I met with a seller recently, and ultimately we could not agree on price, so I didn’t take the listing. I will price a seller’s home wherever they want, but it has to be within reason or I take a pass.
One of the sticking points we had was the worth of updates. In the last five years, the sellers replaced the roof, had the siding re-stained, and put a new furnace in. They believed that these updates would increase the value of their home.
Truth be told, updates of this nature sustain the value of a home; they do not increase it. Good maintenance is a basic requirement; it is not an enhancement. You have to add luxury amenities or stylish enhancements to raise the value of your home. Buyers like to see hardwood floors, stainless steel appliances, and new baths. Even design elements like great paint color and contemporary moldings will add value. By the time buyers have learned you have a new furnace, they’ve already made their judgments about the value of your property.
Downtown Palatine, along the Railwalk
I’ve been showing a lot of homes lately, and I am always surprised how many sellers and/or their listing agents miss the basics. Here is a short list of reminders of how you can make your home showing-ready.
- Make sure your agent has professional photos of your home taken. A few times a month I preview a home on tour that is beautiful in person, but when I send my client an email of the listing, it looks dark and ugly on the MLS.
- Your home should not smell at all. It shouldn’t smell good, and it shouldn’t smell bad. Buyers don’t like walking into a room full of fragrance. A little neutralizing spray is o.k., but don’t overdo it.
- Carpets should be clean. It’s worth the $150.00 to have it done professionally.
- Windows should be clean, inside and out. Remove heavy curtains or drapes. Bare windows and minimal treatments are better.
- Bare bathrooms look cheap. Towel racks should be full of new, fluffy towels. Counters should be clear. Toilet paper rolls should be full. Seats should be down.
- Front porches and patios should have potted plants and flowers.
- I love dogs, I truly do. But, some of my clients are afraid of dogs; others have allergies. So, I recommend taking your dog out of the house when possible during showings.
- Hang pictures or mirrors on bare walls. You don’t have to spend a lot of money. Just pick up some trendy items from Target or World Market. Mirrors add light and sparkle. Pictures add warmth and focus.
- Don’t worry about getting rid of all your personal photos. This has been way over-stated with the onset of staging. Framed family photos add warmth to a home.
I hope this list doesn’t seem too harsh. It is easy to forget that little things make a difference, but a well-staged home is really just a bunch of little things remembered and well-executed.
According to Business Week Magazine, foreclosures are increasing in areas that previously had not been impacted as badly as foreclosure-ridden states such as Nevada and Florida. Chicago and its suburbs seems to be one of those increasingly hard hit areas.
Eleven out of the nation’s 20 largest metropolitan areas saw foreclosure activity increase in the third quarter compared to the same period last year.
The Chicago-Naperville-Joliet metropolitan area posted the second-highest annual jump, a 35 percent increase. One in every 84 households received a foreclosure notice. (Business Week, 10/27/10)
This is a must-read report for anyone following the local real estate market.
In a recent storm in Palatine, a transformer was hit by lightening and fell on the WINGS Resale Shop. Nobody was hurt, but the building was destroyed. Women In Need Getting Stronger now needs your help to rebuild.
Please click on the link below and vote to support this important local non-profit. It just takes a couple clicks and you’re on your way to supporting a great local charity that empowers women and children in the Northwest Suburbs of Chicago.
It’s easy. Please help.
Wow!! I honestly don’t think so!
This may be a once in a life-time opportunity. If you’re not buying a home, you may want to re-finance.
For more in-depth information on interest rates, click on my Zillow interest rate widget in the first column on the right.
The Village of Palatine has demolished the old Sears Essentials store on Northwest Highway and Hicks and is replacing it with a beautiful new village building.
The new building will house the Palatine Police Headquarters, which is currently in cramped quarters on Wood Street, just west of Northwest Highway.
I think this new building with its accompanying green space and landscaping will look great. The commercial areas of Palatine have been improving every year. The new train station, new shops and restaurants downtown, and now the improved green space and architecture along Northwest Highway make Palatine a beautiful place to live.
For more information about the new police station, visit the Village of Palatine’s website. The above photo is also from the Village of Palatine.
The State of Illinois and the Chicago area are finally enjoying some good news in the housing market.
“For the first time since the recession began, the housing markets in Illinois and Chicagoland region almost presented positive indicators across the board.” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. (iar.org)
In the Chicagoland PMSA*, sales were up 36.7% over last year. Prices were down, but the decline was just 3% over 2009 (iar.org).
*Chicagoland PMSA is the Primary Metropolitan Statistical Area and includes the following counties: Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry, and Will.
Home sales were up 23.5% in the first quarter of 2010 compared to the first quarter of last year (IAR.org)! That is great news! I remember the first quarter of last year, and it was rough. This spring felt a lot better. Buyers were out and about; dual offers were not uncommon; and prices were low, but seemed more solid. Sellers were pricing their homes competitively but staying close to their price when offers came in.
Overall, this spring felt more like a “normal” market. I didn’t feel the crazy buzz of the boom market or the doom and gloom of the bust. It will be interesting to see what the summer brings. The tax credit ended on April 30, so there are fears that the market will slow down dramatically for the summer. So far, I haven’t seen that, but we’ll have a better idea of what’s in store when we see the May statistics.
