Real Estate Information

Watch this recent video we did talking about how we work together as a team to take care of your home buying or selling process.

Listen to our recent broadcast on current Real Estate Trends in the St. Louis marketing here.

With only 32 units spread over four buildings, but a phased project in Chicago's Woodlawn neighborhood has received "good neighbor" kudos from the Chicago Association of Realtors for three consecutive years.

Most recently, the fourth phase of Renaissance on Kimbark was awarded the group's highest honor, the Bruce Abrams award, named for the deceased founder and president of the former LR Development.

Hanna Architects, Stonemason Group and Hasani Steele, an @Properties realty agent and development consultant, teamed up to deliver the first three buildings. Those phases were previously honored for helping to stabilize the neighborhood and filling in several vacant lots.

The fourth phase, constructed by Premium Builders, got the nod not only for the extra design touches put into the building but also for doing what seems undoable in the current environment: succeeding, and that's not just because only three of the 32 units remain for sale.

What also worked for the project, according to Steele, was what he labeled "pricing integrity." Priced at $249,900 to $349,900, the development offered financial assistance with closing costs but the units themselves were not discounted. That's a different strategy from most developers in the current environment, who either have slashed prices, thrown in free cars at closing or rented units to recoup some of their investment.

Owners already in those type of developments have had to trade the comfort of knowing there's someone in the neighboring units for the sobering reality that their home equity, and possibly their ability to refinance, has been compromised.

Steele, who for a time worked at CarMax, which boasts a no-haggle price on each vehicle, didn't want to go that route. Instead, he wanted to educate buyers on what they were purchasing and why they were paying the prices they were.

"It appeals to a certain type of buyer," Steele said. "I'd sit down with people and I'd say 'this is the price,' I'd say what you're buying is not just an individual condo. What you're buying here is partially like a partnership with the other people in the building. You're buying into the ward's vision."

During the headier days of the housing market, when investors and homebuyers who thought of themselves as investors controlled the market, that sales approach might not have worked, he acknowledges.

"People didn't care about the finishes because they thought they'd rent it out or they'd flip it," Steele said. "We wanted to get people emotionally tied to the product, and they'd love it and they'd buy. People will go into debt for things if they genuinely love it."

It's a strategy that may get battle tested yet again. Another piece of land, this one 67 feet wide, may become a fifth phase of the development.

Porch primer. Since last year, the Chicago Department of Buildings has been looking at its porch design and construction guidelines, and the result is 101 pages of information that's now available online.

Included in the much-expanded document is a copy of the checklist used by inspectors and a glossary of terms for consumers who may not know the difference between a hex bolt and a lag bolt (see Page 6 to learn the difference). And while there were drawings before, there are now more of them with more details.

The goal is to lessen any potential breakdown in communications and understanding of city code between consumers, contractors and architects when it comes to the maintenance and repair of existing porches as well as the design and construction of new ones.

"They now will have a better understanding of what our expectations are," department spokesman Bill McCaffrey said. "It's to help bridge the gap so everyone is speaking the same language."

In June 2003,13 people were killed when a third-floor porch collapsed in the city's Lincoln Park neighborhood. That incident prompted the city to crack down on dangerous porches.

Last year, the department said it handled 1,406 complaints related to porches and issued 2,431 permits for porch repair or replacement. So far in 2011, the city has received more than 446 complaints and issued 938 permits.

Source: Chicago Tribune

When will the St. Louis Real Estate Market Bounce back?  Let’s ask three of the best REALTORS in St. Louis…

[LISTEN IN]

Read this: Most U.S. adults don’t expect real estate recovery until 2014 or later Gellman, Monschein, and Nolting all say that the market is tough, but sellers are still selling and buyers are still buying.

Read this: Most U.S. adults don’t expect real estate recovery until 2014 or later

Gellman, Monschein, and Nolting all say that the market is tough, but sellers are still selling and buyers are still buying.

People can gather and amazing amount of junk. Consider this: if you haven't seen it or used it in over a year, then you probably wont be needing it.

• If you don't need it, consider donating or having a garage sale.
• Take all of your books off the bookcase. It will make it seem larger.
• Pack up knickknacks. Nobody needs to see your beanie baby collection.
• Put your essentials in a small container that can be stored when you are showing the house.

Buyers al love to snoop and will open every closed and cabinet door. Think of the message you are sending if items start falling out. Now imagine what the buyer believes about you if they see everything organized. It says that you probably took very good care of the house. Which means you need to:

• Alphabatize anything with a lable. (Including your spices)
• Stack dishes neatly. 
• Make sure all the cup handles are facing the same direction.
• Hang any clothes still in the house buttoned up and facing the same direction.
• Line up your shoes.

The Emotional Disconnect

When a realtor is selling you real estate, they will refer to it as a "Home", and when they are talking about selling your real estate, they will refer to is as a "House". This is to help create and remove emotional attachment. 

When you begin the process of selling your real estate, you need to begin thinking of it as a "House" and not your "Home". Your real estate is a marketable commodity. Your overall goal it to get others to think of your real estate as their home, and not yours. 

 1. Photos

Curb appeal. Studies show that most buyers make their decision before even entering the home.  

The more good photos they see online the better.  On average, a minimum of 21 photos of your home will generate 4 times more leads than 6-10 photos. 

The best photos are those taken with a Digital SLR Camera, Ultra Wide-angle lens, and enhanced with special photographic software by someone who really knows how to photograph a home. 

