Yuval Degani’s Blog

The service of a professional stager can be invaluable when it comes to selling your home in Chicago. At a time when there is a lot of inventory buyers are extra picky about what they want and what they are willing to settle for in their home purchase. There is so much new construction on the market that your existing home needs to have a fresh, clean “look” to get buyers’ attention at all. This can be accomplished through the creative talents of an Accredited Staging Professional (ASP). Surveys conducted in North America show that staged homes are on the market 80% shorter time than un-staged properties and sell for higher prices, too.

The return on investment for staging easily exceeds 300%, which means you recover the costs of staging AND get more for your sale. Staging practices can be as simple as de-cluttering and brightening or as involved as bringing in rental furniture and re-diverting the focal point of main areas.

Now more than ever, it is important that your house or condo shows well inside and out. An ASP can ensure the interior space is not only attractive, but used in the best possible way to showcase each room’s utility and design elements. Stagers are pros at reinventing tired, old properties into inviting, updated living spaces that any buyer would be proud to call “home.”

The new government bill intended to help jumpstart the nationwide housing market is big news for the real estate industry. The legislation was approved by the White House recently and is now making waves in media reports and real estate firms across the country. This is especially exciting for first-time home buyers because you stand to receive a special tax credit of up to $7,500 on your new home purchase.

So how does this work and who exactly is entitled to the tax credit under the new law? I’ll break it down for you:

- First-time buyers and buyers who have not owned property for the past three years are eligible

- The tax credit can be used for new construction or resale homes, as long as it is the buyer’s primary residence

- The tax credit is for 10% of the home’s purchase price, with a maximum cap of $7,500 per couple who file federal income taxes jointly (or $3,750 for individuals)

- The tax credit pertains to properties bought from April 9, 2008 through July 1, 2009

- Buyers with adjusted incomes above $150,000 (for joint filers) and $75,000 (for individuals) are excluded from the tax credit. However, partial credits are available for some buyers whose incomes exceed these cutoff points.

- The tax credit acts like a zero-percent loan that must be paid back within 15 years. Why do you have to pay it back, you ask? Because it is meant to give buyers the biggest financial boost possible in order to jumpstart the housing market, increase sales and stabilize prices. The government would not be able to dish out as much money otherwise.

- This is a dollar-for-dollar reduction, so the amount of the tax credit is subtracted from how much you owe in income taxes, not just a percentage of the credit (like with a tax deduction)

So, we’ve already covered how to prepare your home for sale on the inside—now it’s time to tackle the issues on the outside.

You’ve most likely heard the term curb appeal before. It’s nothing new, but how your house appears from the exterior continues to be one of the most—if not the most important elements for a house on the market. It is all about that first impression folks. The first thing anyone sees when visiting a property is the front yard and façade… so make sure they are in mint condition!

The no-brainer is keeping the lawn mowed and free of leaves, debris, and yard tools. If it is wintertime, keep the walk shoveled and salted. Rent a power washer to spray down the exterior of your house. The high-pressure water wash does wonders for grimy outdoor surfaces and walls. Use it on the house, the deck, the driveway to remove dirt, dust, mold and peeling paint. And, if it turns out you do need to repaint the house before putting it up for sale, the power washer will clean and prepare the sides for a fresh, new coat.

A little sod goes a long way. If your landscaping is lacking the fundamentals—as in green grass—purchase enough sod to fill in the gaps or cover the entire property if you have to. Remember, the front of your house is the first thing buyers are going to see and if the vegetation is all brown and dead, they won’t likely forget. Plant flowers to give some color and bushes to give the yard depth. Don’t spend too much money, but do keep in mind the first impression is the most important!

Now you’re on your way to getting that home ready for showings. Contact a REALTOR to assist you with the open houses and to negotiate the best price for your property. Take this long holiday weekend to really go to town on your home—but save the kitchen cleaning until after Thanksgiving Dinner, to save yourself double duty.

This article originally appeared here.

In the previous entries I’ve already covered some of the simplest ways to prepare your home for sale—namely, getting rid of the clutter, packing away personal items, and giving the house the deep-cleaning of its life. (No skimping here – dust those ceiling fans, wax the kitchen floor, de-mold the bathtub tiles, and polish any chrome fixtures ‘til they shine like the top of the…well, Sears Tower.) The next step is to freshen up the home with paint touchups, minor repairs and some strategic purchases that can really give your house or condo new life.

To start, replace burnt out light bulbs and fix any broken cupboard doors or drawers, spackle over nail holes in the wall, and paint any rooms that have non-neutral color schemes or dingy-looking coats. Think about using a low toxicity VOC paint product that is better for the environment and the homeowner’s health. Little things like this can be cool selling points that will make potential buyers remember your property as the “eco-friendly” home.

