Gary Mancuso's Blog

"A Day In Our Village"

Gary Mancuso (Oak Park Real Estate) — Thu, 31 May 2012 10:32:44 -0700

Looking for somethisng to do this weekend? Check out "A Day In Our Village" is this Sunday, June 3rd.

It's the biggest festival that Oak Park has all year and has brought up to 25,000 people out to the parks and local businesses—and it does it all with only a couple dozen volunteers.

The 39th annual festival, A Day in Our Village, will be held June 3 at Scoville and Rehm parks. As in previous years, there will be musical entertainment, food from local vendors and hundreds of local businesses and organizations making their presence known, said Community Relations Director Cedric Melton.

Unlike some of village fairs that mostly offer things for sale, this event is a way for new, old and prospective residents to learn about government agencies, social services, schools, religious organizations and community-minded businesses in Oak Park, said Mike Stewart, who's been the chair of the organizational committee for the past three years and involved for at least 10 years.

This year there are about 150 groups that will set up booths in Scoville Park, while Rehm Park will mostly feature activities for kids. A free bus is available to shuttle visitors between the two places. Read more...

Oak Park House Sales Seem To Be Turning For The Good!

Gary Mancuso (Oak Park Real Estate) — Fri, 11 May 2012 08:35:48 -0700

Houses for sale in Oak Park are starting to going under contract within very reasonable periods of time. As an example, in the month of April there were 36 houses for sale that went under contract. I am telling you that this is terrific news!

As a Realtor with Remax in The Village, Realtors and the past president of the Oak Park Area Association of Realtors I was snooping around the Realtor side of The MLS yesterday and I would like to report to you that of Realtors I have developed many personal Realtor contacts in the Oak Park area and talking to them, everyone to the person says the same thing: House sales in Oak Park are selling very well if priced right. Definitly we are doing better than a year ago.

However, the same cannot be said for Oak Park condos for sale. This market segment in Oak Park remains stagnant and will continue to suffer for several more years. If you happen to own a townhouse in Oak Park again, if priced well you should do OK.

For more real estate information please visit Remax in The Village, Realtors, Oak Park or Remax.com or GaryForHomes.com

So It's A Good Deal -- But Is It A Good Deal For YOU?

Gary Mancuso (Oak Park Real Estate) — Thu, 12 Apr 2012 09:20:08 -0700

You have been looking and hunting for that "deal" in this buyer's market -- and you think you've found it -- but have you? Understanding what constitutes a Good Deal may be more personal than you think. The thrill of the search and looking at real estate can put your head in a spin and your heart may become attached to a certain home. However, when you get to the point of putting in an offer, step back and make sure you have a clear mind about the property -- not just the price.

Price Is Not Everything While the price of the home may be attractive, it isn't cheating to ask why it is so low. Is the home in need of repair? Are there permits required to make those repairs? How extensive are they? Can you live in the dwelling while those repairs happen? Are you capable of doing the repairs yourself, or will you hire someone to accomplish the tasks? Do you have the constitution to deal with the repairs -- are you able to make decisions, do the research, hire the right people, and have the tools/time you need?

While price may be a driving factor, in real estate it is often location. Did you find a good price but in a location that you are compromising? If so, this is one factor you cannot change. Think hard if you are compromising on this one. Commuting a long distance takes time and gas, which can be figured as dollars, making that low price not so low.

Look at features of the home, landscape, location or neighborhood that make it uniquely suited for you, or that affect the price. Understand these before you buy. Even if you never plan to have children attend the local schools, you still might want to know about the schools in your area - it is part of the entire profile of the property you are buying. Look at hospitals, bus routes and other aspects of civil services in the area, too. Some people want to be close to everything, some prefer to be off the main flow - but most importantly: does the profile of this property feel right for you?

When The Price Is Not The Price

A large home with poor insulation, an aging furnace or heating/cooling system, older windows, roof in need of repair or other "big ticket" needs can quickly affect your budget after you buy. Have an expert evaluate features like pools and hot tubs, as these attractive perks might not be in good repair or cost more than you expect to operate and maintain. And remember: pools need to have adequate fencing and safety features. If you need to add them, it could be expensive.

Smaller homes might require that you rent office or storage space off site -- also affecting your budget. And don't forget property taxes, homeowner's or condo fees -- these are annual expenses that must be considered. Don't forget to look at driveways and sidewalks, if you are responsible for these. Often overlooked, replacing or repairing sidewalks that present liability issues might be a pricey fix.

Issues around location can also lead to hidden costs. Longer commutes, poor or inadequate parking, security systems for homes and cars, or costs to keep the home at the level of the neighborhood can add to your expenses. If you plan to work from home, or have clients into your home office, be certain that your business is welcome in the neighborhood. Some cities or communities have strict regulations about running a business from your home. If you cannot use your property in the way you want or need to, then it might not be good for you.

Know Thyself: The Key To Knowing A "Good Deal"

Understand how you deal with stress. If you can't handle the stress of a remodel or complicated/lengthy transactions, getting a house that is in foreclosure or requires extensive work might not be such a good deal. Permits require understanding codes or hiring contractors who do -- but ultimately the homeowner is responsible if there is a permitting issue. Moving itself is stressful, so consider when your "good deal" brings any extra stresses with it. Some people thrive on getting a good deal and doing home projects, so they have extra energy to deal with such things. Know if this is you.

Emotion Vs. Reason When Selling

Gary Mancuso (Oak Park Real Estate) — Fri, 23 Mar 2012 11:17:24 -0700

While getting the property ready to sell...
When conversing with real estate agents, you will often find that when they talk to you about buying real estate, they will refer to your purchase as a "home." Yet if you are selling property, they will often refer to it as a "house" or "property." There is a reason for this. Buying real estate or "Your New Home" is attached in part, to emotions, but when selling real estate, it is important for you to remove emotion from the equation.

You need to think of your house as a marketable commodity. "Property," "Real estate". Your goal is to get others to see it as their potential home, not yours.

Understanding this aspect of selling your home puts you one step closer to your goal of selling the property. It also makes the sale happen more quickly. Remember, the person buying the property is looking at it as "There next Home" (emotionally) So, removing certain things that made your house a home, leaves room for others to see it more clearly as "their next home."

Existing-Home Sales Continue to Climb in November

Gary Mancuso (Oak Park Real Estate) — Wed, 28 Dec 2011 11:49:24 -0800

Washington, DC, December 21, 2011

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.

The latest monthly data shows total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.99 percent in November from 4.07 percent in October; the rate was 4.30 percent in November 2010; records date back to 1971.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said housing affordability conditions have set a new record high. “With record low mortgage interest rates and bargain home prices, NAR’s housing affordability index shows that a median-income family can easily afford a median-priced home,” he said.

