Category Archives: Chicago real estate reports
Despite the mild wind and cold weather experienced earlier this season, the Chicago real estate market continues on a warm spring 2019 driven path. The median Chicago home price surged with an annual increase of 12.1%. Interest rates remain attractive as the monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central- Chicago region was 3.32 percent in April 2019, according to the Federal Home Loan Mortgage Corp.
Buyers are already expelling pent-up action and are out in force. Sellers are seeing the benefits of listing NOW, as demand/ideal Chicago market conditions continue to benefit all parties involved. Don’t get left behind…Jump in now!
Ian Schwartz with The Ian Schwartz Group, reports that “everything we touch turns to SOLD”. So far this year, Ian and his team have sold over $50 million dollars in real estate units in the city of Chicago. As a recipient of Coldwell Banker’s International President’s Premier award, Ian and his team remain client centered, attentive, sincere, tenacious, and knowledgeable; with an end result of top producing, top performing, high-ranking Chicago residential real estate results. For more information on The Ian Schwartz Group visit HERE and HERE.
Do you know that the Chicago real estate market and 2018 conditions are also influenced by the seasons?
Right next to spring, fall is one of the busiest Chicago real estate time-frames of the year. Although you can buy and sell houses at any time, the 2018 fall Chicago real estate market offers certain benefits to home buyers and sellers, including year-end tax breaks, pleasant weather conditions for moving, and often a wider selection of houses. If you are shopping for a home during the fall and don’t want to miss out on a great opportunity, it’s a good idea to explore the possibility of pre-qualifying for a loan and to know what type of Chicago home you’re looking for and what you can realistically afford to buy.
Down below are the basic 4 benefits you can expect to enjoy during the autumn months:
Getting Ahead of Mother Nature
Buying a house before the deep freeze of winter sets in is very appealing to most home buyers. Low temperatures and poor weather conditions make moving more difficult. No one wants to worry about icy roads, snowstorm warnings or blackout conditions on moving day. Furthermore, by wintertime, most kids have settled into school, established friendships, and become involved in extra-curricular activities. By moving in early autumn, not only do you avoid interrupting your children’s schooling (or higher educational pursuits in the case of teen and adult family members), but you gain the added benefit of eluding the sweltering summer heat.
Historically more home-buying choices
Given that home buying and selling is at a peak during the fall season, the real estate world often becomes a highly competitive arena. While there may be added pressure to buy due to the quicker turnaround of houses on the market, at the same time you also benefit from the wider selection of homes available during this period. In fact, between the months of September and December, you may be fortunate enough to visit several open houses in a single day. Therefore, to make sure you don’t miss out on finding your dream house, it’s a good idea to examine the classified ads more often since the listings are updated more frequently.
End-of-year tax breaks when closing
Come September and October, people are already starting to think about what year-end tax breaks they may be eligible for. Fortunately for homebuyers, owning a home can yield great dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. Furthermore, if you have prepaid some interest before the due date of your first payment and you close your loan before the year’s end, that amount will also be deducted.
**An autumn tip to note
Given that fall is the second busiest season of the year for buying and selling houses, you may be tempted to put a bid on a home that is out of your price range for fear that another buyer will better your offer or snatch it before you. Carefully assess your financial situation ahead of time and before your feet hit the pavement.
Ian Schwartz with The Ian Schwartz Group, a top-selling Chicago real estate agent, one of the highest producing Realtors in the nation, consistently the #1 agent in Resale Sales Volume averaging more than 50+ million dollars in sales per year, knows Chicago real estate. He and his team are committed to listening and analyzing the needs of both buyers and sellers. They enjoy giving conscientious service and earning trust, loyalty, and friendship, all while providing concrete real estate results. They are located in one of the United State’s top ranking Coldwell Banker residential real estate offices-Lincoln Park Plaza – Clybourn Office, Illinois 60614-5881. More information HERE and HERE
Open living does the following things:
- Adds space without changing your home’s footprint (a good thing because it saves money)
- Increases natural light
- Improves traffic patterns
- Lets you enjoy more of your home more of the time
Here are some ways to achieve open living:
Bringing in More Light
Adding daylight will make your rooms appear bigger and brighter. Here are some ways to bring in more light:
- Widen windows. Bust through your Chicago home’s exterior and add bigger, more energy-efficient windows. If you change a 3×5 double hung window to a 5×5 picture window, it’ll cost you $450 to $1,000 for the window and $350 to $473 for labor. Add another 50% to 100% in installation costs if you have to remove siding and reframe the new window.
