Thinking of Selling? What You Do and Don’t Want to Do…

We like working with clients to reach their goal and we have our client’s best interest in mind. If you are thinking of selling, there important things you need to take into consideration…

The Price – Overpricing sells the competition as those homes look like, well, a bargain of sorts. You want to list your home at its market, fair value, price. Some people like to leave room for negotiation, but to increase your chance of an offer or even multiple offers, you want to consider what the appraiser will use as comparables and not skew too much but of course considering the upgrades, condition of the home, location, etc.

…and (not) increasing the price – No, no, no. With the exception of new construction/new homes where features can be added etc., or adding a costly feature to the home post-listing (new windows, new roof, finishing the basement, paver driveway/patio, etc.) increasing the price after listing just because doesn’t really make sense and it can be confusing to buyers (are they desperate for more money? what caused the increase? did they get offers that were too low? so on and so on).

Showing/Selling the Home…the way you live in it –  This doesn’t apply to our  current clients who have such well maintained homes that show so well. It is often said “one doesn’t sell the home the way the live in it.” De-personalizing, de-cluttering and cleaning a home can mean the difference between and offer or no offer. Are there bold / very specific paint color or decor? Chances are buyers have viewed more than one home and if one is not that clean, has items all over the floors, countertops, personal items all over, and different, bright paint colors in ever room, they might think that the home is not that well cared for, is too specific, and make an offer for the home that shows better. If you truly want to sell, you will probably move anyway, so get a start on packing even before listing.

Lemont Real Estate Market Update – March 2018

How is the Lemont, Illinois residential real estate market? Click play on the video below to learn more about the Lemont real estate market activity for March 2018.

Overall, the number of active listings is down 8% from last year and up 5% from last month. With fewer homes for sale than this time last year, it might be a great time to sell. If you are on fence, or would like to know what your home is currently worth, go ahead and give us a call. Mortgage rates are also expected to increase, so consider that as well.

Thinking of buying or selling We are local, area natives and based in two Coldwell Banker offices.  Contact The Glockler Group – award-winning client service & expertise for over four decades.

 

Naperville Real Estate Market Update – March 2018

How is the Naperville, Illinois real estate market? Click play on the video below to learn more about the Naperville real estate market activity for March 2018.

Overall, the number of active listings is down 22% from last year and up 8% from last month. The days on market is down from last year, a positive trend. With fewer homes for sale than this time last year, it might be a great time to sell. If you are on fence, or would like to know what your home is currently worth, go ahead and give us a call. Mortgage rates are also expected to increase, so consider that as well.

Thinking of buying or selling We are local – and based in two Coldwell Banker offices including one in Naperville. Contact The Glockler Group – award-winning client service & expertise for over four decades.

 

Homer Glen Real Estate Market Update – March 2018

How is the Homer Glen, Illinois residential real estate market? Click play on the video below to learn more about the market activity for March 2018.

In general, the number of active listings is down from this time last year. Therefore, buyers may have a smaller selection of homes to choose from and this may be a good time for you to sell if you are on the fence.  There has been an upward monthly sales trend from February, signaling the start of the real estate season.

Thinking of buying or selling? Interested in knowing what your home may be worth?  Contact the #1 Real Estate Saleswoman in Homer Glen*,  Judy Glockler. (708) 529-5839 call or text. We can provide you with a free market analysis and you can learn why working with The Glockler Group makes all the difference.

No one knows the local market better than Judy, no one has sold more in Homer Glen in the last five years total than Coldwell Banker.

 

*Homer Glen closed detached, attached homes and land in the last decade, per MRED

United States Housing Market Still In ‘Buy Territory’!

US Housing Market Still In ‘Buy Territory’! | Keeping Current Matters

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment.

The BH&J Index is a quarterly report that attempts to answer the question:

In today’s housing market, is it better to rent or buy a home?

The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.”

