Are you thinking about selling your home? Following are a few suggestions that will ensure the best first impression and help get the highest price for your home.

Look well maintained and loved:

Prospective buyers notice the littlest things. If your home looks neglected, buyers often wonder what else could be wrong behind the walls or with the mechanicals? Examples of things to look for include:

– Recaulking your bathtub and shower stalls

– Replacing broken receptacles, outlet covers, or switch plates

– Replacing broken glass windows

– Thoroughly clean your house before going on the market.

Declutter every room, surface, and closet:

Get rid of things you don’t want or won’t have room for in your next home. Think about how much money you will save by not paying to move those things! Minimize and organize the contents of your closets.

Apply a fresh coat of paint: 

This is one of the most affordable renovations that will give you the biggest bang for your buck. Generally, Light, warm, neutral colors will make the home look brighter and more inviting. For now, white moldings and baseboards considerably update the look of a home.

Make your kitchen and bathrooms sing(or at least not distract):

To interest buyers, look for the current trends in home design to make these rooms look more modern. Low-cost upgrades include new hardware, faucets, and decorative items like towels, bath rugs, shower curtains, and accessories. Just don’t overdo it. Keep the counters clutter-free.

Make minor cosmetic updates:

Consider replacing an out-of-date light fixture with a more modern style. Make easy cosmetic changes like adding new throw pillows,  bedding, and area rugs reflecting today’s trends to give your home an easy facelift.

Feel free to reach out to me for a consultation, market evaluation, or for help with any of your real estate needs.

Written by: Marissa Hopkins

Here in the North Shore suburbs of Chicago, spring is usually the busiest season for the real estate market. However, COVID-19 has changed the selling season drastically. Now, we are experiencing a high level of sales activity all year long. We have many more buyers for fewer available homes for sale. That means an increase of multiple offers for desirable properties. 

If you are in the enviable position of dealing with multiple offers as a seller, handling the situation thoughtfully can make all the difference. Because of this, an experienced broker is extremely important to guide you through the process. Here are a few tips on how best to handle this.  

Make a Game Plan

Before you go on the market, talk to your broker about your real estate goals (I.e., pricing expectations, your timing needs), the process from now through closing, and your options if you were to get multiple offers. 

There are several different choices for handling multiple offers, and potential legal ramifications if not handled correctly. Be sure to consult your broker to make sure you understand your options, so you can make the best decision for your situation.

Think More Than the Price

It is tempting to accept the highest bid, but the highest-priced offer is not always the best offer to achieve your goals. Remember that once an offer is accepted, there are more many more steps to complete to successfully close the transaction.

Every seller has unique goals, so factors like finance contingencies, sales contingencies, and a closing date may be as or more important than the offer price. In addition, you should take the appraisal of your home into consideration if you choose the highest-priced offer. Some buyers will bid above list price and possibly above market value just to “win.” But if the appraisal comes in at a price lower than the offer, the buyer may have no choice but to cancel the contract or ask you to reduce the purchase price. 

Act Quickly

Respond to offers in a timely manner –within an hour if possible, for each interchange. Once the terms are to your liking, be sure to sign the contract right away. The longer a negotiation drags on, the more tenuous it becomes. If you “sleep on it” or wait a day or so to sign an offer, the buyers may become suspicious, lose interest, second guess their decision, or move to another property and rescind their offer. 

Maintain Your Goals

Multiple offers can be stressful for all parties in the transaction, so it is important to be clear-headed and stick to your objectives. For example, if you want a quick closing, keep that in mind when evaluating any offer you receive. There are often elevated levels of emotion during the negotiation of multiple offers, so try not to get caught up in those emotions. 

Tread Lightly 

While you likely have the leverage in negotiations, you always want to keep a buyer engaged and avoid ultimatums. Buyers are generally more likely to walk away from a negotiation when they feel as though they have lost control or they suspect unethical behavior. Whether it is happening or not; perception is reality. 

While the goal is to get you the best possible price and terms for your home, not losing your buyers and successfully closing should be just as important.

 

The featured photo is of a home sold by Marissa Hopkins at 991 Harvard, Highland Park.

