What are Closing Costs on Chicago's North Shore?

It may seem surprising, but did you know that the majority of homebuyers today aren't aware of closing costs? You may find that you have prepared for homeownership with your down payment and even have your first month's mortgage ready in your bank account, but this very important set of costs is commonly overlooked. 

As your local real estate agent on Chicago's North Shore, I've included a few key notes on closing costs below so you are better equipped to make the biggest, most important purchase of your life!

What Are Closing Costs?

Closing costs are recurring and non-recurring fees connected to both your lender and other parties in the sale—for instance, an attorney, inspector and title company—and are to be paid upfront at the closing table. Unless you have financed them ahead of time or worked your offer to arrange for the seller to pick up the tab, unfortunately there is no way around these costs.

Closing costs typically include:

• Homeowners insurance
• Title insurance
• Loan origination
• Home inspection
• Appraisal
• Document prep
• Property line survey
• Title search and recording
• Loan underwriting
• Wire transfer

How Much Will They Cost?

Closing costs tend to range between two and five percent of the total purchase price of the home. 

How Can You Prepare?

It is true that you may not know how much you will owe in closing costs until you find a home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities and meet with a lender, but you can still gather a general idea based on your price range alone. For instance, with a budget for a new home around $150,000, you can expect to pay between $3,000 and $7,500 in closing costs.

Once you've met with your lender on the North Shore, you can estimate how much you will owe in closing costs given your loan product, loan amount and the interest rate you are offered. You can use a mortgage calculator to estimate your monthly payment and how that will fluctuate depending on if you've decided to finance the closing costs into it. 

Give me a call today to get started on your North Shore home search or with any questions you have about buying a home in today's market.

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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5 New Year's Resolutions to Make as a North Shore Homebuyer

Have you sat down and made a list of your new year's resolutions yet? It's always a fun exercise to take stock of your goals for the year ahead and make a plan on how to achieve them. For many on Chicago's North Shore, you might find that they are personal or health related, but one of them might be buying a home!

There are dozens of steps to take to successfully become a homeowner in 2019 and as your local North Shore real estate expert, I am happy to help you make that a reality! Below are 5 new year's resolutions to make in order to buy a home in the new year:

Eliminate indulgences
It might not be your favorite path to homeownership, but cutting indulgences can be a quick and simple way to save for a down payment. For instance, could you stand to cut cable and instead use Netflix? Or on the same note, is there a streaming service you could cancel? You might want to cut dining out and your morning coffee runs, instead packing your lunch and brewing coffee at home. These little indulgences can mean big savings if they're avoided!

Start a home savings account
You can't save specifically for your home if you don't have anywhere for it to go! Open a savings account specifically for your new home. Get into the habit of making weekly or monthly deposits—whatever you can afford—and watch your down payment grow!

Do a mortgage test run
The only way to truly know if you can swing being a homeowner in Glencoe, Highland Park, Deerfield, Winnetka, Northbrook, Evanston, Lake Forest, Wilmette, and the surrounding areas, is to do a test run. Try saving like a homeowner—meaning you set aside your monthly housing expenses and an amount for your emergency fund—and see if you can live with your new budget. 10% of your mortgage payment is a good rule of thumb to account for maintenance fees, so start there.

Pay all bills on time
There is nothing that can raise a red flag quicker to a lender than unpaid bills. If you intend to get approved for a mortgage in 2019, it is best to make sure you pay all of your bills on time. Not only does this keep your credit score high, but it shows lenders you are capable of managing a monthly payment.

Visit open houses
This may seem counterintuitive if you're not yet ready to buy a home on the North Shore, but attending open houses allows you to see what properties are available in your price range. This gives you a more realistic approach to the market and could even motivate you to save more!

Ready to make your dream of owning a home a reality this year? Give me a call today!

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
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What You Should Know Before Refinancing Your North Shore Home

The idea of cutting your monthly mortgage payment down by refinancing your loan may sound intriguing to you as a homeowner on Chicago's North Shore, but there is much more to consider before diving in. In fact, there are cases in which refinancing does not truly pay off for the homeowner. But don't worry! As your local North Shore real estate expert, you can count on me to help you make the best decision for your situation.

