Karp Residential

The Cost of a Home is Far More Important than the Price

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”

Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year.

This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down.

There are several factors that influence the cost of a home. The two major ones are the price of the home and the interest rate at which a buyer can borrow the funds necessary to purchase the home.

Last week, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home.

Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750.

How will your monthly mortgage payment change based on today’s lower mortgage rate?

This table calculates the difference in your monthly payment:That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.

Bottom Line

Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.

Planning to Buy? Get Pre-Approved!

Before shopping for a new home, it’s important to make sure you qualify for financing, if you aren’t paying with cash.  Completing this step before you start the home-buying process will help you  determine your budget.  Once you are pre-approved for a mortgage, then you will know how much you can afford to spend and you can confidently  determine the price range for your search.

Most sellers are reluctant to show their home to someone who isn’t a serious buyer.  And now in the middle of the pandemic, that is more important than ever.  No one wants you visiting their home unless you are pre-approved for a mortgage - they don’t think you’re a serious buyer without it.  And, your real estate broker may not want to take you out to see properties if you can’t provide evidence that you are a serious qualified buyer.

So what exactly is pre-approval?  It means the lender has checked your credit and verified your income documentation  to approve a specific loan amount.  The approval usually lasts for a period of time - 60 to 90 days for example.

  

Pre-approval should take less than an hour over the phone.  Your lender will want to discuss your income, credit, employment, and financial situation.  You’ll need to provide:

.  Your two most recent paystubs

.  W2 and/or tax returns from the last 2 years

.  Bank statements

Once the process is complete, you’ll receive a pre-approval letter, which shows sellers you’re a serious and qualified buyer.  This can really help you stand out in the current competitive market.  Right now we are experiencing a shortage of homes for sale , with more buyers than sellers.  If you end up in a bidding war over your dream house, having that pre-approval letter can really make a difference.  Some sellers will ask to see a pre-approval letter before they will respond to your offer.  So if you wait to get approved until after you find the home you want, you could lose out to someone else because you are waiting for your pre-approval letter.  And getting pre-approved can help speed up the loan application process once your offer has been accepted.

In this competitive market, your pre-approval letter can be a game changer.  If you’re ready to buy and you have a lender in mind,  great!  If not, I can refer you to a trusted lender who will help to guide you through the mortgage process.

Lots of People are Moving This Year ... Here's Why

The current health crisis has really changed our lifestyles and our needs.  And now that people are spending much more time at home, what they find most important in a home has changed as well.   With this new perspective, here are some major reasons people are making moves this year.

Working from Home

Working remotely is the new norm for many, and while some of us thought it would last a few weeks or months, the reality is it may continue into 2021.  And even when things go back to normal, many people are just as happy working from home.  This means they don’t need to live close to the office anymore, or near the train, and they frequently can get more for their money if they move to the suburbs.  Which is important, because with remote work comes the need for a home office or workspace.  Working from the dining room table is usually not viable for the long term, especially if both spouses are working from home.

Virtual Schooling

Many schools are starting remotely this fall.  And kids need a dedicated learning space.  Just like parents need a quiet place to work, so do the kids need a quiet place to learn.

Outdoor Space

Fresh air is a must, and for those living in an apartment, getting outside during a pandemic can be a challenge.  Moving to a home with any type of yard provides a place to relax and entertain friends.  With the right setup your backyard can also become an extra workspace or learning space.  And if there are children at home, a big yard provides the opportunity to safely play outdoors.

Exercise

There are some concerns about the safety of returning to health clubs, and many people are looking for a way to exercise from home.  Having space for at-home workouts is a priority for some.

For many people, moving is the best option to accommodate their family’s changing needs.  Because mortgage rates are so low right now, it’s a great time to get more home for your money.  If you’ve been trying to decide if now is the time to buy a new home, please reach out – I would be happy to discuss your needs.

Sold in 6 Days!

It’s always exciting when a home sells in just a few days.  When that happens, there is usually a lot that went on before the home was listed, to show the home in the best light possible.  Preparing the home can be daunting, but Nancy Karp expertly guides home sellers through the process.

