Karp Real Estate

Help Buyers Fall in Love with Your Home

When someone is looking for a North Shore home, they are buying not only a home, but the feeling that comes over them when they walk through the front door. As a seller, you want to help the buyers fall in love with your home from that very first moment. I’ve put together a few tips to ensure that your potential buyers love what they see.

 

Take Great Photos

Since most buyers do their initial home shopping online, having great photographs is essential. Make sure your realtor is using a professional photographer. They will know how to capture the beauty of your home. Additionally, if you are planning to sell in the winter months, plan ahead and include some exterior photos of your home in the summer and/or the fall. This helps buyers see what the house looks like when it’s not covered in snow.

 

Clear Away Clutter

There are likely items sitting around your house that you aren’t using every day. Clear out all of the miscellaneous items that are laying around (papers, knick-knacks, old newspapers or magazines, small mementos from your trip to Mexico, etc.) and discard or store them.  Remove magnets and all items hanging on your refrigerator.  Keep only one or two decorative items on each shelf and table, and remove overgrown plants that take up space. If you have any appliances on your kitchen counters that you aren’t using all the time, pack them up. We want the buyer to focus on the house, not your personal belongings. It also helps to make a room look larger if you, remove unnecessary pieces of furniture. In general, less is more – keep everything simple.

 

Clean Up and Make Repairs

Remember that broken piece of tile in the bathroom you’ve gotten used to seeing? Now is the time to fix that and any other small repairs you’ve put off. Buyers will immediately notice things that need to be fixed. Take a look at your light switches, railings and door knobs. You probably have never noticed before, but they likely need to be cleaned. Have your carpets cleaned and organize your closets and drawers. Begin packing your collectibles, and store the boxes off-site or in neat rows in your basement. When buyers see an organized house, they’ll assume you have cared for it well.

 

Landscaping

In the spring or summer, you can add bright touches to your landscaping with some colorful annuals in your flower beds or potted plants near the door. In the winter you can put a dried flower arrangement outside your front door. If it’s been snowy, try to keep your walkways clear so buyers can begin to understand the outdoor layout.

 

Make the Indoors Inviting

Consider putting an extra throw pillow on the couch or a book on the coffee table. Little touches like these will help your buyers feel more comfortable. In rooms where there is an abundance of natural light make sure you highlight that. Replace dark, heavy curtains with lighter styles that let more light in, and make sure you clean the windows well.

 

At the end of the day, the most important piece to remember when selling is that you want potential buyers to love your North Shore home. Buyers are looking for the right home for them, not just any home. By making your home as welcoming and open as possible, you’re helping buyers envision their lives in their new home.

For more ideas on how to declutter, go to this popular website with info about The KonMari Method of Tidying Up: https://konmari.com/    

How to Save Thousands of Dollars in Interest on Your Mortgage

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your North Shore home over the course of 30 years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan.

Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well.

When you make ‘extra’ payments toward your loan, the key is to let your lender/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you.

You don’t have to double your mortgage payment to make a big difference either!

If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you’ll be responsible for a $1,342.05 monthly principal and interest payment. Over the course of the loan, if you pay your exact monthly payment, you will have paid $233,133.89 in interest alone!

 

Paying a Little Extra Can Pay Off Big

1. Pay an additional 1/12^th of your mortgage payment every month

Benefit: In the example above, adding $111.84 to your monthly mortgage payment might not seem like a lot, but each year you will have paid one extra month’s worth of payments which will shorten the term of your loan by 4 years and 8 months, all while saving you $42,000 in interest! You can also make one extra payment a year for the full amount of the mortgage, which will help you pay it off early, too.

2. Pay an additional $50 per month towards your mortgage

Benefit: Fifty dollars might not seem like enough to make a difference on the term of your loan, but that small amount will save you over $21,000 in interest and will take over 2 years off the end of your loan. Twenty-eight years from now, you’ll be happy to pay off your loan that much sooner!

