Wednesday, August 30, 2017

5 Questions First-Time Buyers on Chicago's North Shore Should Ask Themselves

Buying a home for the first time on Chicago's North Shore is exciting, especially knowing you could be saving money when you're no longer renting. But before you jump into the local real estate market, there are a few questions you will need to ask yourself to be sure this is the right time for you to purchase a home in Winnetka, Glencoe, Highland Park, Deerfield, Northbrook and the surrounding areas.

Did I just change jobs?
If you've just experienced a job change, it could take longer to be approved for a mortgage through your local lender. Lenders typically like to see a solid employment history of at least two years and will want to see your tax returns and pay stubs as proof of income. But don't worry if you don't meet this requirement, it is not exactly a deal breaker! There are still ways to go about applying for a mortgage during a job transition, just speak to your lender.

Do I have a down payment?
Buying a home on Chicago's North Shore commonly entails putting 20 percent down. However, if you do not have this down payment ready and waiting, you can opt for a lower percentage. A lower down payment will require private mortgage insurance which will add to your overall monthly payment, but allows you to get around the standard 20 percent.

Am I ready for maintenance?
If you're purchase a single family home on the North Shore, maintenance will fall into your hands. Ask yourself if you're ready to take on yard upkeep and repairs like cleaning gutters or fixing leaky faucets. These often come with their own set of costs, so be prepared!

Am I familiar with closing costs?
Did you know most first-time buyers are not aware of closing costs? These include title, insurance, mortgage processing fees, and the like. Ask your lender what closing costs will run with your particular loan product to get an idea of how much you will be expected to pay at the closing table.

Is buying a better option than renting?
In today's market, buying a home is indeed a better investment than renting simply due to rising costs alone. But you will want to run the number to make sure your purchase will make sense in your overall payment. You can use a mortgage calculator to enter in expenses and come up with the number you could be paying each month. Doing the math is always wise before buying!

As your real estate agent on the North Shore, you can count on me to help you prepare to make a home purchase. Give me a call today for a list of available properties in Winnetka, Glencoe, Highland Park, Deerfield, Northbrook and the surrounding areas!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
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Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

Wednesday, August 23, 2017

Getting Ready for Your Home Appraisal in Glencoe, Winnetka, and Northbrook IL

When it comes to selling your home on Chicago's North Shore, one of the first things to pop into your head will be the listing price. How much can you sell the property for? Many factors go into determining this key number, but the appraisal is what can really make or break the home sale. As your North Shore real estate expert, I've listed four ways to prepare for your appraisal so you can showcase your home in its best light.

Below are four ways to get ready for your home appraisal in Glencoe, Winnetka, Northbrook, Deerfield, Highland Park and beyond:

1. Check off maintenance tasks
If your home still has a long list of repairs to make, you will want to complete them before the appraisal. Even tasks like cleaning out the gutters should be marked off your list before the appraiser arrives. Remember these may not always add value to the home, but will help to show your home at its best.

2. Remove clutter and clean
Just as you would before a potential buyer arrives to tour your home, the property should be free of clutter and cleaned thoroughly before an appraisal. The appraiser's opinion of your home is what could make or break the sale—if the appraised value is too far off from the listing price your deal could fall through—so be sure to make a good impression.

3. Put on your buyer hat
Before you decide that all is said and done with your North Shore home, put on your buyer hat and take a walk around the property. Use your critical eye to notice things like leaky faucets, a toilet that constantly runs, or nails that have poked through or left marks on the walls. It's best to make a list of all of these items that could leave a negative impression on the appraiser and then start to tackle them one by one.

4. Work with your agent
Your real estate agent on Chicago's North Shore is a wealth of resources, so don't be afraid to talk to them! What your home appraises for is somewhat impacted by what other homes in the area have sold for in the past few months and your agent can provide you with those statistics. Your agent can often pull a list of comparable properties to give to the appraiser.

Do not hesitate to reach out to me with any questions you have about selling your home in Glencoe, Winnetka, Northbrook, Deerfield, Highland Park and beyond— now is a great time to list your property and move on to your next dream home!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

Wednesday, August 16, 2017

How to Pay Off Your North Shore Mortgage Early

Becoming a homeowner on Chicago's North Shore is exciting, but the thought of paying on your mortgage for the next 30 years may be anything but that. Not to mention, there are many other expenses associated with your home purchase— the inspection, the down payment, the closing costs.

North Shore homeowners can easily feel overwhelmed, but as your local real estate expert, I am happy to provide a few ways to keep those expenses down and pay off your mortgage early!

Below are three ways you can pay down your mortgage in less time, tackling all of the interest you're paying on the loan each month!

Make an extra payment
One of the simplest ways to start paying down your mortgage is to make one extra payment each month. Most lenders today do not have pre-payment penalties and just by making one full additional payment during the year could take about four years off of your loan.

Add onto your payment
If you cannot swing making a complete extra payment during the year, you can begin to add extra to your mortgage payment each month. Even adding as little as $100 onto your payment, applied to your principal, over the life of the loan, you could take five years off and pay tens of thousands less in interest!