Below are four factors to consider before making the decision to refinance your mortgage:

Refinancing is not free
Just as you likely paid some closing costs when you purchased your home in Northbrook, Winnetka, Evanston, Highland Park, Deerfield, Glencoe, Lake Forest, Wilmette, Glenview, Riverwoods, Bannockburn, and the surrounding areas, you will be required to again with refinancing. Closing costs are typically 2 to 5 percent of your loan amount and will need to be paid up front when you refinance. While your lender may offer a no closing costs refinance, be aware that it may come packaged with a higher interest rate. It's always wise to consider all of your options!

The savings should pay off quickly
When deciding if a refinance is right for you and your North Shore home, you need to look at the savings. Refinancing makes the most sense when your interest rate is more than 100 points above the current interest rates. The savings from your refinance should also recoup itself in under two years. For example, if your refinance cost you $2,800 and you end up saving $179 per month, the savings would be recouped in 15 months. It pays to crunch the numbers!

You may be able to cancel PMI
As we've talked about in the past, private mortgage insurance (PMI) is required for buyers that put down less than 20 percent on their new home. However, if you've gained enough equity in your home over the past years, a refinance may mean you're able to cancel your PMI. Just remember the loan balance needs to be 80 percent or less of your home's value.

Refinancing resets your loan
Perhaps one of the most important factors to consider is that a refinance is essentially hitting the reset button on your home loan. If you've had your loan for many years and have reached the point where you're paying down the principal instead of interest, refinancing may not be the best idea as you will likely reverse this dynamic.

Whether you're ready to tackle the home selling process on Chicago's North Shore or are simply looking to refinance to save a bit more each month, I am here to help! You can call on me to provide everything from a list of available North Shore homes to home seller tips and lender recommendations.

I look forward to hearing from you in 2019!

Janie Bress
Your North Shore Real Estate Expert

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How to Buy a North Shore Home Before the Holidays

Tis the season for holiday chaos— festive gatherings, tree trimming, traveling to visit with friends and family near and far. Probably the last thing on your mind this time of year is whether or not to buy a new North Shore home and settle in before the new year. But don't be so quick to write off the task! Buying a new home in Glencoe, Northbrook, Winnetka, Highland Park, or Deerfield is indeed possible— you just need an expert agent a handful of tips to get the job done!

Below are four tips to help you buy a North Shore home before the holidays:

Get pre-approved
You never want to begin your home search by touring homes that are outside of your budget. Instead, take the time to get pre-approved with a mortgage lender so you know exactly how much home you can afford, as well as whether or not you even qualify to make the purchase.

Find an expert agent
Your real estate agent should know the market well, as well as have a large network and know how to leverage technology to get the job done. For instance, when you have a specific timeline in mind to buy a home, your agent should know exactly which local professionals to bring in to complete the transaction, from the lender to the inspector.

Sort your documents
A successful homebuyer is an organized homebuyer! Keep all of your documents organized in a folder designated solely for your home purchase. Put together all of the documents you will need to buy a home— tax returns from the past two years, W2's or pay stubs, as well as two months worth of bank statements from all accounts. This will speed up the process when the documents are needed!

Keep everyone on track
If you're under contract to buy a home on Chicago's North Shore, you will want to stay on top of everyone to keep the transaction moving. When you work with the right real estate agent, they should play an important role in this as well. There is a lot of down time considering all of the parties involved in the transaction and it can be a while before someone gets the document they need or answers a question. If you haven't heard back in a timely manner, always check in!

We're wrapping up 2018, but that doesn't mean you have to wait any longer to buy a new home in Glencoe, Northbrook, Winnetka, Highland Park, or Deerfield! Give me a call today for more information about available properties and getting started on your home search or home sale!

I look foward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
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4 Questions to Ask Your North Shore Home Inspector

In a past blog post, I've shared 4 Red Flags Your Home Inspection Could Miss and now it's on to another important inspection topic— questions to ask! Once you've gone over the report, you will likely have dozens of questions about the items listed which can leave you feeling uneasy about your future purchase. Be sure to note the four questions below to help you calm your homebuyer nerves after the inspection!

What is this item?
If you're unclear about an item listed in the inspection report, do not hesitate to ask your inspector! For instance, if there is a defect in the electrical system that you don't understand, ask exactly what needs to be fixed and how serious it is. You should never be afraid to ask for clarification about the items found in the report.

Is this serious?
When you look over the report, you will notice many minor issues, but not all will need to be addressed immediately. Ask your inspector if any major problems came up and what needs to be remedied now. You should be fully aware of the major issues before buying a North Shore home!

