Some Things to Do Before Moving In

You know how the famous lyrics go: “Don’t it always seem to go, that you don’t know what you’ve got ‘till it’s gone?” While these are very true sentiments, we’d like to recommend a slight alteration: “Don’t it always seem to go, that you don’t know what you got ‘till you start to pack it all up?”

The more closets you go through and the more cabinets you attempt to organize, you might ask yourself, “Where did all this stuff come from? What am I supposed to do with all of this? Is this stuff I even really need?” These questions require even more urgent answers when you are packing and organizing for an exact purpose; specifically, when you are planning on moving.

And packing up your home is just one of many things that need to be crossed off your checklist when you are preparing for moving day. The process of switching residences can be overwhelming to say the least. But by planning ahead, you can be as prepared as possible for your upcoming move:

Here are a few things to keep in mind before moving into a new home:

Gather the Appropriate Supplies

Make sure you have plenty of boxes, bins, tape, labels, bubble wrap, and newspaper on hand in plenty of time before the big move so you can stay on top of packing. And don’t be afraid to give things away—if you are going through old drawers and closets and find things you don’t need, there is no need to bring them to the new house.

Transfer Your Utilities

Don’t assume that the gas, water, and electric will be set up for you on moving day. It’s important to take care of this with your utility company before moving day rather than afterward.

Change the Locks

Changing the locks is the simplest and quickest way to guarantee your safety in your new space.

Clean Up

Scrubbing every possible surface of your new house is much easier when they’re not covered with furniture! Thoroughly clean your home before moving day; it will save you significant time and trouble in the future.

Other things you may consider before moving in if possible include getting to know where the circuit breaker box is and the main water shut-off valve, make minor and major repairs, childproof your home if applicable, forward your mail and update your billing address.  It's also not a bad idea to consider getting a home warranty which would cover the cost of the repair or replacement of things like your furnace, air conditioner, water heater, appliances, plumbing and electric for at least a year. Experts say that basic coverage starts at about $300.  Proper planning can help minimize the challenges and stresses of transitioning to a new home making the move much more enjoyable.

For more information on what you can do to make your upcoming move easier, work with a member of Three Rivers Association of REALTORS®.  You can find them at www.trarealtors.net or call 815-744-4520.

Having a financial game plan for your home will give you peace of mind

Creating a financial plan for your home can help you feel more secure in budgeting for the future. A financial plan will spell out how much you need to pay and when, so you know exactly how much money is going toward your home. Without a plan, you could find yourself overwhelmed by unforeseen expenses like emergency repairs that you didn’t budget for, or unable to make updates to your home because of a lack of savings.

Luckily, you can create your own financial planning checklist to get a better look at your expenses and savings in the years ahead.  

Where to start

First, write down recurring expenses like your mortgage payment, taxes, and homeowner’s insurance. Note when each of these payments is due, and how much it is.

• Follow that list up with more occasional expenses like seasonal lawn care and maintenance or replacement dates for major appliances, plumbing fixtures, and the roof. Note that these dates don’t need to be exact, but searching for the average lifespan of a water heater, for example, will help you identify future expenses you’ll need to save for.
• Lastly, write down any voluntary expenses like adding a pool or finishing the basement. By listing the things you want to add to your home and estimating their cost, you’ll be able to see what is financially possible and when. 

Ways to save

With an idea of how much you need to spend in the short and long-term of your home, you’ll be able to turn your attention to places you might save money in order to be prepared for the future.

If you’re planning on staying in your current home forever, pay more than the minimum monthly mortgage payment. Paying more upfront means saving thousands in interest later down the line. Plus, it just feels better to pay down your home sooner.

Another oftentimes overlooked area to save is by checking with your insurance agent to make sure you are covered enough, but not too much. Over-insuring your home means you’re paying more than you need to on a policy that you’ll never see the full benefit from. Likewise, under-insuring your home will leave you paying out-of-pocket should you need to make a claim. Everyone has to pay property taxes.  However, you may be able to reduce your tax burden by getting a reassessment. Do your homework first: Are comparable homes taxed less than yours? If so, you can contact the local assessor, challenge the assessed value of your home and possibly reduce your taxes..