While 13 of the 23 metropolitan markets examined moved further into buy territory, markets like Dallas, Denver, and Houston are currently deep into rent territory. Due to a lack of inventory, the home prices in these areas have increased by 6.7%6.3%, and 5.3%respectively from a year ago.

According to Eli Beracha, Ph.D., Co-Creator of the index, home prices will begin to return to more normal levels.

Our data indicates that prices are above their 40-year trend but not significantly so as they were in 2007. Rather than a crash, I anticipate slower growth in prices accompanied by longer marketing times for sellers and increasing inventories, which should bring prices back in conjunction with their 40-year trend.”

Bottom Line

The majority of the country is strongly in buy territory. Buying a home makes sense socially and financially, as rents are predicted to increase substantially in the next year. Protect yourself from rising rents by locking in your housing cost with a mortgage payment now.

To Find Out More About the Study: The BH&J Index and other FAU real estate activities are sponsored by Investments Limited of Boca Raton. The BH&J Index is published quarterly and is available online at http://business.fau.edu/buyvsrent.

99% of Experts Agree: Home Prices Will Increase

99% of Experts Agree: Home Prices Will Increase | Keeping Current Matters

Some believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of recently surveyed housing experts believe that home values will continue to rise this year.

What is the Home Price Expectation Survey?

Each quarter, Pulsenomics surveys a nationwide panel of economists, real estate experts and investment & market strategists. Those surveyed include experts such as:

  • Daniel Bachman, Senior Manager, U.S. Economics at Deloitte Services, LP
  • Kathy Bostjancic, Head of U.S. Macro Investors Service at Oxford Economics
  • David Downs, Real Estate Finance Professor at VCU
  • Edward Pinto, Resident Fellow at American Enterprise Institute
  • Albert Saiz, Director at MIT Center for Real Estate

Where do these experts see home values headed in 2018?

Here is a breakdown of where they see home values twelve months from now:

  • 21.6% believe prices will appreciate by 6% or more
  • 71.6% believe prices will appreciate between 3 and 5.99%
  • 5.7% believe prices will appreciate between 0 and 2.99%
  • Only 1.1% believe prices will depreciate

Bottom Line

Almost ninety-nine percent of the top experts studying residential real estate believe that prices will appreciate this year, and over 93% believe home values will appreciate by at least 3%.

20 Tips for Preparing Your House for Sale This Spring

Tips for Preparing Your House for Sale This Spring [INFOGRAPHIC] | Keeping Current Matters

Highlights:

  • When listing your house for sale your top goal will be to get the home sold for the best price possible!
  • There are many small projects that you can do to ensure this happens!
  • Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

Dreaming of a Luxury Home? Now’s the Time!

Dreaming of a Luxury Home? Now's the Time! | Keeping Current Matters

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.

The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

 

Did you know what we are Global Luxury Property Specialists? Contact us today – we have local market expertise and global connections.

 

The Cost of Waiting: Interest Rates Edition

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Interest rates are projected to increase steadily heading into 2019.
  • The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.
  • Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years

If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed.

Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that:

“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.

Despite relatively stagnant incomes, affordability has grown due to the sharp drop in mortgage rates over the last 30 years – from a high of over 16% in the 1980s to under 4% by 2016.

Of the nation’s 100 largest metros, only Miami became unaffordable between 1990 and 2016. Meanwhile, 22 metros have flipped from being unaffordable to becoming affordable in that same time frame.”

Here is a graph showing the Affordability Index compared to the 40-year average:

Moving up Is MORE Affordable Now Than Almost Any Other Time in 40 Years | Keeping Current Matters

The graph shows that housing affordability is better now than at any other time in the last forty years, except during the housing crash last decade.

(Remember that during the crash you could purchase distressed properties – foreclosures and short sales – at 20-50% discounts.)

There is no doubt that with home prices and mortgage rates on the rise, the affordability index will continue to fall. That is why if you are thinking of moving up, you probably shouldn’t wait.

Bottom Line

If you have held off on moving up to your dream home because you were hoping to time the market, that time has come.