Selling your home or condo
The housing market has certainly had its challenges the last few years but that does not mean you will have to take a loss when selling your home or condo. The key is to be fully prepared and have a home selling plan before you put your home or condo on the market. What is your reason for selling? Are you truly motivated and committed? Have you thought through the process? If you aren’t committed you could be setting yourself up for disappointment and more importantly losing money.
When selling your home or condo set the pricing where it will sell and not stay on the market too long. Too many sellers make the mistake of thinking their home is worth more than what the market will bear. Remember your home is worth what someone is willing to pay. Preparing your home or condo for sale can mean the difference between the highest and best price to selling below market value. Make sure you repair obvious maintenance issues that have been neglected and give some serious thought before making improvements since not all repairs will pay off. Once the repairs and improvements have been made do some research about home staging. Home staging is simply putting your home’s best face forward for potential buyers as they view your home creating that feeling of a well maintained, pleasant place to call home. One last thing that many people selling their home or condo don’t think about is preparing net profit sheet based on a low price and high price. Have in mind what you want for your home or condo and be prepared for the worst and hope for the best.
Moving to a New Place
By Patty Cunneen
Last weekend my fiancé and I rented a U-Haul truck because we were moving into a new place. We had spent all day packing up and unloading. It was midway through the day and our job was almost completed. All we had to do was drive the truck back to U-Haul and we would be be on our way back to our cozy new place. As we were pulling out of the parking lot, there was a sudden “bang.” Even though we were proceeding very slowly and cautiouly around a parked car, constantly checking our mirrors, we realized very quickly that we had crashed. But it wasn’t into the car that we were trying to be careful not to hit, it was the roof of the truck into a balcony of the building! We were not even thinking about the roof! We immediately jumped out of the truck to see the damage. Yep, we had put a hole through the roof.
We were reluctant at first to get too upset because, after all, we do have movers insurance right? Well, yes we did, but moments later we realized right on the dashboard was a notice which read "Overhead damage is not covered by insurance" and it had a few simple pictures to display this act.
We knew that was not good. We immediately drove the truck back to the place where it came from and told the owner the truth. As we nervously waited in his office, he clicked away calculating a final price. Fortunately, it wasn’t as horrible as we thought, but just a note to all homebuyers and condo movers: Make sure to watch the roof of the truck and try to remember how tall the truck really is that you are driving when you move into your new place!
Don’t Flush in a Challenging Real Estate Market!
By Anthony Caciopo
News of the Odd, with some things a Little Odder Than Others:
Apparently, the difficult economy and a challenged housing market has lots of ripple effects...sorry, no pun intended...and the latest bit of unusual news is that household water pressure in at least one community has been affected by the lack of residential real estate development.
According to the Elgin Courier-News, a three-year-old water tower in the Highland Woods subdivision on the western edge of the City of Elgin can be filled to only about 25% capacity because home building has all but stopped in the area . Now, a partial fill might not sound like a problem if there aren't that many homes to serve yet, right? But the real problem is that in order to keep the water from stagnating (since not enough useage is occurring for even that limited amount of water) the city's fire department has been periodically flushing fire hydrants in that area in order to prompt the cycling of fresh water in the tower.
This has resulted in reduced water pressure for a different type of flushing at homes and schools nearby. Less pressure means that all sorts of daily activities related to water change a bit, from washing the dishes, filling a drinking glass, sudsing up the laundry and, yes, even going to the bathroom.
We trust the good people of Highland Woods in Elgin aren't too inconvenienced by the occasional low water pressure. Certainly, no one wants to have to resort to flushing in shifts. The fire department has already said it will do its own flushing--of the hydrants, of course--on days when school isn't in session, along with giving local residents more notice of when to expect the temporary pressure drop. And let's also hope the recent glimmer of partial good news in the housing market has some impact soon in Highland Woods and beyond.
