Everything you need to know about Southwest MI, plus a fun announcement!
By Mara Walsh
I have a fun announcement for fellow Michigan lovers: I finally got my Michigan real estate license! I say “finally” because we have had a home in Harbor County and specifically the New Buffalo/Union Pier area for over a decade, so this has been a long time coming!
Honestly what pushed me over the edge to go ahead and get my Michigan license is age old supply and demand! Michigan home sales are through the roof. 2020 saw record numbers in home sales, with a 38% increase in homes sold along the SW Michigan gateway areas near Lake Michigan. Further, a 21% increase in the average sale price! That’s not just a result of the pandemic. All of SW Michigan has experienced a steady climb in homes sold, average sales price and total dollar volume over the past 10 years. Our neighboring counties in NW Indiana also experienced growth in homes and a median volume of 10% on average. I have become somewhat of my friend’s Michigan expert, so it only made sense to be able to actually help friends and family find a great Michigan home.
We bought our first home in Michigan over ten years ago, in an amazing community with a neighborhood pool and close proximity to the beach called Lakeshore Cottages. We would drive up on summer weekends (just a 75 minute drive from the city), and spend our time beachcombing, lakeside dining, antiquing, biking and savoring the sunsets! You truly cannot beat the sunsetting behind Lake Michigan; gorgeous! The beaches are not just beautiful, but so soft featuring dozens of dunes that the kids love. Our son was five years old at the time, and he absolutely loved heading to Michigan each weekend – we did too! To me, Southwest Michigan is the Hamptons of the Midwest: a space to truly relax, slow down and unplug, yet still so conveniently close to Chicagoland.
Just recently we sold our beloved New Buffalo/Union Pier home. Our plan is to spend more time in Michigan after our son heads to college, so we bought a home in Sawyer, which is just eight miles north. We were able to find a bit more land and privacy, which we are already enjoying,
One aspect of our vacation home I love so much is that there is something different to do with each season. In the spring and summer we spend tons of time at the beach, Warren Dunes, hiking, and riding bikes. In the fall and winter we pick apples, head to the pumpkin patches, snowshoe, cross country ski and walk our dogs on the snow filled beaches! Taking the train from the city to the New Buffalo train station is also convenient and fun. In just 40-50 minutes you are in a totally different community – think of commuting from downtown to Naperville!
Having just recently gone through the buy/sell process myself, I have so much knowledge to share! I decided to hang my license with a wonderful boutique brokerage I found along the way called People’s Property, managed by Ryan Keller. I was so impressed with Ryan’s extensive professional network and on-the-ground knowledge of the area and I am very excited to be working with him. Combining Ryan’s local expertise with Busby Group’s concierge-level service will be a huge asset to future clients! And, of course, I am still hard at work in Chicago for all of our buyers and sellers there too!
For those heading to the Harbor County / Southwest Michigan area, I am sharing a few of my area favorites.
Harbor County Shopping:
Boutique shops: Mix and Mingle, It’s a Breeze
“Window Shopping”, a new boutique in Sawyer
Antique shops galore along Red Arrow Highway
Patina and Hoity Toity in Michigan City
Incredible antique shops in Three Oaks
Harbor County Restaurants:
Greenbush Brewery, Stray Dog, Red Arrow Roadhouse, Bentwood Tavern, Timothy’s, Journeyman, Froehilch’s, Susan’s, Peasant’s Pantry, Harbert Swedish Bakery
Harbor County Breweries and wineries:
Journeyman Distillery, Greenbush, Tapistry, Haymarket, Beer Church, St. Julian, Round Barn, Lemon Creek, Hickory Creek, Gravity
Of course Michigan is not Napa, but Harbor Country wineries are still so fun! We love spending a day hopping from one to the next!
1 Baby Boomer + a team of Millennials = the real estate perspectives we all need
2021 will be a year of reflection, and although this may have been the most unusual year since 2007 that I have experienced in the real estate business, I look back with utmost satisfaction. Busby Group is a team of eight strong, savvy, knowledgeable women who work in earnest to support each other to help all of our clients fulfill their dreams of home ownership at every price point. Sometimes it takes a village!
