In doing your own research or listening to stories from family and friends, you might think that you know how the real estate industry works. It’s good to be informed and getting recommendations from people close to you instills trust. But how often do you buy or sell a home? 

While some aspects of real estate have stayed the same for decades, in recent years, technology in the industry is radically changing the way we buy and sell properties. If you’re not a real estate profession, working day-to-day in the field, it’s hard to keep up. In fact, believing certain myths could cost you money when it’s time to buy or sell a home. Check out these ten common myths:

Selling a home yourself will save you money

With all the online resources, it is possible to sell your home yourself. Selling a home is a big undertaking, especially without the help of a real estate professional. In the end, what you save on a real estate commission might actually mean a lower sales price. Find out more in Why Hire a Real Estate Broker?

All real estate agents are the same

There are a lot of really good real estate brokers in Chicago. Although, they’re not all the same. It’s important to have a high comfort level with your real estate broker. You can get referrals from friends, research online reviews and ask the broker for client referrals. The most important thing is the feeling you get from a broker in a face-to-face meeting, so set up an interview and check out our Questions to Ask Before Hiring a Real Estate Broker. 

A good real estate broker will be actively involved in the whole process, from start to finish. They will be focused on your needs and working in your interest. The realtor makes the deal happen. Plus, the relationship between the buyer's realtor and the seller's realtor is very important because they are the front people for their clients.

The real estate market will only go up

Home prices have been going up in recent years. But remember the economic downturn and sharp decline in 2008? If home prices have gone up, there’s a good chance for a market correction. Although, it hopefully will not be drastic like a decade ago. Remember, owning a home is most beneficial when it is a long term investment. 

Renovation costs will be covered in the sale of your home

Not necessarily, unless you find that perfect buyer with your exact tastes. If a recent renovation isn’t appealing to a buyer, they probably won’t be motivated to redo the renovation and will pass on your property. You’re better off adjusting the home price. As for renovation projects, do them for your own enjoyment at least a couple years before you are ready to sell.

A home will either pass or fail an inspection 

As a home inspector evaluates the condition of a property, they will find things that need to be fixed. No property is perfect. In fact, they are hired by the buyer to do an independent evaluation so they understand the condition of the home. It’s not pass or fail. And the fixes are negotiable between the buyer and seller. An inspector might throw out numbers, estimating the cost of repairs, but you really need to get estimates from professional contractor. Costs will vary from contractor to contractor and many times the inspector is wrong about what actually needs to be fixed. 

Zillow’s home estimate is correct

Not usually. There are various reasons for this. Vital information such as interior and exterior home renovations may not be included as the algorithm is pulling off the previous sale of the home. This can cause inaccurate descriptions, like square footage and/or room count, that drive home estimates down. Another factor is that home values are based on past sales and if the market is significantly hotter, those sales may not be an indicator of the current market. Read more at Is a Zillow Zestimate of your Home Value Accurate? 

Open houses draw the most serious buyers

Open houses draw people who are curious about what’s on the market, inquisitive neighbors and those looking to see how a place is decorated. Serious buyers do come to open houses, but many times they are not ready to put in an offer. I have sold properties at open houses, but more often than not, the open house serves as a great marketing venue to help spread the word.

Start with a low offer on a home

While there is nothing wrong with negotiating, you might alienate the seller. A low offer tends to be insulting and won’t be taken seriously. Start with a fair offer and this will lead to amiable negotiations and cooperation along the way. 

Multiple price reductions or on the market a long time means desperation to sell

In a changing market, property price points will change quickly. It can be harder to determine a fair market value in this type of economy. Price reductions are made to be competitive and aligned with current comparables in the area. If the home has been on the market for some time, it could also be due to the home’s layout, location or condition. It all comes down to demand and price for a certain type of property. 

Multiple offers are an advantage to home sellers 

It may seem like this scenario would guarantee the home would sell for top dollar. Maybe, and maybe not. A bidding war can be stressful for both the seller and potential buyers. If the buyers feel like they’re being played, the seller may end up watching all the leads disappear. Or, if the home is underpriced, there’s a chance that multiple offers won’t bring the price up to fair market value. It can be tricky. 

If you have questions about the real estate market or the “best”solutions to selling or buying a home, please contact us.

An outdoor area is one of the most important spaces in a home. With our shorter warm weather season, a lot of Chicago homeowners take full advantage of the outdoors. An inviting urban oasis for both relaxing and entertaining can feel like a retreat. This is also a key factor for those thinking of selling their home. 

From Elle Decor and Elle Decor

There is undeniable value in creating a  stress-free zone in our urban environment. Prepping your outdoor space with fresh staging ideas can help you sell your home faster and maybe even for a higher price. It draws people in and helps buyers see themselves enjoying the garden. It’s an extension of the living space. If the home or condo is small, it provides an expansive feel.

