Make Your Open House A Success

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So you’re selling your house, and now it’s time to show it off to buyers! Use these tips, and the help of your REALTOR®, to make a great first impression during your open house.

Make Your Home Open House Ready

Make sure your home is picture-perfect by the time your open house comes around. Here are some things we recommend you take the time to do:

  • Clean Up Clutter: Tuck away additional clutter within your home, including clothes, cleaning supplies, toys and more. If you don’t have a good location to put it all, consider renting a storage unit.
  • Make Your House Spotless: Deep clean every inch of your home, so your windows are spotless and there are no dust bunnies in sight. Don’t have the time? Hire a cleaning service. Your REALTOR® likely has some recommendations for you.
  • Consider Cosmetic Repairs: This isn’t the time to make any big changes, but if you spot chipped paint or burnt out lightbulbs, making those repairs will go a long way in making your house look great!
  • Remove Any Personal Items: When a potential buyer walks into a home, they want to be able to picture themselves in it. Seeing photos of your family and other personal items can hinder that experience, so put them away for the time being. Also, put any valuables in a secure location, just in case.

Get The Word Out

Although your REALTOR® will do a lot of heavy lifting on this front, it doesn’t hurt to give them a hand. Add posts to your social media platforms, such as neighborhood groups, if you’re part of them, to get the word out. Or, if you frequent a local coffee shop or popular store with a bulletin board, don’t be afraid to go “old school” with a flyer.

Also, work with your REALTOR® on a few different aspects of the open house, such as:

  • Setting up yard signs to announce the open house. If you live in a winding neighborhood or subdivision, put signs around the neighborhood to direct visitors to the right location.
  • Add the open house information to your online listing for additional traffic.
  • Decide on the best time to host the event. Sundays are typically the most popular, and other open houses may take place between 1:00 PM to 3:00 PM. Consider starting earlier, around noon, or keep yours open later, until 4:00 PM or 5:00 PM, so you’re not competing for visitors.

Let Your REALTOR® Take the Reins

When the day comes, step back and let your REALTOR® work their magic. Make sure to leave your house (having the seller lurking around isn’t the best look), but keep your phone on you in case your REALTOR® has questions.

Afterward, debrief with them about any questions that came up or comments that were made, and discuss how to address them to get your home sold!

Row of homes in snow

The Ultimate Winter Maintenance To-Do List

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As cold weather creeps in, it’s time to start looking at your winter maintenance to-do list. Use this list to start checking off your tasks to prepare for everything that comes with the wintry season.

Check for Drafts

Before Chicago temperatures drop consistently into the single and negative digits, save on your energy costs by addressing drafty entry points. You can save up to 20% each year, according to the U.S. Energy Department. Look for cracks in window caulking or doorway weatherstripping, which are two common causes of drafts.

Inspect Your Roof

Before the first snowfall, check for leaks in your roof! If you don’t know what to look for, a professional roof inspection can determine if there are any issues.

If you want to look for yourself, check for cracks or rust on flashing, warped shingles or build up of moss or lichen (which could mean decay below).

Clean Your Gutters

Clear debris from your gutters to avoid clogs which can lead to dangerous and damaging ice dams. Clogged gutters can cause expensive water damage! Follow these tips to clean your gutters.

Trim Tree Branches

Heavy snow can weigh down branches and even cause them to break off, and you don’t want them hitting and damaging your house! Make sure any limbs or branches around the outside of your home are at least three feet away.

Prep Your Pipes

Water expands when frozen, and if that water is in your pipes, it can cause them to burst. Avoid this by insulating pipes that run through unheated spaces like garages, crawl spaces, et cetera.

If the weather is expected to be particularly cold, consider setting your faucets to drip, which ensures water continues to move through the pipes and doesn’t grow stationary enough to freeze.

Check Smoke and Carbon Monoxide Detectors

Get in the habit of checking your smoke and carbon monoxide detectors once a season to see if their batteries need to be replaced. These are important safety guards!

In the end, winter maintenance doesn’t have to be intimidating! With planning and foresight, your home will be ready for whatever winter brings.

couple working on a home renovation

The Home Renovations That Will Bring You Joy – & ROI

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Whether you’re doing a home renovation for your own pleasure, to update your space or to fix something that’s broken, home projects are always in demand. We’re breaking down the projects that bring the most joy to homeowners, and the ones that will make you the most money when you’re ready to sell.