As a Baby Boomer, I suggest that looking ahead this year might require some vigilance. Yes, interest rates are still relatively low and inventory is only slightly higher, but a change in Washington always merits careful attention to all of the markets. Most of the team is Millennials, which is good, because Millennials will be the largest group of home buyers this year – again! It is widely known that something like $50-65 trillion will be transferred down to Millennials over the next 25 years from their grandparents and parents. The process has already started. And one of the five buckets that Boomers are advising their younger family members to put some of that inheritance in is real estate. Whether a Boomer or Millennial or Gen X, Y or Z, there are some constants in real estate worth noting.
I remember reading that billionaire Andrew Carnegie famously said that 90% of millionaires got their wealth by investing in real estate. I bought my first condo at age 25 in NYC as a “Yuppie”. Of course, I wish I had kept it as an investment, but like most young people, had to sell it to move up to the next size home. We sold it to move to Chicago, a city I had never seen. This city looked quite different then, as you can imagine. Mortgage rates were 18.45% in October of 1981! Lincoln Park was not yet the home of the 1% – that didn’t happen until the late 1980’s.
We had no idea where to start looking for a home (and there was NO internet) so we relied on a seasoned Realtor that my mother-in-law recommended. What great advice. Not only did she help us find the right home, but the right neighborhood, the right grocery store, the right jazzercize studio – well, the right everything – which made for a lifelong relationship, and not just our first transaction here in Chicago. All these years later, I know now what I did not know then: what a good investment looks like in Chicago, what will maintain its value, and what won’t. I also learned the importance of making sure the customer feels good after the sale is completed. This is exactly why our referral business at BG is so strong.
I learn as much from the younger members of the group as they learn from me. And it isn’t just all about real estate. I can empathize with the mindset of the Millennials because my children are in their thirties. Millennials are some of my favorite clients because they come prepared and ask great questions. They are excited and optimistic. I can appreciate where they are in their lives. In return, they see where I am and advise me on restaurants, CBD and athletic wear! And from my team I am constantly learning too. As fleeting as restaurant and athletic wear trends are, so too is the status quo of the real estate market. My team constantly presents new and innovative ideas and ways of thinking, and of course, new technology to make things easier!
What would I say is the best advice I can offer my teammates, based on my years in the business? We can’t forget that real estate transactions are all about the EXPERIENCE. That experience starts upon our first contact, well before showings, right to and through the closing moments....and forever afterward. Making ALL these experiences rewarding, efficient, thoughtful and enjoyable for all is certain to cement strong relationships into the future.
We believe that the experience Busby Group offers can never be replaced by a computer algorithm or discounted service alone. Your representation matters. I once worked for a destination club owned by a real estate development company. Everything we did was about the client experience, and in fact, giving the client the ultimate experience actually made my work experience overwhelmingly positive. This never fails.
Having team members of various ages, backgrounds, skill sets and perspectives enables Busby Group to give the most well-rounded advice and service to our clients, and have a lot of fun in the process. That is how we manage to stay in the top 1% of Chicago real estate brokers. We love finding terrific homes in every Chicago neighborhood and helping to match them with new buyers. We are really match-makers! It is one of the most satisfying phrases to tell a client: “we have a deal!” Everyone smiles. It means they can move on to their next exciting chapter. Are there often mixed emotions? Yes! Has there been anxiety? Yes! But the challenges we overcome for our buyers and sellers are evidence that having a broker on your side with market knowledge, integrity and discretion is essential.
Here’s to moving forward in 2021, utilizing all we know from the past!
Screen Time Philosophies Pre-Pandemic and Now
Some of you may not know that our very own Liza writes for Neighborhood Parent’s Network, one of our very favorite organizations! Liza is the mom of two young kiddos, and an amazing, thoughtful resource for parenting tips and advice. We are luckily sharing her latest piece, focused on screen time rules, pre- and post-pandemic! Thank you, Liza!
Written by Liza Balistreri Cahill for Neighborhood Parent’s Network
I remember being pregnant with my daughter (kiddo #1), and having very ambitious plans about what kind of parent I was going to be…
Make homemade baby food? Of course! How organic.