Go through your house with a fine-tip comb to identify any damaged areas and make a list. Some things may be totally off your radar because you are so used to seeing them everyday, so step out of your shoes and walk through the home as a buyer would – with a very scrutinizing eye. Many of the items that end up on your list are probably quick fixes, like a door needs new hinges to swing properly, or the cracked tile in the shower needs replacing. Other issues that may need a professional—such as a roof leak or plumbing problem—are important to handle correctly. Hire someone to do the repair right, don’t try to cover these bigger hitches up with a temporary Band-Aid. Address every single item on your list and leave no loose drawer handle un-tightened! Because if you noticed it, chances are those eagle-eyed buyers will, too.

More great ways to gussy up your home for sale to come next time!

This article originally appeared here.

There’s one piece of advice most every real estate agent and home stager will give when it comes to preparing your home for sale – put away the family photos. They don’t tell you this because the pictures look bad or because they are cluttering up the space. They suggest taking down the framed wedding pics and snapshots stuck to the fridge because these bits of personal memorabilia make it harder for potential buyers to imagine themselves in your home and envision their favorite family portraits on the wall or propped up on the mantel.  

Same goes for other personal items that could distract a buyer, like DVDs and CDs, award plaques, magnets on the refrigerator, stuffed animals, kid’s toys in the living room, towels with your names stitched on them, and any eye-catching collections (you want people to look at your house, not your incredible assortment of beer steins). Now don’t take this so far that your home or condo starts to feel like no one lives there. It’s just as important for the buyer to feel a sense of intimacy as it is for them to be able to picture their own stuff here. Find that balance between comfort and anonymity.

By creating a space that is still lived in and homey, but doesn’t scream, “I’m someone else’s home,” you’re on your way to getting that property off the market in no time. Look for my next post for more helpful hints on how to get your home ready to sell!

This article originally appeared here.

Across the nation the fate of residential real estate is swinging towards a buyer’s market. Even here in
Chicago, where prices have not decreased too much, there is a vast inventory of homes which can make buyers more selective when it comes to choosing a property. The trend has inspired many sellers to go to every length to get their place off the market. You don’t necessarily have to remodel your entire kitchen or put in hardwood flooring to make buyers notice your home—little improvements and quick fixes can make a world of difference and give your property that extra oomph it needs to get an offer.

You’ve probably heard it before, but I’ll tell you again—you’ve got to get rid of the clutter and keep your home clean. That means no unopened mail sitting on the table, or shoes lying by the front door, or laundry detergent sitting out on top of the dryer. Think to yourself, “Everything must go!” Even things you use everyday, like the coffee pot can go in a cupboard to give the countertops and kitchen space a nice clean, open feel that buyers love. Tackle those closets and storage areas (garage, basement, junk rooms). Take stuff you don’t need to Good Will/Salvation Army or have a yard sale and make a few bucks while you’re at it. If that still doesn’t make a dent, consider renting an offsite storage locker for the time being, until you sell your home.

Go through every room in your house or condo and minimize the mess, dust, wash the windows, polish, sweep, vacuum, tuck away every lose odds and ends you lay eyes on—basically do the spring cleaning of your life! Buyers expect spotless and if they see anything less, you’re going to have trouble convincing them your home is the best option. Cleaning takes a little extra time, but it’s not hard to do and can be the most important thing you do to create that great first impression with potential buyers.

We’re just getting starting here folks! For more helpful tips on how to prepare your home for sale and get buyers to take notice, look for my next entry.

This article originally appeared here.

If you read my last entry, you know solar power paneling has become a more viable and affordable energy-saving option for homeowners in recent years. New modifications and the use of photovoltaic cells have brought the cost down to a more attainable range. It is still an initially pricey installation (we’re talking $30,000 or $40,000), but the solar panels basically pay for themselves in reduced utility bills after a few years. Still, if electricity generating solar panels are outside your budget, there are lots of other green home improvement options that can help you save energy, resources and even your health.

Environmentally conscious companies all over the country are coming up with new eco-friendly appliances, systems and products every day. For example, if you have a pool you know the cost of heating it can be fairly steep—unless you use untraditional methods such as the latest plastic tube water heating coils, which will save pool owners hundreds every season. And speaking of water, there are lots of different plumbing fixtures you can install in your residence to restrict the water flow and reduce water bills, plus home appliances like washing machines and toilets that conserve the amount of water expended with each use.

There are also choices you can make on building materials and finishes that are more environmentally-friendly than others. If you have a wood project on the back burner, do a little research into the type of boards you’re buying before you start nailing away. Certain lumber companies offer completely sustainable goods that are specifically harvested not to impinge on the natural forest or wildlife. One way to know you’re getting such a product is to look for the green FSC logo—the Forest Stewardship Council’s mark—which indicates the timber complies with the organization’s forest protection requirements.    

