March Starck Report
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>March</strong> • 2018<br />
The<br />
<strong>Starck</strong><br />
<strong>Report</strong><br />
Local real estate market data, home maintenance Q & A,<br />
and expert tips from industry pros!<br />
THE IMPORTANCE OF A PRE-LISTING HOME INSPECTION<br />
Would your home pass a buyer’s home inspection with flying colors? With<br />
rare exceptions, probably not! Very few homes are without flaw. And when<br />
a home inspection report comes back with issues, it can lead to contentious<br />
negotiation and canceled deals. About 30% of purchase contracts fall apart<br />
because of inspection issues – and many of these issues are preventable.<br />
A home inspection is a non-invasive, visual inspection of your home’s<br />
condition and mechanical systems. An inspector may look within your<br />
home’s components, but will not take things apart. Upon completion of the<br />
inspection, you will receive a detailed report of the findings. This information<br />
helps you identify and prioritize any needed repairs.<br />
Obtaining a pre-listing home inspection by a licensed Illinois home inspector<br />
gives you several advantages. First, it enables you to tackle any issues<br />
proactively, so that your property is in the best possible condition when it<br />
reaches the market. This helps you command a stronger sales price.<br />
A pre-listing inspection shows buyers that you have nothing to hide. Having<br />
an inspection on file for buyers to review – along with proof of any repairs<br />
you made – makes you appear trustworthy, creating buyer confidence.<br />
A pre-listing inspection mitigates the risk of surprises during the buyer’s<br />
inspection. This prevents delays in closing, along with the risk of a canceled<br />
deal. In turn, it prevents the market stigma that can happen with a broken<br />
contract, which can cause other buyers to avoid your home.<br />
Obtaining a pre-listing home inspection could save you considerable time<br />
and money, and help you have a smoother home selling experience! Your<br />
<strong>Starck</strong> Real Estate Advisor can refer you to licensed, reputable home<br />
inspectors in your area!<br />
Good to<br />
know<br />
Home Questions<br />
Answered<br />
?<br />
Q: I’m thinking of<br />
selling soon. What<br />
home improvements<br />
have the best return on<br />
investment?<br />
A: The 2017 Cost-vs.-Value<br />
<strong>Report</strong> shows that new steel<br />
entry doors and new garage<br />
doors deliver up to 90% ROI<br />
on average. Exterior updates<br />
improve curb appeal and make<br />
a great first impression. Your<br />
<strong>Starck</strong> Advisor can give you<br />
specific advice for your home<br />
and market!<br />
Angie Agent, BROKER<br />
555-555-5555 | Angie@gmail.com | www.AngieAgent.com
Andy’s<br />
Review<br />
Market Insights from Andy <strong>Starck</strong>, President<br />
Andy <strong>Starck</strong> is the President of Berkshire Hathaway <strong>Starck</strong> Real Estate, a<br />
3rd generation family run business with 15 offices and over 400 real estate<br />
brokers serving the greater Chicagoland area. <strong>Starck</strong> is in the top 1% of all<br />
real estate companies nationally.<br />
Tax Cuts and Jobs Act Unlikely to Affect Local Real Estate<br />
Increases to the standard deduction, along with new caps on itemized expenses, could make itemizing less<br />
practical for some taxpayers. The mortgage interest deduction is now capped at $750,000. Mortgages<br />
originated prior to 12/15/17 still have a cap of $1 million. Property tax and state income tax deductions are<br />
now capped at $10,000 combined. Since only about 30% of taxpayers itemize, and most tax rates have been<br />
reduced, adverse market impacts are unlikely.<br />
MCHENRY COUNTY MARKET UPDATE<br />
McHenry County has an average property tax of $5,941. About 12,092 McHenry County<br />
homes have property tax obligations in excess of $10,000, representing about 11.3% of<br />
residential properties.<br />
During 2017, there were 5 homes purchased at a price of $750,000 or more, representing<br />
about 0.2% of the market. The new tax laws are unlikely to impact McHenry County real<br />
estate.<br />
COOK COUNTY MARKET UPDATE<br />
Cook County has an average property tax of $4,586. About 138,914 Cook County homes<br />
have property tax obligations in excess of $10,000, representing about 9.9% of residential<br />
properties.<br />
During 2017, there were 2,233 homes purchased at a price of $750,000 or more,<br />
representing about 4.2% of the market. The new tax laws are unlikely to slow home sales in<br />
Cook County. To see how the new tax laws may affect you, consult with a tax professional.<br />
KANE COUNTY MARKET UPDATE<br />
Kane County has an average property tax of $5,735. About 20,536 Kane County homes<br />
have property tax obligations in excess of $10,000, representing about 13.5% of residential<br />
properties.<br />
During 2017, there were 26 homes purchased at a price of $750,000 or more, representing<br />
about 0.4% of the market. The new tax laws are unlikely to impact Kane County real estate.<br />
DUPAGE COUNTY MARKET UPDATE<br />
DuPage County has an average property tax of $6,274. About 49,520 DuPage County<br />
homes have property tax obligations in excess of $10,000, representing about 16.3% of<br />
residential properties. Local property tax rates vary widely; buyers may wish to compare<br />
them.<br />
During 2017, there were 423 homes purchased at a price of $750,000 or more, representing<br />
about 3.6% of the market. Due to this small percentage, any tax law impact would be very<br />
minimal.<br />
LAKE COUNTY MARKET UPDATE<br />
Lake County has an average property tax of $6,881. About 61,180 Lake County homes<br />
have property tax obligations in excess of $10,000, representing about 28% of residential<br />
properties. Lake County real estate has some exposure to the new property tax cap. Still,<br />
only a small percentage of taxpayers will itemize under the new laws, which mitigates<br />
market impact.<br />
During 2017, there were 185 homes purchased at a price of $750,000 or more, representing<br />
about 2.3% of the market. See your tax professional to find out how tax law changes may<br />
affect you.<br />
Buying or selling a home this year? Contact your <strong>Starck</strong> Real Estate Advisor for a personal consultation!<br />
All data from Keeping Current Matters, Attom Data Solutions, Tax Foundation. Data deemed reliable but not guaranteed. Data compiled December 18, 2017. All data from Keeping Current Matters, Attom Data Solutions, Tax Foundation. Data deemed reliable but not guaranteed. Data compiled December 18, 2017.
Angie Agent, BROKER<br />
555-555-5555 | Angie@gmail.com | www.AngieAgent.com<br />
Hello again! <strong>March</strong> brings the first wave of spring<br />
home sellers, and these early birds will draw ready<br />
buyers. These well-qualified buyers had lean pickings<br />
during the winter months, and they are ready to take action!<br />
If you’re thinking of selling, early spring is a “sweet<br />
spot” with ample buyers and fewer competing homes.<br />
Contact me today for your market analysis and<br />
real estate consultation. There’s no charge and no<br />
obligation! Looking to buy a home? I can provide you<br />
with the newest listings as they come to market!<br />
Enjoy this issue of the <strong>Starck</strong> <strong>Report</strong>!<br />
The intention of this newsletter is to not solicit a listing of a property that<br />
is currently listed for sale with another REALTOR ® . ©2018 BHH Affiliates,<br />
LLC. An independently owned and operated franchisee of BHH Affiliates,<br />
LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway<br />
HomeServices symbol are registered service marks of HomeServices of<br />
America, Inc. ® Equal Housing Opportunity.<br />
The<br />
<strong>Starck</strong><br />
<strong>Report</strong><br />
Monthly Community & Housing News<br />
Inside<br />
Local market news,<br />
home maintenance<br />
Q&A, and expert tips<br />
from industry pros!
Change language