Chicago's North Shore - North and Northwest Suburbs Real Estate

Come out for A Night with Steve Rannazzisi at Zanies.  It all happens Saturday, February 12^th at 7PM or 9PM.  He is a regular cast member on FX’s “The League” and MTV’s Punk’d! The future looks bright for this bright and talented young performer.

Check it out at Zanies, 230 Hawthorn Village Commons in Vernon Hills. Tickets are $25.00 + a two item food/beverage minimum.  For more information call 847-549-6030 or visit their website.

 Comedy clubs are a great way to relax and have some fun! Who is your favorite comedian? 

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Interest rates are at a historic low, so now is definitely time to take advantage and look into refinancing!  If you have been thinking about refinancing your mortgage, there are some things you need to take into consideration before making your final decision. 

Although rates are low right now, the present economic crisis has caused a lot of lenders to reduce the amount of loans they give out.  This is a drastic change from the last few years when almost anyone and everyone was eligible for a mortgage. If you are figuring out how to save on your mortgage refinance, its vital to make sure you do your homework and get your facts right.

First, look at your loan-to-value ratio. In a no-cash-out refinancing (where the amount of your new loan doesn't exceed the balance of your existing loan, plus points and closing costs, if applicable), you may be able to borrow as much as 95% of your home's value. However, if the value of your home has fallen below the amount of your existing mortgage balance, you may not be able to refinance at all. This sadly, has been the case for many homes.  But you may be able to proceed through the American Recovery and Reinvestment Act of 2009's Home Affordable Refinance program.

The major advantage of refinancing to a new lower interest rate, you will save a substantial amount on your monthly mortgage payment. This is of course why most people choose to refinance their mortgage. Keep in mind however that there are going to be costs involved with refinancing such as closing costs, points, and possible appraisal  and attorney fees.

Do your research and shop around for the best refinancing interest rates. All banks are not created equal, some banks and financial institutions charge higher rates than others. Normally, the smaller Community Banks and Credit Unions are more consumers oriented and charge lower rates.

Last but not least, when shopping around, look and compare interest rates and points versus no points before you refinance. Look out for embedded points included in the closing costs. Some lenders will include points in the closing cost without necessarily actually quoting these costs as points.

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Out to dinner and off to an exciting show. And don't expect talking animals!!

February 5th at 4pm and 8pm Madagasgar is playing at the Next Theatre Company in the  Noyes Cultural Arts Center on 927 Noyes Street in Evanston, Illinois.

Director Kimberly Senior and internationally recognized playwright J.T. Rogers, the pair who brought you The Overwhelming, team up again to offer audiences another gripping thriller. In the same hotel room overlooking the Spanish steps in Rome, three Americans across three different moments in time find themselves alone. A sister, a mother and a family friend grapple with loss, regret, and the nature of truth. Using his trademark cunning insight and grippingly eloquent characters, J.T. Rogers weaves a haunting story about the mysterious disappearance of a loved one, and the unexpected consequences that bring a family closer together. 

Personally, I love the theatre, what is your favorite show?  Have a great weekend and enjoy! 

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If you have made the decision to sell your home and are wanting to make some improvments, you should know which room to put your most effort into. According to Remodeling Online’s 2005 Cost vs. Value Report, your best bet is the kitchen. Even a minor kitchen remodeling project will return an average of 98.5% of its cost when it comes time to sell the home.

If your want to update and freshen up your kitchen but a complete remodel is not in the budget, consider these below kitchen fixes to help sell your home faster and for more money:

1. Paint or re-stain worn wood cabinets.

2. Install cabinet hardware. Stay with simple and neutral hardware, avoid large clunky designs.

3. Remove outdated or busy wallpaper and any bold, bright paint. Stick with neutral colors.

4. De-clutter all counter tops, keep them free and clear of appliances, butcher blocks and knickknacks.

5. Update the faucets. New faucets can make a outdated sink look revitalized. Faucet replacements are also fairly inexpensive and simple plumbing projects with all of the parts available at your local hardware store.

6. Remove photos, calendars and personal effects from the refrigerator door.

7. Updated and simple rugs and towels with a splash of color can bring warmth to a kitchen.

Replacing outdated appliances and flooring are great improvements that should be considered but may not always be part of your budget. Keeping a kitchen clean and maximizing space is key to getting buyers interested. Always remember to keep garbage cans, and pet bowls etc. out of sight.

Tax time is here, but homeowners have an advantage with many tax breaks. Make sure you’re not missing out on important home-related tax deductions. Everyone has a different situation and you may actually qualify for other deductions you were not aware of, so always check with your tax advisor to find out which deductions apply to you. Below are some of the common deductions.