In addition to leaving less of an impact on the earth, many of these innovations are actually healthier alternatives for you and your family. Find out how in the next entry of my “going green” series.

This article originally appeared here.

There’s no doubt about it, “going green” is the talk of the town these days. And being in the real estate industry, I see the trend changing the face of home construction and home improvement on all levels. Not only are residential developers striving to incorporate elements of green design, but homeowners are making energy-saving changes to their existing houses.

With Al Gore’s recent Nobel Peace Prize for his work as an environmental advocate, the hype around sustainable living and reducing our carbon footprints has won new ground. The issue is recognized and publicized all over the globe, garnering even more interest from the public, whether they’re diehard environmentalists or first-time recyclers.

People want to help. And for homeowners, that means making some modifications that may cost a pretty penny in the beginning, but can end up saving thousands of dollars over time—not to mention saving the earth’s atmosphere. The concept of using solar-power energy was once a very expensive and futuristic idea that has slowly grown in popularity over the decades. However, new innovations in solar paneling have made the feature more useful and has brought down the expense of installation. And, instead of just generating a source of heat, solar panels now produce electricity and can drastically reduce the average utility bill (by hundreds of dollars per month in some cases).

In the past five years solar power has become a much more affordable option for many homeowners across the nation and, as the figures show, folks are excited about its availability. From 2002 to 2006, the number of American households that had the new solar paneling system installed increased by almost three times from around 2,800 to nearly 7,500. By the end of 2008, it’s anticipated that over 11,000 more will jump on the bandwagon.

Super efficient solar panels are not the only creative, conservation-savvy modernization that can help you make the transition into the green movement. More environmentally friendly home improvement suggestions coming up in my next entry.

This article originally appeared here.

As the situation revolving around the home loan industry is righted, things are starting to look promising for 2008’s housing market. A number of factors are falling into place that will help residential real estate in the upcoming year—a shift that both economic forecasters and individual Realtors® are already taking note of.

With a watchful eye and careful attention to borrowers’ qualifications, lenders are expanding credit accessibility to homebuyers, who still benefit from mortgage rates at near historic lows. In addition, Federal Housing Administration loans are acting as an alternative to the failed subprime home loans, which triggered numerous foreclosures across the country. So, as mortgage conditions continue to get better for potential buyers, the circumstances surrounding the national housing market are looking good with 2007 ending in a favorable position. According the National Association of Realtors®, this year will see the fifth highest number of existing home sales ever reported. The NAR says that, on average, one in 16 households will purchase residential property in 2007. All that buying means the surplus housing inventory is diminishing which will help stabilize and increase home prices overall. An additional reduction in new housing starts also benefits existing home values and is working to further shrink the excess supply of residential real estate in the
U.S.

While this is good news for the national housing market, it is always important to keep the small picture in mind. Finding out what is happening in the local market is invaluable when it comes to buying or selling a home. Real estate agents are alert to their surroundings, narrowing the scope from countrywide to a neighborhood by neighborhood basis. With the assistance and guidance of a professional, homebuyers and sellers are able to work with the specific market at hand and adjust to localized conditions—making the most of any housing situation that comes along.

This article originally appeared here.

We’ve all read the newspapers and heard the reports on television that shower the national housing market with doom and gloom. Market analysts make their forecasts and continue to predict, and re-predict, when the bottom will hit, but when you talk to people who are out in the field everyday (builders, developers, real estate agents), you start to realize much of the hype is speculation, and really, no one knows what the future holds. Nothing is set in stone—no trend is definite and every downturn (or upturn) is unique…unpredictable.

Unfortunately, with all this negative chatter, a very human reaction starts to take hold and consumers get timid—I’ve even heard the term “self-fulfilling prophecy” thrown around. Whether that is the case or not, it’s harder to pull yourself out of a rough patch when everyone around you is saying you can’t do it—no matter what type of business or life situation you are dealing with. Regardless of what is actually going on in the local market, we see those headlines and many start to shy away from the idea of buying or selling, just because we’ve heard it’s not a good time or we’re holding out to see what will happen a few months from now.

Questions like, “Is it better to wait and see if prices will drop even more before purchasing?” pop up and influence homebuyers to sit on the sidelines, when they are prepared and motivated to take action today. In my experience, the best time to buy or sell is when you need to, not when the market proves it a favorable decision. Each case is individual, as is each city and every buyer/seller. That’s why it has been so hard for analysts to envisage what will happen in the year to come—especially when they are looking at the circumstances throughout the U.S. and making their assumptions on a whole.

This article originally appeared here.