Should I make a follow-up?
Your Glencoe, Highland Park, Deerfield, Northbrook, and Winnetka inspector will be knowledgable, but he may also refer you to another expert like an electrician or plumber for a closer look at a problem. If he flags something in the report like this that needs further inspection, ask him if you need to make a follow-up with another expert.

What needs to be done after the purchase?
Remember that if you don't ask the seller to make certain repairs, they are now on your plate! Ask the inspector what needs to be fixed after you move-in, or in other words what you don't need to ask the seller for and what can wait. You will still want to stay on top of these repairs in case it will be something isn't functioning properly when you step in the door!

Ready to start the home buying process or have more questions for a real estate expert in Glencoe, Highland Park, Deerfield, Northbrook, or Winnetka? Give me a call today!

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. 

4 Reasons to Buy a Home in Glencoe, Winnetka, or Northbrook IL This Fall

Fall is here and it's a great time to start fresh in a new North Shore home! While you may think summer is the busy season for real estate, that doesn't mean your time to buy ends with the closing of your local neighborhood pool. Now can be one of the best times of the year to buy a home and I'm sharing four reasons why below:

Mortgage rates will rise
Mortgage rates are still near record lows, but that won't be the case for too much longer! 30-year mortgage rates have increased half a percentage point this year and are expected to increase again over the next 12 months. By this time next year, rates are expected to be around 5.1%.

Home prices will rise
If you've been wondering where Glencoe, Winnetka, Highland Park, Northbrook, and Deerfield home prices will go over the next year, the answer is UP! According to CoreLogic's Home Price Insights report, home prices will continue to rise at a rate of 5% over the next year!

You're paying a mortgage either way
Think of it this way— regardless if you rent a home or buy, you're still paying a mortgage! If you buy a North Shore home, you're paying your own mortgage. If you rent, you're paying down your landlord's mortgage! New homeowners will have the benefit of building equity in their home which can help build your family's wealth, while renters will continue to help their landlord do the same.

Winter is coming
Real estate deals are indeed made no matter what season it is, but you will want to consider the upcoming Chicagoland winter weather and busy holiday season! Decide if you would prefer to take advantage of market conditions now while the temperatures are still favorable to move to a new home on Chicago's North Shore or move homes with snow and ice on the ground.

You could end up paying more for a mortgage in just a few months' time if you wait to buy, not to mention deal with the frigid weather! Contact me today to get started on your North Shore home search this fall!

I look forward to hearing from you!

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. 

5 Real Estate Reality TV Myths— Debunked!

By now, you've likely seen a real estate reality TV show or two— you may even have a favorite that you watch constantly. But whether you've watched one episode or twelve, it's important to note that not everything you see on your screen is indeed reality. If you've found yourself wondering if these shows do indeed portray how the buying, selling, or renovation process goes, I've included a reality check for you below!

Myth: Buyers Only Choose from 3 Homes
In nearly every reality TV show based on homebuyers, there are typically three homes toured and then the buyer makes a decision. While there may be a small percentage of buyers that buy one of the first few homes they see, the National Association of Realtors says the average homebuyer tours at least 10 homes during their search.

Myth: The Show is in Real Time
It may seem unrealistic that the homebuyers can go through the entire buying process, from search to closing, within a 30-minute time slot and that's because, it is. Real estate reality shows often follow buyers who are farther along in the process and have already chosen a home to buy, in an attempt to speed up the process for viewers.

Myth: The Homes are Still For Sale
Maybe you've spotted a home on your favorite real estate show that fits the bill, but unfortunately many of the homes shown on TV have already been sold and are off the market. The properties are staged for TV for the "home search" phase.

Myth: Your Home Will Sell at the Open House
Many times homeowners on TV will hold an open house and then choose from the dozens of offers that result from the traffic. However, it's important to note that just as many homes sell from regular showings and your property may not hook a buyer from the first open house. This is just a small piece of the marketing puzzle of your property.

Myth: Removing a Wall is Easy
These days, every homeowner wants an "open concept" floor plan and thus, real estate reality shows often show demo teams knocking down walls to make it happen. In reality, removing walls may not always been in your budget or even possible for your specific home. If the wall is load-bearing, there is much more structural work that comes into play and that can be more costly than you think!

Give me a call today for more information about available properties on Chicago's North Shore or with any questions you have on buying or selling your home in Glencoe, Winnetka, Highland Park, Deerfield, or Northbrook.

