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Real tips
Q. What do I need to know about credit scoring?A. What is it? The first step in improving your credit rating is to know where you currently stand. Your credit records have been reduced to three-digit scores commonly known as a FICO, or Fair Isaac & Co, score. Assigned to you by each of the three major credit bureaus (TransUnion, Experian and Equifax), your score shows how likely you are to pay back a loan on time – the higher the score, the lower your presumed risk of default. By law, you may obtain one free report annually from each bureau online at www.AnnualCreditReport.com. By accessing your credit information one agency at a time, you can get a free credit report three times yearly. How is it calculated? Can scores improve?
For most, credit is a way of life. Installment payments and credit cards can be useful financial tools if they are kept under control, but many let credit control them. Consumers are advised to obtain copies of their credit reports to make sure all information is correct before applying for a loan. Incorrect information should be reported to the agency as soon as possible. The Illinois Association of REALTORS® has many financing resources for consumers and potential homebuyers available. Providing specialized loan programs and credit resources are just a few of the ways Illinois REALTORS® are working to help Illinois residents achieve the dream of homeownership.. Credit Reports - Where Can I Get a Copy
You need to be sure to list your full name, spouse's name, addresses for past two to five years, phone number, Social Security number, date of birth and current employer. Requests for couples must be signed by both husband and wife. Q. How can I prepare my home for winter weather?A. Illinois experiences five severe winter storms each year, on average, according to the Illinois Emergency Management Agency. Although the glistening landscape may look serene, the hazards associated with severe winter storms and extremely cold temperatures can wreak havoc on your home. Fortunately, many winter-related disasters can be avoided by taking simple precautions to ready your home for the season. The best way to keep your family and home safe during bad weather is to plan ahead and prepare for a winter storm before it hits. Make your home less vulnerable to the frigid temperatures by making sure it is properly insulated. Adding extra insulation to your walls and attic will help you conserve electricity and avoid problems such as frozen pipes or a collapsed roof. You can also caulk and weather-strip doors and windows to keep drafts from reducing the temperature inside your home. Here are some quick tips:
With the frequency of winter storms in Illinois annually, it is useful to maintain a disaster supply kit with communication, food and safety supplies in preparation for the worst. A prepared emergency kit can ease stress in the event that you are isolated in your home for a period of time. A sample emergency kit could include:
Q. What should I Know About Fire Safety at Home?A. Since residential fires increase during the winter storm season, the winter months are a good time to check the batteries in your carbon-monoxide and smoke detectors. REALTORS® throughout Illinois are working to educate consumers about the carbon monoxide law that requires Illinois residences to be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes. In order to ensure your home is properly heated this winter, have a professional inspect your furnace and fireplace annually. Furnace filters need to be cleaned or replaced regularly. If you are using an alternative heating source, keep it in a well-ventilated area and have a fire extinguisher on hand. Each year, heating devices cause an average of 800 residential fires, 6 deaths, 73 injuries and more than $7.82 million in property damage in Illinois, according to the National Fire Incident Reporting System. The Office of the State Fire Marshal (OSFM) advocates increased fire safety during the winter months. Make sure heating units carry the label of a recognized testing laboratory. Follow the manufacturers’ installation, operation and maintenance instructions on all home heating devices. Check heating equipment and have it professionally cleaned each season. Make sure all heating equipment meets local fire codes. Space heaters should be at least 36 inches (3 feet) away from anything combustible, and never leave them unattended. Do not use portable LP (propane) gas heaters with self-contained fuel supplies in your home. Burn only the proper fuels in any heating device. Don’t burn green wood, trash or paper in wood stoves or fireplaces. Use only clear Grade A K-1 kerosene in kerosene heaters, not yellow kerosene, gasoline or camp stove fuel. Wires and fuses should be frequently checked to guard against electrical fires. Make sure your home wiring is sufficient to support portable heaters. Be careful not to overload electrical outlets and use extension cords sparingly to reduce the risk of an electrical fire. Make sure your smoke alarms are working. Test them regularly and replace the batteries as needed. Finally, plan and practice fire escape plans. Source: Office of the Illinois State Fire Marshall Q. Why Should I List My Home This Winter?A. You’ve decided to sell your home, but are hesitant to place it on the market as the hectic holiday season quickly approaches. Don’t be. A common misconception is that listing a home in Illinois during the winter months is a bad idea. Homes showcased during the holidays provide a warm, inviting listing environment that welcomes sellers and buyers alike. Most Illinois markets do not hibernate in the winter. With fewer homes on the market and buyers who are motivated to buy, the holiday months provide an ideal time to list and get ahead of the spring influx. People who are shopping for a home during the winter months tend to be more motivated, serious buyers. Generally, these buyers are moving out of necessity so they are more likely to “buy now.” Showings can be much more valuable during the winter because you can cater to the motivated buyer and avoid those only casually looking for homes. Many of these motivated buyers are employees relocating to a new area because of a job transfer. Since corporations often transfer employees towards the beginning of the calendar year, these