“With consumer price inflation rising by more than 3 percent this year, consumers are looking to lock-in steady payments by taking out long-term fixed-rate mortgages. However, the problem remains that some financially qualified families who are willing to stay well within their means are being denied the opportunity to buy in today’s market by the overly restrictive mortgage underwriting situation,” Veissi said.

An elevated level of contract failures continues to hold back a broader sales recovery. Contract failures² were reported by 33 percent of NAR members in November, unchanged from October but notably above a year ago when it was 9 percent.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including lower conforming mortgage loan limits, home inspections and employment losses.

Also released today are benchmark revisions³ to historic existing-home sales. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product.

“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service (MLS) data or local supply-and-demand balance, or to local home prices,” Yun explained.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Mortgage rates near historic lows for third straight week

Gary Mancuso (Oak Park Real Estate) — Sun, 27 Nov 2011 14:21:34 -0800

Welcome back fellow Oak Park/River Forest/Forest Park area visitors! Mortgage rates were little changed this week, with rates on 30-year fixed-rate mortgages at or near 4 percent for the third week in a row, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

Rates on 30-year fixed-rate mortgages averaged 4 percent with an average 0.7 point for the week ending Nov. 17, essentially unchanged from 3.99 percent last week and close to the all-time low in records dating to 1971 of 3.94 percent seen during the week ending Oct. 6. At this time a year ago, rates on 30-year fixed-rate mortgages averaged 4.39 percent before climbing to a 2011 high of 5.05 percent in February.

Rates on 15-year fixed-rate mortgages averaged 3.31 percent with an average 0.7 point, little changed from 3.3 percent last week and close to an all-time low in records dating to 1991 of 3.26 percent seen during the first week of October. At this time a year ago, 15-year fixed-rate mortgages averaged 3.76 percent, before climbing to a 2011 high of 4.29 percent in February.

For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.97 percent with an average 0.6 point, down imperceptibly from 2.98 percent from last week and a hair above the all-time low in records dating to 2005 of 2.96 percent last seen during the week ending Nov. 3. At this time a year ago, rates on five-year ARMs were averaging 3.4 percent, before climbing to a 2011 high of 3.92 percent in February.

Among homebuyers, 85.5 percent sought 30-year fixed-rate loans, 6.9 percent sought 15-year fixed-rate loans, and 5.9 percent applied for ARM loans. That was the lowest ARM share for purchase loans since the MBA's Weekly Mortgage Applications Survey was rebenchmarked in January.

See ya next time!

Thank you for my FREEDOM!

Gary Mancuso (Oak Park Real Estate) — Fri, 11 Nov 2011 12:42:07 -0800

On this Veterans Day I came across this post from another Realtor that I found so appropriate. We must never forget their sacrifices. Never forget.

Gary

Via Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) (Knipe Realty):

Lately I have been seeing lots of protests and even heard of one protester asking why we should give vets who got injured during war money, but not him. Well, let me tell you why! Because the soldier got injured protecting your freedom to say stupid things like that! They got injured doing their job, yes job, something you can’t get because you are high on drugs and have tattoos all over your face.

That veteran sacrificed for us and we should support him, you on the other hand have done nothing for this country and expect everything. Today, I thank each and every vet, alive and dead as you all make this great country what it is and hopefully always will be… FREE!

Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)622-8739

I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

What if there was a way you could search the MLS for FREE just like Realtors

Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!

Click here to start your FREE home search now

Selling Your Home: Some Very Important Points

Gary Mancuso (Oak Park Real Estate) — Wed, 28 Sep 2011 15:40:58 -0700

Here are some very important tips that I highly recommend when selling your home.

Detach yourself emotionally

Over the years I have learned the buying real estate is an emotional decision, but the opposite needs to be true for selling real estate. Emotions can get in the way of selling your property.The more attached you are, the harder it will be to convince a potential buyer to see themselves as the new homeowner.Try to get used to the idea that the home will no longer be yours. Think of it as a product to be sold. Visit every room and say "good-bye." Visualize yourself handing over the keys. Try it, I am telling you this simple exercise works wonders for you emotional state of mind.

First impression

Outside:

Pressure-wash the siding or add a fresh coat of paint. Use neutral colors such as white or off-white. Repaint or replace the shutters or gutters as needed. A contrasting color is a nice touch. Add a new doormat. Repaint or replace the front door. Make sure the front door opens and closes securely and locks easily. Make sure the house number can easily be read (replace faded numbers and remove obstructions).

Curb appeal can create a good first impression. Cut the lawn weekly while showing your home. Keep the lawn edged, fertilized and watered. Trim the bushes, prune trees and shrubs, remove weeds from the garden. Consider planting seasonally appropriate plants to add color. Plant shrubs to fill space where needed. Keep the yard tidy. Rake the leaves in the fall. Keep the walkways clear of snow in the winter. Store lawn equipment, toys, or any other large objects that my obstruct walkways.

Inside:

Paint walls in a neutral color to appeal to a wide range of buyers. Replace burned out light bulbs. Replace carpeting or flooring that is worn out or dated.

Create an impression of order around the house (shirts in the closet facing the same way, coffee mugs in the kitchen with handles pointed in the same direction). Dishes should be put away or stacked in an orderly fashion.Towels should be freshly clean.

Keep the home bright. Open all blinds, drapes and curtains to let in maximum light. Turn on as many lights as possible, including appliance lights and closet lights.

Removing clutter

After years of living in your house, clutter collects everywhere. Removing it is a challenge since you are attached to some of these objects. You may not even be aware how much you've accumulated.Bring in another set of eyes such as a friend or neighbor to help point out areas that appear cluttered. Your agent can also help with this.

Remove as many personal items as possible - you want the buyer to visualize themselves as the homeowner and your personal effects could inhibit this process. For example, remove any family photos, books from the bookcases, and accoutrements from tables and shelves.Sell, donate or throw away items you no longer want or need. Rent a storage space to keep kick-knacks, photos, extra furniture, and other personal items. Essential items can be placed in a box and stored in a closet.

Create an open environment , free from clutter. Remove any extra furniture or objects blocking access to closets or cabinets.Keep walkways clear. Create as much space as possible. Allow the buyer's imagination to flow freely.

*Useful tip: Remove built-in appliances and fixtures you want to keep. It could be a deal breaker if the buyer learns they are not included with the home.

Limit expenses

Fixing up your home for selling need not be an expensive proposition. Focus on the major issues, such as fixing broken windows or a leaky roof. Fixing a leaking roof is less expensive than having a buyer negotiate a new roof.

