Thinking of selling? Add this to your consideration set
One of my favorite parts of real estate is that every year brings with it a new market. Whereas last year we couldn’t satisfy the demand for fixer uppers, this year it’s a totally different ballgame. This year’s buyer wants their own HGTV perfect home. They don’t want projects, or DIY anything. They want a home they can move into and enjoy. Maybe the uncertainty of the market is what is driving buyer’s aversion to uncertainty?
For sellers this is a very tall order. With rumors swirling around about a potential recession, the stakes for sellers get even higher. The tougher the market, the smaller the margin for error. Compass wanted to figure out a way to help sellers offer a superior product, without creating logistical and financial nightmares. The result is called Compass Concierge, and I think it is absolutely brilliant.
In a nutshell, any seller working with a Compass broker can have Compass front the cost for a remodel, painting, deep cleaning--really whatever it takes to make the home look its best. When you close on your home, Compass is paid back dollar for dollar. That’s it!
Potential Compass Concierge services include:
Deep-cleaning
Cosmetic renovations
Decluttering/staging
Landscaping
Interior + exterior painting staging
Roofing repair
Water/heating/electrical work
Plumbing repair
A major renovation!
What I really love about the program is that while you may have the money to redo your bathroom, Compass is taking your risk out of the equation. It’s a win-win!
When does Compass Concierge make sense?
So now I know you’re wondering when I think using Compass Concierge makes the most sense. First, it’s totally a case-by-case basis, so if this is intriguing, definitely give me a call. But, a few rules of thumb: if you have kids, I totally understand that renovations might not be in the cards. But that aside, if you have cherry cabinets for example, I would definitely get them painted. If you have bold colored walls, those should be painted in neutral tones. Basically I think paint can make a huge difference in modernizing a space, and it is almost always worth it!
How does the potential economic slowdown factor in?
The other thing on everyone’s minds is when this economic slowdown will hit, and how bad it will be. In my humble opinion, we are actually due for a natural slow down--yes, due! The real estate market is cyclical, going up for six years and then down for six years. We have been on an upward trajectory for nine years! So, it’s time for a more neutral marketplace, which I am actually looking forward to, if I’m honest. We have tight, effective lending regulations in place and all of the necessary safeguards to ensure this is a fluid, natural process.
Coming up with innovative ways to work with the market of the day is what gets me up in the morning. Everything is workable, you just have to get a little creative!
Sellers: The one thing you have to do right now!
Are you thinking of selling your home this spring? I know that spring feels like a lifetime away, but there is actually one thing you should do in the next few weeks, trust me! The answer is exterior photos of your home. By taking exterior photos now we are able to capitalize on all of the gorgeous green leaves still left in the trees, green grass and flowers in your landscaping.
Trust me when I say that this extra step is so worth it and really does make a huge difference in the overall presentation of your home when it comes time to sell. Come spring time, buyers are daydreaming about warmer weather and what their home will look like with a bit of blue sky and sun. Most sellers don’t think this far in advance, so your home will look that much better than the competition!
Below is a quick list of the checklist we use whenever we take exterior photos of a home.
Color is your friend: You know me, usually we are anti-color when it comes to interiors (think white, black, gray, cream), but when it comes to exteriors, pops are color are what we are after. Since most outdoor spaces in Chicago are decks and other monochromatic structures, pops of color breathe life into the space. Add color with outdoor throw pillows and/or potted flowers. Our favorite color to carry throughout the exterior shots is green because it gives a fresh, vibrant feel to any space.
With furniture, it’s all or nothing: If you have a full set of outdoor furniture, make sure it is clean and crisp. If you don’t have a full set of furniture and the space looks sparse, we would actually recommend shooting the space empty so that we can virtually stage instead. Our exterior virtually staging has improved a lot recently and looks great. It’s worth this extra step because outdoor spaces are one of the most sought after features.
Open umbrellas: This is a very simple one, but if you have an outdoor umbrella, make sure it is open. With this simple trick, you add another dimension to the space (plus color!), instead of closing it off.
Lawn care a day or two before: Mow grass and trim hedges a day or two prior to the shoot. Simple, but makes a big difference.
Use water!: One of my favorite tricks to freshen up an old wood deck is to run a hose over the wood just before shooting to darken it up.
And lastly, one thing to check off your worry list is the weather on the day of the shoot. I actually sometimes prefer to shoot with an overcast sky because we can then lighten it up with editing to create a perfect blue sky. So whether it’s real or manufactured, either way you get your perfect sunny day!
