How to stand out among rising home values
Summer is heating up with rising home prices in many suburban areas.
This is good news for the housing market that continues to see the sun shining on both sides of the street.
Home sales are up during the first half of 2016 compared with the same period last year. And the average sales price is up for many suburbs when compared with the first six months of last year.
According to the Illinois Association of Realtors, the statewide median home price rose 5.8 percent to $204,000 in June from the previous year. More locally, the average price of a home in Schaumburg in June was $310,000, an increase of 3 percent over 2015. Palatine saw a bigger average home value at $355,415, which was 0.4 percent over 2015, according to figured released by the Mainstreet Organization of Realtors.
What's the bottom line? It's a thriving market. It's a recovering market that is trending upward.
Whether you're looking to buy or sell a home, you can recoup money at closing by taking advantage of Consumers Credit Union's Home Advantage program as your real estate resource, said Jason Solway, real estate loan officer of Consumers Credit Union based in Lake County, with service centers in Lake County and Northwest Cook County.
"The free program allows you to contact and connect with a local real estate agent affiliated with the HomeAdvantage. When you use an agent in the program to buy or sell your home, you qualify for a rebate of 20 percent of the agent's commission at closing. This is a win-win situation."
HomeAdvantage enables you to search for a home, find a trusted agent, research neighborhood information and sign up for customized listing notifications. To sign up for the program, visit ccu.mycuhomeadvantage.com
Here are some tips to boost your home's value before putting it on the market.
Curb appeal counts
You want to grab them from the curb with an attractive, inviting and structurally sound home at first glance.
Embellish the front entry
A home's front door is part of a buyer's first impression. If your front door isn't up to par, head down to your local home improvement store for a more energy-efficient and appealing front door. Replace old house numbers and install new outdoor lighting.
Give your front yard a good cleanup and plant new shrubs and flowers. These changes will change the appearance of your home, and your neighbors will love you for it.
Paint, paint and paint
Fresh paint looks clean and updated and is the quickest way to transform a room. Choose neutral colors so buyers can project their own ideas onto a space. White and off-white are top-selling interior colors that appeal to most buyers. Paint doors and windows. Get rid of the wallpaper.
Let there be light
Lighter paint colors reflect natural light better than darker tones. Choose window treatments that let the light pass through such as sheer curtain panels. Shiny surfaces, especially mirrors, reflect light. Mirrors close to windows amplify natural light by bouncing it into your space, making windows feel bigger and brighter. A skylight provides the pick-me-up that only sunlight can. Dim areas such as bathrooms are good spots for tubular skylights. Use battery-powered LED wax pillars to create a candlelight effect without the fire hazard.
Create space
Visual space or how large a home feels also counts. Make each room in your house feel larger. Replace heavy closed draperies with vertical blinds or shutters to let light in - a sunny room feels larger and more open. Place a large mirror in a room to visually double the space. Clear the clutter. The more clutter, furniture and stuff in a room, the more cramped it will feel. To literally create more space, finish the basement or convert the attic to livable space.
Make it sparkle (kitchen and bath)
Many professionals say it's the kitchen and bath that really sell a house. Update door knobs, cabinet pulls and cabinet door hinges with designer hardware. Replace faucets. Replace outdated lighting with a chandelier or popular pendant lights that will add style and interest and can become the new focal point of the room. Consider fresh window treatments. In the bath, clean grout, apply fresh caulk, and add a new toilet seat and pedestal sink. Add a designer touch with accessories such as a candle display and a basket filled with soaps and other bath essentials.
Establish architectural interest
Change the look of any room when you include picture molding, crown molding, chair rail or baseboards.
Stage your house to sell
Home staging is preparing a home to sell for top dollar and in the shortest amount of time possible. Consider engaging a professional.
This article is sponsored by Consumers Credit Union.
For more information, contact Consumers Credit Union - 877-ASK-CCCU.