West Loop Chicago Real Estate Agent – Nicholas Conteduca "Tips for Listing Your Home"

West Loop Chicago Real Estate Agent – Nicholas Conteduca

Tips for Listing Your Home

 

If you are debating putting your condo or house on the market, there are a few simple steps you should consider prior to doing so.  Your goal is to sell your home at its highest possible price in the least amount of time.  Here are some simple tips on how to do it:

1.            Clean house – Make sure your home is in tip top shape.  You want your home to look as if it is a model home, fully furnished with limited wear and tear.  You should ask yourself the following questions:

·         Do you have carpets with some stains on them? Hire a carpet cleaning service (Chicago Carpet Cleaning).

·         Is your basement a huge storage closet for your old clothes? Straighten it up and get rid of all your old items, maybe even donate them (Tax Write Off) Salvation Army

·         Do you have walls with some marks or holes on them from an old frame?  Patch it up and paint them. 

If you don’t have the time to do these things, I would recommend hiring a professional cleaning service to help you out Cleaning Service - Chicago.  It is worth the money! 

2.            Exterior of your home – Make your home has great curb appeal.  The outside of your home is the first thing that potential buyers will notice.  It is the first photo that shows up in online searches as well.  Make sure that your lawn, bushes, and tress are freshly manicured.  Your goal is to make a good first impression. What better way to do it than by making the first thing they see stand out!

3.            Know your market value – You need to know realistically what your home is worth prior to listing it.  Just because Zillow says it is worth X amount of dollars, does not mean it is.  There are a couple of options: 1) Hire an experienced agent like myself that knows the Chicago’s West Loop area 2) Hire an appraisal company to conduct a full appraisal on your home (Anywhere Appraisals).  Whatever you list your home for, you will need to make sure that any offer you get would appraise out so that the potential buyers would not be turned down for a loan.

4.            Hire an experienced real estate agent to market your home - Marketing is extremely important in selling your home.  If no one knows about it, how will it sell?  Real estate agents have a large network of potential buyers and investors. In addition to that they have the tools to get your home out to the public.  For instance, when I list a home there are many techniques I use to market it.  Some of those include: a custom website for your home, submission to all top search engines, email blasts to all local brokers and investors, a listing on the MLS, social media marketing (Facebook and YouTube), professional photography, videography, staging, and open houses.  Every agent is different, but do not settle for anything less than the listed marketing tools.  Your real estate agent should have access to all of these, if not, your home will not get the exposure it needs in order to sell.

5.            Know how much you will profit – What is the point of selling your home if you are unaware of how much you will profit?  There are many closing costs. Figure out what those are and deduct those from your predicted selling price. 

If you stick by these general tips prior to listing your home, you should have no issues with selling it in a timely manner at the price you want.  If I can assist you in anyway, please feel free to contact me with all of your real estate needs.  If you are just looking for a quick answer, I am here to assist you as well.

- West Loop Chicago’s Real Estate agent, Nicholas Conteduca.

Will my home pass an FHA appraisal? What do Appraisers Look for during an FHA Appraisal? – Tips on passing for FHA Financing.

Will my home pass an FHA appraisal? What do Appraisers Look for during an FHA Appraisal? – Tips on passing for FHA Financing.

I frequently come across lenders, agents, and home owners that ask me what appraisers look for during an FHA Inspection and what specific items would pass. In this post, I am going to try to give you a better understanding of what you need to do in order for your home to pass FHA appraisal requirements.

In order to understand if your home will pass an FHA inspection, you first need to understand that the appraiser is not a Home Inspector. An appraiser is someone who determines the current market value of your home. The appraiser reports only what he sees and is visibly noticeable to him. The inspector will inspect the home more in depth to determine the condition of the property and to see if all the mechanicals are running correctly. The inspector will also test plumbing, electrical, and gas. 

There are three key terms to better understand if your home will pass an FHA appraisal:

1)   SAFETY – Does anything in the home affect the safety of anyone who may be in the home? You will need to take a look around and see if anything can pose a threat to anyone in the home, big or small. Are there stairs leading downstairs that are missing a hand rail or can potentially cause someone to fall? Is there a deck in the rear that is wobbly and can possibly collapse? Is there paint peeling in the kitchen above the cooking area? Perhaps a door has a broken knob which would be susceptible to someone easily breaking in? Is there a broken window in the living room? These are all issues for concern and all of these would need to be fixed or replaced. You will need to use your judgment and common sense to see if anything would affect the safety of anyone occupying the home.