If you are thinking of selling this spring, now is really the very best time to take these photos. Summer flowers are still in full bloom, the weather is great, and the leaves are still green. Give me or anyone on the team a call and we can have a photographer out to your house in just a day or two!
Happy one year with BG, Maggie!
I simultaneously feel like it has been 10 years with Maggie on the team, and also can’t believe it’s been a whole year already! Maggie is such an amazing addition to our team. She has great original ideas, and with Maggie, you always know you are getting the truth. Here’s to many more years of success, Mags!
You have only ever worked in real estate! How did you know it was your passion?
It’s a bit of a circuitous route actually! I double majored in communication and business in college, and shortly after graduating, I ran a successful marketing campaign for a well-known restaurant. It wasn’t until a friend reached out trying to recruit me into real estate that I gave it a thought. I have always had a passion for Chicago’s architecture, but this is when I realized that I found my niche!
What is your favorite part of working in real estate?
I love constantly meeting new people, hearing their stories and helping people through a sometimes difficult time in life--it feels good!
What does your typical day entail?
Typical day… HA! One of the reasons I enjoy real estate is that each day is something new!
What is your favorite part of working at BG?
How close we are as a team, hands down. I think we are one of the most collaborative teams in the city. I like that we hold each other accountable, but we are also all great friends outside of work!
What was your big ah-ha moment on the team this year?
I would say my ah-ha moment was realizing that many of my friends and family are more able to buy than they think! With interest rates being so low, you can own a home for the same amount as you currently pay in rent!
What are you most excited about in the coming year?
I am very excited to start a home search of my own! The tough part will be narrowing down which neighborhood to live in!
You know Chicago architecture inside and out. What is your favorite:
Building: This is a tough one, so I am going to choose two! The first would be Fourth Presbyterian Church on Michigan Ave. I love the Victorian Gothic exterior and the ornate medieval detail of the interior. The other would have to be S.R. Crown Hall. This building was done by my favorite architect, Mies Van Der Rohe, and I love the simplicity and openness.
Neighborhood: Lincoln Park! I love being walking distance to the beach and all the amazing restaurants the neighborhood has to offer.
Street: Lake Shore Drive--you are surrounded by spectacular views!
LIGHTNING ROUND FROM THE TEAM:
Jane:
What is you favorite part of working with Maggie? I love how much of a “yes” person she is. She is always willing to do what she can to help anyone on the team as well as her clients and uses creative solutions to make it happen.
What is one funny thing Maggie's clients don't know about her? She may kill me for saying this but – she still goes to her pediatrician! (I don’t blame her!)
One word to describe Maggie: Fun!
Julie:
What is your favorite part of working with Maggie? Having a millennial’s perspective as millennials are the biggest buying group at this time.
What is one funny thing Maggie's clients don't know about her? She eats Caesar Salad every single day and almost every single meal, including breakfast!
One word to describe Maggie: Unfiltered. #nofilter
Kenya:
What is your favorite part of working with Maggie? She’s always up for the challenge! No matter what it is, she’s always on it!
What is one funny thing Maggie's clients don't know about her? She still goes to her pediatrician.
One word to describe Maggie: Entertaining!
Liza:
What is your favorite part of working with Maggie? Her sense of humor! Even through a situation like having her car get towed (because the no parking sign was hidden in a bush!), she can easily crack a joke and not get discouraged.
What is one funny thing Maggie's clients don't know about her? She can fit a LOT in her car! I’ve seen tables and chairs for staging, boxes of office supplies, and tall lamps that seem to grow as she pulls them out of her back seat. Maggie does a ton of behind the scenes work for her clients, and having that magical car helps!
One word to describe Maggie: Can I pick three? Fun, helpful, and sweet. 😊
Pamela:
What is your favorite part of working with Maggie? She is always very helpful and available to lend a hand.
What is one funny thing Maggie's clients don't know about her? She attends the Renaissance Faire and dresses the part!
One word to describe Maggie: Straight forward
The BG team expands: Please welcome Ali Rozina!
Here we go again...the BG team is expanding once more! Honestly, there’s really nothing I love more than welcoming a new powerhouse broker to our team. What it means is new ideas, collaboration, and of course more hands on deck to help serve our ever-growing client base.
I kind of feel like I “won” Ali because she was recruited by several of the city’s best brokerages, and for good reason. Ali has experience, integrity, but most of all she is an amazing person. Filled with wisdom beyond her years, and a great attitude. With Ali on our team, I feel like we are truly unstoppable, and I am so grateful she chose us. Welcome to the team, Ali! Find more information about Ali’s background here.