When the owner of a charming vintage 3-story house on a lovely tree-lined street in east Highland Park contacted us about selling her home, the owner thought it was all ready to go on the market.  The home featured hardwood floors throughout, the dining room was huge, with gorgeous crown moldings and beautiful built-in cabinets, the third-floor attic had been converted to a “bonus” room with skylight windows, and the yard featured perennial gardens and a gazebo.  Over the previous 5 years, the owner had been gradually doing some big projects to prepare the home for sale.  It was truly a wonderful house.  But when Nancy toured for the first time, she could see that there was still work to do to present the property in the best light possible. 

The home had so many wonderful qualities that were getting lost.  The living room looked smaller than it really was because there was just too much furniture, and the beautiful fireplace just got lost.  The walls in the living room were a lovely shade of pink  – not a color scheme that would appeal to today’s buyers.  And, Nancy noticed a couple of other locations in the house that needed some touch-up painting done. 

The sunroom also looked cluttered with too much furniture. 

And the owner had turned the 2nd and 3rd bedrooms and the bonus room into offices for her home-based business.  We wanted to help potential buyers envision how the space could be used, so Nancy explained to the owner that we would need to make some changes before the house was ready to sell.

The process of preparing to move out of a home you’ve lived in for years can be overwhelming.  This owner had been there for 38 years; she was now living alone and her family was all out of town.  She was faced with going through everything, giving away or selling what she didn’t want anymore, getting the home ready for sale, and packing up and moving – Nancy knew she just couldn’t do it alone. 

At Karp Residential, we pride ourselves in providing our clients with connections to other professionals we know and trust who can help them prepare for buying or selling a home – from attorneys to mortgage lenders to contractors and more.  The owner hired her own painter to freshen things up and change the color of the living room.  And, Nancy introduced this owner to Two More Sisters, which specializes in helping clients through home transitions.

Stacy Bloom of Two More Sisters streamlined the entire process for the owner, making it as easy as possible:

• Decluttering – an overwhelming task when you’ve been living in a home for decades
• Donating items and selling valuables.  This was especially challenging during COVID19, when many places that used to take donations were no longer doing so.
• Staging the home – setting the bedrooms up as bedrooms (not offices) and clearing out some of the furniture to really showcase this beautiful home. 
• Organizing everything for the movers.
• After the seller moved out, overseeing the final clean up – donating and selling any final pieces and preparing the home for the closing.     

While the owner was working with Two More Sisters to get the home ready, Nancy did extensive market analysis to help the owner price the home appropriately. 

So what was the end result of all this preparation?  The owner had a signed contract in just 6 days, for 97% of the asking price.  And, the owner is organized and ready for her move out of town.

If you are thinking about moving ... now, in 6 months, or anytime within the next couple of years ... please contact Nancy to help you get started in preparing your home for the best possible selling experience.

Wilmette Market Update: COVID19 Impact vs. 2019

In this uncertain and unprecedented time, I want to share some important information with you.  My goal is to address any questions or concerns you may have about the value of your home, and buying or selling in the current environment.  

 

How is COVID19 impacting the home values in Wilmette? 

I have been actively tracking local real estate markets on the North Shore, and reading/listening to everything available about the market. 

The Chicago area market, including the North Shore, was looking very strong in January and February, before we headed into the dramatically new and different normal that we are facing today.  As you can see on this chart for Wilmette, in January and February, the number of new homes for sale (listings) and homes going under contract, and closings were similar to 2019.  Then in March you can see the dramatic drop in the number of new homes for sale and homes going under contract.  Closings, didn’t drop until April – this is because the closings in March were from deals that were probably put together in January and February, before the Shelter-in-Place order from Governor Pritzker.

Starting in June, we began seeing a recovery in activity.  More new properties came on the market, and more homes went under contract compared to the same time in 2019.  In the next couple of months we will see an increase in closings as well.

Wilmette Detached Single Family Homes
2020 vs. 2019:  January 1 - July 31

	New Listings			Under Contract			Closed
	2019	2020	Change	2019	2020	Change	2019	2020	Change
January	79	77	-3%	24	32	33%	13	18	38%
February	90	86	-4%	36	36	0%	15	17	13%
March	92	58	-37%	53	23	-57%	24	29	21%
April	105	28	-73%	44	19	-57%	47	26	-45%
May	94	59	-37%	43	32	-26%	52	25	-52%
June	78	79	1%	45	56	24%	47	33	-30%
July	57	77	35%	26	60	131%	40	44	10%
Year to Date	595	464	-22.0%	271	258	-4.8%	238	192	-19.3%

Note:  The numbers in red show a clear trend now, with a big jump in number of contracts in July.  Wilmette is a small market, and we have to be careful when making conclusions based on limited data.  However, with the July data, it is very clear that the market has been steadily improving. 

