Appraisal Information
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Here are some of the factors that appraisers Joni L. Herndon of Real Property Analysts/Gulf Coast in Tampa, Fla.,and John A. Hillas of Hulbert & Associates Inc. in Modesto, Calif., say they consider when determining value. Incentives and concessions. Most of today’s buyers expect to pay the lowest possible price and still get some extras. Sellers and home builders are offering money toward closing costs, remodeling and decorating, upgrades, and association dues. The price set initially may not be the final price once concessions are factored out. Appraisers care about that final number. Closing date. Forget what comparable neighborhood houses sold for a few months back. Appraisers want prices from the most recently closed transactions. “If a sale was more than 45 days ago, even 35, the price may be irrelevant,” Hillas says. Condition and curb appeal. Appraisers typically find several properties with similar interior and exterior features to determine value. When markets are healthy, blemishes matter less, but when markets soften, problems—a dated kitchen or barren lawn—can reduce prices and deter buyers. “The difference in value is not just the repair costs but the time and hassle to make them. It’s better for sellers to do work in advance,” Hillas says. Foreclosures. Appraisers technically shouldn’t consider neighborhood foreclosures when valuing a home, since foreclosures don’t meet the Appraisal Institute’s definition of a property reasonably exposed in a competitive market, says Herndon. “But when several neighborhood homes are abandoned, it’s hard not to caution sellers that this is a troubling trend and may affect home values,” she says. Changing demographics. If a house is in an up-and-coming area, the value can be expected to rise. A location that’s perceived as safe also may help attract the increasing number of single female buyers. Economic clouds. If there’s an oversupply of comparable homes for sale, or if the local job market is suffering, buyers may be hesitant to invest. Hillas advises setting prices aggressively from the get-go. Chemistry. It’s hard to account for those times when buyers fall in love with a house, despite a high price, poor condition, or tough economy. “Emotional attachment is a factor that can’t be predicted,” says Herndon. Hillas agrees, “It’s what makes it harder to appraise homes versus commercial buildings, where buyers care more about the bottom line.” 10 Home Features Buyers Want Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value. “It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio. Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes: 1. Large kitchens with islands 2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows. 3. Home offices 4. Main-floor master suite 5. Outdoor living space 6. Ceiling fans 7. Soaking tub in the master suite and/or an oversize shower with a seating area 8. Stone and brick exteriors rather than stucco or vinyl 9. Community walking paths and playgrounds 10. Two-car garages, but three-car garages are even more desirable Source: MarketWatch, Steve Kerch (01/30/2010)
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Welcome to Century 21 Danek Realty
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Welcome to Century 21 Danek Realty, your source for Minooka real estate. If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.In today's competitive real estate market, timing is everything. Many good homes are sold before they are ever advertised. Beat other homebuyers to the hottest new homes for sale in Minooka with my New Listings Notification. Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I would be happy to assist you with this important transaction.In addition, if you have any general questions about buying or selling real estate in Illinois, please contact me as I am more than willing to help. Please browse my website for listings, reports and important local real estate information.