What did you do before starting in real estate?
Before I began my career in real estate, I wanted to be the next Erin Andrews. When I quickly discovered that ESPN wasn’t going to hire me right out of college, I went into advertising and worked as a Planner in print, TV and radio media. I then crossed over to the sales side, working for MTV Networks and the San Francisco Giants. After ultimately moving back to Chicago and searching for an apartment for myself, I crossed paths with an old college friend who had started his own Real Estate company in Chicago. He put the full court press on me to consider foraying my sales and marketing skills into real estate, and I found my true passion and career path. Seven years later and I haven’t looked back.
You started your real estate career in the luxury rental market, and you blew up immediately! What do you think is the secret to your success?
I think the secret to my success is passion, and leading with my heart. Real estate is a very fast-paced industry, and it’s easy to lose sight of how important this decision is to your clients. It’s their home, the space in which they cook dinner, make memories, dream and unwind. It’s a true expression of who they are so the little details like natural sunlight, open kitchen concept, and even an outdoor space for a chair to sit and enjoy nature are so important to making them feel at home. I never want to lose sight of those little details that mean so much.
What is your favorite part of working in real estate?
My favorite part of working in real estate is finding the perfect match! I love the look on my clients’ faces when we walk into a home and you just get that feeling of “this is the one!” The search is over and I got to play matchmaker.
What does your typical day entail?
I wake up every day with a positive attitude and ready to take on what lies ahead. I usually take my rescue dog, Yogi, for a nice long walk and then I do an hour of yoga at Zen Yoga Garage. It’s such a great way to wake up the body and find your center before tackling the todo list.
Afternoons are usually booked with showings and being out on the field. At night I love to cook and try out new recipes from scratch. I try to practice piano once a day and then hang with my dog and answer emails at night. On the weekends I am often at open houses and on tours, but I also love to travel and go to church. Staying active keeps the blood flowing.
You are a hot commodity and were recruited by several teams! What drew you to BG?
I fell in love with Julie’s positive attitude and energy. I can tell that she is passionate about what she does, and so is the entire BRG team. I love working with a strong group of women that can balance work, family and fun because they are all so important. They have a system set up for success when you triumph, and support when you fall--therefore you cannot fail.
What was your big ah-ha moment in your real estate career thus far?
I had a past client write a review and say how genuine and sincere I was in a very “involved” real estate transaction. There were some major hurdles to overcome, but truth and sincerity will prevail when you have someone’s best interest at heart. I have carried that with me throughout my career and will continue to do so in the years to come.
What are you most excited about in the coming year?
Starting with Compass and BG! The possibilities are truly endless!
Where do you live in Chicago, and what is your favorite neighborhood?
I just moved to West Town after living in many neighborhoods over the years including Lincoln Park, Old Town, Gold Coast, Streeterville, West Loop and Near West (hey, I’m a Realtor and I tend to get real estate envy). My favorites have changed over the years but I appreciate parks and restaurants and Lincoln Park has both. I have been recently exploring up-and-coming neighborhoods like Avondale and North Center so you may catch me there in the near future!
LIGHTNING ROUND:
You are a crazy amazing athlete, what is your favorite:
Workout - Kayla Itsines BBG! It’s an app that gives you three, 28 minute workouts a week. It’s perfect for the hardworking diva that doesn’t have much time.
Gym in Chicago - West Loop Athletic Club, Zen Yoga Garage, Soul Cycle.
Best workout tip! Balance! I like to work out a ton, but I also listen to my body. I do lots of different workouts like run, bike, swim, play volleyball and do tons of yoga. But if my body needs a rest, I’m also good at the sport of doing nothing for a day or two to let my muscles recover.
What is your biggest athletic accomplishment?
My biggest accomplishment athletically was the half Ironman. I trained 6 days a week for 8 months to conquer a 1.2 mile swim, 56 mile bike and 13.1 mile run. Two weeks before the event I pulled my calf, but knew I had to push myself to participate. It was a tough race, but I made it to the finish line nonetheless.Through the 6 hours it took me to complete, I said to myself, “Whether you think you can, or think you can’t...either way, you’re right.” I knew I could ;)
The BG team expands: Please welcome Susan Panozzo!
The BG team is expanding, and it is the best news ever! A huge part of the BG brand is a desire to push the envelope when it comes to client service. One aspect of continually realizing that goal is to not only expand our skills, but also the team itself. As our dreams get bigger, so does the team!
