Your Homes’ Honey-Do List for July 2018

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This summer-2018, let top producing, high ranking, optimally performing real estate professionals, guide you through the sought after North Shore area of Chicago. Gloria Matlin and partner Zack Matlin have been assisting with North Shore real estate dreams for over 25 years. They pride themselves on being consummate professionals with a stellar reputation for thorough, sincere, friendly, and tenacious service. Located in the award-winning Coldwell Banker residential real estate office of Glencoe Illinois – 640 Vernon Avenue, 60022. more information HERE and HERE

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We proudly serve Chicago, Chicago’s north suburban area including Glencoe, HighlandPark, Winnetka, Wilmette, Kenilworth, Northbrook, Deerfield, Northfield, Lincolnshire, Buffalo Grove, Skokie, Evanston, and Glenview.

 

Tri-Valley Real Estate Buzz

With summer around the corner, the days are getting longer…and so is the honey-do list. To help you out, we’ll be featuring a “Honey-Do List” at the beginning of each month to make sure you stay ahead of those around-the-house projects.

Here is your to-do list for the month of June:

1.  Prep your guest room for summer visitors.  

Summertime means vacation time, which sometimes means you run a bed & breakfast from your spare bedroom. When creating a serene retreat for out-of-town guests, it’s all about the little touches. Stock a bookshelf with great reads, leave a water pitcher and glasses on the nightstand, and add fresh flowers to brighten up the space. An extra blanket and a set of hotel-size toiletries make any visitor feel at home. Want to make sure your house guests don’t extend their stay? Start enlisting their help on the chores on your…

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Preparing Your Home to Sell This Summer 2018-North Shore Chicago Real Estate

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While several Chicago North Shore homes may be sold each week, the process may not be as easy for sellers as it was five or 10 years ago. Surviving in today’s real estate world requires experience and training in such fields as online real estate marketing, relocation savvy, financing options, negotiating and closing, the very expertise available from local North Shore-Chicago real estate professionals. Millions of existing homes are sold each year and, while each transaction is different, every owner wants the same thing: the best possible deal with the least amount of hassle and aggravation.

Are You Ready?Sold

The home-selling process typically starts several months before a property is made available for sale. It’s necessary to look at a home through the eyes of a prospective buyer and determine what needs to be cleaned, painted, repaired and tossed out.
Ask yourself: If you were buying this home, what would you want to see? The goal is to show a home that looks good, maximizes space and attracts as many buyers as possible.

When Should You Sell?

As with several locations across the country, the North Shore Chicago marketplace tends to be active in the summer because parents and/or young adults want to enroll in classes at the beginning of the school year (usually in August). Summer is also typically when most homes are likely to be available.
Generally speaking, markets tend to have some balance between buyers and sellers year-round. For example, a given North Shore community may have fewer buyers in late December, but it’s also likely to have fewer homes available for purchase. As a result, home prices tend to rise or fall due to general patterns of supply and demand, rather than the time of year. Look to a skilled, North Shore Real Estate professional can be a sound decision to assess local real estate market activity and trends.

From providing an in-depth view of luxury North Shore-Chicago real estate markets in 2018, to examining and providing an accurate seasonal gauge on North Shore’s rental trends; Gloria Matlin along with partner Zack Matlin continues to be North Suburban real estate experts with an unparalleled record of top producing, high-ranking accomplishments that span 25+ years. Her keen awareness of the Northern Shore communities and his extensive marketing, as well as mortgage consulting knowledge, are what makes Gloria and Zack Matlin an elite high performing team with a sincere and personalized style they offer each and every client. Gloria Matlin and Zack Matlin educate, tenaciously perform and make Chicago North Shore real estate dreams a pleasant reality! More info HERE

Spring 2018-May Means Mother’s Day Month – Chicago North Shore

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Spring 2018 well wishes, and happy Mother’s Day Month from Gloria Matlin and Zack Matlin. With over 25 years of dedicated Chicago North Shore real estate experience, personable, driven, top producing, high ranking real estate professionals with a client centered focus for making real estate dreams come true; look to this dynamic team for an elite level of North Shore real estate service on the North Shore of Chicago:

The Mash Team Blog

Home is where Mom is, so why not give Mom a piece of home this Mother’s Day?