Sincerely,
Bob Marshall Century 21 Danek Realty |
Living Big in a Small Home
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Living Big in a Small Home After years of upsizing, Americans are enjoying the benefits of more modest living spaces. With the average home size declining, owners are cleverly doing more with the square footage they have. Years before house staging came into vogue as a sales tool, Howard Hoffman was helping sellers rearrange their furniture to maximize floor space and enhance a home’s beauty. Hoffman, GRI, SRES®, now owns Stage & $ell, a home staging and redesign company in Indianapolis. Chances are he’ll have a lot more business in the years ahead from people needing to resize their lives. With baby boomers entering retirement, young adults delaying marriage, and the economy improving by fits and starts, Americans are starting to embrace the idea that less is more when it comes to their square footage. The average size of a new house decreased last year for the first time in nearly three decades. "Home buyers have been changing," says Fran Litton, a planner with Evans Group, an architectural firm in Orlando, Fla. "They still want the luxury and toys, but they’re putting them into a smaller space." Although the average square footage of a new house is still double what it was in 1960, in the last year, it decreased slightly to 2,215 square feet from a high of 2,277 square feet in 2008, according to data from the U.S. Census Bureau. While the decrease doesn’t approach mid-20th century levels, it is the first drop in house size since the recession of the early 1980s. Smaller houses can mean bigger challenges for real estate professionals. "Eighty percent of people appreciate only what they can see," says Hoffman, who also works as a sales associate with F.C. Tucker Co. in Indianapolis. "You have to make sure you’re showing them what you’ve got." That means making sure each room is easily identified. "Get rid of that desk and computer in the dining room," he says. "Make sure buyers can see it’s a dining room." Hoffman also advises clients to remove rugs to show off hardwood floors and take pictures off the walls. "The less the eye has to distract it, the bigger a room feels," says Hoffman. "People buy what they see. If they can’t see the floors or the walls, they won’t buy the house." Interior designer Roberta Lathrop agrees. She tells her clients with smaller kitchens to clear the counters. "You can’t have all the small appliances sitting on the counter," says Lathrop, who runs Designs by Roberta in Belmont, Mich. "It will start looking very cluttered very fast." Smaller houses require owners to rethink what they have and how they use things. "If you have a smaller house, maybe you don’t need half a dozen different pans," she explains. "Maybe a single flat griddle that you can put over a couple of burners will do." One of the first tasks she assigns clients is to go through their stuff—ruthlessly. "We all have too much stuff," she says. "Get rid of it. If you’re attached to an item, or think maybe you’ll need it, put it in a box and store it somewhere for six months. Then go back through it. Have you used it? Have you even missed it? If not, donate it. Get it out of the house." That goes for clothes as well, she says. Assess Furniture SizeRemoving clutter is only one aspect of getting a smaller house ready to sell—or just living contentedly in it. Some big pieces of furniture, for example, won’t fit in modestly sized houses. "Take a look at the scale of your furniture, and don’t forget depth," Lathrop says. "Things can be a lot deeper than you realize, and all of a sudden, there’s no room to walk because that deep, comfy chair you love comes halfway out into the room." Hoffman frequently asks sellers to remove furniture from rooms that feel overstuffed. "If you’ve got a huge china cabinet in a small dining room, it’s distracting," he says. "At least take the hutch off." The color palette is very important in a smaller house, says Matthew McNicholas, an architect with MGLM Architects in Chicago. "Loud colors make a space feel smaller because they jump across the room at you," he says. "You want the walls and your furniture to recede." That doesn’t mean everything has to match. "Eliminate the high contrasts," he says. Lathrop says the same colors should move throughout the house. "Blend colors in more medium tones," she says. McNicholas suggests installing a single type of flooring throughout the house. "Using the same color carpet or the same hardwood pulls your eye along from room to room, and maximizes your perception of space," he says. Strategic lighting is another way to create the illusion of more space, the experts say. "Use corner uplighting and a room will feel much more open," Hoffman says. In fact, he adds, make sure the house is flooded with as much light as possible. That means trimming bushes or trees that block windows and tying back or removing heavy draperies that close in a room. Another way to maximize space is to install as much covert storage as possible, such as