Susan Panozzo joining the team is a huge step forward in offering the best to our clients. Susan joins with tons of real estate experience, particularly in the luxury rental market since she managed one of the biggest portfolios of luxury rentals in the city. Aside from that, she is generally amazing. An incredibly hard worker, Susan managed a multi-million dollar fashion brand while still in college, and went on to climb the corporate ladder in record time before making the switch to real estate. Her “get it done” mentality is what initially drew me to her, but it’s her work ethic and personality that really made us all fall in love!
To celebrate Susan’s entry to the team, we put together a fun Q&A since she’s such an interesting and knowledgeable lady. Welcome to the team, Susan! We are SO lucky to have you (and so are you, clients)! Find more information about Susan’s background here.
You are quite the overachiever, having run a multi-million dollar clothing brand while still in college! Where do you find your drive to succeed?
I am innately a very hard worker, and happiest when busy! I was working part-time while going to college and slowly worked my way up. I was somehow able to balance both and by the time I graduated college, I worked my way up to store manager.
Can you share a little bit about what it took to run a huge brand at such a young age?
Being adaptable in high stress situations definitely helped me work my way up the corporate ladder at such a young age. I managed a staff of 80+ employees, so I was constantly learning how to work with different personalities and communication styles. I find myself leaning on these skills all the time in real estate because no two clients are the same.
What parallels do you see between fashion and real estate?
Retail management and real estate actually have a lot of parallels. They are both customer service-focused industries where the main goal is to make your customer’s experience the best it can be. And as an added bonus, I was already used to being busy with work on nights and weekends!
What fueled your desire to make the switch from fashion to real estate?
After eight years in retail management, I found myself continually thinking about real estate, but I wasn’t sure how to get started. As a first step, I started with rentals and immediately fell in love with the industry! I got my license just a couple months later--it just felt natural!
What is your favorite part of working in real estate?
Making buyers and sellers happy is the absolute best feeling. I also love when a referral comes from a past client because it means they trust me. There is truly no better compliment!
What is your favorite part of working at BG?
The dynamic between the team members is incredibly unique, and not something that every team can achieve. We constantly put our heads together to help each other succeed and come up with new ways to make our clients happy. We all have different skill sets and specialties that are a huge bonus to our clients.
What is a typical day like for you?
No two days in real estate are the same, and my entire day can change in the blink of an eye. Ideally though, I try to get a workout in the early morning. Next I devote an hour or two to answering emails and calls. From there, the biggest chunk of my day is devoted to taking clients out to see homes, monitor an inspection, or attend a closing. By the end of the day, hopefully I end up meeting friends or clients for dinner at a new spot!
What are you most excited about in the coming year?
Much success with the BG team!
LIGHTNING ROUND!
You are super adventurous! What has been your favorite vacation/adventure so far?
Vietnam has been my favorite adventure so far. I was lucky enough to travel throughout the country with two of my best friends. We did everything from ride motorbikes through the crowded streets of Ho Chi Minh City to taking a relaxing 2 day cruise through Ha Long Bay. The food, culture, and people were amazing. Italy is by far my favorite vacation spot. I have family there and recently was able to meet them! It was a great experience.
Favorite Chicago neighborhood
My hood--West Loop! It is so much more than just “Restaurant Row” now, and has become a very livable neighborhood. I love trying new restaurants, and West Loop is the mecca for that. I’m also a huge Chicago Sports fan, so being close to the United Center is also a plus.
Favorite neighborhood for shopping:
West Town--there are some great boutiques on Chicago Avenue.
Favorite fashion brand
It’s hard to choose, but Free People, Anthropologie, Zara, and Vici are my brand go-to’s. I also try to shop locally at boutiques as much as possible.
Favorite restaurant
La Scarola in River West. There’s something so homey and comforting about the vibe, and the food is always phenomenal.
6 repairs you should make before you list
Getting your home ready to sell can feel overwhelming. How much do you repair? When do you stop? Which repairs give you the biggest bang for your buck? Trust me, these are questions I spend hours thinking about on a weekly basis because I get it--the stakes are high! You want to make sure you are putting your best foot forward before you have dozens of buyers traipsing through your home checking under every rug! And you also have the inspector to consider. The truth here is that every inspector is going to find something different. It’s your job to make sure their list is as small and inconsequential as possible.
To sort of cut to the chase, I’ve put together my go-to list of the repairs I think every seller should at least consider, and more likely go ahead and make. These are the super basic, no brainer-type repairs, so…take note!
Water stains: You should not have ANY water stains anywhere throughout your home. Many times you will fix a leak, and then leave the stain. This is totally fine if you’re not selling your home. If you are selling, then every water stain should be reassessed to make sure it is still dry, and then patched/painted so it is clear there is not active water.