Don’t forget Mother’s Day is May 10th this year! As we discovered last year, Home is Where Mom is.  So, why not give Mom a little piece of home this Mother’s Day? These 5 unique homemade Mother’s Day Gifts are guaranteed to show her how much you care.

Lemon-Sugar-Scrub-DIY-CraftLemon Sugar Scrub via Living Locurto – Mom deserves a little R&R. Give her a spa day at home with a DIY lemon sugar bath scrub and then leave her alone long enough to take a nice relaxing bath.

CoastersTile Photo Coasters – Give mom a gift that’s worth a thousand words and serves a practical purpose. These tile photo coasters are an easy do-it-at-home Mother’s Day Gift that will make Mom smile every day over her morning coffee.

Chalkboard Flower PotsChalkboard Flower Pots via Learning, Creating, Living –…

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Top 6 Home Tax Deduction Mistakes: North Shore Real Estate

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Across the nation and of course here on the North Shore of Chicago that time is upon us….tax season-2018!  For North Shore real estate homeowners, home sellers, or prospective first time North Shore home buyers, having a basic understanding of tax guidelines can potentially shield you from Taxbreaksfinancial heartache and can help to ensure you’ll benefit from many of the exceptional tax benefits of property ownership. Below are the top 6 tax deduction misconceptions.

Note: Due to the various restrictions and conditions regarding real estate tax benefits, it is important to consult with one’s financial advisors or accountants to fully understand the benefits and opportunities of tax benefits to those who own North Shore real estate. The tips provided give general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction or location.

See a list of available North Shore tax preparers and financial advisors HERE . Or, let us know who you recommend for tax preperation on Chicago’s North Shore!

Schedule A is the part of Form 1040 commonly used to list myriad deductions, and the more details, the more prone someone may be to misinterpretation with their taxes. To save time and money, four tax experts weigh in on the following 6 most common Schedule A concept mistakes homeowners may make.

Concept #1: Line 6 – real estate taxes

Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney and author of Julian Block’s Home Seller’s Guide to Tax Savings. That will lead you to putting the wrong number on Schedule A.
Example:

  • Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes
  • Your annual property tax bill: $5,500

Now do the figures:

  • Your bank received $6,000 for real estate taxes, but only paid $5,500. It may keep the extra $500 to apply to the next tax bill or refund it to you at some point, but meanwhile, you’re making a mistake if you enter $6,000 on Schedule A.
  • Instead, take the number from Form 1098—which your bank sends you each year—that shows the actual taxes paid.

Concept #2: Line 6 – tax calculations for recent North Shore buyers and sellers

If you bought or sold a North Shore home in the middle of 2013, figuring out what to put on line 6 of your Schedule A Form is tricky.
Don’t simply enter the number from your property tax bill on line 6 as you would if you owned the house the whole year. If you bought or sold a house in midyear, you should instead use the property tax amount listed on your HUD-1 closing statement, says Phil Marti, a retired IRS official.
Here’s why: Generally, depending on the local tax cycle, either the seller gives the buyer money to pay the taxes when they come due or, if the seller has already paid taxes, the buyer reimburses the seller at closing. Those taxes are deductible that year, but won’t be reflected on your property tax bill.

Concept #3: Line 10 – properly deducting your points

You can deduct points paid on a refinance, but not all at once, says David Sands, a CPA with Buchbinder Tunick & Co LLP. Rather, you deduct them over the life of your loan. So if you paid $1,000 in points for a 10-year refinance, you’re entitled to deduct only $100 per year on your Schedule A Form.

Concept #4: Line 10 – HELOC limits breakdown

If you took out a home equity line of credit (HELOC), you can generally deduct the interest on it only up to $100,000 of debt each year, says Matthew Lender, a CPA with EisnerLubin LLP.
For example, if you have a HELOC for $200,000, the bank will send you Form 1098 for interest paid on $200,000. But you can deduct only the interest paid on $100,000. If you just pull the number off Form 1098, you’ll deduct more than you’re entitled to.

