“A professional remodeler knows how to translate a homeowner’s dreams and budget into a beautiful reality,” said Donna Shirey, CGR, CAPS, CGP, president of Shirey Contracting in Issaquah, Wash. and 2010 chairman of NAHB Remodelers. “They have the expertise and skills to satisfy a customer while keeping the budget in check.”

Here are five tips for planning a successful home remodel that you can enjoy for many years to come.

1. Compile a list of home remodeling ideas and draft a budget for the work.
You likely have some projects in mind, such as modernizing the bathroom, renovating the kitchen, replacing windows or repairing the roof. Prioritize your wish list: Maybe you don’t have the budget for your dream remodel, but professional remodelers can maximize your dollars by doing the work in phases, suggesting budget-friendly products and materials and implementing creative design solutions.

2. Look for a professional remodeler to help plan the project.
Start by searching NAHB’s Directory of Professional Remodelers at www.nahb.org/remodel. You’ll get a list of nearby remodelers to contact. Asking friends and neighbors for names of qualified remodelers will also help you find a match for your project.

3. Check the references and background of the remodeler.
After you start speaking with remodelers and find one or two who match your project’s needs, be sure to conduct some background research by checking with the Better Business Bureau, talking to their references and asking if they are a trade association member (such as NAHB Remodelers). Remodelers with these qualities tend to be more reliable, better educated and more likely to stay on top of construction and design trends.

4. Agree on a contract.
Talk over the details of the home remodeling project and begin reviewing the contract. You’ll want to check the remodelers’ insurance coverage, ask about any warranties on their work, know who is responsible for obtaining any building permits and understand the process for making any change orders after the contract is signed. Make sure that you and your remodeler see eye to eye before you sign on the dotted line.

5. Take advantage of the energy efficiency tax credits.
If your remodel includes replacing windows or doors, adding insulation, installing new roofing, upgrading heating or air-conditioning units, updating the water heater or installing energy generating products (such as solar panels, heat pumps or wind turbines) then you can take advantage of federal energy efficiency tax credits through 2010 that will help defray costs and maximize your remodeling budget while reducing home energy bills.

For more information, visit www.nahb.org.

Source:http://rismedia.com/2010-03-11/5-tips-for-a-successful-home-remodel/

1) Uniformity - The Assessed Value Approach
2) Over Valuation - The Market Value/Sales Approach
3) Property Description Error - The Factual Error Approach

There are 4 Reasons for Failure:

1) Time
2) Missed Window of Opportunity
3) Inadequate Evidence
4) Inadequate Presentation Skills

The bottom line of the seminar was to help people through the mystery of the tax appeal process to lower your real estate taxes on your own. Information on the DuPage County appeal process can be found here. Or visit http://www.AppealMyTaxes.biz to find out more information on future seminars.

For further information, please contact your tax assessor's office.  For professional advice or representation, our recommendation is to contact Anastasia M. Poulopoulos, her phone number is 312.545.9252.

When we say we're here to help, we really mean it.  Keep the calls and emails coming – we promise to answer!

Here is a great opportunity to empower the residents of Elmhust and Dupage County to appeal their own taxes. The upcoming real estate property tax reduction seminar, sponsored by MORe affiliate committee, is designed to help Dupage County understand that they do have options when it comes to their real estate taxes. The event is open to the public with just a $10 registration fee.

Along with the seminar, a complimentary lunch will be sponsored by Liane Luckett of Home Warranty of America.

The following are the times and locations for Dupage County:

• Thursday, March 4th - MORe Downers Grove Office, 6655 Main St.
• Wednesday, March 10th - MORe Naperville Office, 1815 Diehl Rd.

Both events will be held from 12 -1:30 p.m. with Registration at 11:30 a.m.

Speakers:
Anastasia M. Poulopoulos, AppealMyTaxes.biz, Inc.
Nicholas Masella, State Certified Appraiser

For the full registration form, click here.

Maria and I will be there to answer any questions that you have. Whether they be about Dupage real estate taxes or Dupage real estate in general, we are more than happy to help!

We'll See You There,
Tom Makinney

*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.

