lake zurich...and beyond

One of the most important factors to consider when purchasing your Lake Zurich area home is which school your child will attend. Although this information is usually provided on the listing sheet, it is my recommendation that all buyers independently verify this information before purchasing the home. This can be accomplished by visiting the Lake Zurich Community Unit School District 95 website and reviewing the boundary map and/or contacting the school district directly by telephone. 

Currently, there are 6 elementary schools, 2 middle schools and 1 high school in Lake Zurich District 95 as follows:

Elementary

• Charles Quentin
• Isaac Fox
• May Whitney
• Sarah Adams
• Seth Paine
• Spencer Loomis

Middle

• Lake Zurich Middle School North
• Lake Zurich Middle School South

High School

• Lake Zurich High School

It is important to know that verifying the school your child will attend is now more difficult because the district is in the process of re-aligning the elementary and middle school attendance areas due to the decision to close Charles Quentin Elementary School. To help facilitate this process in an equitable manner and keep the community informed, the school district has formed a boundary study committee comprised of 20 residents from all areas of the district. As they work through this process to find the best solution for all students, you can keep updated on their progress through a new School Boundary Website.  

Lake Zurich is a wonderful community and was named by Frommer's as one of the top hundred "Best Places to Raise Your Family" and by U.S. News as one of the "Top Twenty-Five Affordable Places to Live in the Country" in 2006. I know firsthand that Lake Zurich is a wonderful place to live, work and raise a family because it has been my home for over 7 years. If you are considering a move to the Lake Zurich area, please give me a call. I'd love to help you find your Lake Zurich dream home!

Before becoming a real estate agent, I have to admit that I really didn't understand everything that a real estate agent does. I already had a combined education and background in law, sales, administration, customer service and management, so I felt very confident in my abilities and knew they would translate well to a career in real estate. 

Recently I've been thinking about everything I've learned and how I've grown both personally and professionally in the 5 years that I've been a real estate agent. I thought I was well prepared for this business (and I was) but little did I know how much more there was to learn. 

To be successful, a real estate agent needs to have a comprehensive knowledge of the following: 

• Self-promotion and lead generation (i.e. how to sell yourself and get business)
• Advertising and ad copy writing
• Marketing (both print and internet)
• Website maintenance and search engine optimization
• Contract preparation and review
• Negotiation and transaction coordination
• Maintenance of corporate tax records and general bookkeeping ability

A real estate agent must also possess: 

• Strong organizational and interpersonal skills
• Excellent verbal and written communication skills
• The confidence to speak in public or one on one and the ability present your marketing plan and ideas in a clearly understandable manner
• The ability to handle complex situations with the highest degree of integrity and confidentiality
• The ability to analyze and interpret market data from a variety of sources
• Sales skills and the ability to close a deal (although I do believe that houses sell themselves)

Many real estate agents don't come equipped with a bachelor's degree; and yet, we are performing at an executive level as a multi-million dollar business owner. It takes a lot of professionalism, guts, skill and creativity. For most of us, our background and expertise would easily be an asset to any organization, and this is the true value that we bring to every transaction each and every day. Have I left anything out?

One of the things I've always tried to do as a real estate agent is to remain focused on the facts. I let the numbers speak for themselves. For example, when preparing a market analysis, I look at the data unemotionally and prepare a realistic opinion of the potential market value of the property. Sometimes sellers (and buyers) are able to look at the information I present and see it for what it is (an interpretation of available data), and other times they believe that the home is better (or worse) than the comparable properties I've selected. 

Seller and buyer perception is always based on how well they are educated about the housing market as a whole.  

Therefore, it's extremely important for both buyers and sellers to be informed and educated about the ever-changing market conditions and how it applies to their situation. To this end, I do my best to educate my clients on the state of the housing market in Northern Illinois. They receive reports, graphs, charts, statistics, articles and other information - both the good news and the bad news; I don't paint an unrealistic rosy picture nor do I focus on the doom and gloom. 

This market has many challenges and opportunities for both buyers and sellers. 