Sign up for a variety of baby/toddler classes? Yes, swimming and music galore!
And screen time? No way! I’m going to be a totally involved, dedicated parent focusing on real-life experiences.
WELLLLLL fast forward slightly to balancing work and life with a kiddo. In comes the kid-friendly shockproof iPad case so we can start with Sesame Street and Chu Chu TV. Still limiting the time to when I’m cooking dinner or taking a quick shower…
AAAAAND fast forward a bit more to introduce kiddo #2, global pandemic, lifestyle shut down, still working and balancing life and trying not to lose my mind. (Thank you, iPad Screen Time Alert for reminding me how much my daughter’s use increased when that happened. Ugh.)
So what is the right call these days? Obviously we are all trying our best just to SURVIVE right now. Most kids are at home e-learning, and most parents are balancing working from home with parenting and schooling at the same time. Times are not easy. But our pendulum has swung in both directions and I feel like we’ve found our healthy and practical balance.
Let’s start with Google (a good way to achieve a baseline what “they” say is good or not good): The American Academy of Pediatrics, which, depending on the child’s age, generally recommends no or very limited screen time for kids, has recognized that kids’ media use will likely increase under these stressful circumstances. (See the AAP’s article on healthychildren.org -> COVID-19 link.) Among their recommendations are:
Keep a routine
Use screen time for positive, social connections
Choose quality content
Use media together
Recommended screen times are definitely fluctuating now, too. Obviously if you have a middle-schooler who needs to virtually attend classes, their necessary daily screen time is likely more than a toddler’s. But the recommendations for keeping media use useful and also balanced can be broadly applied across different ages. Our family’s pandemic pendulum is more or less in a balanced state, and thankfully it seems to follow the AAP’s suggestions. Here’s what it took to get us there:
Routine & schedule: When the lockdown started and we were going bonkers trying to figure things out, screen time was whenever I felt stressed or didn’t know what else to do. But it felt panicked, disorganized and lazy to consistently use it that way. So we wrote up a schedule and had very specific times on when screen time was allowed. Still very useful when I need to focus on cooking dinner.
Positivity & socializing: We have all been Zooming and FaceTiming more, and when my daughter started asking to call her friends, it was a great way for her feel like she had some control on her own socialization. And watching two 4-year-olds have an in-depth conversation about how much they like mac & cheese is pretty cute.
Quality content: This is really important to me. I’m pretty strict about being on YouTube. Kids can go down some weird wormholes watching videos of other kids eating gross food or strange adult hands playing with kids’ toys. We like Numberblocks and Cosmic Kids, videos of kids building with engineering-related materials. We also have total veg-out options, of course, like Disney+ movies on Friday nights and Saturday morning cartoons.
Togetherness: Sometimes I sit with my daughter to chat with her about what’s she’s watching. Hearing her tell me about how multiplication works or how she is calming her yogi energy makes me feel re-connected with her, and allows her to process the information she’s absorbing and explain it in her own words.
Forgive yourself: As a parent, we are often our own worst critics. There are times when I’ll need to jump on my computer when I’m wearing my Mom Hat and we are supposed to be having a no-iPad lunch. Guess what? Sometimes the schedule changes, and my daughter gets a bonus movie-with-PB&J time. Don’t feel guilty if it happens.
Structuring your kids’ screen time within this frame work can help you achieve a more successful balance in these crazy times. Using media as a limited tool – or an emergency helper! – is very normal. You know that you have some time to focus on your own tasks while your kids’ brains aren’t turning into mush. And a no-mush brain is always a win for a parent!
The four lessons I learned launching my career during the pandemic
Launching your real estate career during a worldwide pandemic is not for the faint of heart! Honestly though, I wouldn’t have it any other way. I truly believe that the obstacles put in my path only made me a smarter, stronger broker. And, in the end, the hard work paid off! 2020 was a banner year for Busby Group. Together we helped 156 families buy and sell real estate throughout Chicagoland, totaling $65M in sales – that is a $20M increase from 2019!
And, the 2021 spring market is already here! In a moment of reflection before my schedule imploded, I sat down and wrote the top lessons I learned throughout 2020 so that they always stay with me. Here they are, in no particular order.
