With a strengthening economy, rising employment figures and low interest rates, buyers are flooding our market, which has too few homes to sell. The inventory we do have is being affected by: homeowners who prefer to renovate rather than move, baby boomers who have decided not to downgrade, decreased development of new homes, distressed properties being converted by investors into rentals, and millennial buyers purchasing their first homes.

If you are looking for a quick sale in this seller’s market, keep the following in mind:

• You may experience a multiple-offer situation, in which case you will definitely need a REALTOR® (like me) to guide you.
• Spring and early summer is an optimal time to sell.
• Be prepared for a fast sale; do you have your new home lined up?
• A CMA (Comparative Market Analysis) is the best way to find the true worth of your home and how to best market it. I provide quality CMAs.
• Even though there is a demand for homes remain practical about what your home will sell for, according to your area.
• Tackle any touch ups and make sure that your home is tidy.
• Stage your home to make it appealing to prospective buyers.

I offer thorough valuation estimates, strong marketing strategies, and a keen eye for the local home selling climate. Think of me as your trusted REALTOR® for your next home sale.

Whether relocating to a new area or buying a first home take these important steps into consideration before you begin your search.

Get a loan preapproval

Make sure that you have the money for closing costs and a down payment. The advantage is that you and your real estate agent won’t waste time looking for or at properties that are beyond what you can afford.

On finding the right home you won’t have to wait for an approval and will be able to make an offer immediately.  This is important in a competitive market and most sellers won’t consider an offer unless you have proof of available funds.

Know your needs

This pertains to the square footage, rooms, type of home, and neighborhood and more.  Take your lifestyle and family situation into consideration; make sure your transportation needs are addressed.

Determine whether you prefer any specific architectural style.  Would you be willing to look at an older place in need of some tender loving care?

Go online and peruse listings to get an idea.

Plan ahead

For most of us, the purchase of a home is going to be a long-term investment.  By foreseeing future needs, you can avoid a home that might be too small if you still have a growing family, or duplex in which stairs might become difficult to climb as you age.  

Don’t set unrealistic expectations

Be prepared to compromise.

Consider resale value

Do your research. Will the home hold its value over the long term?

Second opinions

Be careful here. Don’t get confused by asking too many people their opinion. Trust yourself.

Turn to a REALTOR®

The most qualified professional to help you with your search, a REALTOR® can be a trusted advisor with all the above, and so much more. I am a licensed REALTOR® and serve the Northwest suburbs of Chicago. My 30+ years of experience allows me to best advise you. Most importantly my duty is to you, but I am paid by the seller. Contact me for outstanding buyer representation.

Open houses are a wonderful opportunity for homebuyers to view and compare homes that are on the market.  If you have an outing planned soon to tour one or more open houses, keep these tips in mind to make the most of the experience.

1)     Since you will need to set aside at least half a day, make sure that you have done some research about which areas and houses you will visit and in what order.  Most important:  keep your budget in mind. 

2)     Be polite to the home owner or real estate agent present.  Don’t feel pressurized to leave your contact details if you don’t want to, but do give your name.  You can always say that you have your own real estate agent.  Remember to say thank you when leaving.

3)     Don’t express emotions, especially if you like the home and refrain from making negative comments.  Ask questions such as why the owners are selling, if any offers have been made and how long the house has been on the market may be discussed. Take note of discussions around you. These can be useful when deciding on an offer.

4)     Pay close attention to the layout, size, and flow of the home.  Look at the exterior; see if you find any signs of structural damage.  Open cabinets and closets to take note of storage space, but be discreet. Wall colors can be changed.

5)     Ask before taking pictures and jot down notes to help you remember what you have seen. Be sure to put the address of the home with your notes so you don’t confuse homes upon review. Don’t forget to inquire about schools and other amenities in the area. If you visit many homes, you don’t want to forget something important.

6)     If a REALTOR® is hosting, be sure and ask for any information he/she has available. Many times agent’s provide school lists, utility info, tax information and more about the home.

As a selling agent, I believe in the benefit of holding a home open. As a buyer’s agent, I provide tips like these and more to my clients so together we can find their perfect match in a home. Please keep me in mind for your next home sale or purchase.

The signing of the Tax Cuts and Jobs Act towards the end of December 2017 is not going to affect homeowners and the way they will be taxed for the 2017 financial year. The changes will come into effect from the 1st of January 2018 and this will impact the decisions that will be made by existing and especially future homeowners.

The changes in the law* which will impact homeowners are:

Limited Mortgage Interest Deductions

The maximum amount of mortgage debt interest that can be deducted is $750,000 from the previous amount of $1 million. This will affect loans that are taken from mid December 2017 onwards. If you are paying off a mortgage for a second home the interest will also be deductible up to the same amount of $750,000. Home equity loan interest will only be deductible if the money has been used for home improvements.

Tax Deductions

Up until the passing of the new law all property taxes whether state or localized were claimed as deductions. The new law allows for a total of up to a $10,000 deduction only. The amount is the same for both individuals and married couples.

Standard Deductions

These are doubled under the new law at $12,000 for individuals and $24,000 for joint filers. Many taxpayers will most likely prefer standard deduction to itemizing their filing so as not to reduce the tax related benefits of owning a home.

The exclusion of capital gains tax for the sale of a primary home is to be maintained. This means that a seller may exclude $250,000 of gain from taxation as an individual and $500,000 if married. The required years of ownership are for two of five instead of the five of eight that was initially sought.

As part of my REALTOR® services, I do my best to stay abreast of important legislative, market, and tax issues influencing housing.

*I do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Get in touch if you are considering a move, or have any real estate related questions. I am happy to be of assistance.

I gathered a list of the expected changes in the housing market for 2018. As your trusted REALTOR® serving Chicago’s Northwest Suburbs, I look forward to visiting about your specific needs.

• There is a low inventory of homes for sale and more than 50% of these are not affordable to first time buyers.
• This will lead to new construction but due to ever rising prices of land and building costs most expansion will be in the suburbs and outlying areas of cities.
• There are many people who are about to become first time homebuyers, including millennials, immigrants and foreign investors.
• Many previous homeowners had declared bankruptcies in the previous crisis and are now eligible to buy after seven years.
• Homeowners looking to downgrade or upgrade as family needs change push up demand on some properties.
• As the cost of living rises in the bigger cities many look for job opportunities and homes in cheaper cities.
• The rising cost of building pushes up the price of existing homes and most homeowners will prefer to stay put and to remodel existing homes.
• Developers will concentrate their efforts on building homes for lower to middle income buyers and will have to provide to their future needs such as wider passages.
• Most millennials prefer to live in urban areas but will most likely buy in the suburbs where homes are more affordable.
• The new tax bill might discourage some buyers. Some homeowners might look to sell and buy in states with lower taxes.

If any of these expectations look like they may affect your housing situation, and you would like to have a meaningful conversation about your options… let’s talk.