What is My Home Worth?

Everyone thinks they have a pretty good idea of what their home is worth, or do they? You know what you paid for your home. You know what improvements you have made to your home and what they cost you, right? So it should be easy to figure what your home is worth. You just add the price you paid to what it has cost you to make repairs and improvements, right? Wrong!

It isn't a precise science to figure the value of your home, but it does take a little work. When we are figuring the value of a home, whether it is in Mundelein, Lake County, Cook County or McHenry County, the process is pretty much the same. List Prices are based on what similar homes have sold for in the past 6 Months, How similar they were, along with any adjustments we must make to make them as similar as possible. Factors that can affect the price are: Location, Age, Condition, Curb Appeal, Landscaping, Updating, Decorating, Schools and the Market. Each of these factors affects desirability. Even though we take into consideration all of these factors when trying to determine the price, the true price is determined between the Seller and the Buyer.

The Seller, with the help of a Realtor®, Appraiser, or his own due diligence, comes up with a Price that they feel their home is worth (at least a starting point). The Buyer, after looking at similar homes, comparables that have Sold, the Market, considering how much they really like the home, along with the opinion of a Realtor® (or other real estate professional), they come up with an "Offer" Price. It is this act, the negotiating, that truly determines the Price of the Home. The actual price is not determined by your Realtor®, but by the Seller and the Buyer agreeing on a Mutual Value.

Remember, as a Seller, try to price your home at a realistic price and as a Buyer try to buy the home at a realistic value (this will reduce Market Time). If this is accomplished and both sides feel they have won something - then it is a good deal and everyone should be happy with the transaction. Good Luck to all of you Buyers and Sellers, may you get what you want!

The Market is Changing!!

I am starting to see some changes in the Real Estate Market. Buyers are starting to surface again in Lake, Cook and McHenry Counties. My Office is in Mundelein, in the middle of Lake County Illinois. Inventory Levels are Good and Interest Rates are still as good as they have been in recent times. I am seeing Buyers in many price ranges and in many Villages and Cities. Mundelein has a large range of Housing Prices from the Lower 100,000's to over $2,000,000, so we have had something for all Buyers.

My phone is ringing and I am seeing e-mails from people registering on my website, http://www.soldbywallen.com/, to search for homes, inquiring about Ads and asking for a Market Analysis to determine the value of there home while wanting to know when they should put their home on the Market.

With the Market the way it has been, people want to no when the best time to put their homes up For Sale is. I have been telling them that I really think it depends on the Weather. Well, with what we have seen in weather this week in Mundelein and Lake County this week - the time is now.

If you are looking to Sell, try to get a jump on the competition - Don't wait until everyone puts their house up For Sale. If you are Buying, take advantage of the Low Interest Rates and the New Inventory that is coming into the Market Daily, along with what is on the Market and has been sitting. Sellers may compete for your purchase by adjusting their prices, incentives, or just making improvements to there homes to make them shine for prospective Buyers.

If you are looking to Buy or Sell a Home, don't wait and possibly miss a great opportunity to put together a deal that may not be available later. Whether you live in Mundelein, or Lake County, Cook or McHenry Counties, or most of Illinois, the time is now, so don't wait!