pressing the furniture into double duty. Hoffman encourages clients with children to buy large wicker baskets that function as coffee tables and toy storage. When selling a smaller house, he tells clients to keep a couple of large laundry baskets handy. Then, if they have to leave in a hurry for a showing, they can pack the baskets and take the clutter with them to the car. Room MappingBefore purchasing any furniture or accessory, it’s critical to map out a room. "That way you won’t discover you can’t open the door to the storage compartment in your new end tables," Lathrop says. She recommends putting a small console in the entry or living room and buying bookcases with a cabinet section. And then there’s the closets: Clean them out. Kay Courtney, CRS®, GRI, a broker in Grand Rapids, Mich., encourages her clients to remove half the items from their closets to get ready for showings. "If the closet is overstuffed, it says to a potential buyer, ‘There’s not enough storage space in this house.’ "And just to live comfortably, she recommends storing off-season clothing somewhere other than the closet, such as under the bed. And don’t forget the basement. Courtney says adding a few inexpensive cabinets, even to unfinished basements, can create lots more storage for off-season clothes and infrequently used items from the kitchen. Hoffman reminds his sellers not to forget the outside of a house. High bushes, overgrown trees, lots of outdoor furniture, and other yard paraphernalia can make a house look smaller. "People want the ideal," he says. "If you don’t have it, create it." Installing flower boxes or hanging a swing on the front porch adds a touch of charm and coziness to a smaller house. For the more adventurous, McNicholas offers a few easy structural changes that give the illusion of more space. Higher ceilings make a room feel larger. In an existing house, building out a small soffit along the edge of the ceiling, creating a tray effect, tricks the eye into thinking the center of the room is higher than the edges. "It feels bigger," McNicholas says. And lowering the ceiling in a hallway makes the rooms off it feel bigger and grander. "Even a few inches makes a big difference when you walk into the room and get the sense of that extra height," he says. Buyers also may need some extra coaching when looking at smaller houses. "You have to show them how they can repurpose rooms, like splitting that fourth bedroom they don’t need to accommodate a master bathroom and closet," Hoffman says. It’s not uncommon for him to bring along an architect or remodeling expert to help potential buyers see the possibilities. "People want the perfect house immediately," he says. "When they’re buying a smaller house, you have to prep them. Let them know they may have to make a few changes, but that it’s not scary or overly difficult." He also likes to highlight the benefits of smaller houses. "They tend to be closer to the city, which means easy access to public transportation," Hoffman says. "And they’re often single floor, too, which can be useful in so many ways, from cleaning to just getting around." Another benefit of a modestly sized house is that it forces families to spend time together, says McNicholas. "When everyone has a room to be entertained in, you’re not interacting much," he says. "When you have a smaller space, it puts you together. You can rediscover your family." But buyers do have to think differently. "It takes more thought and planning to live in a smaller space," Lathrop says. "You have to think about what you need, how you can be more efficient, and where can you add storage." The key is not to be afraid and to embrace the benefits, she says. "It’s much easier to take care of, and your electric bill will be lower. What’s not to love?" 
Storage SmartsIf space is at a premium, home owners need storage that’s both functional and beautiful. These days, it’s not hard to find. "They’re coming out with wonderful furniture with storage built right in," says interior designer Roberta Lathrop. "There are storage ottomans, end tables—even chairs with places to store your remote." When looking for pieces that can double as hidden storage space, pick designs that don’t skimp on the details. "Traditional details like crown molding or base moldings make a room feel grander," says Matthew McNicholas, an architect with MGLM Architects in Chicago. The same can be applied to furniture. "A room is nicer when the details in it are nice," he says. "The trend in bigger houses is to use less expensive materials because you need so much of it." In a smaller space, it’s easier to upgrade the materials for a more elegant feel. Don’t forget "found" storage, or space that isn’t obvious. Home owners can install bed risers, which safely lift a bed five or six inches to create storage space underneath. Another example: spice risers for kitchen cupboards. The bleacher-like devices create three times the space of a single cabinet. Many companies now offer heavy-duty shelving that attaches to the ceiling in garages, basements, and laundry rooms. 