HVAC: My tip here is to have your HVAC serviced just before your list your home. It gives the notion that your home is well-maintained--which it is--even if your unit is old. Inspector always love to see a recently-serviced unit!
Gas fireplace: Make sure it is in working condition and you have the gas key accessible.
Garage: Make sure the garage door works and you have the garage door keys accessible.
Lighting: Make sure all lightbulbs throughout the home are functioning. This may sound silly, but a buyer and/or inspector might think there is a major electrical problem when a light bulb is just burnt out. So, don’t even let that notion cross their minds. Plus, you always want your home to be as bright as possible. While I love mood lighting when entertaining, for showing property, buyers want to see the home as bright as possible. It makes them feel like there is a lot of natural light. The newer LEDs can sometimes be considerably dimmer, and also take a few minutes to get to full strength brightness so I recommend going with incandescents. Definitely go back to LEDs for everyday life though--the environment thanks you!
Plumbing: Leaking sinks and constantly running toilets should be fixed by a plumber prior to an inspection.
A note on accessibility: Make sure your mechanicals room has a clear walkway and that all the mechanicals are easily accessed without storage/boxes in the way. This is a good idea to address for showings and inspections since buyers like to see that there is sufficient storage space without having to store things in random boxes.
At the end of the day, I always tell my sellers to think of the inspection like their most important showing. You want your buyers to walk into your home and think, “Yes, this is why I bought this home!” Cue feelings like this with clean floors and counters, vacuumed rugs and a generally tidy home. I will also say that without fail, all of my best inspections are at the cleaner homes.
Jane got her real estate license! A fun Q&A with all the details.
We have some exciting news here at BG! Our incredible Director of Operations, Jane, just got her real estate license! We are so proud of her and excited for all the new skills she will share with clients—though the license itself is really just an added bonus since she already does ALL THE THINGS here at BG! To celebrate the news, we did a quick, fun interview with Jane to get the full down low on the past, the present, and all that’s in store.
You have major foodie tendencies, and had a big career in hospitality prior to starting in real estate. Where did you work?
I graduated from Kendall College with a degree in Food & Beverage Management. From there, I worked for Boka Restaurant Group at Girl & the Goat, Boka and for Boka Catering. I was doing a combination of event planning, on-site management, hosting, and administrative work. I loved seeing Boka grow so rapidly and learned a ton, but really wanted to dip my toes into hotels. I ended up getting a concierge position at the Four Seasons in the city and it was such an amazing opportunity. To work in a five star, five diamond hotel was definitely a learning experience. I was handling requests of all types, and it was also a way for me to learn more about what Chicago has to offer on a very specific level.
You must have had some pretty interesting requests while working as the concierge at the Four Seasons. What was the funniest request you ever got from a guest?
Oh man! Yes, I definitely got some requests that blew my mind – but of course, accommodated to the best of my ability! A good one I got was someone asking to take a cupcake tour of the city entirely by horse. I thought he was joking when he first asked me to help, but I quickly realized he wasn’t. I had to explain to him that he could only take a horse so far…because it’s a horse. He didn’t love that answer, but I ended up meeting him in the middle with a cupcake tour (on a bus!), and then a carriage ride by horse at sunset. It ended up being a great night for them, and I was so happy I could make it work!
Why did you decide to make the switch to real estate?
It actually kind of fell in my lap. I was at the Four Seasons and got a call from a recruiter for a position on a large real estate team at Coldwell Banker. The job was handling all the scheduling requests for the listed properties. I interviewed with my now best friend, Micheal, and it seemed like a nice change of pace from what I was doing at the hotel. I decided to take the leap and see what would happen. I was able to rotate into a few different roles during my 2+ years with that team, and realized that real estate is my niche! About two years ago I joined Julie, and helped build what Busby Group is today.
What commonalities do you see between your hospitality experience and working in real estate?
Too many! Ultimately, the goal is the same: get the client what they want by using my skills, resources and experience. Another big aspect is the emotional similarities. Buying or selling a home can bring up a basket of emotions whether it’s sadness, excitement or nervousness. The same goes when someone checks into a hotel or sits down for dinner. I never know what someone may be going through at that time, so I need to adjust my communication to match the client’s situation.
What were you doing at BRG prior to getting your license and what is a typical day for you now?