Home Sales
Home sales nationwide grew in February, according to the National Association of Realtors®, but home prices continue to decline in most areas of the country. Industry experts see this as an indication that it might take several more years for the real estate sector to recover fully.
The Pending Home Sales Index, a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
“Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance,” said Lawrence Yun, NAR chief economist, who stressed the importance of looking at the broader trend. “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit.”
According to Illinois Association of Realtors® data, statewide home sales, including single-family homes and condos, in February 2011 totaled 5,575 homes sold, up 1.3 percent from 5,505 sales in January 2011—and down 10.0 percent from February 2010. The median price in Illinois in February was $128,800, down 4.6 percent from $135,000 for the same month last year. The statewide single-family median price reached $129,000, up 1.6 percent from $127,000 in February 2010 and up 2.8 percent from $125,500 in February 2009.
While home sales are showing signs of recovery, data released March 29 by Standard & Poor’s, tracking home prices through January 2011, shows that home prices continue to drop in most areas of the country. The only metro areas in the United States that showed improvement in prices since last January were San Diego and Washington, D.C. San Diego’s figures rose just 0.1 percent over price averages seen in January 2010, but average prices rose more than 3.6 percent in Washington D.C.
Industry observers point to the unemployment rate, which remains about 10 percent nationally, as one reason for the reluctance of people to buy condos and other real estate, despite the low prices. In cities such as Washington, D.C., where the government accounts for many jobs, home sales have not been affected by unemployment as much as other areas.
Swiss Army Knife
While the build-out at the new OwnACondo.com office is nearing completion at 540 N. Lake Shore Drive in Chicago, we are working like busy elves in the training room of our old office in suburban Oak Brook. We had anticipated moving in sooner and so all of our belongings are packed away and we are working from limited resources. It is amazing, though, that our huge office can still operate from folding tables and temporary computer set-ups. We are a fully functioning office in a room in the basement of our building! We operate like a Swiss army knife. We have everything we need at the tip of our fingers in one small office. This may not be the nicest knife in the drawer but we have everything we need. We have had clients and agents stopping by the office and asking us if we have this or that, and we do. They are very impressed with the work that can be done, in a room in the basement of a building!
Granted we are very excited for the Chicago office, do not get me wrong, but we are perfectly capable and fully operating. Just like a Swiss army knife, we are able to do everything we need to do to get our work done....and that means helping people buy and sell condos, of course.
Once we move downtown (to Streeterville, to be exact), we will be a premiere Swiss army knife! We will have everything and more. Through this whole moving experience we have learned that all you need to do is make it work, no excuses. Do what you can with what you have and simply, get the job done! It is that simple!
Marie Waxton
OwnACondo.com welcomes Marie Waxton to its growing team of licensed real estate sales professionals. She is highly buyer-focused and dedicated to helping people find their dream residence.
Marie enjoys dissecting all the details that make up any particular property. "Real estate is usually the biggest investment people make. I like to make sure it's what they want and that it will fulfill their dreams," she says.
Her real estate career began in 2006 and Marie toured unique (and sometimes historic) buildings in Chicago, researching programs for their restoration. She worked with banks, making sure financing was available for these unique properties.
Highly personable and enthusiastic about Chicago and its people, Maries Waxton says without hesitation "I have a love affair with the city. I enjoy the lake, the zoo, the skyline, museums and jazz clubs." Marie originally hailed from Northwest Indiana and now resides in Chicago's Southwest suburbs.
Marie's specialties include:
- Chicago-area real estate
- Dupage County real estate
- Condos
- Townhomes
- First-time homebuyers
- Real estate investing
- Real estate investors
- Real estate auctions
- Leasing
- Rentals
- Foreclosures
- REOs
- Short sales
- Condo financing
Marie earned a degree in education and journalism from the University of Indiana, Bloomington. She encourages buyers to check out OwnACondo.com's easy condo search and to contact her at mwaxton@ownacondo.com for any information related to condos, townhomes, financing or real estate in general. Marie Waxton continues OwnACondo.com's long tradition of expert, dedicated and customer-centric service that consumers love!