Eliminate odors

Smoking and pets are a source of unwanted odors. If you're a smoker, you may want to move your smoking outside while showing your home.An air neutralizer such as an ozone spray can help eliminate smoking odors while not leaving behind the scent of a masking odor. If you are a pet owner, you may have become desensitized to the odors your pets leave behind, but others are not so immune.Cat owners should change the kitty litter daily and hide the litter box when showing the house. Shampoo the carpets. Use a carpet freshener periodically. Invite a third-party such as a friend or neighbor to assess your efforts.

Air out the house just before a visit from a potential buyer. Fill the home with inviting smells, such as scented potpourri and fresh flowers.Baking cookies, cinnamon rolls or home-made bread adds a warm and inviting atmosphere to your home.Starting a fire in the fireplace is also a nice touch.

I hope this helps! Gary

Here Is Five Ways For Coming Up With Cash for A Down Payment

Gary Mancuso (Oak Park Real Estate) — Mon, 15 Aug 2011 13:01:43 -0700

I have found that most home buyers’ biggest hurdle is coming up with the cash for a sensible down payment. Gone are the days of zero-down loans, so if that was your plan, you’re going to need a new one! Coming up with a down payment for a home is a challenge because it’s not chump change we're talking about, here. The down payment on a $200,000 house, for example, will run you anywhere from $7,000 (on an FHA loan) to $40,000!

The good news is that if you still need some help to boost your down-payment savings, there are resources you can harness to power your home-buying pursuit:

Most home buyers’ biggest hurdle is coming up with the cash for a sensible down payment. Gone are the days of zero-down loans, so if that was your plan, you’re going to need a new one! Coming up with a down payment for a home is a challenge because it’s not chump change we're talking about, here. The down payment on a $200,000 house, for example, will run you anywhere from $7,000 (on an FHA loan) to $40,000!

That might seem like an insurmountable amount of coin to come up with, but it’s actually more doable than you might think. Some buyers will simply save up their own cash, even if it takes many, many moons. The good news is that if you still need some help to boost your down-payment savings, there are resources you can harness to power your home-buying pursuit:

The FHA Bridal Registry. Yes - you read that right! The FHA Bridal Registry Program enables wanna-be home buyers to apply their families’ wedding gifts toward their down payments. And although it’s named a “bridal registry” program, you don’t have to be a prenuptial couple to use it. You could also use this program to collect gifts for graduation, the arrival of a baby or some other major life event in which people want to give you gifts.

The FHA Bridal Registry works like a traditional registry, but is more flexible. The registrants visit their choice of FHA mortgage lenders and set up what essentially is a custodial savings account for the sole purpose of funding their down payment. The couple’s (or individual’s) family and friends can either deposit funds directly into the account or give the cash or check to the couple or individual, who then deposits it into the account. The account’s flexibility also goes beyond that of traditional down payment gift rules that are applicable to FHA loans, which are detailed below in insider secret #2. With the FHA Bridal Registry Program, the only gift documentation required is “lender and borrower certification of the funds.”

Family gifts. Most lenders will allow home buyers to apply gift money from family members toward their down payment - within guidelines, that is. First, the lender will require a letter from the giver verifying that it in fact is a gift and not a loan. (They generally frown upon it being a loan because it would add to the buyer’s debt and change their debt-to-income ratio.) And second, the person giving you the money must be a relative. The reasoning here is that a friend will most likely expect you to repay the money, whereas a relative won’t.

FHA loans will allow the gift to make up any portion or all of the buyer’s down payment, many conventional (non-FHA) loan programs will restrict the proportion of a buyer’s down payment that can come from gift money. The lender may also have specific ways they want to see the money go into and out of your accounts. Before you accept a gift toward your down payment, be sure to check with your mortgage broker or loan rep to be sure that you’re dotting all the right i's and crossing all the right t's.

Your Employer. Some companies offer assistance programs to employees. Most are government, university, large company and financial industry employers. One example is safety workers: n some areas, safety workers like firefighters and police can have access to down payment grants from their employers if they buy properties in the city where they are on-call as first responders. Also, many large colleges and universities, very large companies and banks and lending institutions offer down payment help and have below-market-rate mortgages set up for faculty members and staffers. Check with your Human Resources department to see if any such program is available to you.
City/County/State Programs. Some states, counties and cities still offer programs that lend or give home buyers some assistance for down payments. These programs vary widely in scope - for instance, many target buyers with low and moderate incomes, while some seek to help the buyers of foreclosed or fixer-upper type homes. Some don’t have to repaid - meaning they are given as grants and are forgiven entirely if the buyer lives in the property for 30 years, but must be repaid if the buyer sells or rents the home out before the 30 years elapses. The programs pretty much all have some sort of homeowner education component that requires applicants to take personal finance and homeownership preparedness classes before they can receive funds. To learn more, visit your city, county and state websites to learn about programs that might be able to help you.

Your Retirement Funds. Many financial advisors would advise against this, but if you have a 401K or Roth IRA account and some years to go before retirement, you might be able to tap into it or even borrow against your own funds for your down payment. Currently, you can take up to $10,000 out of your Traditional IRA with no penalty to put toward the purchase of your first home, but you will be taxed. You can take as much as you want out of your Roth IRA contributions with no penalty or taxes, though, and as much as $10,000 from your earnings penalty-free for your down payment. The rules get a little tricky, here, so definitely check in with your tax and financial advisors.

And while you can’t similarly draw from your 401K, many retirement and pension plans will allow you to borrow the money against your funds, then repay it to yourself – at interest. So the choice there comes down to paying your lender back with interest or paying yourself with interest. That choice should be you! But first, get some advice from your CPA or financial planner. This option might not make financial sense for your particular situation. You must consult you financial planner or accountant.

I hope this information is helpful to you. As always, feel free to contact me anytime. I am here for you!

Negotiating Tips for Buyers

Gary Mancuso (Oak Park Real Estate) — Thu, 14 Jul 2011 16:07:19 -0700

Even with the help of an experienced real estate agent, the negotiating process can be frustrating and confusing. Many of us aren't involved in high-level business negotiations in our day-to-day lives, and even buyers who are savvy business persons aren't used to having a personal stake in the outcome. Good negotiating in real estate isn't about coming out victorious over the other side, it's about understanding the seller's motivations and striking a deal that satisfies all parties as much as possible.

The following tips can help you survive the negotiation of a real estate purchase:

Don't focus on price only

Many buyers make the mistake of thinking that price is the only point up for negotiation. Buyers can often negotiate quite a bit of value into a contract in addition to the number on the bottom line, such as a preferred closing date, the seller paying or contributing toward closing costs, concessions for home repairs, and so on.