I am so excited I got my license after working in real estate for the past few years, but my day-to-day job is staying pretty much the same. Right now, I am the Director of Operations for our team of six. I do a bit of everything, including helping to list properties, and make sure we never miss a detail or deadline throughout the sales process. I also help the team with trainings and ongoing projects so that we are always moving forward. I wanted to get my license so that I can help my friends and family when they are ready to sell or buy. My team is more than capable and willing to help my referrals, but I wanted the opportunity to be there first hand, and really assist with the process from beginning to end.
What is your favorite part of working in real estate?
I really enjoy seeing people’s homes. Where you live can reveal a lot about a person and I like having the opportunity to see so many different sized and priced homes in so many of Chicago’s neighborhoods. I have learned over time to never assume what a home looks like inside from the outside, and I love that about real estate. A home is literally a blank canvas to make it your own, and it’s always interesting to me to see what people do with the space. I like walking through a home during an inspection with the buyers and hearing about all that they plan on doing and then being able to see it a year later to see how it all turned out—it makes the job really fun!
LIGHTENING ROUND!
So many foodie questions for you and for your husband James, Chef at The Chicago Club!
1) What is your favorite restaurant in Chicago?
This is honestly the hardest question! I am the type of person who has different favorites depending on what I am looking for in a particular meal. My favorites also couldn’t be more different from one another. I love Gibson’s – classic Chicago steakhouse, perfect for a steak and martini. I also love Kai Zan, a modern take on Japanese food with a focus on sushi. It’s really unassuming from the outside, but inside it’s warm and inviting, and we always like to sit at the sushi bar and interact with the chefs. It’s also where we went on our first “fancy date” and then later got engaged, so it definitely holds a place in our hearts.
2) What is the best thing James makes for you?
I get this question a lot! We love cooking together, and I often call him MY sous chef in the kitchen! There is one dish that he doesn’t let me help him make though, and it’s his version of Pad See Ew. It’s crispy chow fun noodles with tons of fresh veggies. He goes to the Vietnamese markets in Uptown to get fresh, hand-cut noodles with an array of vegetables. It’s sweet, spicy and sour and is perfect no matter what the weather is outside.
3) What's your favorite baby-friendly restaurant in Chicago?
We discovered a great place in Uptown called 3 Squares Diner about a year ago and have since been a bit obsessed. We started going there when I was pregnant with Harper and it was actually the first restaurant we took her to after she was born. It has a cool history to it, as it was actually a diner back in the 1920’s in the same building – the Lawrence House. It’s super art deco meets modern, and same goes with the food. They make literally everything from scratch in house, and it’s beyond delicious. Whenever we go in there, they are always super accommodating with Harper and they love watching her grow. There is always a nice mix of people in there, ranging from singles at the counter, to families stuffed into the vintage looking booths – I highly recommend!
Favorite Chicago neighborhood:
Andersonville! I love how it feels like a suburb within the city. It’s nice all year round and definitely has that community vibe. In the summer especially, we always find ourselves in the neighborhood walking around and checking out the antique stores and locally owned businesses. Plus, there are some awesome restaurants lined up along Clark that are perfect for an afternoon snack on the patio (awesome people watching!).
Fastest close:
Cash transactions are always the fastest! We did one where it went from active to closed in just about 10 days!
Favorite home decor store:
I love Home Goods! I always end up coming home with yet another basket or jar that we definitely don’t need, but somehow make it work in our condo. They also unexpectedly have a really big pet toy selection, so I usually grab a toy (or two…three) for Daisy.
Favorite part of working at BRG:
My team – 100%! We are definitely a tight knit crew. We have become super close over time and tend to hangout on nights and weekends as friends, not just coworkers. Julie has become one of my closest friends, and is always there for me whether I am calling about a client question at seven in the morning, or if it’s ten at night and I need advice on something having to do with Harper. I love that I work on a team of strong, independent women, and it definitely shows in our work ethic. I feel so blessed!
Favorite client -- kidding!
I plead the fifth on this one!
Cutest thing Harper is doing right now:
This is such a mom answer, but it’s smiling! She has these tiny two teeth along the bottom of her mouth that stick out every time she cracks a smile. I literally cannot get enough. I feel like a crazy person doing anything I can to get her to smile and I think she knows that, so she let’s me dance around and tickle her as much as I can until she finally gives in.
Thank you, Jane! Truthfully, Jane hit in on the head—our team is everything here at BRG. There is nothing better than watching our team grow and flourish as we work to be the best real estate brokers in Chicago!
What does ''good bones" mean anyway?