Be adaptable: Now that we are many months into the pandemic, we all know how to cope and how to conduct our business, but back in March we had no idea! I will never forget all eight of us hustling out to every one of our listings to record virtual tours. We already had professional videos, but we also wanted this more casual, informative video to offer potential buyers. We then shifted to virtual tours and Zoom showings because we wanted to make sure our listings gained the most exposure possible. This experience taught me two things. First, the real estate market is always fluctuating. What worked for one listing, may not work for another. Be observant and adapt. And second, the Busby Group team will do anything for our clients!
Be proactive: The pandemic may be just about the only force able to slow a Chicago spring market! Instead of waiting around, we took that time to focus on and invest in new and existing streams of business. One such area was our corporate relationships. We have deep seeded relationships with many of the top consultancies and hospitals throughout Chicago, working with busy executives moving to or from Chicago. During these slower days we took the time to perfect our protocols and logistics for these clients, and strengthened existing relationships even further.
Give back: The pandemic has impacted everyone differently, but I know we can all agree that giving back to the local community has never been more important. On a large scale, Busby Group introduced our partnership with the Chicago Food Depository, with a portion of every sale going toward helping feed Chicagoans. Giving back is our way of paying it forward and working toward helping to improve the city we love.
Evolve with your clients: One of the many ways the pandemic has had an unforeseeable long-term impact on people’s lives is second homes! The demand for second homes has skyrocketed. As a result, I am planning to obtain my real estate license in Michigan to help my clients buy and sell. Stay tuned for an update in February! We have owned a second home in Michigan for 10 years, and just this past October sold that home and purchased a new one. I love to chat about all things Michigan, so please reach out anytime!
With more passing time and retrospect, I know this list will grow. I am excited for the 2021 real estate market (so busy already!), and know that I will use the lessons of 2020 on a daily basis. As one of my recent clients said in the following testimonial, it is very important to me to go the extra mile for my clients!
Testimonial from past client, Kanika:
“Mara was amazingly patient as she helped us figure out what we really wanted, and matched it with what was available in our budget – and she did all this during a pandemic when everything was closing down. Her persistence in following up with sellers and getting us in to see our dream property (when no one else could during the pandemic) was commendable. Mara guided us through the complete buying process and we felt confident that we paid the right price for a home that will grow with us.”
Happy one year anniversary, Barb!
It is hard to believe that one year has already flown by with Barb on our team! I have actually known and worked with Barb for many years, and am so happy to have her experience and point of view represented on the team. Barb is a people person through and through, and her clients will tell you that her natural inclination to help people is an amazing asset! Here’s to many more great years together, Barb! To celebrate, we put together a fun and quick interview with Barb herself! Enjoy!
You have been in real estate for over a decade, but what did you do before starting in real estate?
My career has many chapters! After college I worked in the tax department of a large law firm in NYC. I actually worked under Marty Ginsburg, who would often talk about his wife, Ruth! When I decided I did not want to be an attorney, I took my Series 7 exam and became an account executive at Merrill Lynch. My original clients were from the law firm.
Then when I got engaged we moved to Chicago, where I joined Citicorp in their Corporate Foreign Exchange group. Many midwest companies did business overseas and needed to buy and sell different currencies. My career took another turn after my children were in school when I worked in a contemporary high-end jewelry firm selling pieces from all over the world. My beginning in real estate came as the VP of networking for a global destination club. So I have a broad background in markets and marketing of all kinds. Sales and service came naturally to me.
You have a unique and diverse background! What is the secret to your success?
The one common aspect of all of my past positions are my people skills. I genuinely enjoy talking with people and finding solutions to their problems, or finding them something they love. Their happiness, gratitude and appreciation are important to me.
What drew you to the BG Team?
I worked with Julie for several years on a large and successful real estate team. I enjoyed working with her and respected her energy, experience and integrity, so when it came time to find a new team, she was my first call. The group includes eight terrific women from all different types of backgrounds, which I find helpful and exciting.
What is your favorite part of working in real estate?
I love the sense of accomplishment I feel when vacuuming, shoveling snow and raking leaves, so, of course, finding the right home or buyer for a client feels just the same: a project with closure – and happy clients!