Don't move too slowly

Real estate can be an aggressive commodity, and buyers who rest on their laurels run the risk of losing out on desired properties. On the other hand, buyers who have their financing in order from the start are best positioned to make aggressive offers and negotiate from a position of strength. The first step to jumping on a hot property is having your ducks in a row from the start.

Should you find a property that matches many of your wish list items, don't make the mistake of being overly hesitant. Make a firm, direct and quick offer to a motivated seller, stipulating a time limit for the response, and you just might get the terms you request.

Avoid responding on the spot

While you want to move fast, particularly in a hot buyer's market, never respond verbally to an offer or counteroffer. Ask for all offers in writing and respond in kind. You can still move quickly and with the help of your real estate and legal representation, but don't make any "handshake agreements" on the spot that may lead to issues later on.

Keep negotiations professional

It can be difficult not to take negotiations personally, especially when your potential home is at stake. The need to stay calm and removed from the situation is a strong reason to have the guidance of a dedicated real estate professional who will represent your interests while keeping an even keel. As negotiations progress, remain composed and direct in all your dealings. Ask the seller to be specific about any terms they aren't satisfied with and ask for simple clarifications regarding the changes they would like to see. If a seller doesn't respond well to that sort of request, be prepared to walk away. Remember that ultimately this is just business, even if from a personal standpoint the stakes are raised.

Don't make a lowball offer without a reason

There can be very valid reasons for making an offer significantly below the seller's asking price. The home may be priced well above comparable homes in the market, may have recently been assessed at a lower value, or may require costly repairs or updates. Making a lower offer under these circumstances is well within reason and, if done tactfully, can persuade the seller to adjust their asking price down.

Don't be afraid to ask

Shrewd negotiators assume that nothing is ever truly off the table, at least not entirely. When done correctly, it doesn't hurt to ask the seller for special concessions. Interested in a piece of antique furniture or the barbeque on the back patio? Hoping the seller will pay to replace worn roofing or siding? Ask for what you want, within reason. As always, be prepared to remain flexible on other terms that the seller may ask for.

Don't obsess

When it comes to the negotiation for what may be your next home, it's easy to become anxious and follow the process relentlessly. Try to remember to relax, and if at all possible leave as much of the process to your professional guides. Doing so will leave you less stressed and more able to approach the negotiation without frayed nerves.

July 4th Celebration in Oak Park and Forest Park!

Gary Mancuso (Oak Park Real Estate) — Mon, 27 Jun 2011 16:07:42 -0700

It's going to be a busy and festive night in both Oak Park and Forest Park this Monday evening July 4th, 2011 as both Villages are planning festive firework shows. I've attended both these events over the years however, not simultaneously because that would defy the law of physics. Both Villages put on a great show which I highly recommend you attend. You will not be disappointed.

The annual GALA July 4th Fireworks Show will again be presented by the Great American Light Show Association (GALA), the local non-profit group organized to present the annual Independence Day celebration in Oak Park. Community Bank of Oak Park River Forest is the presenting sponsor of the GALA July 4th Fireworks Show for the twelfth consecutive year. GALA is a community-wide collaborative effort that includes representatives from the Park District of Oak Park, Oak Park and River Forest High School, the Oak Park Police Department, the Oak Park Fire Department and Community Bank of Oak Park River Forest.

The fireworks show will begin at dusk on Monday, July 4 at the Oak Park and River Forest High School stadium near the intersection of Lake St. and Linden Ave. The address for Oak Park and River Forest High School is 201 N. Scoville, Oak Park, IL. The fireworks show is open to the public and free of charge. Limited street parking is available, and two Village parking structures are accessible with one at Lake St. and Forest Ave. and another located at North Blvd. and Oak Park Ave. Approximately 25,000 spectators attend the fireworks show annually. In the case of a postponement the fireworks show will be held Tuesday, July 5.

The Forest Park July 4th fireworks show starts at 9:15 to be held at the Forest Park Park District Park on Harrison Street. Come early and enjoy the aquatic swimming pool. Most important have a safe and fun july 4th!

Removing Clutter, or One Man´s Clutter is another Man´s Treasures

Gary Mancuso (Oak Park Real Estate) — Thu, 16 Jun 2011 12:52:14 -0700

While fighting the option to return to your emotions, you must look at your home objectively. This can only be difficult if you are allowing your emotions to get the better of you. After years of living in the same home, clutter collects in such a way that may not be evident to the homeowner. However, it does affect the way buyers see the home, even if you do not realize it. Clutter collects on shelves, counter tops, drawers, closets, garages, attics, and basements.

Let a friend help point out areas of clutter. They will see things in a whole new light. You can also have your Realtor make suggestions. Go through one room at a time. Here is where the storage unit may come in handy.

Kitchen Clutter

Starting with the Kitchen is the most logical place as it is a main room for any house. If you're like me, you like to have certain small appliances at the ready as they are used daily. For the few months your property may be on the market, put them away. Just have the bare minimum on the counters. Put the toaster, coffee grinder, condiments like sugar and such in a cabinet. Take a weekend with the kids and clean out the pantry, dishes, pots and pans that rarely get used might as well be boxed up and put in that storage unit. Think back to when you were buying a home, you would open all the cabinets and closets to see if they were going to be large enough for your family. Your new buyer may do the same. You want to create "Open Space."

Beneath the sink is very critical, too. Make sure the area beneath the sink is as empty as possible, removing all extra cleaning supplies. You should scrub the area down as well, and determine if there are any tell-tale signs of water leaks, be sure you get with your handy man to fix this right away or ask your Realtor if he can suggest a handy man to you.

Closet Clutter

You know what they say about clothes closets3;if you have not worn it in a year, give it to someone that will or through it out. You may be amazed at the things in your closet that is not used in your daily life. Box them up as well. Try to think of it as the fewer things you have to box up after the property sells and you are ready to move into YOUR new home.

Furniture Clutter

Go to each room with a friend or your Realtor and take out all furniture that does not serve a purpose other then to look at. Box up and add to your storage unit. Then take out all the furniture that could make the room look bigger. You may have a couch and two chairs in the living room. Could you do with just one of those chairs and the couch instead? If so, take it to the storage unit. You can find pictures on line of how to stage your property for sale or ask your Realtor if he knows a designer that could help.

Storage Area Clutter

These areas should be as empty as possible so that buyers can imagine what they would do with the space. Remove anything that is not essential and take it to the storage area. Or have a garage sale with the intention of getting rid of things, NOT making a lot of money!