Written by @properties; Modified by Marissa Hopkins, Broker

Should you buy or rent? This is a fundamental question facing many potential homebuyers, particularly first-time buyers. There certainly are circumstances in which renting might make more sense if:

• More flexibility is needed
• You need to save for a down-payment
• You will be relocating within the next 2 years, or
• You need to improve your credit score…

However, if one is eligible and so include there are several key advantages when it comes to homeownership. Here are five benefits to buying a home today.

Record Low Mortgage Rates

We know, we know, you keep hearing “record low-interest rates,” but that’s because rates continue to fall to new lows. In fact, the 30-year fixed-rate mortgage averaged 2.88% for the week ending August 6, marking the 8th time this year that mortgage interest rates have slipped to their lowest level. To put 2.88% in perspective, keep in mind rates were in high teens(!) in the early 1980s. Lower mortgage rates allow you to afford a more expensive home for the same monthly payment (or the same house for a lower monthly payment), so low rates are very enticing to prospective buyers.

Fixed Housing Costs

Renters, particularly those in hot neighborhoods, know it’s all too common for landlords to raise the rent when it comes time to renew their lease. On the flip side, when you take out a fixed-rate loan to buy a home, you can rest assured your monthly mortgage payments will be consistent through the loan term, with a fixed 15- or 30-years mortgage. And while rents generally rise with inflation, homeownership is a great hedge against inflation.

Building Equity

One of the most attractive aspects of homeownership is the ability to build equity. As you pay your loan each month, the debt of a mortgage gradually becomes an asset. Homeowners also build equity when the value of the property increases. That means homeownership provides an opportunity to accumulate wealth over time. Periodic updates can also add value to your home, enhance your enjoyment of it, and are generally not allowed or something you’d consider when renting.

Tax Benefits

Tax deductions for mortgage interest and property taxes provide a financial incentive for homeowners. Despite the fact that deductions were reduced under the 2017 Tax Act, homeowners can still deduct up to $10,000 in state and local income tax and/or property tax, and can also deduct interest on a mortgage up to $750,000.

The Value of Home

We have outlined several financial benefits that come with homeownership. But over the last six months, “home” has taken on a whole new meaning and made the prospect of being a homeowner more attractive for a variety of other reasons. For some renters who had planned to buy a home at some point down the road, COVID-19 has pushed up their timelines as their needs change and as they look to take advantage of low-interest rates. There is a renewed focus on the value of home and the features that have become more appealing recently— whether it’s a home office, outdoor space, or flex space. Homeownership offers a great opportunity to buy (and personalize) that home that has everything you have been wanting and to plant roots in a community you love.

For more detailed rent-versus-own-analysis, be sure to contact me. I can help you make the best choice for your situation.

The featured photo is of a home sold by Marissa Hopkins at 995 Harvard, Highland Park.

Written by @properties

Modified by Marissa Hopkins, Broker

Working from home became an inevitable reality for many Americans over the last year. It has ultimately changed the meaning of home and affected what we need or desire from our living spaces. As a result, many people have relocated both locally and nationally in search of a place that suits their new needs, and even more, are planning to make a move this year.

In the latest edition of @ The Market, @properties EVP of relocation and referral services John D’Ambrogio joined the webcast to offer his perspective on the latest relo trends that have emerged during the pandemic. He also addresses where he sees businesses heading in the coming year.

A Redfin survey recently reported that one-third of homebuyers would relocate if remote work becomes permanent. Although John does not anticipate that employees will be working from home forever, he does believe that the work-from-home model will be integrated into the ways that companies do business in the future. With flex work weeks becoming more popular and giving employees the opportunity to alternate between working from home and the office, he notes that the location of some peoples’ homes will be less significant than if they were commuting Monday through Friday. Homebuyers thus have the freedom to look in areas farther out than they typically would to find a home more suitable to their lifestyle.

John also offered insight into the hotspots that are gaining attention from those relocating throughout the country. He highlighted two particular regions as emerging relocation hotspots, dubbing them the New South and New West. The New South includes cities like Charlotte, Raleigh, Nashville, and Atlanta, while the New West is drawing homebuyers to Austin, Denver, and Houston. These regions have ample job growth, warm weather, and are generally within tax-friendly or tax-neutral states. As for Chicago, the Windy City is still a popular spot for corporate relocation, and remains a hub of industries such as finance and consulting.

Written by: @properties