

7
Refresh Your Outdoor Furniture

Any outdoor furniture that’s old and in need of repair should be tossed out or updated. “Try a quick coat of spray paint on front porch benches or outdoor seating to freshen it up,” Thee says.

8
Illuminate the Front Path

Don’t rely on a single post lamp or garage-mounted floodlight. “A clear path to your front door adds warmth and provides security,” says Gena Kirk, vice president of design for the development company KB Home. Rather than flanking the path runway-style, tuck solar-powered spotlights into garden beds and aim them along the walkway.

9
Update Porch Fixtures

This can instantly improve the look of your home, both day and night. “Exterior lights are worth a little extra investment, since they get quite a bit of abuse from the elements,” Cohen notes. “Inexpensive fixtures and hardware may show wear more quickly and need to be replaced much sooner.” Choose brass or copper fixtures, which are typically more resistant to corrosion than aluminum ones; Hubbardton Forge and Rejuvenation offer sturdy picks trusted by architects and designers.

10
Uplight Parts of the Yard or House

Think a specimen tree, the front porch, or a neat row of shrubs. Angle a spotlight or “bullet” light toward the canopy of a tree to add depth to your lighting scheme.

11
Try Moonlighting

“This is the opposite of uplighting,” says Blythe Yost, cofounder and head designer at Tilly, an online landscape-design company. “Place fixtures in trees so they shine down on the pathway and lawn for a soft, natural glow.”

12
Bring in New Bark

Mulch doesn’t just give beds color and contrast—it also helps prevent the spread of weeds and keeps the soil moist. Avoid dyed mulches, which can contain contaminants, and go for simple materials native to your region, like tree bark or wood chips in the Northeast or crushed shells in Florida. “Layer about two inches of fresh mulch onto your beds each spring; it’ll break down throughout the year and provide vital organic fertilizer for your plants,” Yost says.

13
Spruce Up Your Shrubs

As for pruning, if your shrubs look “leggy,” or show more branches than greenery, they likely need some extra snipping. “You want to bring light and air to the plant so it grows on the inside as well as the outside,” Yost says. “This will make it denser and fuller.” It’s best to prune manually, using very sharp tools; motorized pruners simply skim the surface, which can lead to blocked light and poor air circulation.

Granted, not every shrub in your yard has to be pruned. Popular hedge plants, like boxwood, holly, taxus, privet, and cherry laurel, do become lush and neat with regular pruning, but other favorites—like junipers, spruces, and cedars—generally don’t respond well to it. Talk to an expert at your nursery or do a quick internet search to find out how much maintenance your plants require.

14
Balance the Garden Beds

The prettiest gardens are full of layers. Ideally, find a mix of evergreen and deciduous plants of different heights and textures. Put the tallest in back and the lowest in front. “Consider plants with a vibrant impact, long-lasting blooms, or interesting foliage,” says Missy Henriksen of the National Association of Landscape Professionals.

Posted in Home Improvement
Feb. 28, 2020

Housing wealth

Earlier this month, the National Association of Realtors (NAR) released a special study titled Single-Family Home Price Gains by Years of Tenure. The study estimates median home price appreciation over the last 30 years based on the length of homeownership.

Below are three graphs depicting the most important data revealed in the study.

How much have home prices increased?

One of the first measures of the financial benefits of homeownership is the net worth (in the form of equity) an owner can build over time. The study showed the average increase in home values based on how long homeowners stayed in a home.How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current Matters

What was the percentage of appreciation?

Another way to look at this is by the percentage increase in value over time, called appreciation:How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current Matters

Was this appreciation consistent throughout the country?

Today, when we think of markets that have done well over the last decade, we have a tendency to think about San Francisco, San Diego, Seattle, and other West Coast cities. Though it is true the West Region showed the highest price growth over the last three decades, we can see how every region of the country did quite well in ten-year increments:How Much “Housing Wealth” Can You Build in a Decade? | Keeping Current MattersThis data validates the claim that homeownership is great for building wealth. The importance of this information was highlighted in the study’s first sentence:

“Homeownership is an important source of wealth creation, enabling current homeowners and succeeding generations to move up the economic ladder.”

Bottom Line

Homeownership has many financial and non-financial benefits. The accumulation of “housing wealth” through increased equity is a major one. If you’re thinking of buying a home for the first time or moving up to your dream home, the sooner you make the move, the sooner your net worth will begin to grow.

Posted in Real Estate
Feb. 17, 2020

Renovate now & pay when you sell with Curbio

Posted in Home Improvement
Feb. 16, 2020

Growing equity

The Benefits of Growing Equity in Your Home

The Benefits of Growing Equity in Your Home | MyKCM

Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a slower pace. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners.

1. Move-Up Opportunity

With the rise in prices, homeowners naturally experience an increase in home equity. According to the Homeowner Equity Insights from CoreLogic,

“In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”

This increase in profit means if homeowners decide to sell, they’ll be able to put their equity to work for them as they make plans to move up into their next home.