What has been your biggest professional ah-ha moment so far?
That working smart is so much easier than working hard.
What are you most excited about in the coming year?
Easy! I can’t wait to move beyond the Covid environment: dining out, playing golf, pickle or tennis and hosting my networking events are all activities I look forward to.
Lightning Round:
Where do you live in Chicago, and what is your favorite neighborhood?
I started in the Gold Coast, then moved to Lincoln Park and am now on LSD in East Lakeview. Each has its own vibe and amenities. I grew up in NYC, so I can’t believe you can live with so much space and green, look at the water every day and still be in a major metropolitan city. It’s hard to pick a favorite as new neighborhoods keep popping up, and we visit them all everyday!
Favorite Chicago restaurant: Either of my daughter’s homes.
Favorite local shop: Sabbia Fine Jewelry at 900 Michigan.
You are actively involved in a number of charities; can you tell us a bit about each one?
Before children, I volunteered for Landmark’s Preservation Society because I love history and great architecture. I was also on the Woman’s Board at the Field Museum for a number of years also because of the fantastic history and anthropology that is on display there.
When I went back to work and had less time, I focused on the Rush University Medical Center. The original medical college was the first in Chicago, established in1837, two days before the city was incorporated. Today the medical center is a general medical and surgical facility, ranked No. 17 on the Best Hospitals Honor Roll. I have been on the Woman’s Board since 1983 and am currently the Chair of the Road Home Project, which focuses on caring for our veterans returning from battle with the invisible wounds of PTSD, depression, recovery from sexual abuse, etc. This program is also funded by the Wounded Warrior Program.
My hardest client yet!
I’ve worked with numerous clients over the last 20 years, but the hardest client I’ve ever worked with is one that I worked with this year. Who was it, you may ask - it was my own family!
For those who haven’t yet heard, we sold our home. Gulp. Yes, the home that we spent years lovingly and painstakingly remodeling into our dream home – that is the one! But you know me, I am always ready for the next project! This home is truly everything, but with interest rates so low, I figured now is the time to sell and start looking for another diamond in the rough. And I already know your next question: no, we haven’t found it yet! Until we find our next Chicago home, we are renting a great place in Bucktown down the block from the girls’ favorite park!
Our home sold fast. So fast we were only listed on the MLS for about 8 hours. Going through the process of selling my own home was eye opening in ways I didn’t even realize, and I want to share some of those insights with you!
In terms of preparing my home for the market, there are a few points worth noting:
Creating a blank slate: My own advice was echoing in my ears the whole time I prepared my home to list. I put away all of our personal photos, most of our knick knacks and any child-related clutter. I wanted to create streamlined fields of vision wherever possible.
Baskets: To accomplish this more minimalistic look, I used a lifetime supply of baskets. Anything that didn’t have a purpose went in a basket and either on a shelf or in a cabinet.
Staging as necessary: This may be surprising, but I actually did stage a few areas! After removing so many personal items, it felt just a little too bare for my taste, so I finished the look with coffee table books and just a few other smaller pieces to bring it all together.
Cabinets + closets: The end goal for cabinets and closets is to make them look clutter-free and spacious. I am definitely a neat person, but listing my home forced me to get very intentional with the organization of these spaces. I basically tackled one closet or a few cabinets per night until I had gone through all of them.
Storage unit: There is no shame in the storage unit game! For non-essential items, renting a storage unit is a great solution. Pack it up and get it out of the way! For things we needed but that I didn’t want around for showings, I dragged to my car until the showings were over.
Maximize lighting: I made sure I had lightbulbs in all of my light fixtures so that every room looked light and bright for showings. On that same note, we also washed all of the windows, which I highly recommend. You don’t realize what a difference it makes until you’re done!
Last minute landscape: Our outdoor spaces are a huge selling point of the home, so I wanted them to truly shine. I had our landscapers come as close to the day of photos as possible and it was the best decision. Everything looked crisp and clean and camera-ready.
Improvements to sell: Even after remodeling for years, there were still some projects we wanted to take care of before selling as we know today’s buyer wants EVERYTHING move-in ready. It seemed counterintuitive to make improvements that we would never enjoy, but I had to keep reminding my husband that it was to help us sell quickly and at the right price. In the end, the updates we made absolutely paid off.