I look forward to hearing from you!

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. 

4 Reasons North Shore Lenders Will Reject Your Mortgage Application

When you've found your dream home on Chicago's North Shore, the next step is meeting with your local lender to submit a mortgage application. Pending you've already been pre-approved, this next milestone in the homebuying process should be smooth sailing, but there are a few factors that can send you right to the rejection pile.

Below are four reasons why a North Shore lender might reject your mortgage application this year:

You've changed jobs
Lenders like to see two solid years of consistent employment before they will agree to approve a mortgage loan. And while you may not always be in charge of a career move—for instance, if you are laid off—it is best to wait until after your closing to change if you can.

You don't have enough credit
You may think credit cards are a no-go when it's time to buy a home and you are right— somewhat. Your credit score and history are major factors lenders will observe in their decision process, but a lack of credit can be just as troubling as poor credit. If you have yet to build a credit history, it is fine to carry some debt via credit cards, as long as you pay it off on time.

You have poor credit
Lenders will look at your credit score to confirm you are capable of managing debt and paying on time. However, if your credit score is low, not only will you not qualify for favorable loan programs with reasonable rates, you could risk being rejected altogether. Take the time to look into your credit score and clean it up before applying for a loan, if possible.

You opened a new line of credit
Just as I mentioned above, it's important to have credit established, but you'll want to avoid opening anything new while you're in the process of buying a home. This is a red flag to lenders who will want to see that you are responsible with your debt management and opening a new line of credit will both ding your credit and suggest that you might be more of a spender.

Ready to begin searching for your dream home in Winnetka, Highland Park, Deerfield, Glencoe, or Northbrook? Contact me today!

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. 

Common North Shore Homebuying Myths to Ignore

If you're on the fence about buying a home on Chicago's North Shore, you might be surprised to know that what's been holding you back is a complete myth! There are dozens of myths flying around the real estate market surrounding everything from necessary credit scores to the documents you need to qualify for a mortgage.

I'm debunking some of the most common North Shore homebuying myths below so you can buy a home with confidence this year!

Myth: You need a perfect credit score
Many would-be homebuyers are held back from the process simply because they don't think their credit score is high enough. According to real estate industry resource Keeping Current Matters, the average credit score of all approved loans in June 2018 was 726. Don't assume you won't be approved! Your first step should always be meeting with a lender to determine which home loan programs you qualify for on the North Shore.

Myth: You need 20 percent down
Another common myth in real estate is that you need 20 percent down to buy a home or the loan won't be approved. Think again! Many homebuyers today can purchase homes with as little as 3 percent down— even zero down depending on the type of loan! According to Keeping Current Matters, first-time homebuyers put down an average of 6 percent in June.

Myth: You should wait for interest rates to drop
By historical standards, today's interest rates are still incredibly low! Consider this— in the 1980's, interest rates were hovering around 12.7 percent; in the '90s, 8.12 percent! Locking in today's rate of 4.5 percent is still a smart decision if you're planning to buy a home!

Have more questions about buying a home in Northbrook, Highland Park, Glencoe, Deerfield, Winnetka or the surrounding areas? Give me a call today! As your local expert, I am happy to answer everything from first steps to financing to home closings!

Happy house hunting!

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. 

What is a Bump Clause in North Shore Chicago Real Estate?

Let's face it, every seller on the North Shore wants to get top dollar for their home. Even when you receive your first offer on your property, you might find yourself wondering if a better one will come along. But can you entertain other offers if you already accepted one? Is there a way to ensure you're maximizing your potential profit as a seller?

There is— and it's called the bump clause. This clause allows sellers to enter into a contract with a buyer while still marketing their property  to others. If a better offer comes along, you will essentially be able to "bump" the original offer you accepted.

These clauses are typically used when a buyer has a contingency attached to their offer. For instance, they need to sell their current home in order to purchase the property or have made the offer contingent upon the home inspection or appraisal. The bump clause will allow the seller to potentially move forward with another buyer who does not have such contingencies attached to their offer or one who would offer a higher price.

So how does it work? The bump clauses can only go into effect if the seller notifies the original buyer that they would like to take a "better" offer. The buyer has a specific number of days to respond, either letting the seller know they have sold their home (thus removing the sale contingency) or that they are removing the contingencies altogether. If they cannot remove the contingencies, their original contract is void. The seller is then able to enter into a new contract with the new buyer. However, if the buyer informs the seller that they did sell their home, their contract stands and the seller can no longer market the property to other buyers.