Home Projects That Bring the Most Joy

Certain projects make you want to stay at home more, increase the enjoyment of your home or simply make a homeowner happy. According to the National Association of REALTORS® (NAR) and the National Association of the Remodeling Industry(NARI), these are the projects that bring the most joy for homeowners:

  • Painting your home’s interior, either just a room or the entire home
  • Adding a home office
  • Refinishing hardwood floors
  • Closet renovations
  • Insulation upgrades

Renovations With the Highest Cost Recovery

When it comes to choosing a project for your home, there are some renovations that will have a bigger pay off in the long run compared to others. Here are the home renovations NAR and NARI say you will recover the cost of the project when selling your home.

  • Refinishing Hardwood Floors
    On average, this project costs about $3,400, and $5,000 is the estimated cost recovery, making it a 147% cost recovery.
  • New Wood Flooring
    Typically, new wood floors cost $5,500, and $6,500 can be recovered, a 118% cost recovery.
  • Insulation Upgrade
    On average, this project costs about $2,500, and $2,500 is the estimated cost recovery, making it a 100% cost recovery.
  • New Roofing
    Typically, new roofing cost $12,000, and $12,000 can be recovered, a 100% cost recovery.
  • New Garage Door
    Typically, a new garage door cost $2,000, and $2,000 can be recovered, a 100% cost recovery.

The Ultimate Spring Maintenance Checklist

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Goodbye freezing cold, hello spring! It’s time to start looking at your spring maintenance to-do list. Use this as a resource to start checking off tasks and getting ready for warmer albeit rainier weather.

Scan For Termites

Starting in March, termites become more prevalent. Keep an eye on any exterior wood of your home (porches and patios are common culprits). If you notice a hole with a winged insect the size of a rice grain flying out, that’s likely a termite. Call a pest control company as soon as possible!

Keep Mosquitos at Bay

Mosquitos can be pesky nuisances, but there is one straightforward trick to keep the hordes away from your home: get rid of any standing water. Mosquitos lay their eggs on stationary water! With no place to lay eggs, you’ll see less flying around your santuary.

Clean Your Screens & Windows

Temperatures aren’t too hot or too cold come springtime, so it’s a popular time of year to enjoy open windows. How are those windows looking? Clean filth off the screens and wipe the grime off the glass so you can enjoy as much sunshine as possible.

Clear Your Gutters

Now that the weather has thawed, rainstorms are on their way. Part of your spring maintenance checklist should include clearing leftover leaves and debris so there are no drainage issues when spring deluges truly open up.

Get Your Air Conditioner Serviced

Take care of your air conditioning units with regular service checks by scheduling a visit before the summer temperatures truly crank up. Plus, you’ll save money and stretch out the lifespan of the unit.

Check Smoke & Carbon Monoxide Detectors

Last, but certainly not least, get in the habit of checking your smoke and carbon monoxide detectors once a season to see if their batteries need to be replaced.

Cold Weather Tips for Safety and Prevention

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During the winter season, it’s important to be proactive in protecting your family and your home from the elements. Below are our tips to combat the cold weather and prevent larger issues in the future.

  • Increase your thermostat’s temperature 2 to 3 degrees on extra cold days
  • Leave cabinet doors open if pipes are inside
  • Ensure all windows are fully closed and locked
  • Use door sweeps to stop drafts
  • Run faucets at a slow drip if temperatures drop below 0 degrees

Also, space heaters are typically used more frequently in cold weather. remember that space heaters can be dangerous. The following types will help avoid the risk of fires or other potential harm:

  • Keep blankets and other fabrics at a distance
  • Invest in newer models, which tend to be safer
  • Avoid connecting them to extension cords, as they increase the risk of fires
  • Ensure fire detectors are working

Following these tips will help protect your building and tenants during Chicago winters.

condo yard

What You Should Know Before Buying A Condo

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If you’re interested in buying a condo, here are some helpful terms and things to consider. 

No matter what, future condo homeowners should ask a few important questions when considering a unit: 

  • Who runs the condo association?
  • What are the rules and restrictions for living in the building?
  • How much are the monthly fees and what do they cover?

