HOW’S THE RENTAL MARKET?

This is a question I receive multiple times a week and my answer is: BOOMING! During the past several years, it has become a large factor in the Real Estate community due to short sales, foreclosures, Relocation and potential buyers not qualifying or having the down payment for a mortgage. Landlords have reacted to these market conditions and have increased monthly rents by 5 - 15% ($100.00—$300.00, per month).

If you are considering renting a home in the near future, I recommend working with a Realtor. There are several websites advertising rental homes but, not all are legitimate. I have had clients send money to what they thought was the owner/Landlord but, it turned out to be a scam and they had no recourse to recoup their money. When renting a home, be prepared to complete the required paperwork. There is the Lease Application, Credit Report, Employment verification and a background check, similar to applying for a job. In addition to the paperwork, the Landlord may request additional financial verification, which can include 2 recent pay stubs or a current bank statement. A typical rental will want first month’s rent and one month’s security deposit.
The Lessee/Tenant does not pay any fees to the Realtor, rather it is the home owner/Lessor which hires and pays the Brokerage firm to market their property and find a qualified Lessee/Tenant. A lease is executed between the Lessor and Lessee which is very specific on how the property is to be used and who takes care of the utilities, yard, snow removal and repairs to the property.
Some rentals are pet friendly and will require an additional pet deposit. This amount is negotiated with the Rental Agreement and may or may not be refunded. Renter’s insurance is required to cover the Lessee’s personal belongings in case the home incurs damage. Rental insurance is minimal, usually less than $500 per year.

I recommend to my clients, treat the rental as if it was your own home and return the home to the Lessor in the same condition you rented the home, except for normal wear and tear. The home owner/Lessor will appreciate this and will be agreeable to returning your security deposit in full. If there is damage, depending on the amount, the Lessor will keep some or all of the security deposit to pay for repairs outside of minor day to day usage.
Are you interested in generating some extra income while building equity? Becoming a Landlord maybe something for you. Call me today to discuss your options. For as little as $130,000, you can purchase a 2 bedroom condominium and generate monthly rents from $1,200 - $1,600.
Looking for a place to rent? Give me a call and I can assist you in locating a rental home within your budget.
Direct: (847) 681-4143
~PAM

CB2 in CHICAGO COLLABORATES WITH SCHOOL OF THE ART INSTITUTE GRADUATE STUDENTS

In 2014 - 2015 CB2 collaborated with 12 Graduate Students at School of the Art Institute (SAIC) located in Chicago, Il. My son Mathew Devendorf was one of the 12 chosen candidates who worked directly with CB2. CB2 asked the students: "What does live well mean to you?". Mathew designed 4 pieces for them. 3 pieces were chosen to be produced and sold online and in CB2 stores.
As of this post, the items designed by the students are featured in CB2's front window display.
Matt designed the Mountain Caddy, featuring 5 pieces which can be used in multiple ways; for the desk, flowers, utensils, art supplies, whatever works. It sells for $15.95.

The 2nd piece Matt designed was the Watering Carafe. It is a carafe which includes a spout for pouring. It can also be used a variety of ways; watering plants, pitcher, vase, wine decanter. It retails for $14.95.

The 3rd item which has been manufactured is the Chess and Checkers Table. While it's primary purpose is for games, when not in use it can hold a lamp, books, objects of art. It's easy to play games at this table and it does not take up much room in the home and has a drawer for storing game pieces or a deck or cards. Price: $399.00.
There are a total of 20 pieces in this SAIC collection.
Stop by the CB2 store at 800 W. North Avenue, Chicago, Illinois to view and purchase these well thought out household items or online ordering is available.
http://www.cb2.com/saic-collaboration/cb2-saic/1

7 HOME STAGING DOS FOR SELLERS!

• DO DECLUTTER
You know you are going to move so, start packing early! I recommend having 3 piles:
1. I love it and I’m gonna “Keep it” pile
2. Probably never gonna use it again so, let’s “Donate It” pile
3. Ugh! No one is gonna want this; it’s just “Garbage” pile.
Start cleaning out and packing drawers, closets, the basement/garage, books, extra clothes, toys, dishes, etc. You’ll be happy you started early! Things tend to multiply in dark places.

• DO REMOVE
Valuable items and safely store them in a safe deposit box, home safe or a locked drawer/closet. Larger items can be kept with a friend or relative. Valuable items include precious jewelry, coin collections, paintings, check books, bank statements, cameras, etc. Realtors are licensed professionals who accompany all Buyer appointments but, I recommend playing it safe.

• DO PAINT
Living in our home, we become indifferent to dings, scratch marks, hand prints and overall dirt on our walls and baseboards. A fresh coat of paint eliminates these and will freshen the home up visually and help remove old odors. Neutral paint colors are recommended such as warm grays, greens, creams and blues. Bright colors such as turquoise, yellows and reds, tend to be undesirable to a Buyer. Sellers ask me if they should re-hang pictures or decorative items once the home has been painted, I say “No”. The home has been neutralized and a good painter will patch the nail holes so the Buyer can start fresh with a blank wall.

