What Do Buyers and Sellers Pay at Closing?

Were you recently rejected from getting a mortgage and are unsure why? Today we have four possible reasons why.

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People ask us all the time, “What are closing costs?” 

The answer to this actually varies for buyers and sellers, so let’s examine both sides. 

For sellers, closing costs are made up of title, brokerage, and attorney fees. There are also area-specific costs to consider. Closing costs also include the expense of home inspections.

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For buyers, closing costs will include appraisal fees, administrative fees, loan company fees, third-party fees, and more. 

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When it comes to buyers, closing costs are comprised mostly of finance fees. These will include appraisal fees, administrative fees, loan company fees, and third-party fees including title work.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Top Reasons to List During the Holidays

Today, I’d like to share a few key reasons why you should think about listing over the holidays.

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Some people think that the holidays aren’t a good time to list, but this is just a myth.

Traditionally, sales are down in our Chicago area by just 15% to 20% around this time of year. This means that there are still active buyers right now who need your home on the market to buy.

So, what are the top reasons to list your home with this holiday season?

First, many buyers are on the market at this time of year specifically for tax reasons. There are also fewer homes on the market to compete with. This means your listing will see more demand, which means you may earn more money.

If you wait until January or later to list, you’ll be dealing with a much higher level of competition.

Over the holidays, your listing will see more demand, which means you may earn more money.

Another reason to list over the holidays is that buyers at this time of year are more serious. These people are not only looking at fewer homes, they’re also going to be making faster decisions.

Finally, there are a number of buyers being relocated for their careers over the holiday season. If you want to take advantage of these relocation buyers, you’ll need to be on the market at the end of the year. 

There are a number of other reasons you should think about listing over the holidays. To see the full list, click here.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why You Shouldn’t Relist Your Home With the Same Agent

If you’re listing has expired, here’s what you should do instead of relisting with the same agent.

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Have you had your home on the market for a long time or has it just expired after being listed for six months without selling?

If so, you shouldn’t relist with the same agent. I speak with a lot of sellers every day with canceled listings who wonder why they should relist their home if it didn’t sell the first time around. That’s a valid point—you shouldn’t do the same thing and expect a different result. This is why you should relist with a different agent.

I’ll price your home competitively and price it to make a great first impression.

For example, if it’s me who’s selling your home the next time around, there are three things I’ll do actively and aggressively to succeed where past agents failed:

1. I’ll price your home competitively and price it to make a great first impression. 
2. I’ll monitor the market on a weekly basis and report back to you honestly about what it has to say about your home compared to others that have recently sold or are still on the market. 
3. I’ll network with the agents in town, prospect for a minimum of four hours, and speak with a minimum of 44 people each and every day. 

Did your previous agent do these kinds of things? Probably not. Otherwise, your home would’ve sold by now.

If you have any questions about how I can get your home sold, give me a call or shoot me an email. I’d be happy to speak with you.

How to Sell a Downtown Condo in Chicago

Selling a condo in downtown Chicago? We’ve got some tips to help you increase your sale price.

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There are a number of different ways to go about selling a condo in downtown Chicago. The condo’s location and unique features are some of the things that could really impact the pricing.

One of the most important things to remember when selling a condo is to stage it, declutter it, and make sure it’s clean as a whistle. Putting it in the best light possible will help ensure you get top dollar when it comes time to sell. Try and differentiate your unit from the other ones like it through staging.

Marketing is an essential aspect of selling a condo.

Marketing the condo is also an essential aspect. Determine what the key differences are in your unit vs. the other ones on the market. Does it have a unique view? A pool? Nearby entertainment?

Finally, there’s the financing aspect. The main concern lenders have with condos is how strong the association is. Do they have enough money in reserve to replace outdated roofs, windows, and other things? As long as there aren't a lot of problems, financing usually isn’t one.

If you have any other questions about selling a condo in downtown Chicago or anything else relating to real estate, give us a call or send us an email today. We would love to hear from you.

The Do’s and Don’ts of Flipping a House

Today we’re going over the do’s and don’ts of home flips to help ensure your rehab project goes smoothly.

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There are many do’s and don’ts when it comes to flipping houses, and if you’re thinking about taking on a flip, you need to be aware of them.

The Do’s:

• Do hire the right people. Make sure you don’t have a contractor or a site manager that will take advantage of you and your resources. 
• Do secure your financing ahead of time. Make sure you not only have the cash to buy the house, but also to pay your workers throughout the duration of the flip and cover unexpected costs. 
• Do pay attention to the market. Look at the area to see what the return on the investment will be. 
• Do pay attention to the neighborhood. Buying a home near schools and shopping centers will attract more buyers post-flip. 

Buying a home near schools and shopping centers will attract more buyers post-flip.

The Don’ts:

• Don’t ignore red flags. For example, make sure the property doesn’t have mold, or if it does, be prepared to deal with it. You also need to be on the lookout for any structural issues. 
• Don’t go ‘too big’ on your first project. You want to make sure you can cover all the costs as well as maintain your personal life. 
• Don’t do the bare minimum. You won’t make any money by simply repainting and putting in new carpet. 
• Don’t blow your budget early. Make sure you watch your budget closely and keep your emotions from influencing purchases or financial decisions. 

If you have any questions, feel free to give us a call or send us an email. We’d be happy to help you! 

Should You Sell Your Home or Rent It Out?

The rent vs. sell debate is a complicated one. It really comes down to where you’re at financially and where you want to be.

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We are excited to talk to you about today’s topic, which comes to us courtesy of our good friend, Ed Erickson. He wanted us to give some information on the benefits of selling and the benefits of renting, so those in the position to do either can make the decision that’s best for them and their family.