Stashed AwaySmall closets call for big ideas when it comes to maximizing space. Some are simple and relatively inexpensive, such as adding a second hanging rod or storing off-season clothes under the bed. Experts suggest adding a shelf or two above the rods, hooks on the back of doors and bedside tables with lots of drawers. Decorative hooks on the walls can be used for purses or belts and ties. Of course, the simplest way to create more closet space is to reduce what’s going into it. "When it comes to closets, we just don’t realize how much we really have," says interior designer Roberta Latham. She suggests trying on each piece of clothing to see what fits and what still works. If it doesn’t fit, donate it. If something needs mending or is stained—and has been that way more than six months—get rid of it. "Do an inventory and determine how much space you need for tops, bottoms, shoes, and purses," she says. "Then identify your living habits. Do you like to reach in and grab, or do you prefer everything neatly folded away?" That can help determine what type of storage you need. Target the closet doors. Replacing a sliding closet door with a regular double door can add six inches of hanging space. Changing to bi-fold or pocket doors can add even more space, Lathrop says. Architect Matthew McNicholas says to look for empty or dead space to add built-in bookshelves or cabinets. Other than the bedroom, the kitchen is probably the room most in need of storage space. "There are so many new, more efficient ways of storing things," Lathrop says. "There are rollouts [in the cabinets], spice racks, all sorts of things." In terms of design, Lathrop says the trend is toward "a European look" that has more efficient storage than the traditional American cabinets. "The kitchen is one of the main meeting areas in a house," she says. "You should think about how you’re going to use the space and what you need to store." 
Keeping OrderCoat Rack A line of decorative hooks hung on the wall can neatly store coats, purses, and scarves. Many sets come with a shelf on top, creating even more space. Trundle Drawers For storing off-season clothes, large or odd-sized toys, or anything else that will fit under the bed or under a table. Be sure to look for rolling casters. Trunks Trunks made of metal, wicker, or canvas can function as coffee tables or end tables with loads of storage inside. Corner Cabinets These shelves slide into corners to turn dead space into storage. They come in a variety of heights, widths, and finishes, and many have doors to hide what’s inside. Try open, hanging corner shelves for a more modern look.
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10 Best Low Cost ReModels
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10 Big-Impact, Low-Cost Remodeling Projects Working with sellers who have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements you can suggest to make their home stand out. 1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff." 2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms." 3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600." 4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money." 5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000." 6. Freshen up the basement.
"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon." 7. Add a room.
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den," he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom." 8. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day." 9. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula. 10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system." |
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Home InspectionsI am Happy to Announce that I have Teamed Up with Paul Polarek of Canal Port Home Inspections to do my Home Inspections. If you use myself as your Buyers Agent, and Your Home Purchase Closes with me, I will furnish your Home Inspection for FREE!($300-$400.value)
I know how important Home Inspections are in Today's Market, and I want to offer you Protection without having to pay for it.
Give me a Call, and let me help you find a Home, get Your Home Inspected for Free, and also get you Qualified for the $8000.00 Tax Credit.
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Announcements
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10 Inexpensive Ways to Wow Buyers Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he says. Here are 10 cheap ways to make a property more attractive to shoppers: - Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
- Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
- Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
- Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.
- Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
- Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
- Improve energy efficiency. New windows or improved insulation tells a potential buyer the seller is on top of things plus they come with tax benefits.
- Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.
- Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.
- Tidy up the bathrooms. Get rid of mildew, replace caulking, and replace stained sinks.
Source: U.S. News & World Report, Luke Mullins (01/21/2010)
4 Reasons to Sell Now Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign. 1. Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape. 2. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region. 3. Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash. 4. Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business. Source: McClatchy Tribune, Kate Forgach (02/07/2010)
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Announcements
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Banks Seek Payback from Walkaways Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales. Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid. About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but home owners usually waive that protection in a refinance. Most states allow collection on unpaid home-equity loans. Banks are most likely to try to collect from people who walk away from a property in which they are still making payments. “The bank is going to pull your credit report, and if you’re current on your other bills they are going to come after you and potentially ruin you,” says Larry Tolchinsky, a Florida real estate attorney. Source: Bloomberg, Kathleen M. Howley (01/28/2010)
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