More and more, we find that buyers are looking for a perfect home requiring literally zero updates—countertops, light fixtures, flooring—all the exact types and colors of their dreams. Since this scenario is next to impossible (though I wish!), there are two ways we can go about recreating the dream: The first is buying a new development pre-construction. However, with new construction, there is a premium to pay as you are buying a home that has never been lived-in and has all new finishes.
The second option is for buyers with a knack for design and/or time to manage a project (whether big or small). We fondly call this option a “fixer upper.” Buying a fixer upper is usually a way to get more bang for your buck, because you are putting sweat equity into the home.
And, a “fixer upper” doesn’t always mean a gut-rehab, and doesn’t necessarily mean something old. A great option for many buyers could be a property built 10 years ago, so most the mechanicals are working well, and all you have to worry about is the finishes. These sometimes tend to be a win-win scenario as the remodel won’t be as extensive (more cosmetic than structural), won’t take as long, and the buyer still get the home exactly how they want it.
With buyers interested in some sort of fixer upper, we inevitably stumble onto the phrase that everyone kind of loves to hate: “good bones.” We throw it around all the time, but what does it actually mean? After putting a good deal of thought into it, I’ve written down the list that previously only existed in my head. It’s the checklist I always use when helping buyers vet fixer uppers, to make sure they make financial, logistical and practical sense. Here goes!
“Good bones,” definition by the Busby Group:
Location: If you are going to invest in a fixer upper, this is honestly the most important ingredient. If you are going to invest money into rehabbing a home, you want the best upside potential, so location is key. Things to consider are neighborhood schools and in the city, you absolutely should be within walking distance to the L. I would also recommend not being on a busy street. You will seriously hurt your resale potential if you over invest in a property that is not in a great area.
Age: Vintage is always going to be harder to update than something from the 90s on. This isn’t a deal breaker for all buyers, just know that if you buy something old, you are almost always going to be updating plumbing and mechanicals. Read: additional time, money, and logistical consternation. Also, more recent builds generally feature less walls, so if you are looking for open concept you have less to deal with here too.
Kitchen: The kitchen is a great place to invest, so I actually love finding properties with bad kitchens. You pay less upfront for the property, and then spend even $15-$20K to make it great.
Flooring: While hardwood floors are always my first choice, if you aren’t planning on living in the home forever, do what makes economic sense for you. Carpeting is easy and cost effective to replace, so gross carpeting is far from a deal breaker. If you end up installing new hardwoods, I usually recommend white oak as it is not a costly wood choice and it is versatile – it can be re-stained numerous times and also stained almost any color you want without any undesired undertone.
Windows: People always remember to check on the state of the roof, but sometimes forget the windows--don’t! Replacing windows can be a huge undertaking and expense, and should be factored into the sales price of a home. If you do end up buying a home that needs new windows, consider expanding the size when you replace. You will never regret the extra natural light, and big windows are great for resale too. Consider black frames on windows too, those can make a big impact.
Water: Last but not least, you and your inspector should be on your hands and knees checking for any potential water issues--stains, mold, moisture. Again, I’m not saying that if you find something it’s an automatic deal breaker, but you should know what you’re getting into and how your precious budget dollars will get allocated once you’re the proud owner.
So there you have it. It’s not a glamorous list, but hopefully a helpful one as you embark on some big decisions. Buying fixer upper is kind of like the opposite of making sausage: you want to know EXACTLY what is going in, so you know exactly what you will get!
Your next big real estate opportunity is calling
The recent investment and expansion of the Chicago Riverwalk has been fast and furious, and my proprietary “investment radar” is going off in a big way. I’m constantly asked what the next big real estate opportunity will be in Chicago, and I think the River is where it’s at. I dug a little deeper to see if my radar feeling could be backed up with data, and it was actually unbelievable to see all that is happening in and around the River. Take a look:
NEW ATTRACTIONS ALONG THE RIVER:
Dining: Thursdays and Fridays are now a scene along the river. Huge yachts will park so people can grab a drink, and enjoy happy hour aboard. City Winery also has beautiful views of the River. A full rundown of dining options is here--and it’s expansive!
Retail: Have you ever seen a more gorgeous Apple Store than the one on the River? Chicago retailers take note!
Programming: Art on theMART is possibly the coolest art installation in Chicago! Have you seen the giant digital art projected on the side of the Merchandise Mart? It’s truly amazing. Check out the website here.
There is also the potential for increased Water Taxi Service to accommodate the increase in usage of the River.
A new art installation called Weather Station is also in the works by Chicago-based artist Inigo Manglano Ovalle. The piece will feature seven 117-foot stainless steel poles with wind vanes and anemometers on top. It will be completed in fall 2020.