From Apartment Therapy

Sprucing up your outdoor space can be as simple as reupholstering or buying cushions and pillows. Update old light fixtures with a fresh coat of paint. Add tea lights and candles, along with an outdoor rug to make the space cozy. Use neutral colors to draw attention to the natural green environment for a more calming feel. For privacy and to separate the space from the neighbors, add rattan blinds and hanging plants off the balcony. Strategically arrange inexpensive flowers and potted plants around the area.

From Elle Decor and Elle Decor

For homes with a small backyard, use accent stones to create a relaxing retreat feel. Purchase tall thin bushes for privacy. Place bamboo lanterns along pathways or string bistro lights around the dining area to create a sophisticated evening atmosphere.

From Apartment Therapy

The style of your home should seamlessly blend into the style of your outdoor space. If you’re on a budget, Home Goods offers inexpensive outdoor accessories. For a more modern vibe, check out West Elm, Room and Board and CB2. To design a traditional space, shop at stores like Arhaus, Crate & Barrel, Restoration Hardware, Pottery Barn, Jayson Home and Walter E Smith.

From Domino

Renting outdoor furniture for staging can be expensive, so if you work with me in selling your home, I will give staging advice using items that you already have. And if I do recommend purchasing something, I suggest cost-effective items within your budget that you can use in your next home. Please contact us if you have questions. Happy Summer!

By Charese David, Real Estate Broker

An online search for real estate will bring up a lot of information. So, why hire a broker? At first glance it may seem that buying or selling a home on your own will save you money. But that might not be the case. According to the National Association of Realtor®'s 2017 Profile of Home Buyers and Sellers, you’ll make more money by hiring a professional real estate broker. “FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $190,000 last year (up from $185,000 the year prior), and significantly lower than the median of agent-assisted homes at $250,000.”

And there are other things to consider before embarking on your real estate journey. As a part of my daily routine, I research the market to track prices and trends through online broker resources and in real estate publications. I know neighborhood news, zoning changes and am up-to-date on new policies, rules and ethics pertaining to brokers. 

When working with clients, I hear what buyers expect in a property and am able to translate this to my home sellers. As a photographer for many years, I am personally involved in the property photo shoots. These photos will be posted online and are critical to the success of attracting the right buyer. With my eye for design, I am able to offer expert staging tips, remodel ideas and repair advice to my home sellers. 

By consistently networking with other real estate professionals, I am able to keep tabs on influences in the market, trends and the economy. If I have any questions, I know exactly who to contact for answers. And driving the Chicago neighborhoods every day, I see new construction homes, rehab projects, property conditions and am on the lookout for any changes, such as new businesses moving in.

Here are what I consider the benefits of hiring a real estate broker:

Education and Experience

One of the main benefits of working with a broker is their knowledge and experience in managing the process. Before hiring a real estate broker, ask to set up an interview. You want to make sure that this person understands the neighborhoods, real estate market and trends. Whether buying or selling, the broker must have a keen eye in a property to catch things you might miss and expertise in negotiation to put you at ease during the process. 

Neighborhood Knowledge and Prices

In a city as big as Chicago, it’s key to understand the neighborhoods from a historical perspective and the current market value. If looking to buy, you want to make sure the neighborhood aligns with your finances and lifestyle. And from a selling point of view, it’s important to know current market values. The broker has knowledge of local and state news that can affect housing prices. When meeting with a broker, they should be able to advise you on your neighborhood picks and clue you into other neighborhoods to consider.

Professional Resources

A good real estate broker will have connections in the industry. Find out how they network with other real estate professionals. This person should also be able to share trusted home repair and remodel resources. For a smooth transaction before and after the sale of a property, a reliable agent will manage the process from setting up the home inspection to putting together the right team to handle the volumes of paperwork at closing. 

Staging Advice and Identifying Home Repairs

Whether you’re buying or selling, a broker should be able to walk in to a property and identify the opportunities and challenges. If more information is needed, they will share trusted resources to help you understand the scope of repairs and how it will affect a property value. When selling a home, an good agent will offer inside and outside staging and design advice. 

Unemotional Negotiation

Buying or selling a home tends to be an emotional journey. For peace of mind, a professional broker will handle all aspects of the negotiation process in your best interest. A good agent will share their honest opinion on your options in order to set up a successful property transaction. 

Time Savings

An experienced real estate broker will understand the buying and selling process inside and out. They will be with you every step of the way, working through the details, freeing up your time for other important things. With trusted resources at their fingertips and experience to have the foresight of potential challenges, they are able to navigate the process, saving you valuable time. 