Not surprisingly, most buyers and sellers tend feel that the information (particularly the negative information) doesn't apply to them. But it absolutely applies to them. It applies to all of us. While it is important to remain positive, it is also just as important to be realistic and react accordingly. I've seen too many buyers and sellers act like Scarlett O'Hara in Gone with the Wind, "I shan't think about that today, I'll think about that tomorrow." In essence, they don't do anything at all. When overwhelmed or unsure of what to do, this kind of procrastination becomes a coping strategy. Unfortunately, procrastination could cost them both time and money. 

It is our job as real estate agents to help buyers and sellers interpret the information and guide them towards making an informed decision about what they should (or shouldn't) do in today's housing market. 

Sellers who don't prepare their homes for sale, price correctly or reduce their prices when necessary are losing money each and every day in a declining market. The market is not going to turn around tomorrow, next week or next month. A quick look at this History of Home Values would indicate that the market has not hit bottom (this may vary region to region) so the time to react is NOW. 

Buyers who wait to purchase may indeed be able to purchase at a lower price. The unknowns for a buyer include the ability to get a loan when the time comes, the interest rate and the availability of the type of house they are looking for. For many buyers, waiting makes sense, but for others, the time to react is NOW. 

Decisions need to be made. Procrastination needs to be thrown out the window. Buyers and sellers need to understand that the information and market conditions apply to them and that one way or another, the time to react is NOW.  

You hear these four little words, "you need reading glasses." 

I know, I know...we age, it happens, get over it. But I didn't think it would happen to me...so soon. 

First of all, this September I sent my oldest son off to college. How can that be? And now I need reading glasses? Whatever happened to my youth and perfect vision? This just isn't fair at all. 

I feel youthful. I act youthful. Some even say I still look youthful. But apparently I've now reached that magical age of 43 (gulp) where words on the page started getting a little fuzzy. Apparently it happens to a lot of us. 

So, after a pathetic attempt to simply hold my book a little farther away, I went to the eye doctor and picked out a very stylish pair of glasses. If I have to get reading glasses they might as well be totally fun, right? I settled upon a pair of half frame green and brown glasses that are definitely a bit of a fashion statement. Now I'm actually a little excited for them to arrive! When life gives you lemons...you know how the saying goes. 

So in the spirit of fun, you know you're getting older when... 

• Your idea of a night out is sitting on the patio.
• Happy hour is a nap.
• You have more patience; but actually, it's just that you don't care any more.
• You consider coffee one of the most important things in life.
• You know what the word "equity" means. 

How many of those statements can you relate to? 

If you find yourself in the Lake Zurich area and need a new pair of glasses, visit The Eye Works, Ltd. at 820 W. Main (Rt. 22), Lake Zurich, IL 60047. Their phone number is (847)540-1144. They have some gorgeous and stylish glasses to choose from...who knows, you might just release the fashionista within!

With the economy being what it is, many are trying to save or earn a few extra bucks here and there. If you have the time and inclination you could hold a garage sale, list unused household items for sale on ebay or craigslist, clip coupons or even get a part time job. If you simply want to save a few dollars, you could brew your own morning coffee and bring your lunch to work instead of eating out. One idea I particularly like: instead of buying a new outfit for that holiday party this year, swap clothes or jewelry with your friends! 

This isn't the first time that economic conditions have forced people to become a little more mindful of their spending habits, and it won't be the last. I remember being a kid during the mid 1970s when it was popular to add a fabric border to the bottom of our bell bottoms to extend their wear when they became too short. Now, I certainly don't want to bring 70s fashion back but just to make a point that when you get creative you not only save money but could start a trend as well! 

Many are struggling because they simply don't pay attention to what they spend day by day. They don't think that the little things add up like they do. A dollar here, a dollar there and before you know it you could find yourself in debt. On the flip side, if you save a dollar here or there you could discover that it adds up to a lot more than you think. 

For many years now, we've thrown our spare change into a big glass jar in our guest room closet. Today I decided to take it into the bank and have it counted and deposited into our account. You would have laughed if you could have seen me struggling into the bank with my big bag of spare change. I felt a little silly, to be honest, but also curious to know how all those pennies, nickels, dimes and quarters would add up. As I stood there listening to the coin counter machine adding away, I started getting a little excited. Would I have $100, $200 or even more? It sure was taking a long time! 