One reason someone may need to sell instead of rent is because they need the net proceeds from the sale to purchase a new home. Another reason is because they don’t want to be a landlord or have to deal with a property management company. Maybe they just have some really good equity in the property and want to cash out to take the money and invest it in something else.

They each have their own benefits.

However, renting out a house has its fair share of advantages. If you have negative equity, renting can help you build it back up. One of the great benefits of renting out a property is the many tax advantages. Depending on how your accountant handles things, renting out a property could help you out a lot. Finally, renting allows you to start a real estate portfolio while also providing a passive income stream. 

The stock market is always up or down, but the real estate market is a much safer bet. You can make a good deal of money investing in properties if you do it correctly. Thanks again to Ed for providing us with the topic. If you are in need of any business coaching needs, please give Ed a call at (773)-672-7418 or visit ericksoncoach.com. He will take great care of you.

If you have any questions for us about whether you should consider selling or renting your house, we would love to help you out. Just give us a call or send us an email. We look forward to hearing from you.

The 6 Hidden Costs of Selling in Chicago

When you sell your home, there are six hidden costs that you need to look out for that can impact whether or not it sells. I’m joined again today by David Bowen of imortgage for assistance with today’s topic.

1. Repairs: If you’ve allowed the home’s maintenance to lapse, you might need a handyman or contractor to tidy things up and make sure the home is pristine and ready to show.
2. Landscaping: Trees should be trimmed and the yard mowed and maintained. You might need to hire a maintenance crew if you’re vacating before selling. Curb appeal is the first impression on the buyer, and research shows that good curb appeal can increase the home’s value by 12%.
3. Staging the home: In the higher price ranges especially, stagers can tighten everything up and make sure the buyer is able to walk in and visualize where their furniture will go and how they’ll live in the space.
Sellers have closing costs of around 2% of the purchase price.
4. Utilities: You don’t want the gas, water, or electric turned off if you vacate, as the home still needs to show well and be operational.
5. Photography: Since 90% of home buyers start their search online, photos make a valuable impression on buyers and whether or not they’ll go see it. Hiring a professional is important here.
6. Closing costs: Sellers have closing costs normally in the range of 2% of the purchase price in the form of transfer taxes, property taxes, an attorney fee, title expense, brokerage commissions, and specialty inspections such as the termite inspection.

If you have any financing questions for Dave, you can call him at 708-705-7911 or email him at Dave.Bowen@imortgage.com. If you have any further questions about real estate, please don't hesitate to reach out to me. We look forward to hearing from you! 

What’s the Secret to Home Selling Success in Chicago?

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If you want to get your home sold quickly and for top dollar this spring, the most important thing you can do is price your home right, the moment it hits the market. Remember, you never get a second chance to make a lasting first impression.

Next, make sure your home is in pristine condition before listing it. The best way to do this is through staging, which allows buyers to imagine how they would utilize the space. To do this, you need to depersonalize and declutter the home to make it as appealing to as many buyers as possible.

Lastly, you need to know your target buyer market. Any home priced between $200,000-$225,000, there is a good chance a millennial is going to purchase it. About one-third of all buyers in this market are millennials, and about 70% of buyers are move-up buyers. Know what kind of person is going to be interested in your home and find a way to market it to them!

There is a myth about when the best time to list your home is, and that time is right now. Really, the best time to sell is when you and your family are ready to do so. However, it is worth mentioning that the largest volume of buyers are out at this time!

In order to really get the most out of your home sale, it’s crucial to hire an agent who will help you do all of these things. They will take the weight and the stress off your shoulders and get your home sold quickly and for top dollar!

If you have any questions about this, or if you need real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

Avoid Having Your Listing Sit on the Chicago Market

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Today, David Bowen from Wintrust Mortgage joins us to discuss the best way to sell your Chicago home in the least amount of time. When your home isn’t in the best condition, it will likely sit on the market far too long. However, we can offer some solutions to remedy this headache! For instance, David provides some insight on how he sold his home in ten days.

• Adopt the buyer’s mindset. Imagine you are a buyer and personalize that experience. Tap into their emotions.
• Don’t settle for anything less than the home being in pristine condition. Anything less than pristine will deter a prospective buyer.
• Appeal to as many buyers as possible. Store away personal items, such as family photos and similar relics around the home. Take away anything that could potentially take away from your home’s value.
• Create as much space in the home as you possibly can. You might want to downsize, such as replacing your king bed with a queen one in the bedroom. Be sure to remove clutter and start stocking up your storage unit. 
• Make a good first impression. Cut the lawn. Have a clean doormat.  Windows should appear clear and polished. The outside of your home should shine!

If you have any questions about selling your home quickly and for top dollar in the Chicago area, give me a call or send me an email today! I’d be happy to serve your real estate needs.

Can You Trust Zestimates?

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Many clients ask me about the accuracy behind estimates Zillow provides. Zillow is only accurate 7% of the time! Their Zestimates are typically 5% to 10% off because they don’t take into account any interior upgrades and amenities of your home.

The site uses a basic algorithm in your area to calculate these estimates. However, we assess home values differently. Although Zillow gives you a ballpark estimate, talk to a real estate professional or an appraiser for more trustworthy estimates.

Real estate professionals will be able to assess your home based upon not only the local area but the condition inside your home and any changes that have been made. We want to paint the most accurate picture of your home. Appraisers don’t use Zillow. They inspect the home and the data for the market.

For more information on today’s topic or an accurate home value, contact me by phone or email. We’re happy to help you with your real estate needs!