Elmhurst real estate blog archive

Does it make sense to buy an Elmhurst home in the current market? Many people would say no and urge you to hold off for a while. But if you’ve decided that now is the time to make a move, asking yourself the following questions could help crystalize your decision—or convince you to wait.

Question 1: What do the experts say?

If you feel you can trust them, experts like Warren Buffet and John Talbott have been saying for several months that now is a good time to buy.

Question 2: If I buy now, when will my Elmhurst property appreciate?

One answer to this comes from a company called Macro Markets, LLC, which started a Home Price Expectation Survey back in 2010. They asked over 100 housing industry experts to project what housing prices would do through 2016.

In the most recent survey, the pros predicted home prices would stay flat in 2012 and gradually appreciate to above ten percent by 2016. So buying today means your home will be worth approximately ten percent more in about four years.

However, the potential financial gain when selling should not be the only reason you decide to buy, which leads nicely into the last, and most important, question.

Question 3: What do I really want out of owning a home?

Often, the honest answer to this question is not at all about financial gain. In fact, the Fannie Mae National Housing Survey says that the four reasons why people buy a home are much more emotional than financial. Most people make the choice because they want:

• A place to raise children safely and get them a good education;
• To live somewhere everyone can feel safe;
• Larger living space for the family;
• To have control over that space.

Buying a home is one of the most important decisions you will make, and it’s essential to make the best choice possible for you and your current (or future) family. The finances have a way of taking care of themselves, so make those important non-tangibles the basis for your decision to purchase Elmhurst real estate.

Another important buying decision is choosing experienced agents like us. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

The following blog was written by Seth Godin, who has graciously agreed to let us repost it. The information is definitely worth sharing with my Elmhurst friends. You can see the actual article and learn more about Seth by clicking the source link at the end of the article.

Two ways to buy the expensive

Buying something like a house, a piece of fine art, a used car or a business is as much a marketing exercise as selling that very item might be.

There are two common approaches. The first is to denigrate.

Explain that the seller has bad taste. That the car isn't in good shape. That the art was poorly selected for the resale market. Poke holes in the business model, the management team or the landscaping design.

Better still, make the seller feel as though she's on thin ice. Bring an exploding offer to the table and watch her squirm as it goes down in value from day to day. Point to others that have waited too long to sell and how they ended up regretting it. Question her values and her judgment.

In other words, go for the win, where winning is defined as getting a great price.

There are two problems with this approach. The first, and the biggest, is that anything you truly want to buy probably has multiple buyers interested, and with better information available every day, the best stuff is going to be sold to someone else. Your denigration strategy is going to inevitably limit your pool of available items to sellers with self-esteem or desperation issues.

The second problem is that the word spreads. Your gallery or your buyout fund or your dealership quickly earns a reputation (there's that marketing thing again) as the buyer of last resort, once again creating an environment where your approach determines what's available to you.

The alternative is to respect and to communicate. After all, you're here to buy something--I'm guessing that's because you think it's worth something more than you're willing to pay for it. So value the judgment and taste of the seller. Be clear about what you like about it, be honest about the value that's been created. Even better, instead of coming in high and then figuring out ways to bully and lower your offer, come in low and enjoy the process of bidding it up, making the seller root for you and look forward to hearing from you. (This is particularly useful when making an investment where you want management to be happy with you after the deal is done).

In a fair market, it's entirely likely you'll end up paying precisely what you would have paid using the other method, but you'll be offered more works, more stuff worth paying for, and your reputation will reflect that. Most of all it's important to understand that we're not talking about bushels of wheat. Very little is a commodity, and the method you use to buy your expensive item may be even more important than how much you pay.

Source: Two ways to buy the expensive by Seth Godin

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Whatever kind of home you’re interested in, we can make the process easier. If you’re looking to buy or sell Elmhurst real estate or properties in the surrounding area, contact the Gracik Makinney Group, or call (630) 567-5902.

Home renovations can be costly and stressful, but we go through them because they generally provide some return on investment or they simply give us the feeling of freshness in our home. 

The key is to know what will and what won’t pay back all that work when you sell your DuPage County home. From CNNMoney.com, here are four common renovation mistakes to avoid.

1.   Being Trendy – Things that are hot today will likely be passé in five or ten years. This includes fads like glass tiles and the vessel sinks that sit on top of the counter. Better choices are things that match the original style of your Elmhurst, Illinois home. For example, you might not want contemporary styling in a vintage 1920’s house.

2.   No Specific Design Plans – For more involved projects like additions or moving walls, think about hiring an architect to draw up some plans. You might spend anywhere from $1,000 to $3,000, but it could help avoid disasters mid-way through the renovation. Showroom salespeople and some contractors just don’t have the special training that comes with an architect.