 

But what about prices and home values?       

The average price for a single family detached home in Wilmette in January – June 2020 is up slightly versus 2019, per MRED LLC.  And the median price for the same time period is down slightly.  So, at this point in time, home values appear to be stable.  The limited number of new homes on the market and the incredibly low interest rates are two key factors that are helping to keep prices firm.

What are expectations going forward? 

Based on history, many experts believe that real estate values will not be dramatically affected by the recession that we are in right now.  This is because real estate is not the REASON for the recession, as it was in 2007/2008.  Experts have said that this is going to be more like the prior recessions which were not related to real estate.  In those recessions, real estate values did not decline.

This is good news for everyone currently selling, or those planning to put their homes on the market later this year.  Additionally, I believe that buyers can purchase with confidence and not be concerned that the value of their home will decline dramatically after their purchase.

Advice for Sellers.

Several of my clients that have homes on the market now have asked if they should temporarily take the home off the market. And I said, “Absolutely not!”  Here is why:

While it’s not “business as usual,” the real estate industry is still operating.  Lenders, lawyers, title companies, appraisers, inspectors are all working, albeit with different procedures and rules in place to keep everyone safe.   Closings are being done (curbside), mortgages are being done (virtually), and new homes are coming on the market.  Yes, the number of transactions declined for a bit and number of new homes coming on the market also declined.   But now we are ‘back” – there are new contracts being written every day.  If you aren’t on the market, you can’t sell your home.

For years I’ve been telling my clients that the first showing is online.  That is still true, now more than ever.  Think about this, right now there are a lot of people at home with extra time on their hands – guess what, they are looking at real estate!!!  We have seen a major increase in online home searches.  If you take your home off the market, none of these people will see it!

This is what I am doing to safely market the homes I have for sale:

• Floor plans required for all properties
• 3D tour or video tour/walk through for all properties
• Social media – I am regularly posting all of the properties on social media with videos or the 3D tours.
• If someone wants to see an occupied property in person, after they’ve seen the video, 3D tour and floor plans, then the sellers and I work together to make it happen in an environment that is safe for everyone (gloves, hand sanitizer, minimal touching of any surfaces, etc.).
• If a prospective buyer would like a live virtual tour of the property, we can accommodate that too.
• @properties provides a CORONA VIRUS SHOWING DISCLAIMER form that each prospective buyer and their brokers must sign in order to see any property that is occupied. The disclaimer basically states that the signer is aware of the risks and that they are currently symptom free and haven’t knowingly had contact with anyone that is ill.
• Of course if a property is vacant, then it can easily be shown.

I collaborate with clients and colleagues to discuss real-time solutions for specific situations.  We are all making adjustments to the ever-changing environment that we face.  The real estate industry has quickly pivoted to provide as many services as possible electronically to keep all participants safe.  This includes document signing, appraisals, mortgage applications, closings and much more.

Please reach out to me if you have any questions about the market.

This blog is based on an article that originally appeared in the August issue of Winnetka Neighbors.  The chart in the original article was updated here to include data through July 31st.

Save Energy Costs with a Community Solar Project

Go Green Highland Park (GGHP) is a grassroots organization partnering with the city and neighbors to create a clean and healthy place to live, now and for future generations.  I’m really excited about their latest project:  Community Solar.  They are teaming up with Trajectory Energy Partners and Clearway Community Solar to bring renewable energy to everyone in the ComEd service area.   I just learned about this initiative and encourage everyone in Highland Park and Highwood to consider subscribing.

Community Solar offers a meaningful way for all Highland Park residents to support clean energy and help reduce dependence on fossil fuels in Illinois.  This is a great option for people who can’t put solar on their own homes or don’t want an upfront investment, live in a condo or are renters.  By subscribing to a community solar project, you’ll help support the development of new solar energy generation in Illinois.