Bump clauses can be a wise choice for home sellers in today's fast-paced real estate market on Chicago's North Shore, offering a sense of security and control. As I mentioned above, every seller wants to maximize their home sale profits, and this is one way to do so.

As your North Shore real estate expert, I am here to walk you through the selling process from home prep to home closing and everything in between. Give me a call today for more information about selling your home in Winnetka, Glencoe, Highland Park, Northbrook, Deerfield and beyond.

I look forward to hearing from you!

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. 

Your North Shore Home Summer Maintenance Checklist

Now that summer is here (at least the temperatures!) on Chicago's North Shore, we're all eager to get outside and enjoy the sunshine. But even if you plan to spend your time boating, gardening, swimming, or vacationing, there are a few tasks to check off of your home maintenance to-do list to ensure everything runs smoothly this season.

Protect your deck
When the weather warms up, your deck becomes a popular place! However, if you haven't sealed it properly, it can absorb all of the summer rain and excess moisture from your hose and watered plants, paving the way for wood rot. Test a patch by pouring a small amount of water and if the water beads up, it's ready for the season. If not, you'll want to purchase a sealant.

Clean your patio furniture
Months of being covered or—worse yet—standing out in the elements likely took a toll on your patio furniture. You might even find some resident cobwebs hanging around! Before you invite anyone over for summer gatherings, or lounge by yourself, give your furniture a good cleaning and spray down with the garden hose.

Inspect your AC
Did you AC unit have a cover over it this winter? If not, it may be covered with debris and dust. Now is the time to brush it off and replace your air filter before you run the machine all summer long.

Add mulch
Plants and flowers need to absorb as much moisture as possible in the summer heat to grow and thrive— which can be hard to do if you don't give them a little extra care. Consider adding mulch in your flower beds to allow the moisture to get to your plants and hydrate them without the sun interfering.

Ready to start your North Shore home search or sell your current home in Winnetka, Glencoe, Highland Park, Northbrook, or Deerfield? Give me a call today!

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. 

North Shore Home Selling Advice to Ignore

As a North Shore homeowner, you've probably heard dozens of real estate myths bouncing around from family and friends— running the gamut from when to sell your home to how much buyers are willing to pay. However, it's important to note that these should be taken with a grain of salt—unless they come from a trusted real estate expert—and in some cases, ignored entirely.

If you plan to sell your home on Chicago's North Shore this year, you will want to ignore the following home selling advice:

You will sell at the open house
Open houses can be beneficial for North Shore homeowners in that they attract many eyes to your property at once— but that doesn't mean it will always end in a sale. While many buyers may come through your home, don't expect all of them to make an offer. Private showings can be just as lucrative as open houses and may even signal a more serious buyer.

You should only sell in spring
With smartphones, online listing alerts, and home search websites galore, buyers are constantly searching for properties— no matter the season! You might be surprised by how motivated buyers are to secure their dream home in the beginning of the year, for instance. Be careful not to prioritize one season too much when it comes to listing.

Pricing high will make you the most money
You can only make a profit if you sell and pricing too high is a great way for your property to "sit" on the market for longer than necessary. In fact, if it sits too long, you could end up settling for less than you'd like. The key is to price your home according to supply and demand to allow for the most successful sale.

You can save money without a Realtor
While cutting out the commission factor may seem like a great way to save money, the opposite is actually true. Did you know that homes sold with a Realtor sell for more money than those without? Not to mention all of the correspondence involved in a single transaction that the Realtor handles on your behalf— including the buyer's agent, lender, title company, inspection company, and more!

Questions about selling your Winnetka, Glencoe, Highland Park, Deerfield, or Northbrook home this year? Give me a call today!

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. 

How to Avoid Mortgage Closing Delays on Chicago's North Shore

When you've found your dream home on Chicago's North Shore, you want to move in as soon as possible! But even though your offer has been accepted, you'll need to make it to the mortgage closing before you're officially declared a homeowner.

There are several factors that can impact the timeline of the closing, some of which are out of your hands, so it's always helpful to know what you can do to keep things on track! Below are four ways you can avoid a closing delay in Winnetka, Northbrook, Highland Park, Deerfield, or Glencoe:

Send documents on time
Lenders will ask for many documents throughout the closing process and it's essential that you send them as soon as possible. When you fail to provide the necessary verification on time, your closing could get pushed back days or even weeks.