Once the house was ready for photos, there was the whole business of getting the exact perfect shots. Our seller clients will tell you that we take photo day extremely seriously. All during photo day, I kept saying to myself, “I wish I had Busby Group!” It was one of those moments when I really saw the value and service we provide our clients. From physically opening up window treatments to making sure the lighting is perfect, photo day is an “all hands on deck” experience.
When it came time to actually show the property, it was tough! I want to fully acknowledge what a difficult time this is to schedule showings. Between remote learning and working, finding a time to leave your home is difficult! I experienced this first hand, so I totally understand. We do our best to stack showings as much as possible to make things a little easier.
Last but definitely not least, I want to share my pricing strategy because I listened to my own advice, which was hard to do. We marketed our home through some off-market networks, including Top Agent Network (TAN). I had a good idea of market value and priced it slightly higher than this value. We had about five groups circling, but no offers at the end of the week. From there, I took my own advice and listed it on the MLS to create urgency and also adjusted the price to be right at the market value, instead of slightly higher. Once we did that, we received multiple offers and ended up with better terms than we could have imagined.
The biggest takeaway for me is that pricing right out of the gate is everything. Today’s buyer is very price-sensitive, and you are going to turn away buyers if you exceed their expectations when it comes to price. Plus, it’s key to create urgency to motivate buyers to make offers.
We successfully closed a little while ago. I can personally say selling is a stressful, time consuming whirlwind. At Busby Group, we have always kept that in mind, but it rings even more true now and we are fine tuning our concierge services even further to ensure the selling process is as stress-free as possible for our clients.
2020 has brought many challenges, obstacles, twists and turns. This was definitely a twist I didn’t even have on my radar, but I am looking forward to seeing what 2021 holds and am grateful to experience the selling process through a consumer’s lens. I want to thank all of our sellers out there for your confidence in working with us, and pledge to use my experience to make your experience even better!
Six benefits of investment properties in Chicago
Have you ever considered investing in real estate? I love helping clients find investment properties because there are so many benefits! One of our listings, 716 N Willard Ct recently had me thinking about all the positives of investment properties, especially this one! I love this property because it is not only a great first-home option, but it can also be a great “toe dip” into becoming an investor! It is a two-flat, with a gorgeous owner’s unit up top with two beds and one bath, and a rental below (that is currently rented out through April for $1800/month!), with two beds and one bath.
Facts and figures for 716 N Willard
Willard is currently listed at $649,000. With the current incredibly low interest rate of 3% for a 30 year fixed mortgage, and a 5% down payment, your monthly payment would be $2,599. If you deduct the $1800/month rent, you could live in this beautiful home for just $799/month + taxes and utilities!
Here is all the math laid out:
List price: $649,000
5% down payment: $32,450
Monthly payment with 3% interest rate: $2,599
Monthly rent for lower unit: $1800
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$799/month + taxes and utilities!
General benefits of investment properties
Plenty of potential renters: The homeownership rate has dropped 9% since 2004 nationwide due to several factors, but two in particular. First, home values have risen faster than incomes. Second, younger people appreciated the flexibility of renting rather than being tied down to a mortgage. All of this adds up to a huge pool of potential renters!
Passive income: Owning an investment property is a great source of passive income, or income that requires relatively little work. There is also the possibility that the income you receive from an investment property will be taxed differently than a paycheck.
Portfolio diversification: Investment properties are a great way to diversify your portfolio. Diversification provides an added layer of protection against market volatility, and conversely also takes advantage of market upswings.
Long-term appreciation: The best way to see significant property value appreciation is to hold a property for as long as possible. Renting out a property makes it easier to do this.
Long-term travel flexibility: With the pandemic, tons of Chicagoans are taking long-term “trips” to other cities, working remotely and trying a change of scenery. Renting gives you the flexibility to be gone for longer, with the rent offsetting the mortgage.
Market flexibility: In Chicago we know that the market can vary from year to year and season to season. Renting out a property can give you greater flexibility in waiting for the right time to sell since you will have the passive income to offset the mortgage.