Condominiums, aka condos, are a common building type in major urban areas, and Chicago is no exception. Living in a condo might not be for everyone, but they’re often an excellent choice for first-time homebuyers or for those who wish to live in a more urban setting! 

condos in Chicago on a street

KNOW WHAT MAKES A CONDO A CONDO 

A condominium is an individually owned unit in a complex or building of units. You own the space inside your individual unit and share an ownership interest in the common property. This can be as extensive as roads and courtyards and as confined as a shared stairwell and roof. 

What’s the difference between a condo and an apartment? The former is owned while the latter is rented. What about a condo versus a co-op? In a co-op, you buy shares in a corporation that owns the entire building and get a stake-hold to a specific unit. 

MEET YOUR CONDO ASSOCIATION 

Maintaining and managing the common areas of the condominium are run by an entity called a Condo Association. The whole condominium is governed by a set of rules called Covenants, Conditions, & Restrictions (CC&R’s), which operate much like bylaws. 

A board runs the condo association and has the power to regulate and monetarily penalize owners for violations as decreed in the CC&R’s. Who sits on the board? Depends on the condo building. Some associations hire a third-party management company, which typically increases the cost of living in the building, and some are managed directly by the owners. Usually, buildings with fewer units are self-managed while large buildings with more units are managed by a company. 

condos in Chicago downtown

REVIEW YOUR CONDO DOCUMENTS 

The Illinois Condominium Property Act requires the condo’s seller to provide a number of important documents to the prospective buyer prior to close. These include the declarations, the CC&R’s, the financials and more. 

When you’re buying a condo, review these before making a final decision on your purchase! What should you look for in these documents? Here are a few questions to get started: 

  • What are the rules about pets, remodeling projects, leasing units and use of common amenities? 
  • Are there reserves, and if so, how much is in the reserves? 
  • What were the most recent major purchases or renovations? Are there any upcoming special assessments to cover these maintenance projects? 
  • What are the individual owners responsible for versus the condominium association as a whole? 

Don’t hesitate to go over these documents with your REALTOR® and your attorney. They can supply additional expertise and advice! 

UNDERSTAND THE HOMEOWNER’S ASSOCIATION FEES 

Most people who know about condos know about HOA fees. As intimidating as they may seem, they serve a very specific purpose! 

Homeowners Association fees, sometimes called monthly assessments or nicknamed “HOA fees,” are an additional cost beyond your mortgage or escrow payments that go directly to the condo association. They include several maintenance costs like water, trash, landscaping and beyond. 

Why are some HOA fees so much more than others? Here’s an overview of HOA fees. In the end, you should ask about the included services in your monthly HOA fees and the portion that is sent to reserves. 

If you’re buying a condo with many shared amenities like pools, gyms, rooftops, elevators, and movie theaters, anticipate higher monthly fees to maintain these features. 

KEY TERMS TO HELP YOUR SEARCH 

As you move forward with looking for your future condo, keep these key term definitions in mind. You’ll hear them a lot during the transaction! 

  • CC&R’s: stands for Covenants, Conditions, & Restrictions which regulate living in the condo association. 
  • Condo Association Board: the governing body which makes executive decisions about shared amenity renovations and repairs, monitors the reserves and determine if special assessments are required, and enforce the CC&R’s. They meet monthly. 
  • HOA Fees: the monthly assessments or costs for living in the association. 
  • Amenities: the shared features available to all association owners and residents. 
  • Special Assessments: additional fees billed to the condo owners outside of the monthly HOA fees. They’re typically passed if a large repair is needed for a shared amenity that cannot be covered by the reserves. 
  • Reserves: the condo association’s savings! These cover emergency repairs or regular maintenance costs for the shared amenities. 
  • Property Insurance: this is the association’s insurance for the shared amenities and common spaces, but it does not insure each individual unit or their contents. 

Comparable Sale: What It Is & Why It Matters

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The burning question for anyone getting ready to sell their home is: “How much can I sell for?” First, it’s important to understand what a comparable sales price is and why it matters is valuable, which we’ve broken down for you below.

What Is A Good Comparable Sale Price:

comparable sales infographic

Why Does It Matter?

