New Year, New Property Market

Are you thinking of buying or selling your home or asset, but don’t know if 2017 is an optimal time to do so? Between the uncertainty produced by the 2016 Presidential election and the high number of baby boomers and millennials projected to invest in the market, experts are expecting an interesting year. What does this mean for you?  

If you are attempting to make sense of the changes expected to occur in 2017, the Three Rivers Association of Realtors is here to help. Bearing this in mind, we would like to present some insight as to what the average buyer or seller can expect to experience next year.

·        Slow but steady wins the race: The real estate market is expected to remain steady through the upcoming year across the nation, but slight slowdowns are projected to occur with growth dropping by 1%.

·       Bigger is Not Always Better: Smaller homes have experienced a significant price rise in comparison to larger houses due to the lifestyle changes that many are experiencing. Millennials are moving out and babyboomers are newly empty nested parents are downsizing. Urban areas are also appreciating quickly

·      
        It’s all Good: In general, markets are currently doing very well and interest rates remain lower than average. Expert Rick Sharga estimates that Trump’s presidency will provide some credit relief to the average home buyer, consequently making it more readily available to home buyers.

·       Making Room for the New: Not only is millennial home buying expected to increase but experts are already beginning to think about generation Z (born 1995-2012). Although this generation will primarily consist of teenagers in 2017, it is foreseen that they will begin saturating the market within the next several years.

The trends of 2017 have a plethora of implications for a new direction in the real estate market and for our economy in general. Whether buying or selling, the Three Rivers Association of Realtors will ensure that you are never left in the dark, and we are here to assist you in making the most out of your housing experience. Visit our website today for more helpful tips and information.

Why Three Rivers Association Recommends Always Using A Realtor

The day you have been thinking about casually for a few years now has finally arrived. Today, you are ready for a change and now, the passing thought of eventually putting your house on the market now has a more immediate timeline. You are anxious to sell your home it as quickly as possible, settle into a brand new house and start fresh.

When you reach this decision, a natural next step for many home buyers is to pop on their favorite real estate website, such as Realtor.com (and of course, the Three Rivers Association!), browse house listings in your desired area and budget, and save potential homes that they can further pursue.  Many may not realize that searching for a home, even at this early stage, on your own can be harmful to your overall experience, both with buying and selling a house.

These three key reasons from your friendly experts at Three Rivers Association outline why you should always use a Realtor® when you sell your current house and begin searching for a new one.

They have plenty of experience and expertise

Even as you casually browse a home listing online, that listing is often filled with confusing acronyms and abbreviations that only Realtors®can understand. They can help you translate that language to make sure you are getting all the information you need and the best possible deal!

They can search for criteria that you can’t

While it may seem like the internet gives you plenty of home listings for you to explore, Realtors®have access to even more!! Often, some properties are available for sale but are not actively advertised. That’s when a Realtor®can help you find those hidden gems to make sure you are seeing all of your options.

“Negotiate” is their middle name

Today’s housing market is a competitive place—even if you finally get to the exciting stage of putting an offer on a home you love, someone else may have beaten you to it. Trust a Realtor® to know how to navigate such competition. A Realtor® can also help you draw up a purchase agreement that allows enough time for home inspections and other contingencies.

Quick, Easy and Inexpensive Renovations Before Selling a Home

Selling a home can be one of the most stressful times in a homeowner’s life. Your schedule becomes packed with appraisals, home inspections, radon testing and packing away unsightly clutter. While juggling these time-consuming tasks, the thought of adding home renovations to your lengthy to-do list seems out of the question. Fear not, there are renovations that won’t require long timelines, stinky dumpsters, or large price tags. Here are a few simple renovations that can be completed to ensure that your home not only sells, but that your home sells quickly.

Quick & Easy Renovations:

·   Remove family photos or outdated wall art. Spackle nail holes and give rooms a fresh, neutral coat of paint. Bold colors can sometimes be a turnoff for potential homebuyers.

·   Purchase new interior and exterior entryway light fixtures. This is the first area potential homebuyers will see upon entering the home.

·   A beautiful new door or fresh coat of paint will create a stunning entryway for guests.

·   Full bathroom renovations don’t often make a large impact. Save your money, and simply put in new light fixtures, new mirrors, and new vanities.

If you have an outdated home but no time for renovations, consider offering a renovation budget to potential homebuyers. The budget will be a small chunk of the list price and allows buyers to give their new home a personal touch.

In addition to renovations, there are many small changes that can be made to a home that will increase buyer appeal. Make sure that the home is as clean as possible. This may require putting some belongings in a storage unit until the home sells. Landscaping and curb appeal can attract buyers who are simply passing by the home. Consider keeping your lawn cut, watered, and edged. If you don’t have time for gardening, purchasing and hanging flower baskets can do the trick.

When searching for more information on ensuring a successful sale, turn to the professionals at Three Rivers Association of REALTORS®. Three Rivers Association of REALTORS® is a local non-profit real estate service that assists and educates REALTORS® with programs and services. On our website, homebuyers and sellers can find Three Rivers Association of REALTORS® related service affiliates like home appraisers, attorneys, inspectors, and more. For additional information, give us a call at 815-733-4520 or visit our website at www.trarealtors.net.