Junk Hauler

If you need a recommendation for a junk hauler I highly recommend Metro Junk Haulers. Ask for Marion Matas at 708-524-4533

Forest Park Summer Fest June 3 & 4, 2011

Gary Mancuso (Oak Park Real Estate) — Tue, 24 May 2011 14:29:24 -0700

Well, it's that time of year again. This weekend June 3rd and 4th, 2011 in Forest Park. I am referring to the very popular Forest Park Sommer Fest. Hosted by The Forest Park Chamber of Commerce & Development, this hip summer festival features live music, a beer garden, a food court starring popular local eateries, and local merchant sidewalk sale, demonstrations, 'Senior Square' with bingo and prizes, arts and crafts, children's entertainment, pony rides, face painting, a giant lighted slide and much more.

Growing in size and popularity each year, this family-friendly festival features two rock and roll stages. There will be two full dining areas as well as booths all along Madison so festival-goers can 'taste' why Forest Park was named "Best in Neighborhood Dining" in a 2008 Chicago Tribune poll!

One of the Chamber's biggest fund raisers, Summer fest draws upwards of 10,000 folks from all around the Chicagoland area, and is also a community favorite! There is no entrance fee thanks to the generosity of all the sponsors! I hope to see you there!

Electronics Recycling Comes To Forest Park

Gary Mancuso (Oak Park Real Estate) — Mon, 23 May 2011 19:15:06 -0700

Here's some intersting news. The Village of Forest Park has partnered with Vintage Tech Recyclers and the West Cook County Solid Waste Agency to bring the convenience of recycling electronic equipment to our hometown as part of an on-going weekly event. Effective immediately, you may dispose of your unwanted electronics such as televisions, copiers, monitors, laptops, printers, etc., at the Forest Park Public Works building located at 7343 W. 15th Street between the hours of 7am and 3pm, Monday through Friday.

Some items they are not accepting include batteries, stoves, refrigerators, dishwashers, and washing machines.

Art in the Park at Mills Park This Weekend!

Gary Mancuso (Oak Park Real Estate) — Thu, 12 May 2011 19:38:34 -0700

Saturday, May 14 & Sunday, May 15 10am-5pm

It's that time of year again. I am talking about "Art In The Park At Mills Park". A wide variety of artists will have exhibits on display which will include ceramics, glass, jewelry, paintings, photography, sculptures, and woodwork. Ther will be plenty of food along with music. If you have a an hour or a day come out and enjoy this great outdoor event. I don't think you will be disappointed.

Mills Parkis located at Pleasant St. and Home Aveenue in Oak Park. This event is presented by the West Suburban Artists Guild, this popular art fair features the work of over 100 area artists. Come for the art, stay for the food and live music!

For more information go to www.westsuburbanartistsguild.org.

22nd Annual Plant Sale at the Oak Park Conservatory

Gary Mancuso (Oak Park Real Estate) — Thu, 05 May 2011 13:37:30 -0700

Saturday, May 7th, 8am-4pm. Oak Park Conservatory, 615 Garfield St., Oak Park, Il.

22nd Annual Plant Sale

With the weather forcast looking great for this weekend I encourage you to attend this event and get a good start on your spring planting.

This annual fundraiser is sponsored by the Friends of the Oak Park Conservatory. Plants for sale include vegetables, herbs, and flowers and almost all are grown in our Conservatory greenhouses. This spring event is an Oak Park institution and should be experienced by everyone. They will offer a large selection of tomatoes, basil, geraniums, hellebores, ground covers, and much more.

The two-day sale begins on Friday, May 6 for members of the Friends of the Oak Park Conservatory from 1-7pm and continues on May 7 from 8am-4pm. The sale is open to the public on May 7. Pre-sale shopping privileges for members of the Friends are one of the benefits of membership others include the quarterly newsletter, "Conservatory Conversations," 10% discounts at our retail partners, and much more. To become a member or to volunteer, visit www.fopcon.org www.oakparkconservatory.com
Oak Park Conservatory | 615 Garfield Street | Oak Park, IL 60304 | (708) 725-2461

Lake Theater - Celebrating 75 Great Years!

Gary Mancuso (Oak Park Real Estate) — Tue, 26 Apr 2011 15:36:02 -0700

Having lived in the Oak Park area for most my life I have noticed that one of Oak Park's most famous landmarks happens to be also one of Oak Park's most visited attractions. I am talking about the Lake Theater on Lake St in downtown Oak Park. I remember as a youngster being dropped off along with my brother and sister by our mother for one of the many Saturday afternoon movies. How much fun was that. Today that same tradition is carried on with many other families.

Although they expanded from the one large theater concept to the current 7 screen theater through additional property acquisitions the original art deco center auditorium and exterior has been painstakingly preserved. The interior of the theater illustrate the fine detail to the original period when it was built. While preserving the Lake Theater, the owners kept current by offering all the amenities that you would expect in a modern theater including very comfortable seating.

If you are a current resident of the Oak Park area I am sure you are very familiar with the Lake Theater. If you are visiting from other areas please take the time to enjoy one of the special treasures of Oak Park. You will not be disappointed. For more information please them at visit http://www.classiccinemas.com .

So, I want to wish the Lake Theater a very Happy Birthday! Here's to the next 75 years!

Water-Saving Landscaping Tips

Gary Mancuso (Oak Park Real Estate) — Wed, 13 Apr 2011 18:49:39 -0700

As signs of sunshine start to peek through the fog of winter, we grow nearer to the season marked by the hum of lawnmowers and the smell of freshly churned soil. Spring, and the joys (or chores) of landscaping, are nearly upon us.

Depending on your point of view, gardening and yard work can either be a necessary evil or a cherished escape into the fresh air. But whether you're a minimalist landscaper or have the greenest of thumbs, the added expense of landscaping water bills can be an unpleasant reality every spring and summer. The tips below are just a few ways you can responsibly make it rain without draining your wallet dry.

Mulch Ado -

Adding a layer of mulch to landscaped areas doesn't just serve as an aesthetic touch; it's also one of the most effective and environmentally-friendly defenses against weeds that threaten to steal moisture from your plants. Mulch layers are air and water permeable, making them easy to plant into. Organic mulches such as hay, grass clippings, leaves and shredded bark will also improve the soil quality as they decay over time. Rubber, plastic or rock/gravel mulch layers can also be used with positive results.

Clamp Down -

Nothing wastes water quite as much as a needlessly running hose. Attach spray nozzles to all garden hoses to avoid leaving the water running. Spray nozzles also provide you with a little extra "oomph" of water pressure for watering hard to reach plants.