2)   SECURITY – Security is not something that affects one’s actual safety such as a break in, it is the factor that affects marketability. Is the home located near a highway or rail road tracks? Is it located next to a large commercial building? Both of these scenarios could cause external noise that could possibly decrease market value. Is there a power line in the rear of the home that is going across the top of your pool? All of these examples would not prevent one from passing FHA Inspection, but instead would be a negative factor that would have to be addressed. The appraiser would need to use similar comparables located with similar external issues.

3)   SOUNDNESS– Soundness basically relates to the parts of the home that make up the foundation, roof, basement, and anything that supports the structure of it. If there are any issues that cause damage or concern, they will be addressed in the report. Did you have a leak in the roof and now there is damage that is noticeable on the ceiling? If so, you should show proof to the appraiser that it was repaired.  There are many types of issues that can occur, however look for the ones that really stick out to you.

Take a walk around your home or have someone else do it who will not be biased. You will need to use common sense here. When walking around and you notice something affecting one of the three S’s:  SAFTY, SECURITY, and SOUNDNESS, fix it or replace it so that it will be secure. If you noticed it, then odds are the appraiser will notice it.  For a full detailed list of requirements for FHA please download Handbook 4150.2

Listed below are many common issues that occur when appraisal inspections take place. Please note that there are many other items not listed in this article, however seeing some of these may help you have a better understanding of what these types of issues may be:

· Missing Handrails (minimum 3 steps)

· Cracked doors or windows

· Carpet torn or ripped up

· Noticeable infestation

· Is it on a busy road? Lots of traffic? Commercial or industrial?

· Gas and/or Flammable tanks can’t be within 300ft of home

· Appraisers need to check the Attics as well as Crawl spaces

· Smoke Alarms

· Roof—Shingles Missing, broken, curling, missing tabs

· Proper Ventilation

· Utilities must be on at the time of inspection

· Water pressure from sink after flushing toilet

· Structural Conditions –Floor Support, Framing, Walls, Ceiling

· Exposed Wires

· Paint Peeling—Make sure it is not lead based for homes built prior to 1978

· Drainage problems

Please let me know if I can help you sell your home in Chicago. I will be sure to FHA proof your home so that no buyers are turned away when making an offer. So next time you are wondering if your home will pass an FHA appraisal, now you have the answer. Don’t let another deal slip away!

To view some of my listings available for FHA financing, please search here.

Thank you!

Homes Near The Google Building In Chicago’s West Loop – 5 Reasons Why You Should Buy Now!

Homes Near The Google Building In Chicago’s West Loop – 
5 Reasons Why You Should Buy Now!

If you haven’t heard by now,  Google is calling Chicago’s Fulton Market district in the West loop their soon be home of their brand new 200,000 square foot office building. Since construction began last year, new construction and tear downs have been a daily occurrence. What once was a predominant industrial area, is slowly turning into one of the hottest areas in Chicago.  Here are some of the top reasons to buy some real estate here before it is too late.

1.       Jobs - Google’s new home which is the old Fulton Market Cold Storage warehouse will generate 500+ jobs.  Employees moving to this new office will need to purchase or rent new residences near the building.  Also, this will generate a ton of revenue for local businesses.

2.       Restaurants – Chicago is home to some of the best restaurants in the country, but majority of the top rated ones are located right near the new Google building.  Next, located at 953 W. Fulton Market was rated top in the city by USAToday.  There are many new and “celebrity filled” restaurants that have just opened up this year alone, such as the Soho House, which is also in New York and LA.

3.       Rental Market – Maybe this area has too much excitement for you.  If that is the case, then purchase it as an investment and rent it out.  Median rental price for a 2 bed 2 bath condo is $2,650 up from $2,350 in 2013.  Make sure you contact me before you do.

4.       Sales Prices – Over the past year and a half, values have appreciated almost 20%.  As soon as this Google building is completed, it will go up even more with the growing demand. 

Property Values Have Appreciated 20% since 2013

5.       Transit – The Google building is located in an area of Chicago that has great transportation options. Whether you are taking the "L", driving your car, or taking the bus.  Google’s location has it all.  It is home to the Morgan Street Station which was completed in May of 2012.  It provides easy access to both the city and the suburbs. In addition to the “L”, it has great access to all the major highways I-90, I-290, and I-94.  

If you are looking to invest or move to the City of Chicago, the Fulton Market District in the West Loop would be a great choice for you.  I definitely recommend it considering I currently reside here. Please feel free to contact me if you have any questions or need an agent in your next Chicago real estate transaction, especially if it is for homes near the new Google building in Chicago.