Deducting Real Estate Taxes. Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate closing statement.

Deducting Loan Points Paid on a Purchase or Refinance
The points you pay on a loan for a home purchase are tax-deductible for the year you made the purchase. You can deduct the points you paid as well as those a seller paid on your behalf if you meet the following criteria:

•   The loan is secured by your primary residence
•   The loan was used to buy, improve or build the home
•   Paying points is a common practice in your geographic area
•   The points are calculated as a percentage of the loan principal

First-time home buyer credit.  A $7,500 tax credit is available to eligible taxpayers must have bought, buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. and before July 1, 2009.  You are considered a first-time home buyer as long as you did not own a home during the three years leading up to the purchase of your new home.

Residential Energy Efficient Property Credit.  For 2009 and 2010, homeowners can take a tax credit up to $1,500 for energy efficient home improvements. If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. Click here for more information

Health-Related Improvements - Any home improvements for medical purposes can be deducted entirely from your taxes as long as the improvements do not add to the overall value of the home and have been made for a chronically ill or disabled person.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct travel and lodging expenses for you and your family and the cost of moving your household goods. 

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When we decide to sell our homes we often think of the improvements that need to be done. We would hope that these improvements would increase the value of our home and make it more attractive to potential buyers, but what "we" like in a remodel may not neccessarily be what the buyer wants.

Everybody has different ideas and tastes when it comes to the decorating, form and function of their homes, so how do we know how far to go with a remodel? The article,  Will a Remodel Help You Or Cost You Upon Resale? might put your ideas of remodeling into perspective.

Household improvements are great and should be done, but we should think carefully before investing a lot of money in a "personalized" remodel that may limit our potential buyers market.

If you have never sold a home before, here is something you may want to consider when determining the price you will accept.  First of all, it is important to understand that most real estate purchase contracts include a variety of contingencies that must be met in order for the transaction to close.  The most common of these contingencies are mortgage financing, attorney reviews and home inspections.  While mortgage financing contingencies will typically run for a period of about month allowing the prospective buyer time to obtain a mortgage, the attorney review and inspection contingences are typically much shorter and run concurrently.  Most will expire within a week of the contract acceptance date unless extensions to the time permitted are granted.  One of the biggest reasons that contracts fall through are the home inspections.  The vast portion of today's buyers will have home inspections and the vast portion of home inspections will result in a list of issues that need to be addressed and amicably resolved between the buyer and seller.  As a seller it is best to negotiate and expect that there will be a list of issues, hopefully minor and hopefully ones that can be resolved.  One good practice to consider would be to negotiate your contract price with the anticipation that there will be issues raised that will require the seller to make repairs or offer credits to the buyer to accept the problem.  Obviously, this type of occurrence impacts the seller's net.  Thus, it is prudent to plan for this when accepting a price and build into that price some slight padding so that when these issues surface, they can be handled without the feeling of loss of profit.  Insightful homesellers who plan ahead will then find themselves able to more easily reach agreement, resolve and dispel the buyer's inspection concerns without feeling squeezed.  So what your dollars really mean when selling will likely be determined only after an inspection has occurred, results of it are presented and a resolution between the principals is reached.  The old saying, "Don't Count Your Chickens Before They Hatch,"  is applicable to most real estate transactions.  Those chickens can really only be counted after the inspection process has been completed!

2011 is just days away, do you have your plans yet? The New Year is time to reflect on the old and look forward to the new and also a time to have fun!  The North Shore area has many fun and festive events for all ages to enjoy and ring in the New Year.

Wishing everyone a wonderful and prosperous New Year!

Family New Year’s Eve Skate-Skate With Spongebob

December 31 from 6-9pm Glenview Ice Arena, 1851 Landwehr
Cost: $7 per person, ages 3 and under are free. ($3 skate rental)
Check out one of the North Shore’s newest luxury hotel destinations, the Westin North Shore. It’s just south of Lake-Cook Rd. on Milwaukee Ave. in Wheeling, and features two HOT restaurants–Tramonto’s and Osteria di Tramonto. Your package includes dinner, overnight accommodations for two and a complimentary breakfast New Year’s morning.

Chicago Spirit New Year's Eve Dinner Cruise

Friday, Dec 31 9:30pm at Navy Pier, Chicago, IL
Boarding at 8:30pm. Sailing from 9:30pm-12:30am. Spirit of Chicago's New Year's Eve Fireworks Dinner Cruise is the most festive and entertaining party in the entire city! Splash aboard for our Special New Year's Eve Dinner Buffet, Premium Bar, Champagne Toast at midnight, DJ entertainment and Midnight Fireworks (weather permitting) provided by the City of Chicago.