With a little planning, you’ll have peace-of-mind knowing that you’re in good financial shape, and the fear of surprise expenses will be greatly reduced.  If you’re looking for a new home, contact the Three Rivers Association of Realtors at 815-744-4520 to start your search today.

Study Finds Majority of Today's Home Buyers are Millennials

A report entitled “2017 National Association of REALTORS® Home Buyer and Seller Generational Trends” states that, over the past four years, one consistent finding has been that Millenials/Gen Y-ers or those age 36 and younger make up the largest share of home buyers at 34 percent. Half of them were first time buyers. The report showed that this group has been quite traditional in their buying habits opting for suburban detached single family homes.

The next largest group was Gen Xers or those age 37 to 51 who make up 28 percent of home buyers. They are the most ethnically and racially diverse group as 21 percent identified their race as something other than White/Caucasian. And, because generally they are in their peak earning years, they purchased larger homes in terms of median square footage and number of bedrooms.

Baby Boomers were split into two groups due to differing demographics and buying behaviors. Younger baby boomers identified as those age 52 to 61 make up 16 percent of buyers and older baby boomers age 62 to 70 make up 14 percent. Younger baby boomers are most likely to buy a multi-generation home to take care of aging parents, for cost savings and because children over the age of 18 are moving back. The report also indicates that this group projects that they will remain in their home the longest at 20 years. Buyers 71 to 91, referred to in the report as the Silent Generation, represent the smallest share of home buyers at 8 percent. Nearly one quarter of these buyers purchased senior-related housing.

The study also revealed that 88 percent of all home buyers financed their home purchase… a share that decreases as the age of the buyer increases. Home ownership remains among life’s priorities for most Americans. For all three groups under the age of 61, the main reason given for purchasing was the desire to own a home of their own. The household composition for buyers in all age groups was primarily married couples followed by single females, single males, and unmarried couples.

The report also pointed out that it is a continued trend among all generations of buyers to consult a real estate agent or broker to help them buy or sell their home. Buyers need the help of a real estate professional to help them find the right home, negotiate terms of sale, and help with price negotiations. Sellers, as well, turn to professionals to help market their home to potential buyers, sell within a specific timeframe, and price their home competitively. To learn more, Three Rivers Association of Realtors is here to help. Visit our website or call us at 815-744-4520

Sources:

https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf

10 Moving Tips from Three Rivers Association of REALTORS

As REALTORS®, we are often asked for homebuying and selling advice of all kinds, including on moving. Many clients worry about the amount of clutter they have to sift through before they move, or struggle with what they should do about the possessions they have accumulated over many years, or even decades. Moving can seem like a daunting task for many, so any tips we can share to ease our clients minds about the process, no matter how small, will help take the weight off their shoulders (and backs!).

1.    Breaking up a big move into stages helps the task become more manageable. The pros at Two Men and a Truck recommend decluttering the places where clutter tends to gather as soon as you decide to move: the attic, basement, and closets. After you have decluttered the home and gotten rid of as much possible, you can begin packing what you will take with you.

2.    Hold a rummage sale or sell items online that you don’t intend to take with you to help with moving costs. If you have friends or family helping with the move, offer them these items as a token of appreciation. Recycle and donate what’s left over.

3.    Pack a little bit each day. Start with the items you least often use (such as artwork and books) and gradually move packing to essentials like cleaning and personal care supplies just a day or two before the move.

4.    Label boxes not only with contents, but with what room they belong in. Avoid mixing items from different rooms in the same box.

5.    Number boxes so that you can easily check if all of them have made it to your new home.

6.    Make a separate box for vital documents and records (such as birth certificates and passports) and bring it to the new house with you instead of in the moving truck.

7.    Pack a small overnight bag for each family member so that you aren’t obligated to unpack entire boxes just to find a pair of pajamas, toothbrush, change of clothes, or child’s favorite stuffed animal at the end of a long moving day.

