Wednesday, November 18, 2020

Saturday, November 14, 2020

Here's a Thought

 Have you thought about refinancing?

If you are paying 4% or more and plan on staying in your home for a few more years, it may be worth looking into.

Call us if you don't know where to start.

Being Cheap can be Very Costly

 Question: We are thinking of Selling our Home by Owner. What is the reason very few sellers sell on their own?

Answer:   The multiple listing service is the holy grail of home listings. Once in the MLS, a home is sent out to hundreds of online sites and into buyer’s agents’ hands, so your home always has a steady influx of looks and showings. Large numbers of showings increase your chance to get multiple offers and a bidding war on your home. The typical FSBO home sold for $200,000, compared to $280,000 for agent-assisted home sales, according to the Profile of Home Buyers and Sellers. Who would have the upper hand in a tough negotiation: a licensed, experienced buyer’s agent who has done this hundreds of times in their career, or a home-selling newbie who has an emotional attachment to the home? Never bring a fist to a gunfight.

Another key point: Most buyers want to be represented by a Realtor, so selling by owner virtually eliminates a great percentage of the qualified buyers not represented by a Realtor. How about your security? We live in a crazy world defined by good people and bad people. Do you want strangers possibly walking through your home looking through your medicine cabinets, drawers, or in search of home security cameras or do you want true buyers who have been prequalified by your Realtor?  

Sellers who think they can save a buck by listing for sale by owner are missing out on the countless advantages of using a licensed agent. These include less stress, a higher selling price and more security. Ultimately, the benefits of using a real estate agent are huge.     
“ It's unwise to pay too much. But it is worse to pay too little. When you pay too much, you lose a little money, that is all. When you pay too little you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balances prohibits paying a little and getting a lot. It cannot be done. There is hardly anything in the world that someone can't make a little worse and sell a little cheaper—and people who consider price alone are this man's lawful prey. John Ruskin.

Friday, November 6, 2020

 Home on the (not so normal) Range....

Our Opinion:

  • We can't say we've seen a housing market like this in our career. Incredible demand and very low inventory make this a  "Super Sellers" Market. That's a mild way to put it.                                    Some would call it "Super Crazy" Market.

Multiple offers on homes is the norm, with some offering $30,000 over list price, hoping they will be chosen by the seller to buy their home.

Unfortunately, an appraisal probably wont agree with this inflated sales price.

  • Let's face it, some of the over list price offers are buyers going with the odds that the home wont appraise and the seller may want drop down to the appraisal price. It's a chance to take because appraisal and home inspection fees can cost up to $900.                                                                           Buyers are going to the extremes to ensure they are able to buy their dream home.                                The perfect selling scenario: A seller who has kept their home looking good and who is buying in an area where prices have not seen this growth.                                               We think it's also been termed "selling high and buying low."

  • Chicago area buyers are looking to the affordability of the South suburbs for their home choice. We've heard crime and covid have something to do with this. They are players in these price wars.
  • Illinois buyers moving to Indiana face lower taxes, but much higher prices/sq ft. In other words they get less for a higher price. It's easier to build your dream home in NW Indiana than it is to try and find your dream home. But, building a home is not cheap.

Friday, October 9, 2020

Wednesday, October 7, 2020

Real Estate Questions and Answers

 Question: We signed a contract to sell our Home contingent on the buyer getting a loan approved & closing it by a given date.  The buyer did not get the loan & the deal was off.  We started showing the house again, but have now found out that the buyers got financing through a different bank & they can close by the original deadline. Are we still obligated to close or can we change the contract to better ourselves?

Answer:    Wait a second. Go back to the part about the “deal was off.” Did the buyers agree the  transaction was finished?  Did they get their earnest money back? Or did they simply find a financial bump in the road? Their offer was fair & acceptable— otherwise you would not have had a contract. The offer from the buyers may be the best you’ll get. Instead of seeking advantage from their difficulty, congratulate them for trying to meet the terms of the agreement & enjoy your check at closing!

Tuesday, October 6, 2020

Market Snapshot

While there is Covid and High Crime in some areas of Chicago, Home Sales in the south suburbs and NW Indiana are Incredible. If you are thinking of selling, now is the absolutely best time to do it, in our opinion. Low Interest rates have made more buyers able to purchase a home. High demand is raising prices. High Demand and Low Supplies make it a great Sellers Market. Who knows what will happen after the November Election.