Check for liens
If the property has a tax lien against it, you are likely in for a closing delay until the issue is resolved. While this may be out of your hands as a home buyer on Chicago's North Shore, working with your lender to learn of any liens can at least keep your expectations on par.

Avoid large purchases
You will be tempted to buy furniture and decor for your new home in Winnetka, Glencoe, Northbrook, Highland Park, or Deerfield, but it's important to hold off until after the closing. Making big purchases like this on a credit card can jeopardize your qualifications in the eyes of a lender as you are taking on more debt. The lender will pull your credit before closing to check that you're still in good standing and if not, your closing could be impacted.

Resolve HOA fees
If the previous homeowner owes any outstanding fees or fines to the homeowner's association, it may be wise to try to resolve them as early as you can to keep from adjusting your closing date. You may be able to negotiate these with the seller, or pay them, prior to experiencing any hiccups in the closing process.

As your North Shore real estate expert, I am here to walk you through every aspect of the home buying process, from home search to home closing. Give me a call today for more information or a list of available homes in the area!

I look forward to hearing from you!

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. 

4 Things You Don't Need to Fix Before Selling Your North Shore Home

In my last blog post, I shared the answer to the common North Shore homeowner question of whether or not you should sell your home or simply renovate this spring. This week, I'm elaborating for those homeowners in Deerfield, Northbrook, Highland Park, Glencoe, or Winnetka who choose to list their property and take advantage of the numerous buyers in the market.

But does everything need to be fixed before you can officially place that For Sale sign in the yard? Read on for four things that you can pass on this spring:

Half updates
Unless you plan to renovate your entire kitchen or bathroom, you don't need to bother making partial updates. For instance, don't bother placing an expensive new stone like a marble or granite on top of your old cabinets. Making these half updates tends to only accentuate what still needs fixing.

Cosmetic repairs
If your North Shore home has good bones, the foundation is solid, the roof doesn't need replaced right off the bat, and the running systems are in decent shape, smart buyers will know that the necessary cosmetic work is not a big deal. Things like chipped paint or even scuff marks on the floor can all be easily fixed by the buyer and shouldn't hinder your home sale.

Trendy charm
Even though you may feel your home needs a modern edge to hook today's homebuyers, don't feel obligated to add trendy touches before you list. Most importantly, don't spring for a bold, trendy color on the walls. It's still best to keep a neutral palette as bright colors tend to deter buyers more often than not.

Kitchens and baths
While it may be true that these two rooms in your North Shore home can sell the property, you don't need to plan a full-fledged renovation in order to list. The idea of the perfect kitchen or bathroom differs for every buyer and you can never be sure that the design choices you make in your renovation would appeal to them. It's best to err on the side of smaller, neutral changes like a fresh coat of white paint rather than put money into all new fixtures.

Contact me today for more information about selling your home in Deerfield, Northbrook, Highland Park, Glencoe, or Winnetka this spring! I'm here to walk you through the entire process, from home prep to home closing.

I look forward to hearing from you!

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. 

How to Tell If You're in a Seller's Market in Winnetka, Glencoe, Highland Park, Northbrook IL

It's no secret that the real estate market on Chicago's North Shore is always changing. Some years it leans in favor of buyers, others it's in favor of sellers— but how do you know which is which? What are the signs to watch for? There are specific factors to identify in the local real estate market to determine the best time to buy or sell and I'm happy to help you point them out!

As your local North Shore real estate expert, I'm sharing below three ways you can tell if you're in a seller's market:

Days on Market
The average days on market, sometimes referred to as DOM, shows the average age of the listing. If homes are selling quickly in your area—anywhere from 7 to 10 days—you are likely in a seller's market. This means sellers on the North Shore can expect their home to sell quickly and at a favorable price due to the number of buyers present in the market.

Home Prices
If you notice home prices on Chicago's North Shore are rising steadily over time, it is a good sign you're in a seller's market. I am always happy to share home prices in your area as well as what your property may be worth today— just give me a call!

Final Home Price vs. Asking Price
If the final sales prices of homes in you area are typically the seller's asking price or even more due to a bidding war, you can assume you're in a seller's market. It is when a property sells for below asking price that you are in a buyer's market as this would favor the buyer.

Ready to make a move in Glencoe, Winnetka, Deerfield, Highland Park, Evanston, Northbrook, or the surrounding areas? Give me a call today! No matter the type of market, I'm available to answer your questions, big or small!