Hold the Sprinklers -

Using sprinklers can be a hassle-free way to water your lawn and plants, but if left on too long they can cost you a bundle while over-saturating your landscaping. Some sprinklers nowadays are equipped with built-in timing mechanisms and routines. As an alternative, you can install a simple faucet-mounted timer that remembers to shut off the water supply so that you don't have to.

Pay Attention to the Weather

Overwatering your plants and lawn costs you money, isn't good for the plants and results in a great deal of water runoff. Keep in tune with just how much rainfall (roughly speaking) your yard is soaking in. This can be accomplished either by monitoring local weather sites or by setting up a simple rain gauge in your yard. Typically, plants need about an inch of water per week during the growing season. If you have sprinklers set on an automatic timer, make sure to adjust it as needed during periods of seasonal rainfall.

Let it All Soak In -

Unlike traditional sprinklers, soaker hoses aren't susceptible to water loss through evaporation. Soaker hoses slowly drip water into the soil. When covered over with mulch, they have proven to be an extremely efficient watering method.

Pessimistic REALTORS® View Of The Current Residential Housing Market

Gary Mancuso (Oak Park Real Estate) — Tue, 22 Mar 2011 14:02:11 -0700

As anyone who's tried to sell a single family home or a condominium in the Oak Park / River Forest / Forest Park area knows that the residential real estate market is still sluggish. You can still sell a residence today but, you just have to be patient, and you absolutely have to set the right asking price for your home or condo.

A new survey by real estate information company HomeGain suggests that this is the market to which sellers, both in the Oak Park area, Chicago, and across the country, need to get used to.

HomeGain recently surveyed 750 real estate professionals about their view of the residential housing market for the rest of 2011. Their answers? They were pretty pessimistic.

According to the company's survey, 39 percent of REALTORS® and brokers predicted that home values will fall during the next six months. A total of 44 percent of REALTORS® and brokers predicted that home values will remain the same during this period.

This doesn't leave much room for optimism. In fact, a minority of 17 percent of REALTORS® and brokers told HomeGain that they thought home values would rise during the next six months.

If you're looking for something positive about the study, there is this: That 17-percent figure is actually an improvement. The same HomeGain survey in the fourth quarter of 2010 found that just 12 percent of REALTORS® and brokers predicted rising home values in the following six months.

It's hard to argue with the REALTORS® who are predicting a continuation of our sluggish housing market. After all, housing prices in Chicago have continued to fall. And there's scant evidence that I can find suggesting that they'll be on the rise anytime soon.

If you're trying to sell a condo or single-family home wether in Oak Park, River Forest, Forest Park or anywhere in Chicagoland, you owe it to yourself to take the results of the HomeGain survey seriously. The key to moving a residence today is to price it right. If you set an asking price that's too high, your residence, no matter its location or quality, will attract no solid offers.

Important Things To Avoid Before Buying a Home

Gary Mancuso (Oak Park Real Estate) — Fri, 11 Mar 2011 13:40:38 -0800

Don't Move Money Around. When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.

The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.

Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.

So leave your money where it is until you talk to a loan officer.

Oh...don't change banks, either.

The Effect of Changing Jobs. For most people, changing employers will not really affect your ability to qualify for a mortgage loan, especially if you are going to be earning more money. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.

How Changing Jobs Affects Buying a Home

Salaried Employees. If you are a salaried employee who does not earn additional income from commissions, bonuses, or over-time, switching employers should not create a problem. Just make sure to remain in the same line of work. Hopefully, you will be earning a higher salary, which will help you better qualify for a mortgage.

Hourly Employees. If your income is based on hourly wages and you work a straight forty hours a week without over-time, changing jobs should not create any problems.

Commissioned Employees. If a substantial portion of your income is derived from commissions, you should not change jobs before buying a home. This has to do with how mortgage lenders calculate your income. They average your commissions over the last two years.

Changing employers creates an uncertainty about your future earnings from commissions. There is no track record from which to produce an average. Even if you are selling the same type of product with essentially the same commission structure, the underwriter cannot be certain that past earnings will accurately reflect future earnings.

Changing jobs would negatively impact your ability to buy a home.

Bonuses. If a substantial portion of your income on the new job will come from bonuses, you may want to consider delaying an employment change. Mortgage lenders will rarely consider future bonuses as income unless you have been on the same job for two years and have a track record of receiving those bonuses. Then they will average your bonuses over the last two years in calculating your income.

Changing employers means that you do not have the two-year track record necessary to count bonuses as income.

Part-Time Employees. If you earn an hourly income but rarely work forty hours a week, you should not change jobs. There would be no way to tell how many hours you will work each week on the new job, so no way to accurately calculate your income. If you remain on the old job, the lender can just average your earnings.

Over-Time. Since all employers award overtime hours differently, your overtime income cannot be determined if you change jobs. If you stay on your present job, your lender will give you credit for overtime income. They will determine your overtime earnings over the last two years, then calculate a monthly average.

Self-Employment. If you are considering a change to self-employment before buying a new home, don't do it. Buy the home first.

Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.

Sellers: My Advice For An Appealing Exterior

Gary Mancuso (Oak Park Real Estate) — Wed, 23 Feb 2011 15:32:33 -0800

On a recent consultation with a seller in Oak Park, I was asked a question that I realized I am asked almost all the time when it comes to "What can I do to enhance the exterior of my home to appeal to more buyers?" The exterior is so important. A homebuyer's first impression is based on his or her view of the house from the real estate agent's car. Also, dont't forget the first photo a buyer sees on an internet site is the home's exterior. So here are some suggestions to improve your home's street appeal.

First, take a walk across the street and take a good look at your home. Look at nearby homes too, and see how yours compares.

Landscaping

Is your landscaping at least average for the neighborhood? If it is not, buy a few bushes and plant them. Do not put in trees. Mature trees are expensive, and you will not get back your investment. Also, immature trees do not really add much to the appearance value of the home.

If you have an area for flowers, buy mature colorful flowers and plant them. They add a splash of vibrancy and color, creating a favorable first impression. Do not buy bulbs or seeds and plant them. They will not mature fast enough to create the desired effect and you certainly don't want a patch of brown earth for homebuyers to view.

Your lawn should be evenly cut, freshly edged, well watered, and free of brown spots. If there are problems with your lawn, you should probably take care of them before working on the inside of your home. This is because certain areas may need re-soding, and you want to give it a chance to grow so that re-sod areas are not immediately apparent. Plus, you might want to give fertilizer enough time to be effective.

Always rake up loose leaves and grass cuttings.