buyers use the holidays to house hunt due to time constraints. With holiday commitments, a limited supply of inventory and the necessity to relocate in the first quarter, many buyers are motivated to move quickly in negotiating their new home purchase. In order to sell your home in a timely manner, let your REALTOR® help you adjust your listing price to meet the seasonal market. A properly listed home will sell quicker and allow sellers to focus on friends and family. Homes decorated for the holidays can showcase the inviting atmosphere a buyer needs to close a deal. When looking at listings, homebuyers try to imagine their own celebrations in the home. They are also looking for something that is move-in-ready so seasonal decorations should accent the home’s features and not distract potential buyers. Q. What is the benefit of using a REALTOR with a designation?A. Most property transactions are complex procedures, requiring the knowledge and expertise of a real estate professional. There may come a time when you need the assistance of a real estate professional who is specially trained in a specific aspect of the business. The National Association of REALTORS established REALTOR Designations, which are certification programs that identify passing REALTORS as experts in a certain field. Through membership in NAR’s affiliated institutes, societies and councils, members devote themselves to continuous study of the most recent trends in their respective fields. The affiliates award specialty designations that recognize a member’s advanced education and experiences in a particular discipline. Courses offered through the affiliates keep members abreast of developments in their specialized fields and better able to address industry issues. With each designation, a REALTOR increases his or her skills, productivity and knowledge, therefore providing buyers and sellers with a higher level of service. While agents without designations are certainly capable of meeting a customer’s real estate needs (all have completed minimum training and most have completed additional education and training to stay on top of the industry); certain situations may call for a REALTOR with a designation. Some professional designations include:
Q: What are some tips for selling my home this fall?A. If you are looking to sell your home this year, don’t let the negative press surrounding the housing market discourage you. With favorable interest rates and a large buyer pool, this fall season can be a great time to put your house up for sale. Maximize this opportunity by pricing accordingly and making simple improvements to ensure your home has the appeal buyers are looking for. It’s impossible to time any market. REALTORS have worked with buyers and sellers in all types of markets and know what changes or improvements can generate the quickest sale at the best price. A common mistake for sellers as the market slows is to set an unrealistic price for their home. A house that is priced appropriately for the market will be taken more seriously and will sell more quickly than one that's overpriced. One of the easiest ways to properly price your home is to request a comparative market analysis (CMA), or a report telling you how much your house is worth comparable to other homes sold in the area in the past year. A local REALTOR® not only has experience with these types of reports, but access to the sales records in your area and can complete this analysis upon request. Once you have a proper price for your home, you can spend some time preparing it for sale. The changing colors of the fall season can make for a beautiful landscape for a listing. Since most buyers tend to be more inclined to request a showing if a home’s exterior is visually appealing, focus some of your time on improvements to your curb appeal and add interior touches. Even small adjustments can make or break a sale. Here are some quick tips:
Preparing Your Home for the Virtual TourWith more buyers starting their home search on the Web, sellers in today’s market are relying on virtual tours for that oh-so-important first impression. If you are selling your home this spring, take some time to get it virtual tour and open house ready. Your extra spring cleaning will pay off with more interested buyers and a faster sale. REALTORS® have experience in staging virtual tours and can offer you tips to attract buyers. By following a few simple guidelines, you can make the changes necessary to help your home shine above the rest. Virtual tours not only show buyers a 360-degree view of the interior of a home but they allow them to narrow their home search conveniently from their personal computer. Since potential buyers will be sorting through hundreds of photos and virtual tours throughout this process, it is important to understand your home looks different through the lens of a camera than in person. Just as you would prepare for an open house, start by removing the clutter. Move personal belongings out of sight or use this as an opportunity to donate or throw away items that you no longer use. The goal is to maximize the space of your home and depersonalize it enough to allow potential buyers to picture themselves living there. Here are some tips to cut down the clutter:
REALTORS® have photographed numerous virtual tours and can act as sort of a producer for the shoot. For example, think about the elements of your home that attracted you to it in the first place. Maybe it was the high ceilings or historic features? Work with your REALTOR® to ensure that the virtual tour really embodies the spirit of your home. The next step is to give the home a good cleaning. Since cameras often capture more than the eye can see it is important to spend some time cleaning your home from top to bottom. Areas that are often overlooked during the cleaning process include windows and stainless steel appliances. Be sure to keep them streak free and clean to ensure the best photo. Another cheap way to prepare your home for buyers is to brighten it up by replacing old or dim light bulbs. Consider using a higher wattage light bulb in rooms or areas that don’t get direct sunlight. You can also add a brightly-colored throw or vase if your furniture or flooring is dark to lighten up the space. Some other tips to consider for the virtual tour include:
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