2. Gain in Seller’s Profit

ATTOM Data Solutions recently released their Q2 2019 Home Sales Report, indicating the seller’s profit jumped at one of the fastest rates since 2015. They said:

“A look at the national numbers showed that U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since the original purchase of $67,500...the average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of the original purchase price.”

Looking at the amount paid when they bought their homes, and then the amount they received after selling, we can see that some homeowners were able to walk away with a significant gain.

3. Out of a Negative Equity Situation

Negative equity occurs when there is a decline in home value, an increase in mortgage debt, or both. Many families experienced these challenges over the last decade. According to the same report from CoreLogic,

“U.S. homeowners with mortgages (roughly 63% of all properties) have seen their equity increase by a total of nearly $485.7 billion since the first quarter 2018, an increase of 5.6%, year over year.

In the first quarter of 2019, the total number of mortgaged residential properties with negative equity decreased…to 2.2 million homes, or 4.1% of all mortgaged properties.”

The good news is, many families have moved beyond a negative equity situation, and no longer owe more on their mortgage than the value of their home.

Bottom Line

If you’re a current homeowner, you may have more equity than you realize. Your equity can open the door to future opportunities, such as moving up to your dream home. Let’s get together to discuss your options and start to put your equity to work for you.

Posted in Real Estate
Feb. 15, 2020

Home buyer myths

2 Myths Holding Back Home Buyers

2 Myths Holding Back Home Buyers | MyKCM

In a recent article, First American shared how millennials are not really any different from previous generations when it comes to the goal of homeownership; it is still a huge part of their American Dream. The piece, however, also reveals,

 “Saving for a down payment is one of the biggest obstacles faced by first-time home buyers. Dispelling the 20 percent down payment myth could open the path to homeownership for many more.”

 Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate how much they need to qualify for a home loan. According to the same article:

“Americans still overestimate the qualifications needed to get a mortgage, resulting in qualified potential buyers not even considering homeownership. Indeed, the Urban Institute report revealed that 16 percent of consumers believed that the minimum down payment required by lenders is 20 percent or more, and another 40 percent didn’t know at all.”

While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a little research, many renters may actually be able to enter the housing market sooner than they ever imagined.

Myth #2: “I Need a 780 FICO® Score or Higher”

In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing a ‘good’ credit score is 780 or higher.

To debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.2 Myths Holding Back Home Buyers | MyKCMAs indicated in the chart above, 50.23% of approved mortgages had a credit score of 500-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Believe it or not – your dream home may already be within your reach.

Posted in Real Estate
Feb. 14, 2020

Feel like you've won

How to Avoid a Gender Gap When Investing in the Housing Market

How to Avoid a Gender Gap When Investing in the Housing Market | MyKCM

When buying a home, we all want to feel like we’re making the right decision, paying a fair price, and making the best investment of our lives. According to a recent gender-based study, men and women can unknowingly walk away with very different financial outcomes when the deal closes. Thankfully, if you follow some simple ways to arm yourself with the information you need to prepare in advance, you’re more likely to feel like you’ve won when the keys to your new house are in your pocket.

Kelly Shue and Paul Goldsmith-Pinkham of the Yale School of Management showed in their recent study The Gender Gap in Housing Returns, when single women invest in the housing market, they’re generally losing out compared to their male counterparts. The report explains,

“We find that single men earn one percentage point higher unlevered returns per year on housing investment relative to single women...The gender gap grows significantly larger after adjusting for mortgage borrowing: men earn 6 percentage points higher levered returns per year relative to women. Data on repeat sales reveal that women buy the same property for approximately 2% more and sell for 2% less.”

On National Public Radio (NPR), Kelly Shue elaborated by saying,

“Women are losing about $1,370 per year relative to men because they tend to buy the same house at a higher price and sell for a lower price.”

In the grand scheme of things, $1,370 a year could be as much as an entire month’s mortgage payment for many households in the United States.

How can you make sure this doesn’t happen to you?

The good news is, it doesn’t have to be this way for anyone, regardless of gender. Here are a few tips on how to make sure you’re prepped and ready to enter the housing market with your best foot forward.

1. Work with a Trusted Real Estate Professional

You need someone on your side who’s going to have your best interest in mind and support your unique homeownership goals. Hiring an agent who has a finger on the pulse of the market will make your buying experience an educated one. You need someone who’s going to tell you the truth, not just what they think you want to hear.

2. Understand the Homebuying Process

Know the key homebuying steps in advance, so you have the best context for how the process works from pre-approval to budgeting, inspections, and more. Have a price range in mind that you can realistically afford, too, so you’re ready to make an offer that positions you for success. Ask your agent questions along the way, and partner together so you feel confident and prepared at every turn.

3. Research the Current Market

Make sure you know the current trends and insights of the housing market as well. When you find a home that’s the perfect fit, determine what other homes are selling for in the neighborhood. These numbers can vary over time based on market conditions such as inventory, appreciation, and many other economic factors. A great agent will provide you with this information and guide you through every step from start to finish.

Bottom Line

When you have a trusted advisor on your side and you’re confident you know exactly what’s happening in the market, you’ll be in a great position to negotiate effectively. Let’s get together today to make sure you’re ready to win the homebuying deal.

Posted in Real Estate