• DO FIX
All minor repairs such as a leaking toilet, broken tiles, sliding doors, cabinet doors or drawer which do not close, scratched floors, etc. The Buyer can ask for $$$ to fix, repair or correct the defective items from the Seller. Repairing the items before the home is listed will save the Seller $$$. A Buyer will notice the home has been well maintained by the Seller and an offer usually comes quicker. I recommend to my Sellers, that they have a Home Inspection completed on the home by a licensed Home Inspector prior to listing the home. Hidden defects can by discovered and corrected by the Seller.

• DO WASH
Your windows, inside and out. This allows natural sunlight to stream into the home and Buyers can view the outdoors, clearly versus trying to see their new yard while navigating around finger prints, smears of dog drool, spider webs and dirt. I also recommend washing door & cabinet handles, stair railings, light switch plates. There’s nothing more unappealing when a door is opened by the Buyer and they’ve touched something sticky. Ick!

• DO REPLACE
Any broken fixtures or light bulbs. This includes faucets, door knobs, light fixtures, garage door openers, etc. Again, the Buyer will recognize the fact the Seller has maintained and taken care of the home and an offer usually comes sooner and close to the list price.

• DO NEUTRALIZE
Your home, pack away family photos, unique art, awards, certificates, etc. When Buyers enter a home, they try to envision how the home will work for them and their family. If a home has too many items of distraction, it is hard for Buyers to imagine themselves living in the home.

The Spring Real Estate Market is quickly approaching. The typical time frame to prepare a home
for the Real Estate market can range from a few weeks to several months. If you would like to know what your home’s worth is, please give me a call for a complimentary consultation.
~Pam, Residential Realtor in Illinois

10 THINGS WHICH MAKE BUYERS BITE!

A NICE ENTRYWAY

Impress buyers right off the bat with a beautiful entrance. Put a fresh coat of paint on the front door, add some nice pots with bright flowers, change an old dated or tarnished light fixture.

HARDWOOD FLOORS
Hardwood floors are the preferred floor treatment for today’s buyers. If you have hardwood floors under your carpet, remove the carpet and re-finish or re-glaze the hardwood. If your budget does not allow for hardwood, Pergo is a good alternative.






FABULOUS FIXTURES

Fixtures are the “bling” to a home! Dress up your home by replacing dated knobs and drawer pulls, the cost is minimal & instantly brings a new look to your home. Plumbing fixtures can also date a home. For $60 - $70 a new faucet adds life to a dull bathroom or kitchen sink!

BEAUTIFUL BATHS
Replace your big sheet mirror with an elegant framed mirror, replace light fixtures, consider adding sconces for a softer light. Replace old tile and re-grout with a warm neutral palette.







COUNTER TOPS

Granite is the top pick for a new counter top. If your current bathroom & kitchen counters are chipped or damaged, it’s time to replace them! Check out your cabinets ~ you can freshen them up with paint & new hardware.

APPLIANCES
With the tax incentives being offered for purchasing “green appliances and mechanicals” you may save more money than you think by replacing that 15 year old fridge or washer dryer. Visit this web site for more information: http://www.energystar.gov/



ORGANIZED CLOSETS

Twenty years ago, closet organizers meant wire shelves. You can’t slide anything over a wire shelf. Today at your local hardware store you can find affordable melamine shelves, cabinets & drawers which can become a quick weekend project while benefiting from the additional storage space you’ll receive.

LIGHT UP YOUR HOME
Lighting is probably the most overlooked aspect of decorating, yet the most important. Do your rooms have sufficient light? Add recessed lights, especially under those dark cabinets and your home will improve significantly. Replace those dated chandeliers, pendants, etc: lighting fixtures are trendy & affordable!





BUILT-IN UNITS

Buyers view built-in units as “free furniture”. Add value by creating a home entertainment space with built-in bookshelves & cabinets. Not only does this allow for more storage, but it makes the home stand out as a quality home.

OUTDOOR ROOMS
During the warmer months add another room to your home utilizing your outdoor patio or deck. Staining old concrete can freshen up a space, add a pergola, outdoor furniture, fire pit & potted plants & voila you’ve created a sanctuary!

NEW CONSUMER PROTECTION RULE FOR BORROWERS -TRID-

Effective October 3, 2015, the Consumer Financial Protection Bureau has incorporated the ‘Know Before You Owe Rule’. The Know Before You Owe mortgage initiative is designed to empower consumers with the information they need to make informed mortgage choices. It includes the implementation of the TILA-RESPA Integrated Disclosure rule, which is often referred to as “TRID.”The new rule aims to provide consumers with more time to review the total costs of their mortgage prior to closing. The Loan Estimate form is due to consumers three days after they apply for a loan, while the Closing Disclosure form is due three days prior to closing.
The current HUD-1 settlement form can be revised and delivered up to the day of settlement, but the new mortgage forms must be finalized and in the borrower’s possession three days prior to closing. If that deadline is not met, borrowers will receive another re-issuance of the closing disclosure and wait another three days. This means Buyers and Sellers will receive a separate HUD on the day of the closing, they will no longer see each others closing costs or proceeds.
As these new rules take effect, the hard work to deliver timely and efficient closings continues; extra time for closings and open lines of communication will be critical.

