Real Estate News for Chicago's NW Suburbs
Are you watching the interest rates? They’re just to the right in the margin. My little Zillow widget has a great little graph of the recent rate history.
Zillow’s Mortgage Marketplace is also a helpful resource. It’s important to keep an eye on the rates. Often times, a rate drop can make a bigger difference in your monthly payments than a large discount earned through tough price negotiations.
Comments Off Laura on Feb 18th 2010
Buyers frequently ask me if they should test for radon. The answer is “yes.” Radon is an invisible, odorless gas that can cause cancer.
Indoor radon gas is the second-leading cause of lung cancer in the United States and breathing it over prolonged periods can present a significant health risk to families all over the country. It’s important to know that this threat is completely preventable. Radon can be detected with a simple test and fixed through well-established venting techniques.” January 2005, U.S. Surgeon General Health Advisory (EPA website)
Over the last several years, Realtors and home buyers have become more aware of the danger of radon, and testing for radon has become increasingly common. A radon test costs about $175.00 from a certified inspector. I would estimate that about 1 in 4 of my clients discover that the home they’re purchasing has radon above EPA recommended levels.
Fortunately, it is relatively easy to have radon levels mitigated to an acceptable level. And in the state of Illinois, traditionally sellers pay for the mitigation.
For more on radon and real estate, visit the Environmental Protection Agency’s Home Buyer’s and Seller’s Guide to Radon.
Comments Off Laura on Feb 18th 2010
Finally, we’re beginning to see some beautiful new inventory in the Northwest Suburbs. And, as always, the nicest homes are getting snatched up quickly.
I’ve been in several dual offers this year already. Properties have been priced extraordinarily well and interest rates are low, so smart buyers aren’t stalling. If you see something nice, you have to act right away.
But, if you make an offer and you don’t get the property you want, don’t despair. We’ll be seeing new listings until the end of March or April. After that, I think we’ll have a lull in new inventory for the summer months.
Even though we’re in a recession, the $8000 tax credit and low interest rates are creating a kind of mini-boom for the first time home buyer market. We’re not seeing the same activity in move-up properties ($400,000 and up), but if entry-level homes continue to sell, the move-up sector may also begin to move.
Comments Off Laura on Feb 12th 2010
Downtown Palatine, along the Railwalk
Comments Off Laura on Feb 12th 2010
Well, then give me a call or shoot me an email!
I work with both sellers and buyers, but I specialize in buyer’s agency. I’ve lived in the Northwest Suburbs for over forty years and have been involved with selling real estate most of my adult life.
I’ve helped happy clients find homes all over Chicagoland. You can find testimonials at my website, askforlaura.com.
Keep in mind, when you work with a real estate agent to help you find a home, the commission is paid by the listing office of the home you buy. The Realtor does not charge the buyer a fee for their services.
Comments Off Laura on Feb 3rd 2010
This weekend was busy in the first time home buyer price range of $100,000 to $400,000. I don’t have stats to report, but I can tell you that the office was super busy Sunday and Monday. I can always tell that the market is picking up when there are lines for the copier and scanner Monday morning as agents crowd in to process their paperwork.
The $8000 tax rebate is bringing out first time buyers in droves, and we’re starting to see dual offers on well-priced properties.
I don’t think this activity will last past the spring market. And, I’m not seeing much activity in the move-up range and luxury home range ($400-700,000 and $700,000 +), but they may follow as the first time home buyer properties begin to sell.
Comments Off Laura on Feb 2nd 2010
This is the new Palatine Train Station. I took this photo last summer (2009). I know the “new” station isn’t all that new anymore, but I can still remember the old one, so I always think of this one as new. I love how Downtown Palatine is evolving. I expect it will continue to get better and better.
Comments Off Laura on Jan 26th 2010
Friend and fellow blogger, Robert Darrow, just wrote an interesting article on the spring market for this year. The tax credit and uncertainty about how long interest rates will stay low make timing critical for 2010. Check it out.
Timing When to Buy or Sell: Calendar of Important Events
Comments Off Laura on Jan 21st 2010
Well, for all the hype about the real estate market starting early this year, we’re not seeing much activity yet. Sure, a bunch of ugly, scary, roughed-up foreclosed homes hit the market early in January, but not much else has arrived yet.
My bets are on the post-Superbowl sellers. I think a lot of homeowners are waiting until the football season ends and the hope for warmer winds and spring begins.
So, if you’re not seeing what you want yet, don’t be discouraged. The cold Midwest always has a slow start to the spring market, no matter how hard we (i.e. Realtors and realty journalists) try to rev it up earlier in the year.
Comments Off Laura on Jan 21st 2010
One of the biggest mistakes sellers can make in staging their home is leaving up old-school, heavy drapery. Fancy, expensive, over-the-top fabric window treatments are slowly going extinct.
What’s hot now is sleek and subtle, light-breathing looks. Plantation blinds, Roman shades, or whispy fabrics provide a more updated look. Moreover, they allow more light in. You want your home to be light, bright, and open.
Today, we’re seeing the absence of window treatments altogether in higher end contemporary homes. Designers and homeowners are finding that large, unadorned windows make rooms feel bigger and more spacious.
In our own home, my husband and I use window treatments sparingly. We have blinds in our bedrooms and in our family room, but our living room, dining room, and kitchen windows are completely naked. I love the way sunlight streams into our kitchen. That room always feels cheery and bright. What buyer wants to invest in a dark kitchen?
So, rip the fabric off those windows! Go naked! You’ll be happy you did.
Finally, my advice for buyers is don’t run out and buy window treatments for your new home. Give it some time and watch the lighting patterns. If you really need blinds for privacy, don’t spend a lot of money; the simpler the better. And, simple treatments are usually pretty inexpensive.
photo credit: TLC, Top 10 Window Treatment Tips
Comments Off Laura on Jan 12th 2010