House Exterior

The big decision is whether to paint or not to paint. When you look at your house from across the street, does it look tired and faded? If so, a paint job may be in order. It is often a very good investment and really spruces up the appearance of a house, adding dollars to offers from potential homebuyers.

When choosing a color, it should not be something garish and unusual, but a color that fits well in your neighborhood. Of course, the color also depends on the style of your house, too. For some reason, different shades of yellow seem to elicit the best response in homebuyers, whether it is in the trim or the basic color of the house.

As for the roof, if you know your house has an old leaky roof, replace it. If you do not replace a leaky roof, you are going to have to disclose it and the buyer will want a new roof, anyway. Otherwise, wait and see what the home inspector says. Why spend money unnecessarily?

The Back Yard

The back yard should be tidy. If you have a pool or spa, keep it freshly maintained and constantly cleaned. For those that have dogs, be sure to constantly keep the area clear of "debris." If you have swing sets or anything elaborate for your kids, it probably makes more sense to remove them than to leave them in place. They take up room, and you want your back yard to appear as spacious as possible, especially in newer homes where the yards are not as large.

The Front Door & Entryway

The front door should be especially sharp, since it is the entryway into the house. Polish the door fixture so it gleams. If the door needs refinishing or repainting, make sure to get that done.

If you have a cute little plaque or shingle with your family name on it, remove it. Even if it is just on the mailbox. You can always put it up again once you move. Get a new plush door mat, too. This is something else you can take with you once you move.

Make sure the lock works easily and the key fits properly. When a homebuyer comes to visit your home, the agent uses the key from the lock box to unlock the door. If there is trouble working the lock while everyone else stands around twiddling their thumbs, this sends a negative first impression to prospective homebuyers.

I hope these tips have been helpful.

Gary

Creating Your Very Own "Man Cave"

Gary Mancuso (Oak Park Real Estate) — Thu, 27 Jan 2011 16:31:08 -0800

It wasn't so long ago that many men chose the garage as a place of personal sanctuary-at-home, regardless of their interest in anything automotive. Often cramped and dimly lit, these makeshift hideaways were the stuff of folding-table poker and football games on the spare TV. Today the need for guys to carve out their own space at home is more widely acknowledged. As a result, more and more homeowners are converting their finished basements, attic spaces or spare rooms into masculine refuges. With a little bit of planning (and some savvy negotiation with the lady of the house), you too can create your own customized "man cave".

Getting Started

The last thing you want is a room overly crammed full of anything and everything you can jam into it. Before you begin, start thinking exactly what kind of activities you want to plan around. Is your main goal to have a perfect place to watch the big game? Looking for a permanent home to poker night? Perhaps you want a place to work out in comfort, or even a workshop space. By figuring out the focus of your man cave, you'll be able to tailor furniture, décor and space to match.

It may help to pick one element (home theater system, a pool table, jukebox, etc.) as both the centerpiece and inspiration for your man cave.

Space it Out

Carefully measure all dimensions of the space you have available, and do the same when considering the purchase of any furniture, hardware or stand-alone game systems. Maintain open walking paths throughout the room. If you're centering the room around a home theater system, keep in mind that you'll want to keep clear sightlines for the main seating areas in the room.

Durable Materials

Chances are your man sanctuary is going to go through its share of bumps, spills and accidents during game days, poker parties and guy's nights. Choose granite, sturdy laminate or durable wood surfaces for bar countertops, end tables and coffee tables. Pick thicker commercial-grade carpet to withstand tough treatment, and stick with darker colors that won't show every little spill. Thicker carpeting also helps with soundproofing, which will help keep the rest of the household happy.

Essentials

Most man caves will in some way involve three key elements - comfortable seating, a big TV and refreshments just a few steps away.

Seating - Wrap-around couches are a great way to welcome your buddies in style. And there's no going wrong with the classic man cave throne: the recliner.

Theater-Style TV's - Large flat screen televisions have become much more affordable in recent years, and with the expansion of HD sports broadcasts, blue ray and high def gaming systems, the technology is tailor-made for a guy's paradise.

Beverages - With refreshments nearby, you won't be forced to step away from the big game or fold that hand just to get another beverage or grab some more snacks. If you're not able to swing a full enclosed bar, you can purchase smaller portable bars in a variety of styles, or just go with shelving or built-in cabinets to store snacks. Either way, you'll absolutely want to include a small refrigerator in the plans.

Finishing Touches

While you're dreaming big, why not consider a few extras to put your man cave over the top:

Sports Memorabilia
Big Screen TV
Couches
Recliner
Bar area
Neon signs
Bar games: Pool, Darts, Air hockey, Shuffleboard, Foosball
Vintage signs
Poker table
Humidor

Criteria For You to Obtain the Best Mortgage Rates

Gary Mancuso (Oak Park Real Estate) — Wed, 01 Dec 2010 14:32:07 -0800

No doubt you're aware that mortgage rates have been low throughout the year. You've also probably heard that this fall has seen interest rates dip to record lows for the modern era. But you may have also heard that some buyers or refinancing homeowners are having difficulty obtaining loans at the lowest advertised rates. The loan application process is much more rigorous than in years past and the processing time for loan applications has grown.

How can you know whether or not you realistically qualify for the great rates being advertised? Remember that lenders are all about assessing risk - they are looking for applicants with a very low risk of defaulting on their loan. There are five key factors that a mortgage broker will look at when determining the rate you will pay on the loan:

Down Payment

Mortgages can still be obtained with low money down, but having a 20 percent down payment is the best bet if you hope to obtain the best interest rates. If you can afford to make a down payment in excess of 20 percent on the house, you will be in an even better position to take advantage of the lowest mortgage rates.

Assets

Lenders these days are going to be very exacting when reviewing your financial records. They will want to verify that you have the necessary cash to cover the down payment and closing costs. Banks will also want to make sure you have some amount of cash buffer as an insurance policy of sorts. All of this will need to be proven with extensive documentation, and many lenders will want to review several months' worth of your account statements. Lenders will also ask for copies of recent tax returns.

Credit

It's no secret that the strength of your credit score greatly affects the type of loan you will qualify for. The magic number to aim for is a FICO score of 700 or better. Clearing the 700 benchmark will qualify you for the best mortgage rates, while a score even just a few points below 700 can cost you as much of a quarter of a point in interest, which equates to thousands of dollars over the life of the loan.

Job Security

Not surprisingly, lenders will want to make sure that your career situation is stable enough that you will be able to continue to make the loan payments on into the future. Banks will want to see documentation to indicate how long you have been with your current employer. Ideally, you will have two years or more employed by the same company.