Concept #5: line 13 – Private mortgage insurance

You can deduct PMI on your Schedule A Form, as long as you started paying the insurance after Dec. 31, 2006. Unless Congress acts to extend the PMI deduction, however, 2011 is the last year for which you can take this deduction. (Also, this is also a good time to review your PMI: You might be able to cancel your PMI altogether because you’ve had a change in loan-to-value status.)

Concept #6: line 20 – casualty and theft losses

You can deduct part or all of losses caused by theft, vandalism, fire, or similar causes, as well as corrosive drywall, but the process isn’t always obvious or simple:

  • Only deduct losses that are greater than 10% of your adjusted gross income (line 38 of Form 1040).
  • Fill out Form 4684, which involves complex calculations for the cost basis and fair market value.  This form gives you the number you need for line 20.

Bottom line on line 20: If you’ve got extensive losses, it’s best to consult a tax pro. “I wouldn’t do it myself, and I’ve been dealing with taxes for 40 years,” says former IRS official Marti.

Get more tax tips HERE

Spring 2018, will be one of the Best Times to Buy….Know Why?

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With today’s 2018, Chicago North Shore market conditions, now is one of the best times to find your perfect home at the price you want. If you wait, prices and interest rates will rise and you may find yourself on the outside looking in.

Choices are out there. In the past, the amount of homes on the market was very low and selection was poor. In today’s market, a buyer is able to find the right home without compromising any needs or wants.

Take your time in researching your new home. Shop around. Look at multiple homes and compare. In previous years, the seller’s market rushed buyers to make offers without thinking about their decision. Now; you can afford to give your decision the time and consideration it requires.

Make sure your home is in the best condition. Practice due diligence and schedule home inspections and appraisals on the property that you are interested in. No longer do you have to waive these contingencies with the fear that you may lose the home to another offer. Also, submit any repair requests that you may have to the seller before purchasing the home.

Reliable and trustworthy financing is available. The re-emergence of fixed rate mortgages and the rapidly disappearing adjustable, sub-prime loans make this a great time to buy your new home!

Contact us today, we assist! Gloria and Zack Matlin…Matlin Residential Real Estate.

 

Real Estate Resolutions in 2018-Chicago North Shore Real Estate

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When it comes to real estate, 2018 New Year’s resolutions may not immediately come to mind. But for prospective Chicago North Shore real estate sellers and/or buyers, this is the time as well as the year to generate ideas to put them on track for a change. Many times these ideas surface as a result of an oversight or misjudgment about the real estate market over the past 12 months.  The time to act is certainly NOW! Below are the top 4, 2018 resolutions to get you North Shore real estate market ready and prepared:

 

Sellers: Resolve to Think of Your Home as a Commodity

Start clearing out old stuff now. If there are things deep in your closets that you don’t think you’ll use between January and the time you move, consider a storage locker or making space in the garage. Does your real estate agent suggest that the basement needs a paint job? Get some painting bids now. Have you always hated how the bathroom vanity takes up so much space? Consider changing it now so buyers will perceive your bathroom as bigger. This will also help you spread out the costs of home repairs and changes over several months.

Buyers: Resolve to Get Your Financial House in Order

Planning a home purchase takes time and effort, so you should consider meeting with a mortgage professional early in the year. Know your credit score and understand what your financial situation looks like from a lender’s perspective. If you have credit issues, identify what they are and the necessary steps to correct them. An experienced North Shore real estate agent can recommend local mortgage professional. Local is always important, because many real estate deals are made on relationships, and being able to meet face-to-face with your mortgage professional can be a big plus.

Sellers: Resolve to Understand Your Timing and Exit Strategy

One of the biggest stresses on a seller is trying to plan a purchase and a sale at the same time. Can you afford to close on the new home before selling? If so, for how long? Do you need to sell the property first? If so, will the potential sale price support a home purchase in the neighborhood you want to be in? If not, what other areas should you be looking in? Selling and buying at the same time brings up all kinds of questions. A seasoned North Shore Realtor should be able to guide you through these and other related matters with ease.

Are you relocating to the North Shore Area of Chicago? Uprooting yourself from your home is not easy. What if you have to go into short-term housing? How will you get that set up and how long would you need to commit for? If you can afford to purchase and then sell, do they need to happen quickly? Are there things you can be doing in your current home so that once your new home closes, you’ll be ready to list? It’s a lot to think about and plan for, and it helps to have a strategy in place well before you have to take action and use your North Shore real estate professional as a guide.