Please contact us for any questions relating to 716 N Willard, or investment properties in general. We would love to help!
What Chicagoland real estate inventory means for you
I thought I would give a little market update today since that is always the first question I am asked by clients, and for good reasons: the market is evolving at record speed. The word of the day today is inventory, or basically how many homes are on the market in a given area. This is an important metric to consider because it is the basis for supply and demand when it comes to real estate. High inventory creates a buyer’s market because of the larger supply. Low inventory creates a seller’s market for the same reason.
Where is inventory in Chicago right now?
The short answer is all over the place. It truly depends on what type of inventory you are referring to. The good news is that inventory for detached housing, or single family homes is relatively low. Many Chicagoans who perhaps thought about moving are now staying put and waiting. Lakeview saw 40 new detached listings in September, Lincoln Park had 70 and the Near North Side (downtown and Old Town), had only 16.
With good news, there is always some bad news, right? The less great news here is that inventory of attached properties, or condos, is high. And it’s actually high throughout the city, even though some believe that is only true downtown. In Lakeview there were 600 new listings in September, which is part of an overall trend of steeply increasing inventory since April. In Lincoln Park there were 400, and attached inventory there too has been increasing since the spring. And lastly on the Near North Side there were 900 new listings, with the same upward trajectory since the spring.
Where is inventory in the suburbs right now?
LOW, across the board. The Chicagoland suburbs are having a huge moment right now, and demand is off the charts. Approximately 50% of single family home sales in the suburbs are multiple offer situations at this point. As a result, pricing is all over the place, so it is as important as ever for people moving from the city to the suburbs to work with a real estate broker who understands market value in a given area.
What does this mean for buyers and sellers?
City condo sellers: This is a game of making your home shine amongst the competition. This means a combination of the perfect price right out of the gate (i.e. don’t start high and whittle down later, there isn’t room for that in this market!), and make sure your home is absolutely move-in ready. All the small projects are taken care of, so buyers can see themselves moving in and immediately relaxing.
City condo buyers: You need to be aware of market value. Many buyers are assuming that there is tons of wiggle room in every negotiation, and this just isn’t true. Many sellers are listing at market value, leaving less room for back and forth. Know the comps, and know what is fair market value to be a competitive buyer.
City SFH sellers: You are more in the driver seat than those selling condos, but know that there is also less demand than there was in a pre-COVID world. Buyers of single family homes are still expecting move-in ready, so your home should look and feel ready to go. It is crucial to price the home well right out of the gate, and don’t be alarmed if a low offer comes in. We still recommend countering the low offers since there are times buyers will make a jump in price–which we won’t know if we don’t counter.
City SFH buyers: Increased competition means you need to be ready. You should have pre-approval in hand, and be ready to make an offer on the home you love. And assume there will be other interested parties.
Suburban SFH sellers: We are so happy that the uptick in the suburban markets is finally here! Suburban sellers should still make sure that their home looks its very best in photos and showings to secure top dollar. And because there are so many multiple offer situations, you want to work with a broker who has experience handling competitive deals.
Suburban SFH buyers: Get ready for a competitive field. If a house is priced properly and sells well, chances are it will end up in a multiple offer situation. When this happens, it is all about strategy. At Busby Group we are helping our suburban buyers navigate these situations on a daily basis, ensuring they not only “win,” but also do not overpay. Working with an experienced broker, plus one that knows about properties before they hit the market (hi!), is the key to success.
All of this advice underlines the point that there is a real comprehensive strategy to buying and selling real estate in Chicagoland right now. The market is in a constant state of flux, so it is crucial to stay on top of the market on a daily basis–or work with a real estate broker who is!
Our best kitchen remodel advice
For a lot of people, this has become a season of really making your home into the perfect special place you always intended. Nothing like spending six months straight at home to kick it into high gear, am I right? And for many, creating the look you always wanted starts in the kitchen with either a big or small remodel. I’ve seen my fair share of successful and less than successful kitchen remodels, so today I’m sharing my biggest advice on how to make sure you get the kitchen of your dreams!
Start with a triangle!