3. Make one-time lump sum payments when you can

Benefit: If you find yourself with a little extra money after a yearly bonus, a tax return, or from investment dividends, paying that money towards the principal can cut your costs. This option, however, is less predictable than the extra monthly payments.

If you have higher interest debts, like credit cards, consider using any extra funds you have to pay those debts down before applying that money towards your mortgage. Also, if you do not plan on staying in your home for more than 10 years, paying extra toward your mortgage might not make sense.

 

Bottom Line

If you’re wondering what strategies would work best for you to shorten the term of your loan for your North Shore home, let’s get together to answer your questions.

Is Being a Landlord Right for You?

Have you ever thought about becoming a landlord? Owning rental property can be a great source of income, but there are often downsides to being a landlord, as well. Let’s take a look at some of the pros and cons of owning a North Shore rental property.

Advantages of Being a Landlord

When you own property you have an asset that can be sold, borrowed on and can essentially increase your net worth.

Rental properties often generate an income. Depending on the property and its specific location on the North Shore, the income will vary. When you own any property, you need to maintain it, and this is true of rental property too. This takes time and energy. Make sure you weigh these factors against the potential income.

Homes tend to increase in value. This means that as you own the property it will appreciate or become more valuable. It’s not guaranteed, however. As the property increases in value, you may be able to increase the rent, depending on the rental market and your tenants.

There are also tax advantages to owning rental properties. In fact, your rental income may be tax free if you do not receive a positive net cash flow after expenses are deducted. Make sure you talk to your accountant about this. You can refinance your loan, tax free, if interest rates fall and your property appreciates. If you sell the property and reinvest in another property the profits might be tax free. This is called a tax free exchange, but again, check with your CPA.

You also have the satisfaction of working for yourself, if you own several properties. If you have enough properties to support yourself, this could be your full-time job.

Disadvantages of Being a Landlord

Properties don’t always increase in value, and you may end up breaking even or losing money if/when you sell it.  Or, the monthly rent that you can get for the property may not cover your monthly expenses.  In some markets it can take time to find good tenants, so you have to be prepared to have some months with no income. Or you may have to deal with problematic tenants.

Make sure you set specific criteria for accepting tenants. You cannot discriminate based on who potential tenants are, however you can require a  minimum income, credit score and/or a background check. All applicants must be treated the same, so it’s important to think about this up front.

Being a landlord means being responsible for the condition of the home. If someone gets hurt, they may decide to sue you. Insurance is necessary, but even with it, the liability can be stressful for some people. It’s your responsibility to make sure your rental home is up to code and safe for living.

Homes need repairs and maintenance. Repairs may cost more than you expect and can happen at the worst times. Make sure you are prepared for unexpected expenses and repairs, and be very conservative when you’re thinking about whether or not you have the budget to own rental property. Some renters will not take care of the house the same way you would, so if you ever want to sell your rental property it might need some work before it’s ready to sell.

Owning a rental property is full of ups and downs. Deciding if it is the right choice for you requires weighing the pros and cons. Consider talking with other landlords and rental property owners in the North Shore area before making a decision.

Happy New Year North Shore!

 

 

 

If you are thinking of moving in 2019, contact the Karp Real Estate Group at 847.226.5594.

 

 

 

Is Quartz Replacing Granite as the Most Desirable Countertop?

 

The debate has been stirring...and it continues! The choice between quartz and granite is a hot topic in the housing and design worlds of today. While there is a push towards quartz, there are many who pledge their allegiance to granite as their countertop of choice.

 

Both surfaces are incredibly strong and beautiful. And their price points tend to be in the same range for products of similar design quality.

 

So what are the big differences? We’ll highlight the main ones for you.