Finally, the teller came back to the counter and asked me to guess how much money was in the bag. I guessed around $250. WRONG! I was surprised to find out that my bag of change was actually worth (drum roll please) $543.19! WOW! Who would've thought that our spare change could be worth that much money? 

Today I learned firsthand that a penny saved truly is a penny earned. If you look around your house and get a little creative, you might just find some extra money as well. Just don't resurrect those 70s fashions, please. 

A little more than a year ago, I wrote an article entitled, Success may mean NOT selling your home! This article is even more appropriate given today's market conditions. This market is challenging, but you do have options. Read on...

Success may mean NOT selling your home! 

You've had your home on the market for months. You've done everything correctly:

• You hired a professional REALTOR (who has marketed it every which way possible)
• You made all repairs before listing
• You allow easy showing access
• It's been staged it to perfection
• It's priced correctly and/or you've reduced the price

But still it's not selling. What else can you do?

Here are some options to consider:

OPTION 1: If you don't HAVE to sell, take it off the market!

Many homes are currently on the market that don't need to be. The sellers would LIKE to sell, but they don't HAVE to sell. If you are one of those sellers, you may wish to consider removing your home from the market and re-listing it next year. Right now, inventory levels are very high and your motivation to sell may be very low. Why rack up market time (which eventually results in a lower sale price) if you don't have to? Finding a buyer right now is like finding a needle in a haystack. Re-list your home when there are less needles and more haystack.

When you do re-list the property...re-hire your current agent! He or she has worked very hard and spent a lot of money promoting your home. Plus, he or she knows your home and has all of the photos, tours and other marketing already in place to quickly and easily get your home back on the market when the time is right.

OPTION 2: Consider a contingency

When the market was hopping, sellers would not even consider taking an offer that was contingent upon the buyer selling his or her own home first. Now may be the time to reconsider contingencies. If you are a seller who does not have a specific time frame for selling, if you are flexible, then this may be an option for you. There are buyers out there who are looking for a seller who will accept a home sale contingency. You may get a higher offer because a buyer may want to make up for their contingency. In addition, there is nothing about a contingent offer that prevents you from entertaining other offers. This may be your ticket to moving up the property ladder!

Plus, imagine the impact on your advertising by being able to add these words to the listing remarks: "Seller will entertain home sale contingencies!" Wow.

Of course, you must be cautious about accepting an offer that is contingent. If it falls through, you could be back at square one. Your agent will thoroughly research the buyer's current home to help determine whether it is priced correctly and likely to sell in the time frame set forth in the offer. Carefully weigh the risks and rewards before making any decisions.

OPTION 3: Become a landlord

This is certainly not for everyone, but there are some circumstances where it may be a viable option. Perhaps you bought very recently and your home hasn't appreciated...but your company transferred you out of the area. With long market times and the inability to drastically reduce your price, you may be faced with double mortgage payments. A tenant will pay your mortgage for you! Sounds good, right?

Not so fast. Before determining if this is a good option for you, you must talk to your attorney about the fees you will incur with drawing up a lease and your legal obligations as a landlord. You should also consult your tax advisor to discuss the potential impact on your taxes due to rental income. Of course, the biggest concerns are whether your tenant will damage your home, refuse showings (should it be offered for rent and sale simultaneously at any time), "forget" to pay their rent, or refuse to move out and need to be evicted. 

Did you know that your REALTOR may be able to offer your home for sale on the local Multiple Listing Service? For more information about renting your home, consult your agent. You will pay a commission for this service, but the exposure is well worth it.

Well, there you have it. Three options that you may not have thought of pursuing in this challenging real estate market. Remember, our job as real estate professionals is to help you navigate the real estate market. We want you to be successful. Sometimes that means delaying the sale of your home, or not selling at all!

Online shopping is a great way to gather information and comparison shop without driving all over town and it also allows you to purchase things from companies that do not have nearby retail outlets. Sometimes you can get a better price than you could locally as well.

There are drawbacks to buying things online, however. For one thing, you can't really get a feel for the color, fit, quality, size or condition of the item, no matter how many pictures are taken from different angles or how well written and descriptive the advertising. Then there is the difficulty (and cost) in returning something that ends up being not quite right. 