Refinance into a shorter term
Refinancing your mortgage from a standard 30-year loan to a 15 or even 10-year term could save you thousands in interest, especially if you locked in a rate when they were much higher. Just keep in mind that these shorter term loans—although packaged with a lower interest rate—do typically require North Shore homeowners to have at least 20 percent in equity in order to avoid private mortgage insurance.

It's also important to note that you will need to pay one-time closing costs again to refinance, and what's more, your payment each month will likely be much higher than you're used to. Why? Because you're spreading out your loan amount over a significantly smaller amount of time. If you don't plan to stay in your home long-term, a refinance may not always be the best option for you, so it's key to talk to your lender in Winnetka, Glencoe, Highland Park, Deerfield, or Northbrook.

Feel free to contact me with any questions you have about buying a home in Winnetka, Glencoe, Highland Park, Deerfield, Northbrook and beyond this year or for a list of available homes in the area.

I'm here to help!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States. 

Wednesday, August 9, 2017

Winnetka Real Estate Market Stats for July 2017

City Active Listings: There are a total of 164 properties actively on the market with the average price of $1,895,116 in Winnetka.

City Sold Listings: 34 properties closed last month in Winnetka with an average sales price of $1,122,971. The average time on market for these properties was 69 days. 


To view the complete report including additional detailed data, charts ad graphs, please view the Winnetka market statistics

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Local Expert... with National Connections!

Northbrook Real Estate Market Stats for July 2017

City Active Listings: There are a total of 343 properties actively on the market with the average price of $739,042 in Northbrook.

City Sold Listings: 72 properties closed last month in Northbrook with an average sales price of $496,511. The average time on market for these properties was 43 days. 


To view the complete report including additional detailed data, charts ad graphs, please view the Northbrook market statistics

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
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Local Expert... with National Connections!

Highland Park Real Estate Market Stats for July 2017

City Active Listings: There are a total of 364 properties actively on the market with the average price of $960,995 in Highland Park.

City Sold Listings: 59 properties closed last month in Highland Park with an average sales price of $520,360. The average time on market for these properties was 58 days. 


To view the complete report including additional detailed data, charts ad graphs, please view the Highland Park market statistics

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Glencoe Real Estate Market Stats for July 2017

City Active Listings: There are a total of 106 properties actively on the market with the average price of $1,468,580 in Glencoe.

City Sold Listings: 19 properties closed last month in Glencoe with an average sales price of $1,213,974. The average time on market for these properties was 92 days. 


To view the complete report including additional detailed data, charts ad graphs, please view the Glencoe market statistics

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Deerfield Real Estate Market Stats for July 2017

City Active Listings: There are a total of 200 properties actively on the market with the average price of $669,713 in Deerfield.

City Sold Listings: 27 properties closed last month in Deerfield with an average sales price of $558,663. The average time on market for these properties was 37 days. 


To view the complete report including additional detailed data, charts ad graphs, please view the Deerfield market statistics

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Wednesday, August 2, 2017

Factors That Could Block Your Path to Homeownership on Chicago's North Shore

If you've been on the fence about buying a home on Chicago's North Shore, it is likely for a few reasons that many in Winnetka, Glencoe, Highland Park, Deerfield and Northbrook face. For instance, your misconceptions about what it takes to qualify for a mortgage. Don't let your pre-conceived notions about homeownership hold you back this year!

As your North Shore real estate expert, I have included four factors below that may be blocking your path to owning a home:

You don't think you'll qualify
Requirements for getting a mortgage are loosening somewhat and what may have been the standard years back is no longer the case. Don't quit before you even try! It is essential to meet with a lender in the area to discuss your eligibility for taking on a mortgage before you make the decision to wait to buy a home. You just may find that your dream home is within reach!

Student loans
For many on Chicago's North Shore, student loans are barring their ability to qualify for a mortgage loan due to high loan amounts. One tact you can take is to refinance your student loans into a more manageable position for you each month, meaning a lower interest rate and lower payments. Another option for buyers with student loans is to pay more each month to help reduce debt at a quicker pace.

Your credit score is in bad shape
Grooming your credit score can be relatively simple if you know your timeline for buying a home and work well in advance. The first step is to obtain a copy of your credit report from one of the major reporting bureaus and scan each line for any errors. These can take a toll on your score and can take months to fix! The next step is to identify high interest debt and pay that down first.

You don't have a 20% down payment
Gone are the days of the 20 percent down requirement or no deal. Homebuyers on Chicago's North Shore can now get a mortgage with as little as 3 to 5 percent down, depending on the type of loan product they choose. If you are worried that you cannot purchase a home due to the down payment factor, meet with your lender to find your other options.

Give me a call today for more information about buying a home on the North Shore! I have helped numerous buyers find their dream homes and I'm here to help you do the same!

Janie Bress
Your North Shore Real Estate Expert


North Shore Real Estate
View North Shore Listings
Visit My Website


Local Expert... with National Connections!

Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States.