 

Material and sourcing

• Granite is pure rock, cut into slabs to create beautiful countertops featuring rich, natural, unique pieces. This is mined from the earth and sometimes has to be shipped great distances. No two pieces are exactly the same, so matching sections could be a problem. However, some people admire this natural beauty of granite.
• Quartz is engineered. It is a compound of ground quartz, resins, and pigments to create endless options to meet your design needs. Depending upon your location, this could be fabricated much closer to you than granite. Since colors are designed, pieces can be made almost identical to each other, eliminating noticeable seams in larger countertops. Also, the process has advanced to the point of being able to create pieces that have the natural appearance of granite.

 

Durability

• Granite is a rock, so heat does not damage it. These countertops may be used inside or outside your home, adding an elegant touch to either environment.
  
• Quartz is stronger than granite, as it is engineered and is nearly indestructible. However, heat can damage it, so trivets or hotpads must always be used to protect it, and it should not be used over radiant floors. Also, quartz should not be used outside as the sun can damage it, due to the resins it contains.

 

Cleaning and care

• Granite is porous and needs to be regularly sealed (consult your manufacturer for timing).
• Quartz is easier to maintain as it is nonporous and does not need to be resealed.
• Quartz is also better with stain resistance, but both products are easy to clean on a daily basis - simply wash with warm water and soap. If tough spills occur, use non-abrasive cleaners to avoid dulling your surfaces.

 

The current trends in the market suggest that quartz is the favored countertop! However, if you are considering building or remodeling your North Shore home, consider your options and what meets your needs and personal preferences! For additional information, here are some articles that focus on this debate and may be able to help you finalize your decision:

https://www.hgtv.com/design-blog/design/granite-vs-quartz-is-one-better-than-the-other

https://www.consumerreports.org/kitchen-countertops/quartz-vs-granite-kitchen-countertop-which-material-is-better/

https://countertopguides.com/guides/granite-vs-quartz-countertops.html

Determining The Right Asking Price For Your Home

Determining the right asking price for your home is one of the most important steps in putting your home on the market.  Some brokers use their gut intuition to come up with the asking price.  I take a more analytical approach.  After more than 25 years in the corporate world doing market research, I am a bit of a data geek. I leverage this expertise for my sellers by doing a thorough examination of the market to help determine the price for their home. I base my pricing recommendations on facts, not on my gut.

That said, the communities on the North Shore have a diverse inventory of homes, very often no two homes are exactly alike. This can make the pricing process a bit more challenging, but not impossible.

 

There are, however, things that Do Not Determine the value of your home. Here are some of them:

 

• The cost of the improvements that you have made
• The lovely compliments you have received on your home over the years
• Your wonderful memories of the home
• What the neighbor down the street says
• What your children say
• What your cousin who is an agent in Iowa says
• How much you paid for your home
• How much you owe on your home
• How much you would like to spend on your new home
• How much you would like your children to inherit
• How much you love your home
• How much you paid an interior designer to decorate it
• You think you have the best home on the street
• Zillow, Trulia and other valuation sites based on publicly available data
• The unrealistic approaches to pricing that are seen on television shows like Million Dollar Listing where the agent walks into a home and blurts out a price.

 

 Things that DO determine value are its size, location, condition, age, and economic conditions.

 

 Pricing some homes can be very challenging, and it is impossible to get it 100% correct every time.  The real estate market is fluid, it is changing all the time. I don’t have a crystal ball (now that would be nice!). My job is to monitor the market for my clients and keep them informed.  It is important to stay on top of the situation and make quick adjustments to our initial price, if the market dictates it.

 

If you are considering selling your North Shore home, contact me to discuss your unique situation!

Here's the Difference An Hour Makes

Every Hour in the US Housing Market: 

• 596 Homes Sell
• 278 Homes Regain Positive Equity
• Median Home Values Go Up $1.20

 

If you'd like more information regarding the current housing market, feel free to reach out.