4 Reasons you Should Buy Instead of Renting

Purchasing a home has long been seen as the American dream. The pride of ownership and knowing that your dwelling is completely under your control is very appealing. The housing market crash of 2008 has made many renters leery about buying a home, fearing that it will be too expensive and risky. However depending upon where you purchase a home, the amount of your down payment and the interest rate you are able to obtain, purchasing a home might actually be cheaper. Here are four additional reasons you should consider buying instead of renting.

1.     Create your own space – Unlike renting, where you could be charged for every nail hole or floor scuff you leave after vacating the premises (and don’t even consider repainting the walls!) – when you own a home, you are in control of designing your space to suit your tastes. This means you can remodel, repaint, hang pictures, shelves and light fixtures, and you don’t have to worry about anyone saying you can’t.

2.     Fixed monthly payment – While your rent can go up at any time, if you have a fixed rate mortgage, your monthly payments will stay the same for the life of your loan. Additionally, if interest rates go down, you can re-finance your loan for an even lower monthly payment. In comparison, your rent will most likely never be any lower than what you paid your first month.

3.     Tax breaks – Another great benefit of having a mortgage is the fact that you can write your interest payments off on your annual taxes. Additionally, you could also reap tax benefits for having energy efficient products in your home.

4.     Home equity – Unlike rent, your home is constantly building equity as you pay down your mortgage. Every dollar paid towards the loan’s principal is a dollar of equity built in your home. When you reach 20% equity paid, you can borrow against your home for other investments or home improvements. Additionally, that equity will add to the value of your home if you decide to resell.

Are you considering purchasing a home in Joliet or the surrounding communities?  Contact the professionals at Three Rivers Association of Realtors to find a real estate agent to guide you through the home buying process. We are a non-profit organization serving more than 1,000 realtors and affiliate members.

2016 Award Recipients

The Three Rivers Association of REALTORS® has chosen the 2016 recipients of four awards that are given out.  Three awards are given annually and the fourth “Lifetime Achievement” award is given occasionally, when a member is recognized by peers for a lifelong effort in Real Estate, community involvement and volunteering.

This year’s recipient of the Lifetime Achievement Award is Rosalie D’Andrea, a lifelong resident of Joliet.  Rosalie began her working career at the J.F. Messenger Company working for Neil Houbolt in 1961 at the age of 16.  This career led her to Service Cartage in Lemont and D’Andrea Construction Company in Joliet 1968-1978.  Rosalie received her Real Estate license in 1972, and broker’s license in 1974, first with Key Realty and later with  Bell Realty.  In 1991 she became manager at the Honig Realty office in Joliet.  To this date, Rosalie manages the Coldwell Banker Honig-Bell office in Joliet.

Rosalie’s community involvement spans 30 years.  Elected to the Joliet City Council in 1987, she served on the Will County Expedition Authority, which oversees the Rialto Theater, for 12 years.  She also served on the Will County Center of Economic Development Board’s City Center Committee 1991-2007, committed to volunteering at the Forest Park Community Center and the Warren Sharp Community Center, and served on the Three Rivers Association Board of Director’s.

Debbie Prodehl received the REALTOR® of the Year Award for 2016.  Debbie is a manager and Regional Vice-President for Coldwell Banker Honig-Bell.  She is currently the chair of Business Issues & License Laws, a committee of the Illinois REALTORS.  Debbie was the President of Three Rivers Association in 2015.  Prior to serving as President, she was a Board Member officer for four years and also served as Secretary/Treasurer and President-Elect.

Debbie graduated from Lockport High School in 1982 and began her career into the real estate business in 1991, receiving her managers broker’s license in 2005.  She resides in Homer Glen with her husband Leo, and has two children Stephanie and Jonathan.

Mike Montgomery received the 2016 Affiliate of the Year award.  Mike is currently a mortgage loan originator with Stearns Lending in Naperville.  Mike began his career in the mortgage industry in 1985 and held positions ranging from underwriting to packaging and selling loans, and administrator to loan officers.  Mike has been active at Three Rivers Association for the past four years, volunteering in many committees, and is currently the Chair of the Affiliates Committee.   Outside of real estate, he is involved in the Chamber of Commerce in Plainfield, Naperville and Romeoville.

Gibby Kirby received the 2016 Rising Star award.  Gibby grew up in Central Illinois and attended Illinois State University, moving to Joliet 5 years ago.  He began working at Realty Executives Success as the office accountant and administrator.  Gibby received his real estate license 2 years ago, and stepped right in to participate with the associations committees and activity.  He is currently Chair for the Communications Committee and Vice-Chair of YPN Committee.  Outside of his career in real estate, Gibby volunteers at multiple animal rescue groups, and is involved in community theater and dance.

Three Rivers Association is very proud to present these awards and is grateful for the participation of these individuals chosen.