Even with the plethora of information available online today about real estate listed for sale (multiple photos, descriptive ad copy, virtual tours, videos, maps, street views and community information) there is absolutely no substitute for seeing a property in person prior to purchasing it.

What is the neighborhood like? How far is the house from schools, businesses and restaurants you frequent regularly? How many cars are parked in the street? Is there a barking dog next door? Are the neighbors friendly? Is the street filled with potholes or is it well maintained? How many short sales or foreclosures are in the area? If it is evening, are there streetlights or unsavory people lurking around? Is there a landfill or industrial park one block over? Is there water damage in the basement or cracks in the foundation? Curling shingles on the roof? Is there a lingering odor of smoke or pets? Is the house clean? Do doors, drawers and windows open and close easily? Is the carpet worn? Does the floor plan fit the needs of your family? Do you like the views from the windows? 

I could go on and on but you get my point. Although photos and descriptions posted on the internet aren't meant to be misleading, they are designed to showcase a house at its very best. Consider this:

The advertising efforts of a real estate agent will result in many showings of a house to potential buyers. However, despite the fact that each and every potential buyer "liked" the house when he or she viewed it online, most decide that it doesn't actually fit their wants or needs once visited in person.

Believe it or not, there are some online only real estate companies that advocate buying a house online, sometimes sight-unseen. They encourage buyers to shop for a new house online, to prepare their own market analysis and to formulate their own offer without the assistance of a real estate agent.

Please don't turn your most expensive purchase into your biggest mistake by purchasing a house online without seeing it in person. It is one online purchase that can't be returned if it ends up being not quite right.

A seller has his house on the market.

His house is exactly the same model as another house in the same neighborhood that sold for, let's say, $290,000 a month ago (it was listed for $305,000). The seller's own house, while nice, is not as updated as the house that recently sold for $290,000.

It is October in Northern Illinois, and the market is experiencing not just a seasonal lull, but an economic related housing decline as well.

The seller should:

A. List his house for $305,000, but stage it and add a few updates, such as new light fixtures, a new roof, granite countertops, and a fresh paint job; so that it more closely resembles the most recently closed comparable.

or...

B. Price his house below $290,000.

I know what I would recommend if this were my client (it's NOT). What about you? 

Many agents are hunkering down for the long, cold winter ahead. They have suspended spending money on their businesses. They no longer prospect, mail, network or attend meetings. They are feeling beaten down by the housing market and the economy and have therefore decided to hibernate until it's all over and the smoke clears. Some can do this, because they have another source of household income. Others cannot and are either leaving the business entirely or finding it necessary to make some additional income of their own. We all need to do what we have to do to survive, and I wholeheartedly support each and every one of you as you make the decisions that are best for you and your family.

When I log onto Active Rain each morning, I am greeted by a plethora of posts on every topic imaginable. I learn from it. It helps give me perspective and ideas on how to improve my own business. It helps me understand other points of view on a variety of topics. It helps get my creative juices flowing. When I write a post myself, it feels good to express myself and my opinion, all the while knowing that just by being myself I am likely to attract new business. It also feels good (and productive) to do my small part to encourage, inform and educate other agents as well as prospective buyers and sellers.

When times are tough, as they are now, it's nice to have someplace to go where everybody knows what it's like to be in the real estate business.

Now I won't pretend for a minute that there aren't posts that make me angry, disappointed or upset. There are. Real estate agents, who should be supportive of one another, are sometimes their own worst enemies. I also won't pretend that everything is all sunshine and roses in the housing market; it's not. Times are tough, and likely to get tougher.

Generally speaking, however, this is an extremely supportive community and for many of us, a solace. It's nice to know that others share our opinions, our values, and our love of the business. It's nice to know that a small comment can make someone else's day. It's just nice to have someplace to go where agents aren't in hiding, but are actively working and doing whatever they can to improve their businesses. Even through our struggles, it's nice to know that others are sharing the same experiences, frustrations and achievements. 

Active Rain: Where everybody knows what it's like to be in the real estate business. 

I'm grateful...are you?