 

Money Can’t Buy Back Time

Many years ago, my husband and I were looking to move our family back to the North Shore. We knew what we wanted to get out of our house and we were willing to wait and get it. Things changed. Find out what happened below:

 

Money can’t buy back time. Are you wasting time by not doing

what you need to do to buy or sell RIGHT NOW?

 

As a realtor, my job is to help you make the right decisions for you and your family. The right decision may not always be an easy decision but sometimes it really is the smartest decision.  If you’re looking to buy or sell a home, let’s talk about where you are and what your goals are. I can help you to make the difficult decisions and I promise to tell you the truth.

Buying a Home is Cheaper than Renting in 38 States- including Illinois!

 

Some Highlights:

• According to a study by GOBankingRates, it is cheaper to buy a home than rent in 38 states across the country.
• In six states the difference between buying & renting would account for less than a $50 monthly difference, leaving the choice up to the individual family.
• Nationwide, it is now 26.3% cheaper to buy.

 

As you can see, here in Illinois it is found to be cheaper to own than to rent. If you'd like to get out of renting and into a home of your own, give me a call today and let's talk about it.

 

 

7 Important Things to Prepare your Home for Winter

 

With the beginning of fall, it is always enjoyable to get outdoors and take advantage of beautiful weather and cherish the attractive autumn colors that surround us. However, it is also time to think about preparing our homes for the winter. And with the potentially harsh conditions here along the North Shore, it is important to make sure our homes (both inside and outside) are ready for what winter has to offer!

Here are some ideas to help you prepare your home for winter:

1.  Clean, winterize and store all of your summer equipment, such as air conditioners, flower pots, hoses, lawn furniture, fountains, and other landscaping items. Servicing your equipment now will ensure those mowers and other power tools will be ready for you when nice weather returns in the spring.
2. Check the exterior of your home to make sure there is nothing that needs to be repaired before winter.  Check the brick, siding or stone on your home.  Check windows, storms, screens, and Doors. Finding and fixing a problem now could prevent many complications that would come if you don’t discover the issue until it’s the middle of winter. You don’t want the heat to escape through a poorly insulated door or a cracked window that needs to be repaired!  And, how old is your roof? If you can’t see it well from the ground and might be getting old, have a roofer stop by to take a look at it.
3. Get your winter equipment in order. Test that snow blower and generator! There’s nothing worse than needing a piece of equipment only to find that it won’t start or stalls out on you. And also ensure that you have plenty of gas on hand to operate your equipment. (And make sure the sleds or other winter toys are handy for some fun in our North Shore snow!)
4. Winter brings cold temperatures. Is your furnace working well? And if you have a fireplace, has your chimney been inspected by a professional for safety? Making sure your heat sources are in good order will make you feel confident to deal with winter’s chill.
5. Change the batteries in your smoke alarms and carbon monoxide detectors. This is a small item on the to-do list but could be the most important as these detectors save lives every year. Experts suggest that you change your batteries in conjunction with the changes to/from daylight savings time, or twice a year.  
6. Clean your gutters. After all the leaves have fallen off of the trees, it’s time to remove the leaves that gathered in your gutters. Rain on top of the leaves can cause the gutters to get clogged, and then the cold of winter and snow can do some serious damage. If gutters are clogged and ice builds up in them, it can cause very costly repairs.
7. And, speaking of cleaning, fall is a great time to clean inside your home to get ready for winter. Some of the most popular items to clean this time of the year are carpets, under appliances, air vents, dryer vents, windows, and closets as you change out your clothes for the season. It may be time to pack away the flip-flops and beach towels, but the cozy feeling that comes with boots and blankets is a welcome one as well!

 

After you have your home prepared for winter and perhaps a perfectly placed pumpkin or two on your front porch, take some time to relax and enjoy the splendor of the autumn season and the fruits of the harvest...maybe even with a “pumpkin” cookie, pie, bread, or coffee...the delectable tastes of the season are endless! Have fun celebrating the change of the seasons on the North Shore.