Loan Type & Loan Length

Adjustable mortgages have lower initial rates overall than fixed-rate loans. FHA loans will typically have a higher interest rate, as will jumbo loans (mortgages taken out on higher-priced homes). As a rule of thumb, fixed rate loans will have higher interest rates as the length of the loan increases, so a 10 year fixed rate loan will have a lower rate than a 15 year mortgage, which will in turn be lower than a 30-year fixed loan. And all mortgage rates vary from state to state and even from city to city, so the rates you see advertised nationally may not be relevant to your search for the right loan.

Have a great day,

Gary

Top 3 Cs When Selling Your Home

Gary Mancuso (Oak Park Real Estate) — Fri, 15 Oct 2010 14:12:14 -0700

Top 3 Cs when Selling your Home

CLEAN

It's imperative that your property is spotless when selling your home. This especially means staying on top of areas used daily such as the bathrooms, bedrooms, kitchens, and floors. Closets are other areas to focus your attention. A good tip is to weed out your closets so they are half full. This can send a message to the buyer that there is plenty of room and you didn't overgrow the space.
And, don't forget the exterior of your home. Keeping your driveway, sidewalks, patio and deck clear of debris and snow or ice not only makes your entrance more attractive, but also keeps potential buyers safe from slipping or tripping.

CLUTTER-FREE

Keeping your home clutter-free is so important when your house is being shown. The less clutter, the cleaner and more spacious a room looks. This means all the little things too. Pack up small items such as knick-knacks, cookbooks and toys leaving your counters, tables and floors with minimal or no items.

COLOR

Add punches of color through your décor - not your walls. Keeping your walls a neutral color helps buyers envision their own furniture and items in a room. Add warm accent colors into the space with towels, area rugs, bedspreads, artwork and throws.

Staging your home using the 3 Cs, can help you sell your home faster and for more money. A little time and effort can make a big difference.

Buyers Establish Your " List" of Priority Features

Gary Mancuso (Oak Park Real Estate) — Tue, 21 Sep 2010 12:18:04 -0700

Some Oak Park/River Forest/Forest Park Area Buyer Recommendations

Having represented Buyers in the greater Oak Park area for over 16 years I have learned that Buyers should cocentrate their strategy in purchasing a home in several areas. The following are some helpful suggestions. Please contact me anytime with any questions or concerns. You can contact anytime me through my email, garymancuso@comcast.net, or cell at 708-819-3005.

Every buyer has some vision of what they want in their next home. Buyers form a list (literal or subconscious) of the required elements and desired features that comprise their ideal house. Some items on that list may be seen as crucial; such as the number of bedrooms or size of the backyard. Other elements of that vision may be less essential but still highly sought after; such as hardwood floors or a two-car garage.

Every home buying adventure requires the buyer to weight the items on that list against each other. If you're trying to buy fast, identifying the most core home requirements is absolutely vital. Adaptability is the name of the game when you don't have the luxury of comparing months and months of homes on the market.

Before you ever start the housing hunt, write out a list of features you need and want in a home. Next, rank them from most important to least important. You may even want to separate them into two categories: "necessities" and "wants." The least critical items on your list (particularly if in a "wants/desires" category) should be those on which you are most willing to compromise.

Log Some Time Online

There is no substitute for touring homes in-person or getting to know neighborhoods firsthand (either on your own or with agent guidance). Yet home showings are typically limited to reasonable hours (no one wants to host buyers at midnight), and face-to-face visits can be time consuming. If you are on a short timeline, prolonged in-person home tours should be reserved for only those homes most likely to meet your needs.

Online home searches are the perfect way to fast-track the home search process. The easy-to use property search tools on the website allow you to browse through thousands of homes, filtering by core home elements such as price and number of bedrooms/bathrooms as well as detailed home features in the advanced criteria. Searching within the Google map view allows you to quickly compare the available homes on the market in different neighborhoods and areas.

For individual listings, online photo galleries and virtual tours (when available) give you a peek inside each property from the comfort of your own home. Registering for a free account gives you the ability to save individual favorites (which can then be organized and rated) or entire property searches. Email updates allow you to stay up to date on individual properties or particular saved searches. Many of these search tools are also now available on your web-enabled mobile device, allowing you to find and save homes while on the go.

Using the web to efficiently search will save time and more effectively narrow down your options. Online tools also offer night owls and early birds a great way to advance their home buying strategy while competing buyers sleep!

Get Pre-Approved for a Home Loan

Even highly motivated buyers should still make sure to secure financing before plunging headfirst into the house hunting stage. Obtaining loan preapproval gives you the flexibility to make a qualified offer as soon as you find a home in which you're interested. While you can shop for home loans after finding a desired home, many sellers won't take buyers seriously if they don't have preapproval in hand. In fast moving markets, waiting a day or two for preapproval can put you at risk of losing the home to (or entering a bidding war with) a more qualified buyer.

The preapproval process involves the lender verifying your income, assets, debts, and credit history before issuing you a letter stating that you are approved for a mortgage up to a specific amount within a certain timeframe. Remember that prequalification and preapproval are not synonymous. Prequalification can serve as a good indication to sellers of your overall creditworthiness, but is nonbinding to the lender.

In addition to making you more attractive to sellers, having preapproval further helps you establish your price range (because the maximum approved amount is stated in the letter) and saves you time at closing (the lender will have already completed the necessary qualifying and underwriting steps).

Try to Find Motivated Sellers

Receptive sellers are always a buyer's best friend, but are even more so when the buyer also wants to streamline the transaction. Ways to look for motivated sellers:

Price reductions: In some cases, price reductions may simply indicate misjudgments made in the original pricing of the home relative to the market conditions. But sellers who reduce the listing price once or multiple times may be looking to attract buyers in a hurry and speed the sale along.

By the same token, a home with an original asking price that is below the market for comparable homes may indicate the seller's desire to unload their property sooner rather than later.

Vacant homes: If a property is vacant, there is a good chance that the seller is currently carrying both the listed home's mortgage as well as one on their new home. At the very least, they may be paying rent at their current residence on top of the listed mortgage. Sellers in either situation are more likely to be motivated to sell quickly and with fewer concessions. Also working to your benefit is the fact that vacant homes translate to a faster move-in.

"Stagnant" Listings: Check for homes that have been on the market for six months or more (or listings whose "days on market" number is far higher than for comparable homes). The sellers of these homes may be more inclined to sell with a somewhat quicker negotiating and closing process.

As always if I can ever be of assistance to you or family and friends please don't hesitate to call me.

Best Regards,

Gary Mancuso

www.GaryForHomes.com

garymancuso@comcast.net

708-819-3005