How Does Community Solar Work?  You’ll be connected to a Community Solar Project in your service territory.  The solar energy produced by the project will go to the local power grid.  When you subscribe, you’ll offset a portion of your own electricity use with electricity generated by the community solar project.  Your subscription to your community solar project will allow you to receive credit on your electric bill for the energy produced by that project.  You pay for those credits separately, at a 20% discount, with no upfront investment.  Here are the highlights: 

• There is no upfront cost
• With local renewable power, you’ll save money on electricity every month.
• Community Solar is open to any ComEd customer: homeowners, condo owners and renters
• You’ll be helping to create jobs in Illinois
• Your subscription will help reduce Illinois’ dependence on fossil fuels 

Trajectory Energy Partners was founded by Highland Park resident Jon Carson.  The company has generously committed to making a $75 donation to Go Green Highland Park for every subscriber who signs up through GGHP, and then GGHP will donate 10% of that to the Community Foundation of Highland Park.isare scheduled for Thursday, August 20^th at 7:00 p.m.  Learn more and register here.  If those dates don’t work for you, the webinars are recorded and you can watch on the Go Green HP website.

Community Solar is a way we can all be part of sharing in the benefits of solar energy while lowering our energy costs.  We’ll be doing something positive right now to help tackle climate change and drive renewable energy in Illinois.   

This article was originally published in the August issue of Highland Park Neighbors.

Highland Park Market Update: COVID19 Impact vs. 2019

How has COVID 19 affected the real estate market in Highland Park?  Is it a good time to buy or sell?  Back in May, low inventory levels were keeping prices strong and sales were starting to pick up after a slump in February and March.  So what’s happening two months later?

I am very happy to report that the trends that were starting to emerge two months ago have continued!  As you can see on this chart, the number of homes coming on the market still trails behind the same time period in 2019.  At the same time, the number of homes under contract and closed exceeds the sales volume we saw in 2019, including a clear slump in April and May.

 

Highland Park – Detached Single Family Homes
Number of New Homes on the Market, Under Contract and Closed
2020 vs 2019:   January 1 – July 31

	New Listings			Under Contract			Closed
	2019	2020	Change	2019	2020	Change	2019	2020	Change
January	56	71	27%	21	25	19%	13	26	100%
March	108	72	-33%	30	41	37%	27	35	30%
April	125	33	-74%	39	25	-36%	40	42	5%
May	104	71	-32%	44	43	-2%	33	28	-15%
June	106	87	-18%	38	88	132%	36	43	19%
July	107	108	1%	40	77	93%	46	60	30%
Year to Date	698	539	-22.8%	252	347	37.7%	212	255	20.3%

 

But what about prices and home values?       

Many of my colleagues have a feeling that prices are on an upswing, but on this point, I am not quite as optimistic.  The average and median home prices in Highland Park 2019 versus 2020 are relatively flat so far.  I will continue to monitor this.  Keep in mind that in 2019 prices dropped in Highland Park from 2018, by at least 10%.  This may be another factor driving the hot Highland Park market, in addition to incredibly low interest rates.

The number of showings each week within Highland Park was rather dismal in from the middle of March to the middle of May.  Since then, showings have skyrocketed well above the weekly numbers we had in 2019, in spite of the pandemic and recent protests.

Staying Safe While Buying or Selling a Home

Realtors are now allowed to do open houses with new rules and limitations. 

For buyers, be prepared to wear mask, and possibly gloves. You may be asked to sign a COVID disclaimer prior to a showing or before entering an open house.  In some situations, sellers will request that you have a virtual showing (broker walks through the house while you are watching on your phone or computer) or watch a 3D tour before you can schedule an in-person appointment.

Other than actually looking at homes, all other aspects of home buying can be done virtually without any in person contact.

For sellers, I can’t emphasize enough that your first showing is online. We have seen a major increase in online home searches.  This is what I have been doing to market the properties I have for sale to help keep everyone safe.  These procedures and tools allow buyers to see “more” of the property before making an in-person appointment, and thus eliminate trips to homes up front that don’t meet their needs:

• Floor plans required for all properties
• 3D tour for most properties
• If a prospective buyer would like a live virtual tour of the property, we can accommodate that too. This allows them to ask questions live while I am walking through the property.
• Social media – I am regularly posting all of the properties on social media with videos or the 3D tours.
• If someone wants to see an occupied property in person, after they’ve seen the video, 3D tour and floor plans, then the sellers and I work together to make it happen in an environment that is safe for everyone (masks, gloves, hand sanitizer). The seller or I will turn on lights and open doors and cabinets to minimize touching any surfaces. 
• @properties provided all of their brokers with a CORONA VIRUS SHOWING DISCLAIMER form that each prospective buyer and their brokers must sign in order to see any property that is occupied. The disclaimer basically states that the signer is aware of the risks and that they are currently symptom free and haven’t knowingly had contact with anyone that is ill
• Of course if a property is vacant, then it can easily be shown.