- Add French doors or sliding patio doors. Put them where windows used to be ($1,200-$3,000 installed for 6-foot-8 by 5-foot wood door). To make the most of these doors, let them open up to a patio or deck—finished outdoor space that feels like you’re extending indoor living.
- Install skylights. Adding skylights brings in lots of daylight—about 30% more than a similar-size window. Install skylights ($650 to $3,500 for a 2×4 model) with build-in light fixtures that you can turn on when the sun doesn’t shine.
- Lighten the drapes. A low-cost way to bring in more light is to exchange heavy curtains for sheer drapes or fabric blinds.
It’s a simple concept: Take down a wall to combine spaces ($500 to $4,000, professionally done). If the wall in question is not load-bearing and doesn’t hide plumbing pipes, it’s a relatively simple task for a contractor to do the following jobs:
- Demolish drywall and studs
- Reroute electric lines
- Build a chase for an HVAC duct hidden in a wall
- Patch flooring
- Patch and paint the ceiling where the wall was attached
Taking down a load-bearing wall is not as simple, but definitely doable by a professional (not a DIY project). You’ll need an architect or structural engineer. Half walls also can pull double duty as breakfast bars, bookcases, and extra storage.
More information can be found HERE
With summer 2018 top producing, top-selling, high-ranking Chicago real estate results already existing, Ian Schwartz with The Ian Schwartz Group leaves no stone unturned. He and his team (Jenna Plakas, Victor Elting, Michael Shin and Alexander Pappas combine forces to offer a client-centric, results-driven approach to buying and selling real estate in the Chicagoland area. Ian’s legal, marketing, and consulting background, combined with his outgoing personality, his good sense of humor, and his integrity, professionalism, and dedication, have led to his ongoing success as a Licensed Broker Associate in the Chicago Lincoln Park-Coldwell Banker residential real estate office. He and his team pride themselves on the ability to listen and analyze the needs of both buyers and sellers; giving them conscientious service all while winning their trust, loyalty, and friendship.
Misinformation can waste your time and cost you money. When it comes time to list your Chicago home, you may need to do your research so you can separate fact from fiction, or enlist a trusted, experienced real estate expert to assist and guide. Real estate agents from across the county participated in Zillow’s 2017 Home-Selling Season Survey identified five top real estate myths. The debunking of them should put in the frame of mind on the fast-track to selling your property:
Myth No. 1: The outside of my home isn’t as important as the inside.
Truth: Home buyers often make snap judgments, often based simply on a home’s exterior. Therefore, curb appeal is very important.
“A lot of buyers I work with have done some preliminary online searches or they’ve driven by properties before they even enlist my services,” says Bic DeCaro, a real estate agent Westgate Realty Group in Falls Church, VA. “If a property looks bad, if the yard is cluttered or the driveway is all broken up, there’s a chance they won’t ever enter the house – they’ll just keep driving.”
The great news is that it doesn’t cost a bundle to make some big changes to your home’s exterior appearance. Start by cutting the grass, trimming the hedges and clearing away any clutter. Then, for less than $50, you could put up new house numbers, paint the front door, plant some flowers or install a new, more stylish porch light.
Myth No. 2: I need to redo my kitchen and bathroom before selling.
Truth: While kitchens and bathrooms can increase the value of a home, you may not get a large return on investment if you do a major renovation just before selling.
Minor renovations, on the other hand, may help you sell your home for a higher price. New countertops or new appliances may be just the kind of bait you need to reel in a buyer. Check out comparable listings in your neighborhood and see what work you need to do to compete in the market.
Myth No. 3: If my house is clean, I don’t need to stage my home.
Truth: Clean and tidy is a good first step, but as more and more home sellers across the country have enlisted the services of professional home stagers, the bar has risen. It’s not enough anymore to toss dirty laundry in the closet and sweep the front steps.