I look forward to hearing from you!

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. 

Tax Benefits of Owning a Home on Chicago's North Shore

There are many benefits to living on Chicago's North Shore— and even more if you're a homeowner! If you own a home in Glencoe, Winnetka, Highland Park, Northbrook, Deerfield, or the surrounding areas, you are entitled to a specific set of deductions on your tax return. But don't get too comfortable with them, not all will be returning next year!

Below are five tax benefits of owning a home on Chicago's North Shore:

Mortgage Interest
As of now, homeowners are able to deduct the interest on a mortgage loan of up to $1 million. Next year, those who closed on a home after December 15, 2017 will only be able to deduct their mortgage interest on a loan of up to $750,000— a new cap. Those who closed prior to that date can continue deducting interest up to $1 million as usual.

Property Taxes
If you own a home on the North Shore, your taxes are likely built into your mortgage payment each month and you will be able to deduct those on your tax return. Next year, this will no longer be a separate deduction. Homeowners can take one deduction that will encompass their property taxes, state, and local sales and income taxes.

Energy Efficient Upgrades
If you've made improvements to your home, you may be eligible for the energy efficiency upgrade credit. While many of these credits expired after December 2016, there are still credits available for solar electric and solar water heating equipment through December 31, 2021.

Home Office
Work from home? You can deduct your office expenses and your office space on your tax return! There are strict rules about what exactly makes an office space, but the deduction is typically $5 per square foot for up to 300 square feet of office. Next year, the deduction will be eliminated for those who have an office to go to, but only occasionally work from home.

HELOC Interest
For those North Shore homeowners who have a home equity line of credit (HELOC) taken out in 2017 or before, you can deduct the interest on that loan, no matter what you used it for— college, home repairs, you name it. Next year, however, you can only use this deduction if the loan was used specifically to "buy, build, or improve a property," says the IRS.

I've shared North Shore Tax Deduction Mistakes to Avoid and now the perks of owning a home in Glencoe, Winnetka, Highland Park, Northbrook, and Deerfield. Give me a call today for more information about buying a home this spring or how you can sell your North Shore property for top dollar!

I look forward to hearing from you!

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. 

6 Hidden Costs of Owning a Home on Chicago's North Shore

Owning a home on Chicago's North Shore certainly has its perks— from tax benefits to design freedom and everything in between. But if you're making the transition from renter to homeowner this year, it's important to note that there may be a few home-related costs that you didn't plan for or even know about before you began house-hunting.

As your local real estate expert in Winnetka, Glencoe, Deerfield, Northbrook, Highland Park, and the surrounding areas, it is my job to make sure you are prepared for every aspect of homeownership— including the following hidden costs:

Property Taxes
When you use a mortgage calculator prior to buying a home on the North Shore, it is essential that you input estimated property taxes. You can typically find this amount on any listing, or ask your real estate agent to find it for you, so you can see how your monthly payment will change adding them in.

Insurance
Homeowner's insurance will vary depending on your home, your pets, your neighborhood, and a host of other different factors. Research average costs in your area and add them into your potential monthly mortgage payment to avoid any surprises down the road.

Yard Upkeep
If you've been a renter, you likely did not have to deal with the upkeep and maintenance that a yard requires. Once you become a homeowner, you will be responsible for buying all of your own tools, including snowblowers, lawn mowers, shovels, and rakes. Not to mention, the time you will need to free up to keep your yard looking well-manicured in every season!

HVAC
Furnaces and air conditioning units can be a major cost that homeowners do not account for when buying a property. For instance, if you don't have a home warranty, and your furnace breaks down, only you are responsible for covering the repairs or replacement which can cost you thousands! It's best to begin saving for a rainy day fund at the start of your homeowner journey to prepare for things like this, or even small expenses like replacing furnace filters every month or so.

Pest Control
Homes on the North Shore can look appealing to small pests like mice, raccoons, possum, birds, ants, you name it! As a homeowner, you may encounter a pest removal situation which can cost hundreds or more in damage repair and preventative maintenance.

Utilities
As a renter, you were likely use to much smaller utility bills than you will have as a homeowner on Chicago's North Shore. You can ask the previous homeowner—once you've found a home you're interested in—for the average utility costs in order to factor them into your overall budget and avoid surprises later.