The scene at York Rd. and Schiller Ct. in downtown Elmhurst. (Chuck Berman, Chicago Tribune / July 12, 2009)

Article Source: http://www.chicagotribune.com/classified/realestate/ct-home-0205-elmhurst-profile-chomes-20100205,0,1315038.story

Spring is traditionally the busiest season in real estate for both buyers and sellers, and this year is truly a buyer's market. In 2010 several factors affecting the current housing market trend show the real estate market forecast to be much busier than usual over the next several months, so discerning sellers should take notice. The unofficial beginning of the spring home buying season starts after the Super Bowl, which will be very early this year on February 7, 2010. This is when, new buyers flood the market in early spring, granting new vitality to the market. In response, many fresh properties enter the market along with lots of properties that were taken of the market at the end off last year. This always results in a buying and selling frenzy that is fueled by fresh money and increased competition in the marketplace.

This year in particular the housing market is predicted to be very active with a positive real estate market outlook and here's why. The 4th quarter of 2009 saw a huge increase in home sales nationwide, caused in part by the expiration of the Federal Housing Tax Credit for first-time homebuyers. This helped to clear the increasing inventory of unsold homes, many of which were foreclosures and short sales that had been helping to scuttle home prices.

Now that the Federal Housing Tax Credit has been extended into April and expanded to include current home buyers and those with higher incomes, there will be thousands of more Americans rushing to buy before it expires April 30, 2010. Also, just this week the Federal Reserve announced that it intended to keep key interest rates at historical lows, near zero percent. As the credit crunch starts so loosen a bit, these low rates will entice many more would be buyers to take advantage of this extreme buyer's market. Though interest rates remain low for now, one can assume that once they start to rise they will rise quickly and sharply to help alleviate inflationary trends in the market.

The housing market trend, however, will continue to be controlled by a few key factors, namely the unemployment figures and consumer confidence. These two key points are the "Wild Card Factors," according to Geoff Hewings, director of the Regional Economics Applications Laboratory (REAL) at the University of Illinois. His real estate market forecast indicates that increasing unemployment could torpedo a rising market and falling consumer confidence could also stagnate the market, despite all other factors. Thus, the housing market trend is only that, a trend, and offers no guarantees for the future.

Adds Hewings: "While we are more optimistic about 2010, we are clearly still suffering the effects of the recession and they are likely to continue well into 2010 and 2011." People who are losing their jobs or fear losing them will be hesitant or unable to purchase a new or more expensive home.

Hewings predicts a rise in home sales in early 2010 followed by a possible double-digit increase by mid year. This rise is home sales, however, will most likely die off in the 3rd and 4th quarters, as it does every year. Thus, the real estate market outlook is positive in the 1st and 2nd quarters, but slows in the last half of the year.

Bottom line - if you plan to buy or sell your home in 2010, earlier in the year will be much better than later. Sellers will see a slight increase in sales prices due to the influx of fresh buyers and the rush to beat the April 30, 2010 deadline for the tax credit. Buyers will be able to take advantage of historically low interest rates before the Fed raises them and can cash in on the Federal Housing Tax Credit, not to mention having a much greater selection of homes listed for sale.

This year, the current market trend might cause the real estate motto of "Location, location, location" to change over to "Timing, timing, timing."

Brendan Kottenstette is a real estate broker with DMD Chicago Realty (http://www.dmdchicagorealty.com ).

DMD specializes in discount broker services and doctor loans for medical residents and new doctors. Read more about their doctor mortgages program at: http://www.dmdchicagorealty.com/real-estate-for-doctors.html.

Article Source: http://EzineArticles.com/?expert=Brendan_Kottenstette By Brendan Kottenstette

*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.

The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.

Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck. In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed. Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.

The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count. A mid-range entry door replacement, a project new to the survey this year, is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent. It generates a better-than-100 percent return in 48 of the 80 cities, according to REALTORS® surveyed, and in several cities, its return is estimated at more than double its cost.

Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels. A mid-range kitchen remodel brings an average 72.1 percent return on investment, while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested. A mid-range bathroom project has an average 71 percent cost recovery, but the average recovery on an upscale bathroom project is nearly 10 points lower, at 61.6 percent.

