The Perils of Over Pricing Your Home

are you planning to sell

“I Don’t Want To Give My Home Away!”

In almost every conversation I have with potential sellers, the conversation begins with the line “I’m not going to give my home away!!”   Despite comparable sales that clearly show a lower market value, there is a reluctance to lowering the price.  However, you have to price your home to sell.

Market valuation is determined by what buyers are willing to pay.  The price that buyers are willing to pay is primarily based on the asking and sold prices of alternate choices.  If a buyer can buy a similar home in the same neighborhood for less, they will choose the alternative. Continue reading “The Perils of Over Pricing Your Home”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Are You Financially Prepared to Buy Your New Home?

are you financially prepared to buy

Are you financially prepared to buy your new home?  There is a lot of emphasis put on the credit score when discussing financing qualifications. However, this is not your only concern in being financially qualified to buy.

Down payment

Most loans will require a down payment (except for VA and USDA loans).  Know, however, that although VA loans don’t require a downpayment they have a funding fee.  You will want to compare the expected monthly payment of the VA loan to other mortgage options to see what works best for you.

FHA loans require a minimum 3.5% for down payment.  Conventional loans will require down payments ranging from as low as 3-5%.  Of course, a higher down payment will reduce the anount of your monthly mortgage payment.  Continue reading “Are You Financially Prepared to Buy Your New Home?”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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How to Avoid a Bidding War

home bidding war

How to Avoid a Bidding War

As a buyer in today’s market, you are likely to encounter at least one multiple offer situation when presenting your offers.  In many neighborhoods and community in the Chicago area, the supply of homes is tight in relation to the number of buyers.  Even in those communities where the supply of homes is less tight, you may run into multiple offers for homes that have been rehabbed or have unique features.  There is also the phenomenon where a home has been on the market for a while and then all of a sudden 2 or 3 people suddenly decide to buy at the same time. Continue reading “How to Avoid a Bidding War”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Are You Planning to Sell Your Home This Year?

 

are you planning to sell

 

Are you planning to sell your home this year?  Market conditions are great for sellers.  Chicago continues to experience a seller’s market.  A seller’s market indicates more buyers in relation to the supply of homes available.  The median sales price is higher and the days on market is lower.  Of course, market conditions vary for the different neighborhoods and suburbs in the Chicago area but overall it’s a great time to sell. Continue reading “Are You Planning to Sell Your Home This Year?”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Tax Advice for Chicago Homeowners 2018

 

2018 is well underway and tax season is here! Tax deductions are definitely one of the benefits of homeownership that you don’t want to miss.

If you have any questions on what items are deductible regarding your real estate transaction, my best advice is to consult your tax advisor or accountant. However, the most common deductions for homeowners are as follows: Continue reading “Tax Advice for Chicago Homeowners 2018”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Are You Planning to Buy in Spring 2018?

 

planning to buy

Are you planning to buy in spring 2018?  There are some steps you can take  now to be ready to buy in the spring.

Speak to A Mortgage Lender

Speak to a mortgage lender now to see if there are any issues with your credit, debt levels or income. A good loan officer will outline any “tweaks” needed and give you a loan amount you should qualify for if everything is in order.  Continue reading “Are You Planning to Buy in Spring 2018?”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Is Your Landlord in Foreclosure?

foreclosure trends

Is your landlord in foreclosure? Tenants are often taken completely unaware that the home they are living in is in foreclosure.  One would hope that a landlord with an imminent foreclosure sales date would give notice to their tenants but ….

Foreclosure Process in Illinois

Each state has its own specific laws regarding foreclosure. Some require judicial process and some don’t. Illinois is a judicial foreclosure state meaning that the lender must file suit against the borrower in order to foreclose on the home.  A mortgage borrower is considered in default once he misses at least three payments.  At this point, the lender will initiate foreclosing proceedings Continue reading “Is Your Landlord in Foreclosure?”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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FHA Property Requirements for Appraisal

FHA PROPERTY REQUIREMENTS

FHA appraisals require repairs for conditions that rise above cosmetic defects, minor defects, or normal wear and tear.   Appraisers must report ALL deficiencies.  This information will assist your confidence that when a contract is accepted, property condition should not be a deal-breaker for you in terms of the appraisal.

What Does the Appraiser Look for?

So, what does the FHA appraiser look for during this process? The primary areas of inspection are the roof, the foundation, lot grade, ventilation, mechanical systems, heating, electricity, and crawl spaces (when present). Continue reading “FHA Property Requirements for Appraisal”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Easy Home Improvements That Add Value and Appeal

inexpensive home upgrades

Many sellers don’t have the funds or inclination to do major renovations when selling their home.  However, there are  easy improvements that add value and appeal.  These improvements are fairly inexpensive but still make a difference in terms of market value and buyer appeal.

Repairs may only cost you hundreds of dollars to fix but not done cost thousands in terms of an offered price.  Simple improvements can move your home from “needs work” to “move-in” ready.  Again, these improvements may cost you hundreds (especially if you do the work yourself) but give you thousands more in terms of an offer price.  It can also mean that your home moves off the market quicker. Continue reading “Easy Home Improvements That Add Value and Appeal”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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Tips for Home Sellers to Get to SOLD!

tips for home sellers

There are several tips for home sellers that can help increase their odds of getting their home sold. Pricing your home appropriately  and preparing it for buyers to view are the beginning.  To get your home sold, however, sellers have other matters which need consideration.

Pricing is Key

One of the most important things in getting an offer on your home is pricing it right. Overpricing your home will result in it sitting on the market longer.  It also reduces the pool of buyers that will consider your home.  Of course, you also want to make sure that you’re not leaving anything on the table unnecessarily. Continue reading “Tips for Home Sellers to Get to SOLD!”

Millie C Lumpkin
Realtor
Stages Real Estate
Phone: (312) 217-5644
Email:     millie.lumpkin@gmail.com
Website: ChicagoSouthHomes.com
Blog:       ChicagoSouthRealEstateBlog.com

 

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