Realty Executives Midwest
Remodeling your home? Have an extra room in the basement you’re not sure what to do with? Maybe it’s time to create the ultimate man cave! Whether you want a place for Friday night poker or to watch your favorite team take on their rivals, a man cave is the perfect place to sit back and relax. Check out these six essentials for creating a dream room.
If you have been in a man cave or done any research online, you know that most will have a built-in beverage bar on one of the walls. This bar is essential for keeping you and your friends happy and hydrated throughout the game. Splurge a little and stock up on your favorite beer or liquor to either display or taste on a special occasion. Not much of a drinker? No problem. Having a beverage bar with a fridge allows you to have soda cans and water on hand so you don’t have to run back and forth to the kitchen all night long. Plus, the counter does double-duty as a snack bar.
What’s the number one thing a man cave needs? A killer home theater, of course. Take this opportunity to perfect your viewing experience and make your house the spot to watch the Super Bowl, Olympics, or Masters. A nice entertainment system is not cheap, but watch for seasonal deals at local electronics stores or online avenues to save some cash.
When it comes to selecting a television and sound system, we recommend talking to a professional. He or she will be able to provide suggestions for television and audio systems that will work best in the size of your space. After all, you want all your fellow cave people to be able to see and hear all the entertainment.
It’s no fun binge watching your shows, listening to music, or chilling out if the seating isn’t comfy. For this reason, finding a great couch and a great recliner is essential to your man cave setup. We recommend selecting a couch for guests that you invite to your cave but reserve the recliner as your spot to relax and unwind after a long day.
Although you can find plenty of furniture online, it can be hard to tell how comfortable the fabric and cushions are from a picture. Try scouting out your local furniture store to see which brands you like best. You can always look for better deals online, but keep in mind that many stores will price match!
Some guys don’t pay too much attention to decor on the walls, but you should still try to make your space look put together and personalized. You can make your man cave look like a million bucks just by adding some cool photos to the walls or pieces to the tables. Old black and white photos of your team’s baseball stadium, framed concert tickets, or some photos of you and your buddies back in college are great ideas to help you get started. This space is supposed to be about you and your hobbies, so your decor should reflect that.
You don’t have to be a sports fanatic to want a man cave, plus you won’t always have an event to watch, so a major consideration is game space. This could be a pool table, card table, video game console, arcade game, foosball, etc. Having an area dedicated to having some competitive fun with friends and family will allow you to have guests over throughout the seasons and give you a chance to bond and catch up with each other.
Last, it’s not a man cave without music. If you have musical interests, your cave is the perfect spot for guitars, drum kits, and band practice. If playing the part of musician isn’t in your wheelhouse, consider investing in speakers throughout the space. We suggest looking for Bluetooth speakers that can easily be moved throughout the room. This can even allow your guests to contribute to your playlist, depending on the app you use.
In the end, your man cave is all about YOU. It should be an extension of your favorite things to do and a private oasis for when you need to get away. Take the time for yourself and have some fun with it!
Article Source: Realty Executives International
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams.
Below are five things to keep in mind when it’s time to make an offer.
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:
“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”
Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home.
Speed and the pace of sales are contributing factors to today’s competitive housing market. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the average home is on the market for just 17 days. As the report notes:
“Eighty-nine percent of homes sold in July 2021 were on the market for less than a month.”
When homes are selling fast, staying on top of the market and moving quickly are key. After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.
No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac says:
“The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.
In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to the latest Realtors Confidence Index from NAR, 50% of offers are above the list price.
In such a competitive market, emotions and prices can run high. Having an agent to help craft a strong, fair offer is critical in these situations. Your agent can help you understand:
When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. Your trusted real estate advisor will help you consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up, like the home inspection.
Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
In today’s competitive housing market, it’s more important than ever to make a strong offer on a home. Connect with a local real estate professional to make sure your offer rises to the top.
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
There are many headlines out there that claim we’re reverting to a more normal real estate market. That would indicate the housing market is returning to the pre-pandemic numbers we saw from 2015-2019. But that’s not happening. The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning.
Here’s the definition of normal from the Merriam-Webster Dictionary:
“conforming to a type, standard, or regular pattern: characterized by that which is considered usual, typical, or routine.”
If we look at the 30-year mortgage rate chronicled by Freddie Mac, we can see the average rates by decade:
Today, the average mortgage rate stands at 2.87%, which is very close to the historic low.
According to Black Knight, a housing data and analytics company, the average annual appreciation on residential real estate prices since 1995 has been 4.14%.
According to the latest forecast from the National Association of Realtors (NAR), home price appreciation will hit 14.1% this year, which will be greater than any year since Black Knight began collecting this data.
According to NAR:
“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Historically, six months of supply is associated with moderate price appreciation, and a lower level of months’ supply tends to push prices up more rapidly.”
As of the latest Existing Homes Sales Report from NAR, the current months’ supply of inventory stands at 2.6. That’s less than half of a normal supply.
The days-on-market metric gives an indication of how hot a market is and how quickly homes are selling. In 2019, prior to the pandemic, the average days on market stood at 35, according to NAR. Today, that number is cut in half and is now at 17 days.
According to NAR, the number of offers per listing stood at 2.2 in 2019. Today, that number is double at 4.5.
When…
…it’s hard to say we’re in a normal market.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975?
Obviously, the price of a home has appreciated dramatically over the last 45 years. So have the prices of milk, bread, and just about every other consumable. Prices rise over time – we know it as inflation.
However, when we look at housing, price is just one component that makes up the monthly cost of the home. Another key factor is the mortgage rate at the time of purchase.
Let’s look back at the cost of a home over the last five decades and adjust it for inflation by converting that cost to 2021 dollars. Here’s the methodology for each data point of the table below:
As the chart shows, when adjusted for inflation, there were only two times in the last 45 years that it was less expensive to own a home than it is today.
At every other point, even in 1975, it was more expensive to buy a home than it is today.
If you want to buy a home, don’t let the headlines about affordability discourage you. You can’t get the deal your friend got last year, but you will get a better deal than your parents did 20 years ago and your grandparents did 40 years ago.
Article Source: Keeping Current Matters
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