New Year's Eve Bash! Featuring Crash Kings

Friday, Dec 31 8:00pm at Cubby Bear North, Lincolnshire, IL
New Year's Eve Bash Featuring Crash Kings at Cubby Bear North.

Enjoy a rockin' New Years at the famous Cubby Bear! Restaurant critics, neighborhood regulars, and first time visitors always agree about Cubby Bear North: the atmosphere is great, the food is superb,and the service is outstanding. The restaurant offers a casual atmosphere that is perfect for dining with friends, co-workers, and family members.

New Years Celebration At Chevy Chase Country Club

Celebrate in the historic Grand Ballroom at the Chevy Chase Country Club with dinner buffet, pastries and coffee station, champagne toast at midnight, music by the Dick Elliot Orchestra, and MC Bob Urbon of Ballroom Chicago. Cash bar available. $75/person (tax and gratuity included.) Call 847/465-2311.

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It’s that time of year for shopping, cooking, traveling and enjoying some time off with friends and family. Have you considered adding a new home to your letter to Santa? It may seem odd, even unlikely, but buying a home on Christmas Day can be a great move. Really?

Here’s why:

• Typically,iIf a home is listed in December, especially around Christmas Day, the seller is serious.
• Sellers are usually more open to accepting lower offers on Christmas Day
• Home prices are usually at their lowest in December
• The week before Christmas is a very slow time for home showings, and you won’t be competing against a lot offers
• The holiday spirit is infectious and crosses over into negotiations (it's true!)

Most sellers probably have not considered it but you may find that Christmas Day is one of the best days of the year to buy a new home. If you just can’t get it together to add that to your list of holiday ‘to do’s’, then a little patience and the spring thaw brings the second best day of the year to buy a home – Easter Sunday.

Unlike the Christmas holiday, the market is at its peak in the spring, so you will be wheeling and dealing in the midst of a lot of competition. There are typically more homes for sale in the spring than any other season.

However, the action grinds to a halt on the first real holiday since New Year’s Day, and the savvy buyer who gets an offer in before things pick up on the Monday following Easter may find themselves the deal they have been waiting for. 

It may seem a little odd, but these two holidays can present the perfect opportunity for a serious home seller, an aggressive agent and a lucky buyer.  Happy Holidays!

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Winter is just getting started in Northern Illinois and residents all over the area know that part of living here is dealing with the weather and snow removal is a necessity. Waking up to a driveway buried in snow is not always a welcome sight, especially when you are running late. Whether you prefer to remove the snow yourself or you would rather pay someone else to do it, you have some different options to clear the snow from around your home and get on your way.

 Snow Blowers

Also called snow throwers, these come in both gas and electric. If you don't have too long a driveway, electric snow blowers provide an alternative to heavy, high-maintenance gas snow blowers. While they are sometimes less powerful, they typically require less maintenance. Gas snowblowers will have a wider clearing width and you don't have to worry about the cord but they are more expensive and require more maintenance such as tuning and yearly checkups.

Professional Snow Removal Services

If you prefer to just hire a professional to clear the snow for you, commercial snow removal companies are the way to go. Snow removal cost can vary greatly, some companies will offer a lump sum seasonal rate for businesses or residential. Others will charge on a each time basis which can range from $35 to $100. The downside can be a long wait if you are not a regular customer and a big storm hits. It is important to make sure the person you hire is experienced and insured. Visit the Snow and Ice management association's website to find a qualified company near you.

Lawnmower/Tractor Attachments

If you have a long driveway and have a riding lawn mower or lawn tractor, you may want to invest in a blade attachment or snow blower attachment for snow removal.  These attachments fastens to the front of the mower and throws snow or plows to the front or side. For longer and wider driveways, a snow plow attached to the front of the mower can quickly remove large amounts of snow. You can also purchase tire chains to help prevent the mower's wheels from spinning in their tracks.

 Shovels

Some homeowners prefer to use the tried and true traditional snow shovels and moves the snow themselves. It is important however to consider your physical condition. If you have a heart condition or other health issues, you should proceed with caution. Snow is heavy and shoveling is hard work - you don't want to risk a serious injury or jeopardize your health. On the positive side, it is a great way to burn calories and it doesn't cost you a thing! 

Have experience in this area? We would love to know your tips for clearing the snow!

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