A good relationship with your broker can benefit you beyond the real estate transaction. You have a trusted resource in all your property questions.

Real estate is my passion. I am dedicated to gathering knowledge and am committed to building client relationships. If you have questions or comments, please contact us.

Simple changes in home decor can make a big difference in the way a room feels. It can lift the mood, energize the body, and improve the overall feeling of well-being. Clearing a space can also help to focus the mind. And starting with small changes may lead to motivation to tackle bigger projects.

Here are some tips to get you started:

Curb Appeal: This is the first impression of your home. Make sure the front entrance is neat and clean. In any season, keep up with regular yard maintenance. Landscape lighting can add beauty and drama, especially when you’re entertaining guests. Flower boxes and planters near entryways or on windowsills create softness and color. It’s also fun to dress up these areas with seasonal foliage to celebrate each holiday.

Interior Lighting: The brighter your home, the better. Use bulbs that emit soft light instead of CFLs, which can take five minutes to warm up and can give off a harsh, white light. Soft light bulbs illuminate immediately and have a warm impact on the eyes. Lighting is sensory driven—it affects the mood. 

Adding new light fixtures can change the look of a room, and is an economical way to update your home. As winter approaches and the days grow shorter, new light bulbs in ceiling lights and floor lamps help to brighten rooms, too.

Natural Scents: Plants can neutralize the air in your home. Fresh-cut flowers can delight and enliven the senses. The innate connection that we have to nature has proven that plants often have a relaxing effect on us and can help to improve our health and well-being. And infusing fragrance into a room using flowers, diffusers, or candles can change the overall feeling of a space. 

Walls and Floors: If your artwork has been hanging in the same place for so long that you no longer see it, move pieces around. This can provide an entirely different feel to a room. On neutral-colored walls, an easy way to add a design touch is to add a pop of color and certain styles of framed artwork. 

Here’s another idea: use carpet tiles instead of a floor rug. Mix and match the colored tiles to create playful patterns. Change the patterns occasionally for a different look.

Shelf and Table Displays: If you have an overstuffed bookshelf, take time to go through and thin it out. Give the books you no longer use a second life by donating them. Display meaningful objects in cleared spaces to make the shelf more interesting—an eclectic style statement can turn into a fun conversation with guests. Toss old magazines to freshen up a coffee table. And when arranging objects on a table or mantelpiece, place three objects of subtly different sizes in a small cluster for a carefully curated design look. 

Accessories: An easy way to create a new feel in a room is by switching out the pillows or throws you currently have on your furniture. Colorful pillows will brighten living rooms and bedrooms. With a dark sofa, you can bring in light-colored accent pillows for dramatic effect. 

Look at your kitchen with fresh eyes, too: move small, countertop appliances and counter displays to new areas. Store items you don’t use often. Simply changing out kitchen and bath towels can make you feel good. Add seasonal accents around your home to make it more festive. 

Clean and Declutter: Decluttering spaces can declutter your mind and create new energy. Clean out closets by donating old clothes and shoes. Remove items from rooms that are collecting dust. Clear desktop spaces and clean out junk drawers. Check under your kitchen and bathroom sinks and toss toxic cleaning chemicals, old beauty products, and items you no longer use. Organize your medicine cabinet and throw out expired vitamins, supplements, and pills. Look for expired products in your refrigerator and cupboards, too. Go through your garage and basement to get rid of old paint, caulk, plaster, remodeling supplies, or other products that are dried out or broken.

Fresh Paint: Paint has an emotional impact that can evoke feelings of comfort. Rooms with light and neutral colors can appear larger. Metallic accent colors and mirrors will help brighten a room. An accent wall adorned with dark paint or elegantly patterned wallpaper is a great way to bring in color without overwhelming the room. 

If you have questions or comments, please contact us.

Real Estate Broker Charese David visited the Green City Market in Lincoln Park. It's open every Wednesday and Saturday from 7am to 1pm on the first Saturday in May through the last Saturday in October.

By Charese David, Chicago Real Estate Broker

A great way to relish the Chicago summer is to explore our neighborhoods. River West is a fun destination to show out-of-town guests or hang out with friends. With all the great restaurants and unique shopping along Ogden Ave, Grand Ave and Racine Ave, there’s a lot to do. My favorites Italian eateries are D’Amato’s Bakery, Bari, La Scarola, and Piccolo Sogno. 

For the cool antique stores, head west on Grand Ave past Ashland Ave and check out Urban Remains, and The Painted Lady, just to name a couple. It’s fun to spend a few hours roaming through the neighborhood. Then head to the West Loop to Aba’s roof top for a delicious Mediterranean meal. 

If you have questions or comments, please contact us. Enjoy summer!