Events: The stone amphitheater adjacent to the Southbank park can host events and concerts. More here.
312 RiverRun: Expansion along the River is also happening further north in Roscoe Village, where construction on the 312 RiverRun just broke ground. The new project includes three parks connected by a path that stretches two miles along the River, from Belmont to Montrose. More info here.
NEW DEVELOPMENT OPPORTUNITIES ALONG THE RIVER:
Some of these haven’t broken ground yet, and other opportunities are ready now.
Renelle on the River: New construction by Belgravia
Triangle Square: New construction in East Bucktown by Belgravia
Lincoln Yards: A huge new development by Sterling Bay with multiple types of housing options
The 78: Related’s new construction in the South Loop
Single family homes in West Lincoln Square: There are some very beautiful homes along the River further north in Lincoln Square. As the cache of the River increases, so will property values along the whole River.
Townhomes in west Lakeview: There are some great deals right around Diversey and Western Ave that would be great for first-time buyers or as investment properties.
Depending on what you are looking for, any of these opportunities would make a great investment. My prediction is that property values will continue to increase, especially over the next 7-10 years. When you see investment like all that is happening at the River right now, it is a good indicator that property values will follow--remember what happened with the 606? Same thing here. Contact us if you are interested in more information!
What we can learn from the 2019 market, halfway through the year
We’re halfway through 2019, and it’s already been a whirlwind. I sort of feel like I have whiplash given all that has changed in the marketplace, and just how fast we’ve seen the shakeup. In 2016 we couldn’t keep up with the market’s demand. Properties were flying off the shelf, into the hands of highly motivated buyers. Sellers could command upwards of 10% over market value, and bidding wars were a fact of life. Where are we today? The opposite situation in so many ways.
I put together the biggest trends we’ve seen thus far, and also an outline of what we’ve learned so that we can all take a minute to reflect and gear up for the rest of 2019. I guarantee it will be a wild ride!
Shifting to buyer’s market
Most notably, we are in a shifting market place and have landed squarely in a buyer’s market here in Chicago. As a result, market time has increased substantially. Usually when we see market time increase so much the market as a whole feels sluggish and stagnant. But, because interest rates have also remained so low, we’ve seen more of a plateau than a downward trend. Basically, the high market time has been equalized by the low interest rates and we are in a holding pattern.
The other symptom of the shifting marketplace is the lack of inventory we still see in Chicago, counterbalanced by buyer’s lack of motivation. We just don’t feel the shortage like we did, even this time last year, because of this new buyer mentality.
Buyers: don’t lose focus on the big picture
Buyers are pickier than ever in our new market. They are looking for a perfect fit, and most don’t want to do any work. From their perspective, properties should be pristine--painted, latest finishes, and up-to-date everything. Sometimes selling at market value is seen as over-paying to some buyers, especially given the mentality that anything less than up-to-date needs work.
My advice to buyers is two fold: first, the market doesn’t really allow for deals. An under-market listing will generate a bidding war because there are still plenty of buyers out there. And second, because there are so many buyers, stand at the ready. There are still plenty of well-priced homes selling quickly, and you don’t want to let “the one” slip through your fingers because you weren’t ready.
Sellers: initial pricing strategy is crucial
This one is pretty simple: if you want to sell your house, you have to price it to sell, right out of the gate. There’s no room for experimentation or luck in this market. If you are motivated to sell your home, I recommend you price it at or below market value. This is literally the only way to generate the necessary sense of urgency. I know what you’re thinking, “But Julie, I’m scared to leave money on the table.” My response to this one is also simple: the market doesn’t allow for money left on the table. If a home is priced below market, buyers are going to take notice.
That is the other aspect of our current buyers to remember: they are well-educated. They’ve been bouncing around this market for months and have a very good sense of value at this point. If there’s a deal, buyers will come running and bid each other out. We just had this happen with a listing last month.
My last advice, for both buyers and sellers, is negotiate, people! I wrote this article a few months ago about this trend we are seeing with buyers and sellers not negotiating, and it is such a mistake. Read the whole thing here.
The rest of 2019: values will continue to decrease
So where do I see the rest of 2019 going? Honestly, I see more of the same. I think the buyer’s market will remain, and we will continue to see values decrease. So far this year we’ve seen values go down 1-1.5%, and by the end of the year I think we may be at 3-4%.
The hardest part of a shifting marketing is that values are a moving target. You HAVE to stay on top of the market to get anything done as a buyer or a seller. If you are serious about either, I would be looking at comparables on a regular basis to stay in the know.