I am collaborating and brain-storming with clients and colleagues to discuss real-time solutions for specific situations.  That enables all of us to adjust to the changing environment that we are working in right now with new best practices for marketing and showing properties.   The real estate industry has quickly pivoted to provide as many services as possible electronically to keep all participants safe.  This includes document signing, appraisals, mortgage applications, closings and much more.

Please reach out to me if you have any questions about the market.

Sell Your House, Not a Project

 

“We’re not looking for a project,” is common for real estate agents to hear from buyers these days, because most people are looking for “move-in condition” and “turnkey” homes.

Sure, there are some people that don’t mind taking on a few projects to customize their new home to their liking.  And there are people who seek out houses and condos in need of major renovations because they can get a good bargain and then invest their time and resources and resell the property for profit.

 

In the current local market, which is favoring buyers right now, properties that are in move-in condition sell faster and for a significantly higher price than those that require work.   For many buyers today the definition of a home that “needs work” is any home that has kitchen and/or bathrooms that are more than 15 years old.  These homes are considered “outdated” even though the overall condition of the home may be very good.  Other buyers, just want to avoid the homes that need more extensive renovations and repairs.

And, many younger buyers are willing to pay a premium for updated homes. They would rather put their money into travel and other experiences, instead of pouring money into renovations.  So updating your home before you sell it, can make a big difference in how long it will take to sell your home and what you will get for it.

So, what does this mean if you are thinking about selling your home and you know that it can use some updating, repairs, or more extensive renovation in order to get the highest sale price?  Many people don’t have the time and energy, or the funds to take on big projects before putting their home on the market – instead they want to focus on where they are going to move. 

You can just sell your house for less - there is always a flipper or DIY buyer that will give you an offer.  It may be much less than you imagine your house is worth and it may not be what you want out of the sale.

You can make improvements to bring your house up to date and sell if for a higher price, assuming you have the available cash or equity.  I suggest working with an experienced real estate professional to advise you on the renovations and upgrades that will provide the best ROI,

You can make minor improvements like painting in today’s colors and staging.  And virtual staging, which is done by inserting furniture and/or changing the color scheme in photos of the home, can help buyers visualize possibilities.

And, there is a new option available.  There are now companies, such as Curbio, that work with homeowners and realtors to do the repairs and renovations to significantly increase a home’s value, with payment for their services made at the closing of the sale.  This is a terrific and unique option for sellers who cannot or do not want to make the financial investment up front.

There is some good news in today’s residential real estate market.  Although prices have been flat or declining on the north shore, there are some things that will hopefully stabilize the market in the coming months. Interest rates continue to be at record lows.  With increasing rental prices, in many cases it is more expensive to rent than buy.  And, the Chicago area is VERY affordable compared to other large metropolitan areas in the country. 

Contact me for more info on the local market, to learn more about virtual staging, or to discuss the best options for getting your home ready to sell.

Finally, just a kindly reminder that Brian Jessen from Guaranteed Rate, and I, will be helping you and the environment with an upcoming community shredding event. We hope to meet many of you there.

Here are the shredding event details:

Sponsored by
 Nancy Karp, @properties
 Brian Jessen, Guaranteed Rate

When:  February 29^th

Where: 111 S. Pfingsten Road, Deerfield Rd
(We will be in front of the office building located south of Lake Cook on Pfingsten)

Time:  11 am – 1 pm (NOTE: different time than we published last month)

Documents will be collected and loaded onto a secure truck and then shredded at an off-site facility. Please bring your documents in banker’s boxes or another container such as paper or plastic bags. Documents in bags will be removed from the bags and placed into secure bins on the truck with other documents collected for shredding.

Thank you for reading.  This article also appears in Highland Park Neighbor's Magazine - February edition.

One Bag At A Time

(NOTE:  This article was also published in two local magazines this week Highland Park Neighbors and Winnetka Living.)

The planet is struggling and I’m going to save it!