Do not hesitate to contact me with any questions about buying a home in Winnetka, Glencoe, Deerfield, Northbrook, or Highland Park! I am here to help you find your dream home with as little stress and surprise as possible!

I look forward to hearing from you!

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. 

4 Ways to Increase Your Winnetka or Glencoe Home Value Before Selling This Spring

Spring is upon us here on Chicago's North Shore and the real estate market will soon begin to buzz with more activity as it does every year around this time. More buyers will enter the local market, searching for their dream home, and yours could be it! But if you've been mulling over selling your Winnetka, Glencoe, Deerfield, Highland Park, Northbrook or Evanston area home, you might like to consider boosting your home value first in order to get the most from your sale.

Below are four ways you can boost your home value before listing this spring:

Paint your bathroom or kitchen blue
You may have heard of choosing a neutral paint color to appeal to the majority of buyers, but you likely have not considered blue. According to Zillow's 2017 Paint Color Analysis, which analyzed photos from over 30,000 sold properties, homes with blue kitchens ultimately sold for $1,800 more than those without. The same goes for blue bathrooms, as the analysis found that properties with blue bathrooms sold for $5,400 more.

Incorporate trendy features
Chalk it up to those renovation reality TV shows everyone loves to watch, but listings with farmhouse sinks and even trendy items like barn doors and tongue and groove paneling (or shiplap) have proved to sell for more money than their more traditional counterparts.

Add smart technology
To stand out in today's real estate market and pull a higher price tag, homeowners might consider installing smart features like digital thermostats and even smartphone-enabled security cameras. Not only do these items add interest, but they help a buyer feel more in control and safe at home— which will prompt them to pay more when they feel their home is light years ahead of the rest on the block.

Replace appliances
One simple way to boost your North Shore home's value is to say goodbye to your old appliances and bring in more energy-efficient models. Today's buyers in Winnetka, Glencoe, Deerfield, Highland Park, Northbrook, Wilmette, Skokie, Lake Bluff, and Evanston are looking for stainless steel appliances that cut down on energy bills and allow them to live a more "green" lifestyle.

Ready to make the move to sell your North Shore home? As your local real estate expert, I am here to guide you toward a successful sale! Give me a call today for more information about preparing for buyers and a home valuation.

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. 

How to Compete with Cash Buyers on Chicago's North Shore

When you've found your dream home in Winnetka, Deerfield, Highland Park, Northbrook, Glencoe, or the surrounding areas, you are willing to do what it takes to make sure it becomes yours. The last thing you want is to be outbid (or in some cases, underbid) by another buyer who turns out to have all cash!

To compete with cash buyers in today's real estate market, you will need to have a certain edge and as your local North Shore real estate expert, I'm sharing five ways for you to stand out below:

Don't hide anything
Being upfront with your finances can help a seller feel more confident in choosing your offer. Allow your lender to release financial details like your income, bank statements, and credit report. Providing this information may prompt the seller to consider your offer just the same as a cash buyer.

Accelerate the loan
Cash transactions move quickly and for sellers, that is a major perk. When you use financing to purchase a North Shore home, the closing process is not as swift and therefore, your offer may not look as appealing. However, you can always ask how you can speed up the process. Depending on your lender, they may be able to turn around the loan in as little as 14 days, pending all documents are submitted efficiently and the appraiser is dispatched on time.

Bid higher
Cash buyers tend to offer a lower amount for a property simply because there are fewer hoops to jump through for the seller given there is no financing. If you don't want to lose the home, consider bidding higher. Offering more than you think the home is worth could put you ahead of the cash buyer and in the long run, it likely will not change your mortgage payment much.

Make yourself known
Oftentimes, sellers want to know who their house is going to and including a personal letter could be just what they need to accept your offer over a cash buyer. Make yourself known to the sellers, tell them who you are, what you love about the property, and what you plan to do with it. In today's market, it couldn't hurt!'

Move along the inspection
When a seller accepts your offer over a cash buyer, there is still one more potential hurdle aside from financing and that is the inspection. If you can conduct your inspection within days after your accepted offer, this assures the seller that they made the right decision and you can follow through with the sale.

Ready to start the search for your North Shore dream home or found what you're looking for and want to seal the deal? Give me a call today! I've helped numerous buyers become homeowners in in Winnetka, Deerfield, Highland Park, Northbrook, and Glencoe and I'd be happy to help you do the same!

Looking forward to hearing from you!

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.