The only upscale projects that cracked the top 10 were the home maintenance projects of fiber-cement siding replacement and vinyl window replacement. The average cost of fiber-cement siding is more than $13,000, but its return on investment reached 83.6 percent, placing it squarely in second place in the survey. The average cost of vinyl window replacement is nearly $14,000, and it generates an average return of 76.5 percent, or tenth place in the survey. Of the 12 upscale projects, nine landed in the bottom half.

Overall, home owners recouped an average of 63.8 percent of their investment in 33 different home improvement projects, according to REALTORS® who responded to the survey. The expected cost recoup was generally down from previous years in line with the drop in home prices nationally (see page 23). The return on home owners’ investment in remodeling projects has declined an average of 3.5 percentage points between 2008 and 2009. That’s down from the 2.7 point drop between 2007 and 2008 and much less than the 5.5 point drop between 2006 and 2007 and the 10.5 point drop from 2005 to 2006.

Zooming in from the national to the city level, Honolulu sits atop the rankings for having the most projects—18—that generate at least a full return on investment. In Honolulu, adding a wood deck, completing a minor kitchen remodel, adding fiber-cement siding, and replacing an entry door bring the highest returns, ranging from 121.1 to 195.3 percent return on investment. San Francisco is closest behind with 10 projects generating at least a full return on investment. Adding a master suite, doing a minor kitchen remodel, and replacing an entry door have the biggest returns, producing between 112.2 and 119.1 percent return on investment.

One surprise: Despite the common perception that contractors are hungry for work and therefore willing to wheel and deal, the average national cost of every project surveyed has gone up, though at a slower rate than in the previous year.

View 2009-10 Cost Vs. Value Report. Data courtesy of Remodeling Magazine

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."

Download a PDF version of these 10 big-impact, low-cost ideas.

By G.M. Filisko

Source: http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009

 
-    Built-up Demand from Buyers
-    Low Interest Rates
-    Government Tax Credit for First Time Home Buyers

The increase is also at an incredible rate due to the struggling economy of 2008.  October and November of last year brought about the lowest home sales Chicago had seen in years as it reflected the nations’ financial crisis.  A market on the rise stimulates trust and, hopefully, will bring about a resurgence of both motivated buyers and sellers.

And, although these statistics show a stumbling economy gaining balance and strength… we are not yet fully up and running.  Median prices for homes in Chicago continue to fall.  

In November, the median home sale was $189,000 bringing the average down 9.1% last year at that time.  Below are more examples of this sales increase/price decrease trend.

-    Total regional sales for this year were at 6,826.  Last year this number was at 3,978.
-    The City of Chicago saw 1,859 market sales for November as opposed to last year’s 1,094.
-    Median sales in the city are down 3.4% from last year with an average price of $215,000.
-    Total Illinois sales were at 10,361 in November of this year, bringing sales up 64%.
-    Statewide median price was $155,000 a decrease of 4.3% from November 2008.
-    The average interest rate last month, according to the Realtors’ release, was 4.93% for a 30-year fixed-rate mortgage which is 5.0% lower than last year.

As this year draws to a close, one can only hope that the real estate market continues to see positive results.  The tax credit extension until April 30, along with the continued recovery from economic shock should contribute to the markets’ trend persistent development.



Source of Information, Chicago Business Website:
http://www.chicagobusiness.com/cgi-bin/news.pl?id=36541

Sending you warm wishes this holiday season and hopes for a happy and prosperous new year!

Also, a special thank you for your continued business and referrals over the years!

*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.

Appealing an Assessment

Reasons for an Appeal

You have a legitimate reason to appeal your property tax assessment if you can prove any of the following:

1. The assessed value of your property is higher than the property's actual market value. (As determined by a recent sale or appraisal.)

2. The assessment of your property is based on inaccurate information, such as incorrect dimensions for a building or lot.

3. The assessment of your property is higher than those of similar surrounding properties.

Eight Steps to Appeal an Assessment

There are eight steps you can follow to appeal your property assessment.