Evaluating the differences and similarities of surrounding properties on the market will give you the best idea of the current estimated value of your home. This is also where your REALTORS’® expertise will come into play, as they’ve likely seen many homes in your neighborhood and know about comparable sales in your area, making them your greatest asset in the listing process to help adjust your price efficiently and effectively.

4 Ways to Price Your Home Like A Pro

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Your home is a major investment in time, money and memories, so understandably, selling it can be an emotional process.

It’s important to lean on your REALTOR® for guidance. After all, this person is your go-to industry expert who is invested in helping you sell on your timeline and for the best possible ROI.

Still nervous about the pricing conversation? We’ve created four pro tips to help you through this process.

1. Higher Isn’t Always Better

Be strategic in your pricing and don’t list too high – that could scare away potential offers!

The longer your house sits on the market, the less likely you are to get your asking price. Buyers are more likely to negotiate a deal on a house that’s been listed for a significant stretch of time. A price-to-sell strategy will give you leverage, options and exposure to potential buyers.

2. Know The Local Market

How did similar homes in your neighborhood sell? These comparables (also called “comps”) play a big role in your own home’s price.

Your REALTOR® should run the average sale price for homes in your area. When selecting comps, REALTORS® generally filter properties within a one-mile radius of your home that sold in the past 90 days. Comparable homes will be similar in age, location, square footage and number of bedrooms/bathrooms.

Based on these results, they’ll pinpoint the differences and assess why price reductions did or didn’t happen. This nuanced understanding is invaluable, particularly when measuring the unique aspects of your home.

3. Upgrades Don’t Always Mean More Money

Buyers want a home they can:

  1. Picture themselves in, and;
  2. Easily make their own.

Help spark their imagination with neutral updates. Upgrades based on specific taste can sometimes devalue a home based on personal buyer taste and preference.

For example, just because you spent $40,000 to update your kitchen doesn’t mean you get to add an extra $40,000 to the listing price. Research from the National Association of REALTORS® states you might recoup 59% of your costs, based on the national average of kitchen upgrades.

Talk to your REALTOR® about what you can do, or have done, that positively affects your home value and listing price.

4. Keep Your Emotions in Check

Don’t let pride, sentiment and nostalgia mislead you!

According to the National Association of REALTORS®, the wrong price can drastically delay your sale. That “fresh factor” tends to wane after just 30 days! Therefore, it’s important to listen to your REALTOR® about your pricing strategy.

Their unbiased perspective combined with knowledge of the market and real estate inventory will help you walk away from the closing table feeling confident in your transaction.

Real estate agent with couple shaking hands

4 First-Time Homebuyer Loans and Programs

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Buying your first home can be a daunting task. But don’t fret, options are available to help you save money in the process! There are thousands of dollars available for first-time homebuyers through loans and programs in the Chicago area.  

Find the right one to save you money on your home purchase. 

1st Home Illinois 

First-time homeowners, veterans or those who haven’t owned a home in the past three years and are looking to purchase a home in Cook, Marion, St. Clair or Winnebago county can apply for this grant. This grant provides a 30 year, fixed rate mortgage with a $7,500 grant towards down payment or closing costs. 

City of Chicago TaxSmart Mortgage Credit Certificate

This credit is available to first-time homebuyers or those purchasing a home in an economically troubled census tract. The Mortgage Credit Certificate allows homebuyers to claim a tax credit for a portion of the mortgage interest paid per year. Currently, annual savings are 25% for a purchased home or 50% for a home improvement or rehab loan, and savings are capped at $2,000. 

IHDAccess Forgivable 

This grant offers 4% (up to $6,000) of the purchase price in assistance for a down payment and closing costs for a home being purchased in any county in Illinois. In addition, the loan is forgiven over 10 years, so it doesn’t need to be repaid with a 30-year, fixed-rate mortgage. 

IHDAccess Deferred 

This grant offers 5% (up to $7,500) of the purchase price in assistance for a down payment or closing costs that is interest-free for the life of the mortgage. However, the loan must be repaid when the house is sold, refinanced or paid off.

Keep in mind that most mortgage lending companies have specific homeowner grants and loans to apply for. Make sure to talk to your lender to see what’s available! 

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