8.    Clothes, towels, blankets, and dish towels can be used as padding when packing dishes and other fragile items.

9.    Transport as little food as possible to save time and your arm muscles. Stop buying groceries a couple weeks before you move, and try to get through your existing supply. Donate items you can’t move to neighbors, family, or a local food pantry.

10.  But don’t forget snacks and drinks on moving day! Moving is hard work. Be sure to plan to keep the kids fed and hydrated, along with pets, on the big day.

Three Rivers Association of REALTORS® is a nonprofit professional organization located in Joliet, Illinois. We keep our members informed of housing market trends, the latest real estate industry news, and helpful tips that can improve your success in real estate. Please visit our website for more information, or call us Monday through Friday from 8-4:30 at (815) 744-4520.

Ready to buy a house, but need to boost your credit?

Thinking about applying for a mortgage? Need to work on your credit? No activity is guaranteed to improve your credit within a short timeframe, but there are quick, simple actions you can take to try for fast results.

Correct errors on your credit reports

Request free copies of your complete credit reports from the three major credit bureaus on the site annualcreditreport.com. Look for items that aren’t yours, balances that have been paid, items that have been reported multiple times, and other mistakes. Most credit report disputes must be resolved in 30 days. You can learn more about disputing errors on your credit report here.

Make strategic payments

Your payment history contributes the most to your credit score. Late payments generally stay on your credit report for seven years. To make all your payments on time, try putting all your bills on automatic payment. Pay any outstanding bills that haven’t been sent to collection first. Then pay off bills sent to collections. If the bill has been charged off, make sure you can pay it in full before paying on it at all. Otherwise, the clock starts ticking on the collections process again and the item will stay on your account for another seven years.

Decrease your credit utilization rate

Pay down balances so your credit utilization is less than 30 percent. You can also ask your credit card providers to increase the limits on the cards you own. If you have a good history of payments with your credit card, there’s a good chance they will negotiate. A request for a credit limit increase may result in a hard inquiry on your credit report, which can ding your credit scores, so use this strategy carefully.

Have someone with great credit add you as an authorized user to a card that they’ve had for a long time. Authorized users benefit from responsibly managed accounts because these accounts will be listed on the user’s credit report. Another idea is to open up a new credit card, which can  increase your total credit line and your utilization should improve. If you apply for a card every time you’re asked whether you want 10% off your purchase today, you’ll take a hit on the number of recent inquiries.

If you are within striking distance of a certain credit score needed to accomplish your goals, taking some or all of the steps listed above may help put you over the finish line. Learn more about purchasing a home and find a REALTOR® to help by visiting Three Rivers Association of REALTORS® website.

The Spring Selling Season May Be “NOW”!

If selling your home is in the plans for 2017, it may be in your best interest to start now. Normally, sellers tend to wait until spring to put their home on the market when it is believed that most buyers start looking for a home to purchase. With the current low inventory of homes available for sale, this housing market is anything but normal. It may be to your advantage to list your home right now. There are many unpredictable factors which can affect the real estate market whether it is interest rates, the general economic climate…even the weather. The one factor that is affecting it right now is inventory. Supply and demand is what drives the price of homes. With a good supply of homes for sale and steady demand, prices stabilize. When the supply is low and demand is high, as is the circumstance we face today, prices tend to rise. If you list your home now, chances are that there will be much less competition with similar homes for sale in the area than there will be in a couple of months. This also may mean getting top dollar for your home. Of course, as always condition and location will directly affect what the home eventually sells for.  Another factor in your favor is that more Americans are showing optimism toward their personal finances and the housing market, a reversal to a five-month decline. The National Association of REALTORS® web site reported that according to Fannie Mae’s Home Purchase Sentiment Index, a survey of 1,000 Americans in January about their attitudes toward housing, Americans are more upbeat about home prices, home selling, their rising household incomes and they are less scared about losing their jobs.

When considering the sale of your home, members of the Three Rivers Association of REALTORS® are here to help. Meet with your agent TODAY to discuss listing your home for sale. You can also find a REALTOR® by visiting the Three Rivers Association of Realtors web site…www.trarealtors.net.

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.