1. Determine the fair market value of your home.

2. Determine the prevailing level of assessments in your township.

3. Determine the assessed value of your property.

4. Discuss your appraisal with an assessor.

5. Determine the basis for your formal complaint.

6. File a written complaint with your county Board of Review.

7. Present your evidence of unfair assessment to the proper review board.

8. If unsatisfied with the Board's decision, appeal to the State Property Tax Appeal Board.

Source of Information, York Township Website: http://www.yorkassessor.com/York/content.asp?file=appeal

So that’s the good news; now for the bad. The key to any economic recovery is the creation of jobs. In the early Nineties, recovery was jump started by technological change and job creation boomed. In the early years of this century, there was no such boost and recovery was weak. We are looking at the same scenario right now. There really is no job engine pushing employment and the economy. More importantly, that technological change (as well as the emergence of a global economy) made many jobs redundant. Prosperity allowed us to ignore this; austerity requires that we face it. Each month the job loss figures become less bad; they have “improved” from losses of nearly 700,000 in January to about 250,000 in September. Eventually—probably sometime in early summer 2010— we will start adding jobs, but not at a significant rate.

But the real estate market is definitely groping toward recovery and nationally, the numbers look good. In September, sales were up nearly five percent, even though they fell slightly in the Midwest (although they are up for the year to date). Prices remain an issue, in that they fell in every sector of the country. Here the Midwest showed the best with only (!) a seven percent drop over last September.

For the Mainstreet market area all of these trends are reflected in that we have two different pictures presented by DuPage and Cook Counties. For the sections of Cook County in the Association’s jurisdiction, sales are up, and days on the market are essentially unchanged. This suggests that the sales rate has risen to the point where it matches the flow of inventory into the market. In both of these, Cook resembles the national housing market pattern. Where it deviates from this is in the area of prices. Here there has been a significant drop in average sales price, much greater than the Midwest average. Part of the explanation here may be that the market is being driven by bargain hunters and first time buyers. Both of these groups will naturally look at lower priced properties either because they cannot afford more or because they want to make modest bets on a recovering market. In DuPage county the pattern is nearly reversed. Sales are down from the third quarter of 2008, and days on the market up noticeably. And while prices have fallen less than they did in Cook County, the percentage fall is higher than the average in the Midwest.

Looking ahead, I believe that the rally in the housing market will continue in that sales will continue to improve as we move into 2010. This will be intensified if the first time buyer tax credit is extended. Right now, the Congress has already extended the credit until June 2010 for military returning to the U.S. from service abroad. That’s not an indicator, but rather a strong suggestion as to the current thinking in Washington. Prices, however, are not about to turn and it will be late Spring or early Summer 2010 before we can expect to see upward movement.

By: John Tuccillo

*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.

Who Qualifies for the Tax Credit?

• First-time home buyers who purchase homes before April 30, 2010.
  • Note:  To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
• Current home owners who buy a home before April 30, 2010. 
  • Note:  You must have lived in the home being sold or vacated for five of the past eight years.

What type of Homes are Included?

• Any of the Following: single-family homes, condos, townhomes, and co-ops.

What is the Tax Credit Amount?

• $8,000 or 10% of the purchase price if less than $8,000 for first time home buyers.
• $6,500 for current home owners
  • Note: Each home buyer’s tax credit is determined by:
    
    • The price of the home.
    • The buyer's income.

Is there a Price Limit on the Home I Can Buy?

• Yes.  The tax credit only applies to homes under $800,000.

Are there Salary Limitations?

• Yes.  These have been raised to incomes up to $125,000 for single buyers and up to $225,000 for married couples. 

What if My Salary Exceeds the Salary Limit: Can I Still Receive some Credit?

• The full amount of the credit is available for individuals that make no more that $125,000 ($225,000 on a joint return). The credit phases out above those caps ($145,000 for singles and $245,000 for joint returns). This means if you make in between these amounts ($125,000 - $145,000 for individuals and $225,000 - $245,000 for joint filers), you can still qualify for a partial credit.

What if I am in Contract, but have not purchased the Home by April 30, 2010?

• As long as you are in a written contract to buy the home, you will still be eligible.  However, you must close on the home before July, 2010 or you will not receive the credit.

Will I Need to Repay the Credit?

• No!  If you buy a home and occupy the home for three years or more- you will not be required to repay the tax credit.  If you sell the property during this three year period, the full amount of the tax credit will be forfeited on the sale.

It may seem overwhelming to navigate through this process- I’m here to help with any questions you may have.  Don’t hesitate to call (630.567.5902) or email me to discuss in detail!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.