Stagers strive to make homes appeal to a broad range of tastes. They can skillfully identify ways to highlight your home’s best features and compensate for its shortcomings. A stager might, for example, recommend removing blinds from a window that has a great view or replacing a double bed with a twin to make a bedroom look bigger. It’s common for stagers to de-clutter and depersonalize homes by putting furniture and family photos into storage. Or, if you’ve already moved out, a stager can move in furniture to give potential buyers a sense of how rooms might be used.
Myth No. 4: Granite and stainless steel appliances are no longer “in.”
Truth: The majority of home shoppers still want granite counters and stainless steel appliances. Quartz, marble and concrete counters also have wide appeal.
Myth No. 5: Home shoppers can look past paint colors they don’t like.
Truth: Moving is a lot of work and, while many home buyers realize they could take on the task of painting walls, they simply don’t want to.
That’s why one of the most important things you can do to update your home is to apply a fresh coat of neutral paint. Neutral colors also help a property standout in online photographs – which is where most potential buyers will get their first impression of your property.
Hiring a professional to paint the interior of a 2,000 square-foot house likely will cost $3,000 to $6,000, depending upon labor costs in your region. You could buy the paint and do the job yourself for $300 to $500. Either way, if a fresh coat of paint helps your home stand out in a crowded market, it’s probably a worthwhile investment. More tips HERE
October 2017-Ian Schwartz with The Ian Schwartz Group enjoys representing sellers and buyers this spring, with a client focused, top ranking profile of success. Ian and his team leave no stone un-turned, priding themselves on pouring their hearts and souls into effectively marketing Chicago real estate online and in print to have it seen by the largest possible audiences. Look to this dynamic and experienced group to confirm their mission….everything we touch turns to SOLD!
If 2013 might be your year to sell your Chicago property, start planning, engaging solid real estate professionals and doing as much of the legwork as soon as possible. You only have one chance to be “Just Listed” in this new market. More than ever, you’ve got to put your best foot forward when presenting your home to motivated buyers. Having an experienced Chicago Realtor, can take a great deal of the burden away and make the process seamless. Here are a few tips to keep in mind:
1. Know the comps
One of the first people you’ll want to reconnect with is your Chicago real estate agent. They are your “feet on the street” and have their finger on the market’s pulse. Real estate agents generally pick up on trends or shifts in your particular neighborhood or market before the press or the bloggers.
So get on your agent’s radar as soon as possible. Start going to open houses to see what’s selling and to get a feel for values and how homes are being presented. Likely a home you see at an open house in February could sell by the time you list in May or June. Future buyers will probably use this home as a “comparable” sale. Having seen the “comps” yourself puts you in the buyers’ mindset. It enables you to get ahead of the curve or learn from the mistakes of other sellers.
2. Hire a designer or stager
Your real estate agent should have a good designer or stager they like to work with — someone who can help you start to view your home as a product to be marketed. This should be someone you reach out to once you have the place inspected and know the property’s condition.
Many people think a designer means big money or a wasted expense, but this isn’t always the case. Many designers charge by the hour. It could be as easy as hiring a designer for two hours to help you decide on colors to paint a room or two; a stager to help you declutter or decide which furniture to move out to make some rooms show better.
Based on your real estate agent’s feedback, you may decide to engage the designer on a minor kitchen or bathroom remodel. An old kitchen with linoleum countertops, knotty redwood cabinets and avocado-colored appliances can easily be updated with an inexpensive cabinet makeover and new stainless steel appliances.
3. Have your property inspected
The buyer, after they have a signed contract on a home, is supposed to pay for an inspection, right? While that’s true, you can beat them to the punch and know what needs to be repaired before you go on the market.
Imagine if you list your home and have a great offer from a solid buyer. But the buyer finds out through the inspection that the roof needs replacement and the deck has dry rot. That excellent offer may not seem so great if you have to negotiate thousands of dollars in credits with the buyer.
Having your property inspected months in advance will allow you time to make a plan to get the big (and small) things repaired. If you can identify the problems upfront, you can fix them for a lot less money than those repairs would get negotiated for down the road. Or, you can price your home factoring in the needed repairs. Plus, a home with a clean bill of health can be advertised as such. Many buyers are looking for a home in “move-in” condition, free of any needed repairs or fixes. More info HERE