Chester Williams
Chester Williams has joined the growing team of dedicated real estate professionals at OwnACondo.com, bringing five years of real estate sales experience, and a wealth of customer service skills too.
“I just enjoy seeing people get their dream homes,” said Chester. “I am good at matching people up with the right property. I listen to what they want and what their needs are, and I know the Chicago market well.
He studied business and economics at Illinois State University, and after earning his real estate license, Chester Williams worked for Century 21 Blair James Realty on the North Side of Chicago from 2007 to 2009. In addition, he has several decades of experience in customer service, having worked for the past 20 years for Advertising Broadcast Services, where he is now collections manager.
Chester and his wife live in Chicago’s Wrightwood neighborhood, on the Southwest Side of the city, and he is very familiar with all areas of the city, and south suburbs too. His specialties include:
- Condos
- Single-family homes
- Multi-unit buildings
- Chicago real estate
- Chicago South real estate
- Chicago North real estate
- South Cook County real estate
- Downtown Chicago real estate
- Negotiations
- Foreclosures
- REOs
When he is not helping clients find homes, Chester enjoys hobbies such as restoring classic cars. His current favorite is his newly restored 1963 Chevrolet Impala.
If you have any questions or would like Chester Williams to help you find your own dream home or investment property, contact him at (773) 771-3306 or cwilliams@ownacondo.com.
House Hunting
When you decide to move, the process of house hunting can be fun and exciting, aside from the occasional headache that is bound to crop up as you search for a condo or home of any kind.
But for many people, after a contract is accepted on a new place or a lease has been signed, the (so-called) fun is only beginning, as they tackle the task of packing, and unpacking, which comes with its own share of headaches.
After the house hunting is done, packing can be cleansing too, as you go through your possessions and decide what is really important, or what you can bear to part with. You just might find that you really need very little, and most of the things should have been tossed a long time ago. It’s an eye-opening experience, to say the least.
Especially if you are downsizing, perhaps moving from a single-family house to a townhome or condo, you will have to make some hard decisions about how much room you will have to fit all your “stuff.” You don’t need to be a hoarder to find it all a bit overwhelming. Even moving from one small apartment to another, I was inclined to agonize over what to pack, throw out or donate.
Having gone through the house-hunting process myself just recently, it is fresh in my mind. In fact, I still need to unpack some boxes, as soon as I find space for the stuff inside them. I had forgotten how much I had! I even found things I had packed away during my last move four years ago. Leaving them unopened is a sure sign that I didn’t need whatever they were. This is just another reason not to rack up personal debt when you are seeking a home loan, since you may not have space for your purchases in the new place anyway.
ABR Designation (Accredited Buyer Representation)
There are plenty of opportunities for Realtors® to stand apart from the rest. One of the ways a real estate agent can do this is by obtaining a designation. You can educate yourself on your specialty and participate in continuing your education. Many of the Realtors® at OwnACondo.com for instance have their ABR® designation, for Accredited Buyer’s Representation. They truly specialize in working and servicing buyers.
In order to obtain the ABR® Designation, you need to complete a two-day course and receive an 80% or higher score on the exam. You will then have three years to complete the other ABR® requirements. These requirements include: successful completion of the ABR® elective courses with a passing grade of 80% on the exam; documentation verifying that you have completed five transactions in which you acted only as the buyer agent; and finally, maintaining an active and good membership status with the Real Estate Buyer’s Agent Council and the National Association of Realtors®.
In the real estate industry, it is important to stand out in the field. There are many Realtors® and all are after the same goals: Closing transactions and making money. Do something unique and special so that you are more easily recognizable, such as earning an ABR® designation. You can then add this designation to all of your marketing and advertising. Add this designation to all social networking sites and you are already ahead of the rest.
Our condo buyers really love our ABR Agents, because our buyers are assured of unparralled expertise and service.