That’s right. You’ve probably vaguely heard about the kitchen triangle over the years, but maybe you weren’t entirely sure what it meant. A kitchen triangle pertains to the sink, stove and refrigerator, and if you were to draw lines connecting all three it would create a triangle. This ensures that there aren’t obstacles between you and your soup when you have raw chicken all over your hands! Here’s a great article with further reading on the kitchen triangle.
More is better with storage
Have you ever heard someone complain about too much storage in their kitchen? Me neither. When in doubt, go for additional storage, and also think about additional places you can cram even a little more in like the pantry. I also recommend taking a full inventory of all of your kitchen items before designing your storage space so that you can customize the size of cabinets based on what you have.
Invest in a big refrigerator
Now more than ever people want space to cook at home. If you are looking for places to invest a little extra, go for the bigger, nicer refrigerator and I promise you won’t regret it.
Think outside of white
Of course a white kitchen will always be classic, but love this new trend I see all over the city featuring soft natural wood cabinets. It’s a warmer, slightly Scandinavian take, and I think the whole look ties together so well with this bit of texture. I also think it probably shows hand prints less than white, but this is an untested theory.
Always oversized for sinks
There is nothing better than an oversized sink! It not only looks modern, but is so much easier to clean larger pans. When in the design phase, I recommend asking what the maximum looks like for your space in terms of width and depth.
If you are seriously considering a kitchen remodel, do reach out! I know so many great designers and builders, and would love to get you a few referrals. Many times that is the hardest part of the whole process–finding the right team!
Home looking a little tired? Our 4 best tips for easy ways to refresh
Ok let’s just put it out there: does anyone else’s home look tired? I always get the itch to refresh in the fall before the winter months, but this year I feel like it is almost necessary to clean or replace some of our most beloved pieces after months and months of so much time indoors at home. Is it just my kids who without fail gravitate toward my most expensive throw pillows to use for forts or doll beds? In that spirit, we’ve put together our top tips for easy ways to refresh, revive, clean or replace some of our most frequently used or seen home decor.
1) Throw pillows:
Pillows are one of the fastest ways to totally change the look of a room. For monochromatic rooms, I love to add a splash of color with pillows. A primarily white/cream and black room looks amazing with a few burnt orange pillows. I also like to mix a few different textures and patterns. Another option is to replace your insert! After a few years or six months worth of forts, they can lose their fluff. My best advice is to measure your pillow cover and order an insert that is one inch bigger for overstuffed, expensive-looking pillows. My favorite sources are Etsy for incredible handmade patterns, and CB2 for their classic, yet modern designs.
2) Paint + wallpaper:
It never ceases to amaze me what a new coat of paint can do for a space. Months of kids handprints and tiny scuffs can really add up and make a room feel stale. A fresh coat of paint can give a room a feeling of freshness and uniformity in a way that nothing else can. While I do always recommend that most of a home be white/neutral, I do think going bold and dark in one room or on one wall can look amazing! Darker walls can create a cozy feeling, and will also really offset any millwork details. It’s also true that wallpaper is back in a big way! I love grasscloth as a more neutral take on wallpaper, but I also think it’s fun to go for a fun pattern! Start with a powder room and see how you feel a few months in before committing to anything bigger. Another fun smaller project could be painting just the wall that is your Zoom background! This is the one you stare at all day, everyday, right? Make it fun!
3) Lighting:
Do you ever walk into a friend’s home and think, “why does it look so much better than mine?!” Chances are it’s the lighting. It’s such a crucial part of a home’s overall look, but many times forgotten. There are hundreds of different light bulbs out there so it can be very overwhelming picking the right fit for your space. This is a great resource. Also, for those with recessed lighting, don’t forget to include a lamp or two at eye level. It really helps to warm up a space!
4) Art:
Art is like throw pillows: switching it up can change the whole vibe of a space! If you are sick of looking at the same pieces, take a trip to your favorite home store online or in person to get ideas. I then love to shop on Etsy, where you will find a huge variety in price and artists.
If I’m feeling really bored with a room, I also love to rearrange my furniture! It can be really enlightening to try a few different configurations and land on one that really does make a space feel infinitely bigger and more open. Plus, this tip is free!