Okay, that may be an overreach but I am trying to do my part and in this article help others do their part to relieve our planet of unneeded and harmful waste.

Highland Park is a relatively progressive, planet-friendly and social justice community. That’s one of the many things that I love about living here.

I’ve been bringing my own bags to local grocery stores for several years. And until recently when this became more of a trend, the checkers and baggers probably thought I was more than a little eccentric.

I tell my family and friends that I’m trying to save the planet one bag at a time, by skipping individual plastic bags for every type of produce (except fresh broccoli, that’s just one big mess!) and making sure the store baggers don’t use additional plastic bags on fresh meat and fish as they package up my groceries. The few plastic bags that do find their way to my house are returned to the recycle bins at stores like Jewel.

One’s efforts do not have to end with bags. There are several habits that I practice that anyone can incorporate into their lives that can contribute to saving our planet. If everyone changes their habits even in a small way, the impact can be amazing!

I’m devoting this article to several ways we as individuals can all do our part to make a difference in the health of our planet. Of course, our elected representatives and corporate leadership and stakeholders need to take steps as well. But, let’s start with what we can all do to improve our world.

Two easy things you can do to get started. 

First, let’s change your bag habits with some behavior modification. Reusable shopping bags are a great way to eliminate virtually all bag waste in your life, instantly. Keep them in your car and slap a Post-It note on your dash to remind you to bring them into the store. You’re still going to forget a whole bunch of times. But, you’ll start to remember and before you know it, you’ll pick up the habit. And if the Post-It doesn’t convince you, running back to the car after remembering at the last minute—hoping that your cart full of groceries doesn’t disappear—will train your brain to grab the reusable bags before you fill up that cart!

My other suggestion is not only an easy way to respect our environment, but also a great, safe way to clear out some storage space at home and protect your identity all at the same time!

Brian Jessen, Senior VP at Guaranteed Rate, and I will be hosting a community shredding event this coming February. We’re very excited!

Why is attending our shredding event a good thing?

Well, we all have a lot of paper piling up—tax docs, bank statements, bills, medical records, newspapers, magazines, brochures and endless junk mail. Aside from the environmentally responsible decision to not just toss all of that paper into landfills, shredding is one of the best protections against identity theft—how many of those old docs include account numbers and social security numbers?

And, all of it can be recycled into a variety of products, including office paper, greeting cards, cardboard, magazines and newspapers, paper towels and napkins, and toilet paper. That’s right, toilet paper! Wouldn’t it be nice to know your old mortgage statements and tax documents might become toilet paper? A fitting end, we can all agree.

Before you think, “I have a shredder in my office,” consider how long that may take to feed all of that paper into a household shredder that would likely burn out before you were done. And, before you think, “I can just throw it all in my fireplace or fire pit,” think again. Toxic fumes from colored paper and coated paper is not what you and your family should be anywhere near, and the nature of the materials can create hazards in chimneys.

Here are the details of our community shredding event:

Sponsored by
Nancy Karp, @properties
Brian Jessen, Guaranteed Rate

When: February 29^th, 2020
Where: 111 S. Pfingsten Road, Deerfield, IL 60062
(We will be in front of the office building located south of Lake Cook on Pfingsten)

Time: 1-3 pm

Refreshments will be served while the documents are collected and loaded onto a secure truck.  Then the documents will be shredded at an off-site facility. Please bring your documents in banker’s boxes or another container such as paper or plastic bags. Documents in bags will be removed from the bags and placed into secure bins on the truck with other documents collected for shredding.  

As always - thank you for reading.

5 Tips for Starting Your Home Search

In today’s market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. Here are five tips from realtor.com’s article, “How to Find Your Dream Home—Without Losing Your Mind.”

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you’re serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage. Even if you’re in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This will help you avoid the disappointment of falling in love with a home well outside your price range.

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Before you start your search, list all the features of a home you would like. Qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help you stay focused on what’s most important.

3. Research and Choose a Neighborhood Where You Want to Live

Every neighborhood has unique charm. Before you commit to a home based solely on the house itself, take a test-drive of the area. Make sure it meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that will best serve those needs. Just because you’ve narrowed your search to a zip code doesn’t mean you need to tour every listing in that vicinity. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and making notes on the listing sheet to document what you love and don’t love about each property you visit.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.