Buyers: Resolve to Start Feeling Out the North Shore Market Early

You may think you only need to go to open houses once you’re ready to buy. But in reality, a buyer needs a couple of months learning the market, understanding home values, the prices per neighborhood and the areas in general. Going to open houses in the neighborhoods where you want to buy will allow you to start feeling out the market.

Once you engage a North Shore agent, you may make several offers before you get into your dream home. Having your North Shore agent along for the ride will allow you to compare and contrast homes you’ve visited to the home you eventually buy. The homes you see and your experience feeling out the market will serve as the building blocks toward becoming an informed buyer and making your best offer.

Gloria Matlin….Committed to optimal, top performing, client focused real estate service; Gloria Matlin will strive to maintain her consummate dedication to North Shore real estate in 2018. Nationally and locally recognized as a high ranking, top performing luxury real estate resource, she and partner Zack Matlin are trusted professionals with over 30+ years of North Shore Real Estate insight and experience. Look to them for help with relocation, downsizing, up-sizing, buying, selling, investing, renting or to obtain additional detail on real estate data, reports, outcomes and/or history within the Chicago North Shore areas of Glencoe, Winnetka, Wilmette, Glenview, Deerfield, Northbrook, Lincolnshire, Lake Forest, and Highland Park. More information HERE and HERE on this dynamic real estate team.

Benefits of Year End Real Estate Investing: North Shore Chicago

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Here on Chicago’s North Shore, next to spring, fall is often the busiest real estate time of the year. Although you can buy and sell houses at any time, the fall North Suburban real estate market offers abundant benefits to home buyers, including year-end tax breaks, pleasant weather conditions for moving, commonly a wider selection of houses, and the beautiful presence of mother-nature all FallScene-2around!

To further provide examples of the North Shore home buying advantages you can enjoy during the autumn months, below is a more detailed look into the benefits of looking for and purchasing a home in the autumn 2017 season.

Mortgage loan year-end tax breaks

By October and November, people are already reviewing year-end tax breaks they may be eligible for. Fortunately for home-buyers, owning a home can yield immense dividends in tax returns. For example, both mortgage interest and property taxes are deductible from gross income. In addition, if you have prepaid ant interest before the due date of your first payment and you close your loan before the year’s end, that amount will also be deducted. Consult a tax professional for specific details and guidelines.

Often more home buying choices

Given that North Shore home buying and selling is at a peak during the fall season, the real estate market often becomes a highly competitive arena. While there may be additional pressure to buy due to the quicker turnaround of houses on the market, at the same time you also benefit from the wider selection of homes available during the fall season. In fact, between the months of September and December, you may be fortunate enough to visit several North Shore open houses in a single day. Therefore, to make sure you don’t miss out on finding your dream house, it’s a good idea to examine on-line ads often since the listings are updated frequently.

Getting ahead of mother mature

Buying a North Shore house in the winter may not be very appealing to most home buyers. Low temperatures and poor weather conditions can potentially make moving more difficult. But by moving in early, mid, even late autumn, you gain the added benefit of eluding the sweltering summer heat.

Fall home buying TIP:  Taking into account that fall is the second busiest season of the year for buying and selling houses on the North Shore, you may be tempted to put a bid on a home for fear that another buyer will better your offer or snatch it up before you. Carefully assess your financial situation ahead of time and before your feet hit the pavement, know what your ceiling is and stick to it. More info HERE

The North Shore real estate Fall 2017 forecast calls for ongoing top tier results, high ranking top producing performance, and sustained elite service from Gloria Matlin and partner Zack Matlin of Matlin Residential Real Estate. With over 25 years of trusted real estate professionalism, she and Zack are the consummate guides on Chicago’s North Shore. Look to them for assistance with relocation, buying, selling, investing, or to inquire about local communities, they can help make North Shore real estate dreams a reality. Gloria’s home office is located within the top brokerage firm on the North Shore-Coldwell Banker Residential Real Estate office. 640 Vernon Avenue, Glencoe, Illinois 60022.

 

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