3.   Over-the-Top Kitchens – In reality, a kitchen only represents from 5 percent to 15 percent of your home’s value, so that’s about what your renovation budget should be. And know that you probably won’t recoup the costs for those extra-special appliances or countertops. Most experts feel that a full kitchen renovation isn’t necessary unless the room is truly a disaster.

4.   Overconfidence in Green – Making your Elmhurst property more energy-efficient is a good thing, but it shouldn’t be the sole reason for a project as you likely won’t get a huge return from it. The salesperson at the window company will claim that new windows will save you 50 percent on your energy bill, but experts know that windows really only account for about 15 percent of heat loss. Typically that’s a savings of just $50 to $175 annually. If you want new windows, your selling advantage will be the added value to the house—not the green factor.

In today’s market, buyers are looking at more than new or updated kitchens and bathrooms. They want the total package, and they know they can get it. Remodeling done with thought and attention can absolutely add value to any real estate in DuPage County, IL, make it more marketable, and pay you back accordingly in the sale.

Our commitment to customers means we’ll be there for all of your real estate needs. If you’re looking to buy or sell Elmhurst real estate, contact the Gracik Makinney Group, or call (630) 567-5902.

If you are considering a move to Elmhurst, it may interest you to know that the Elmhurst Public Library has, for the second year in a row, received 3 out of 5 stars and a national ranking in the annual review by Library Journal.  Only 262 libraries (of the 7,513 reviewed) merited this rating.  The Elmhurst Public Library placed 23^rd in the nation, and 6^th in Illinois in the $5-9.9M category.

In a flagging economy, a good and up-to-date library can be a huge aid to a wide range of people.  Students can do a lot of research that may not be available if they can’t afford a computer at home, or if the sources they need are only available in hard copy.  This applies to students of all stages, from elementary school through college, and even graduate school.  It also helps if a student has a computer, but is away from home and needs Wi-Fi.  The same benefits can be reaped, of course, by people in business, homemakers, seniors, etc.

Now that many people choose to read on Kindles, Nooks, and other electronic devices, the Elmshurst library offers downloadable ebooks, audio books, and videos. Anyone with a library card can use the services right from home. You can check the library website for all the particulars.

Young children can be brought to a love of reading and learning with a judicious use of library facilities.  At the same time, older siblings and parents can take advantage of a large collection of books, recordings, movies and other resources.  You can probably find self-education materials on almost any subject.

When Johnny or Janie come home and wails, “I have to have this project on Cookie Cutter Sharks done by day after tomorrow!” you’ll know right where to go.  While you’re there, don’t forget to pick up the latest book on your favorite subject.  Whether it’s a murder mystery, a comic book or the latest technology in rocket science, you can find it at the Elmhurst Public Library.

Come check out our Public Library, and see if you want to live in beautiful Elmhurst. To see what’s available in the DuPage County area, just call me, Tom Makinney, at our home office, (630) 567-5902, or check out my website.

The various graphs below will give you a visual report of Elmhurst, IL market statistics gathered using data from MRED*. The graphs are updated on a monthly basis so it’s easy to see the latest real estate market trends in Elmhurst. Please feel free to contact me if you have any questions.

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

Tom and Maria
Gracik Makinney Real Estate Group
Phone:  630-617-6014  630-617-6014
Email: Tom@MariaandTom.com | Maria@MariaandTom.com
www.mariaandtom.com
Our Featured Properties
Follow Us on Twitter

The various graphs below will give you a visual report of Elmhurst, IL market statistics gathered using data from MRED*. The graphs are updated on a monthly basis so it’s easy to see the latest real estate market trends in Elmhurst. Please feel free to contact me if you have any questions.

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

Tom and Maria
Gracik Makinney Real Estate Group
Phone:  630-617-6014  630-617-6014
Email: Tom@MariaandTom.com | Maria@MariaandTom.com
www.mariaandtom.com
Our Featured Properties
Follow Us on Twitter

The various graphs below will give you a visual report of Elmhurst, IL market statistics gathered using data from MRED*. The graphs are updated on a monthly basis so it’s easy to see the latest real estate market trends in Elmhurst. Please feel free to contact me if you have any questions.

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

Tom and Maria
Gracik Makinney Real Estate Group
Phone:  630-617-6014  630-617-6014
Email: Tom@MariaandTom.com | Maria@MariaandTom.com
www.mariaandtom.com
Our Featured Properties
Follow Us on Twitter

The various graphs below will give you a visual report of Elmhurst, IL market statistics gathered using data from MRED*. The graphs are updated on a monthly basis so it’s easy to see the latest real estate market trends in Elmhurst. Please feel free to contact me if you have any questions.

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

Tom and Maria
Gracik Makinney Real Estate Group
Phone: 630-617-6014
Email: Tom@MariaandTom.com | Maria@MariaandTom.com
www.mariaandtom.com
Our Featured Properties
Follow Us on Twitter