Seven Facts You Need To Know About The Mortgage Process
1. Pre-approvals Remain Unchanged By The New Rule.
2. Application Begins With A Loan Estimate
The lender must provide the Loan Estimate within three business days to the Borrower, however there is no set time frame for the Borrower to receive it. If the lender mails the Loan Estimate, the Borrower may receive the Loan Estimate more than three days after their application.
3. Borrower Must Indicate Their Intent To Proceed
Lenders won’t move forward with an application without a clear indication from the Borrower that they intend to proceed. After 10 business days if the lender does not hear back from the Borrower, the Borrower will have to start the application process from the beginning.
4. Lenders Can Charge Fees Once The Borrower Shows Intent To Proceed
Lenders may require Borrowers to provide payment before beginning the appraisal, processing, verification or underwriting processes.
5. Changes In Circumstances May Require A Revised Loan Estimate or Closing Disclosure
Common reasons why a Loan Estimate maybe revised:
1. Borrower decided to change loan programs or down payment.
2. Appraisal on the home came in higher or lower than expected.
3. Borrower’s credit decreased during the application process.
4. Lender could not document Borrower’s overtime, bonus or gifting income.
6. Borrower Must Receive Closing Disclosure 3 Business Days Prior To Closing
Lenders must provide the Borrower the Closing Disclosure three business days prior to closing so they can review the summary of the final loan terms. In the past, Borrower’s were pressured to accept changes in the loan terms on the day of the close.
7. Extra Three Day Loan Extensions Will Most Likely Not Occur
While rare, the only time an additional 3 day extension would be issued for a revised Closing Disclosure Are:
1. Increase in APR/interest rate, a decrease in the APR will not require a new Closing Disclosure.
2. A prepayment penalty is added to the loan making it expensive to sell or re-finance.
3. The loan product switches from an fixed rate to an adjustable rate.
Additional information regarding TRID can by found on:
Illinois Association of Realtors: http://www.illinoisrealtor.org/
and
National Association of Realtors:
http://www.realtor.org/topics/trid-tila-respa-integrated-disclosure

FALL DECORATING IDEAS FOR YOUR HOME

Surround a candle in a glass vessel with acorns or tree nuts for a quick and inexpensive table setting! Scatter some leaves and nuts. Gorgeous!

Your local Hardware store has all these components to create a quick but elegant entrance to your home: pumpkins, hay bales and colorful mums. Enhance the pumpkin by wrapping it with a ribbon using stick pins or a hot glue gun to hold the ribbon in place. Add dimension and include a bow.

Turn a basket on it’s side add pumpkins, squash and gourds mixed with leaves. Quick & easy!

Highlight a favorite object such as these owls with Fall foliage. Be sure to make it interesting by adding height to the display. Cake plates, candle holders and over turned vases can help create intrigue by stacking items on them. Drape a mirror or picture with garland and scatter silk leaves and artificial acorns and pumpkins for an outdoorsy display.

Begin your Fall decorating at your front door. Local craft stores offer swags, wreaths and garlands which are on sale right now at deep,discounted prices. Stack pumpkins: large on the bottom, medium in the middle and top it off with a small pumpkin. You can use the same color pumpkin for all 3, or alternate colors: orange, green and white pumpkins.

Natural Grapevines have been formed into lit pumpkins for a warm greeting into the home. Fall garland adorns the banister railing with an artificial bouquet of flowers and leaves.

Happy Decorating!

ENJOY A BEAUTIFUL FALL DAY AT THE CHICAGO BOTANIC GARDENS

One of the perks of living in the North suburbs of Chicago is enjoying the amazing gardens at the Chicago Botanic Gardens which are located in Glencoe, Il. The Botanic Gardens are comprised of 26 unique gardens along with 4 natural areas. The Gardens are situated on 385 acres and include nine islands, with six miles of lake shoreline. Yep, it's a big place to visit!
I recommend for 1st timers to take a tram ride around the gardens. This gives you a good overview of all the different garden areas filled with info from the helpful tram guide.
There is no entry fee to the gardens however, there is a parking fee of $25 per car. If you share the fee it is very reasonable: 2 people, $12.50 per person, 4 people only $6.25 per person.
The 2nd item I recommend is eat lunch at the Garden View Cafe. It is filled with seasonal, delicious, healthy food choices. Many of the dishes are prepared with items grown on site from their fruit and vegetable gardens. How cool is that?

My 3rd fav thing to do is walk around the Rose Garden to the Japanese Gardens circling back to the English Gardens. Bring your camera, cause when the flowers are in bloom, they are full of color!
My hubby and I recently visited the Gardens (October/Fall) and decided to walk the Dixon Prairie Trail. Heads up, wear sneakers cause this is the loooooong way around the gardens. But, it gives you a different perspective of the Gardens, you burn a few calories and it's so quiet!
If you have little ones, splurge and buy tickets to the Model Railroad Exhibit, it is fascinating. There are so many Chicago Landmarks included in the exhibit, it's fun identifying the buildings.
I can go on and on but, check out their website and if you have a chance:
visit The Chicago Botanic Gardens!