2. Remove Your Personal Photos

I know your kids or grand kids are cute, but buyers need to see themselves living in the home and that does not happen when they see photos of “your” family throughout the home. 

3. Best to Keep Your Favorite Sports Teams and Religious Affiliations To Yourself.

We know you are a true fan of your favorite sports team, but don’t display their memorabilia in your home. Fans of an opposing team may reject your home immediately if they see reminders of the team they like to hate. Likewise, displaying religious art and objects will brand your home as being fit only for someone with those same beliefs. You do not want to limit your market. 

4. Remove The Clutter

Clutter detracts from a home, cheapens it, and is a turnoff to buyers. You are going to need to pack up or throw away all that “stuff” anyway when you move, so do it now. You would “detail” your car to get a better price if you wanted to sell it, why not “detail” you home? 

5. Your Political Statements Can Cost You.

Keep you political leanings and statements out of view. This includes books in your bookcase. You don’t know what the buyer’s politics are, so remove anything that hints of an opinion. A buyer’s money is neither conservative nor liberal.

6. You Love Your Cat; You Love Your Dog, Best To Send Them Away.

We love our pets, but they may limit how quickly a home can be sold and for how much. Barking dogs scare or annoy many buyers making them want to leave as quickly as possible. Cats especially can be bad for resale. Many buyers are allergic and the pet odors will drive them away.  Nothing can kill the equity in your home as much as unpleasant odors. 

7. Learn To Love Light and Bright

When your home is shown, open the blinds and window treatment all the way and turn on all the lights. A bright house appears larger and more inviting. 

Buying your first home is an expensive process. When you add up the down payment, various fees (loan application, credit report, notary, attorney, etc) and things you need to buy for your new home, such as appliances, you may be looking for ways to curb the outflow of money.

It can be tempting to skip anything that’s not necessary for the approval of the mortgage, but there are a few things you should always pay for. Though expensive, the following can save you a lot of money, and headaches, in the long run.

Down Payment

There’s a reason it’s no longer possible to buy a home without a down payment. As people across the country have learned, homes don’t necessarily appreciate in value year after year. If you buy a home without an adequate down payment, you could soon find yourself upside-down in your mortgage. If something happens and you need to sell quickly, you won’t be able to.

It’s best to put at least 20% down. That gives you the advantage of not having to pay for Private Mortgage Insurance to protect your lender against a default on the loan.

Home Inspection

It’s tempting to skip the expensive home inspection, believing that you will be able to see any big problems in the home. Don’t do it. Many problems cannot be seen with the naked eye, and an experienced home inspector will be able to point out potentially financially devastating problems. It’s better to spend the money on the inspection than to find out your home needs a new foundation six months down the road.

Title Insurance

When you buy a home, you want to make sure that you (and your lender) own the deed, free and clear. As part of the home buying process, a title search will be done to make sure there are no problems or liens against the property.

As with any process, though, human error can cause significant problems if there’s an oversight. Title insurance will protect you in the event that something isn’t recorded correctly or someone challenges your right to the property.

Flood Insurance

Many people do not realize that standard home insurance does not include flood insurance. If your new home is in a flood plain, your lender will require that you buy flood insurance.

Even if you don’t live in a flood plain, though, it might be worthwhile to take out a flood policy. As people in Oklahoma City recently discovered, floods can hit quickly, even in areas outside of flood plains. If your home isn’t in a high hazard area, flood insurance won’t be that expensive and it’s well worth it should a flood actually happen.

Buying a home is an exciting process. Make sure your excitement doesn’t turn to regret. Spend a little extra money on things that will protect you in the long run.

It is a great idea to work closely with your Realtor and Handy man/General Contractor and go over the things that you need to do around the house before you put it on the market. I spoke with Jim Felder a local contractor in St. Louis MO, about the common issues home owners need to attend to before putting a home on the market. It is important to remember that you only have one chance to make a great impression with your pictures on the internet and with the drive by. The first thing Jim mentioned was curb appeal. “The homeowner must make sure the landscaping, yard, mulched areas etc.. look their best at all times.” He is right, you never know when perspective buyers are going to be driving by so you need to make sure you mow your lawn regularly, trim bushes, plant flowers, remove weeds and dead plants from areas, and re-mulch if necessary. In the mind of a buyer, a well-kept yard means a nicely maintained home too. Let the yard go and you miss the group of buyers who will not bother making an appointment to see the interior because they have concluded that if you don’t take care of the exterior it will be the same with the interior.

Secondly, Jim recommends a fresh coat of paint. “This is the most cost effective means in which a homeowner can make things look new” he says.  It is very cost effective and as he states “you cannot underestimate the importance of this one simple tip.” In addition, when painting be sure to go that extra step and patch up walls, buyers will notice if you skip this step.

The third most common and cost effective tip is to fix all of those minor things around the house that a buyer will notice…leaky faucets, non-functional door knobs, doors that stick. We all have these things around the house that have been on the “to do” list. Now is the time to attend to them! Buyers do walk around the house and open closets, doors, windows, turn on faucets, lights etc. Jim emphasizes that it is important that these things are in working order. He states “making sure all of the little things are in working order reflects that you are attentive to the details of your home, giving buyers confidence that you take care of it.” Again, you only have this one time to make a great impression and encourage a contract so be sure you put your best forward when it comes to presenting your home to the public. Curb Appeal, Paint, and Minor repairs, three easy cost effective things you can do that will make all of the difference!