Tara Giles - Chicago Real Estate

Rental rates have skyrocketed. Even with a higher interest rate, buying can be the smarter option if it is something you are considering! Reach out if you want to discuss.

Chicago ranked one of the top cities in the nation to buy vs. rent - Chicago Agent Magazine Current Market Data Chicago ranked one of the top cities in the nation to buy vs. rent, along with Pittsburgh, New Orleans and Cleveland.

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time. “Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, your equity can be a powerful tool you can use to help you make a move in today’s market. That’s because it may be some (if not all) of what you need for your down payment on your next home.

And how much equity you have may surprise you. As Selma Hepp, Chief Economist for CoreLogic, says, “While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”

If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference. DM me so we can estimate how much equity you have and plan how you can use it toward the purchase of your next home.

I'm beyond thrilled to announce that I have joined the Lotzof Malk Residential team at Compass! After living 15 years in the city and the past 4 years in beautiful Wilmette - I'm excited to use my knowledge of both markets to guide my clients when renting, buying, or selling in the city and North Shore

We’re so excited to announce that Tara Giles - Chicago Real Estate has joined our team!

Tara has been helping clients buy, sell, and rent in Chicagoland for the past 15 years. She is a true expert in the various neighborhoods that make up the city of Chicago, as well as the North Shore suburbs.

Tara has resided in the beautiful suburb of Wilmette for the past 4 years and is your go-to for everything it has to offer - from neighborhoods and schools to coffee shops and restaurants. She loves the community and takes pride in helping others make it home as well.

We are thrilled to have Tara join us at Lotzof Malk Residential and look forward to sharing much more about her hometown and the incredible areas and hidden gems around Wilmette!

If you’re thinking about buying a short-term rental, your gut feeling about a property is important but not as important as running the numbers to shed light on whether or not a property will give you the financial return you’re looking for.

So as you consider properties, keep these 5 things in mind:

1) Cash flow analysis: The expected monthly rental income minus all expenses, including mortgage payments, property taxes, insurance, maintenance and cleaning costs, and Airbnb fees.
2) Occupancy rate: The percentage of occupancy in your property at a given time. The expected occupancy rate for a property will affect its cash flow.
3) Location analysis: The local market, competition, and seasonality will impact rental rates. Compare properties to ensure yours is likely to generate enough income to cover costs.
4) Capitalization rate (CAP rate): A measure of the property's expected rate of return. Find it by dividing the net operating income by the purchase price or current market value.
5) Tax implications: Consider the tax implications of owning a rental property, including the impact on your personal income tax and the potential benefits of depreciating the property.

The truth is not all short-term rentals are created equal. Before you jump in, make sure you consider these things that can help you own profitable rental properties.

Do you have any other questions about short-term rental investing? Drop them below or send me a DM

If you’re on a mission to improve the overall look of your home, but don’t have a pile of money available to do so, then definitely keep reading to learn a few secrets.

Changing your light fixtures is an easy way to upgrade any space, so several interior designers swear by an easy formula for choosing the right-size light for any room: room length (in feet) + room width (in feet) = diameter of the light fixture (in inches).

Full-length curtains make a space feel much more custom and luxurious. But more importantly, hanging your curtain rod high will make your ceilings look higher, and high ceilings are definitely associated with luxurious interiors. Also, make sure your curtain panels are wide and have a good amount of fabric so they create lots of folds: this will make them look more luxe.

The addition of a vintage rug is literally an instant upgrade wherever you put it. Contrary to what you may think, vintage rugs are *not* always super expensive, you just have to shop around. As with artwork and mirrors, generally with rugs, the bigger the better – you really want to make sure you are getting the size of your rug right. You’re better off not using a rug if it’s going to be too small, as it will completely throw off the look and feel of your room!
Standard rug sizes are:

Bedroom king bed: 9 x 12
Bedroom queen bed: 8 x 10
Living room: 8 x 10, 9 x 12, 10 x 14
Dining room: 6 x 9, 8 x 10, 9 x 12

Update your hardware. This tip may seem obvious, but it’s one of the most effective upgrades you can make to a space, especially when a full reno is off the table.

Choose the finishes you like best, then incorporate a few other touches in that same style to really pull the look together.
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It's official: 2023 is the year of magenta. That's according to the Pantone Color Institute, the authoritative consultancy that's christened an "it color" every year for more than two decades.

Its latest pick is none other than Viva Magenta 18-750, which it describes as "a shade rooted in nature descending from the red family and expressive of a new signal of strength."

Though such a vivacious color may have registered as intimidating in years past, Pantone asserts that consumers are more ready than ever to start embracing the full possibilities of color. “We’ve had ongoing color word association studies for years, [and] people have reached a point now where they’re a bit braver with where they might use a touch of color,” Eiseman indicates. “And a touch doesn’t mean just a pillow just to throw on the sofa anymore. A touch can mean a couple of walls.”

The Pantone Color of the Year influences everything from interior design, to art, and, and fashion and beyond. Other words the company uses to characterize the color — and, by extension, the current cultural moment — include powerful, empowering, electrifying, boundaryless, audacious and inclusive.

What are your thoughts on this year's pick?

Source: NPR

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

>>Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

>>Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

>>Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

>>Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. DM me to learn about the latest trends in your area.

Chicago Restaurant Week starts this Friday! It is one of our favorite culinary events of the year as it showcases so many amazing Chicago restaurants. Chicago is arguably one of the best food cities in the world.....so you should definitely take the opportunity to try some new spots! We've highlighted just a handful of our team's favorites here.

Chicago Restaurant Week is a 17-day celebration of the city’s award-winning culinary scene. The 16th annual event brings together more than 300 of the city’s top restaurants, representing a near-endless array of cuisines.

During Chicago Restaurant Week, diners can enjoy special prix fixe menus from restaurants throughout Chicago and nearby suburbs. These multi-course meals are $25 for brunch or lunch, and $42 and/or $59 for dinner (excluding beverages, tax, and gratuity).

We'd love to hear if you plan on participating and what spots are on your list!

If you’re a renter, you likely face an important decision every year: renew your current lease, start a new one, or buy a home. This year is no different. But before you dive too deeply into your options, it helps to understand the true costs of renting moving forward.

And if you look back at historical data, that shouldn’t come as surprise. That’s because, according to the Census, rents have been rising fairly consistently since 1988.

So, if you’re considering renting as an option in 2023, it’s worth weighing whether this trend is likely to continue. The 2023 Housing Forecast from realtor.com expects rents will keep climbing.

>>Homeownership Provides an Alternative to Rising Rents

These rising costs may make you reconsider what other alternatives you have. If you're looking for more stability, it could be time to prioritize homeownership. One of the many benefits of owning your own home is it provides a stable monthly cost that you can lock in for the duration of your loan.

If you’re planning to make a move this year, locking in your monthly housing costs for the duration of your loan can be a major benefit. You’ll avoid wondering if you’ll need to adjust your budget to account for annual increases like you would if you left your housing payment up to your landlord and their renewal cycle.

Homeowners also enjoy the added benefit of home equity, which has grown substantially. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $34,300 in equity over the last 12 months.

DM me today to see how you can begin your journey to homeownership today.

Most people associate January and February in Chicago with cold, snowy, winter months. In the real estate world, however, these months signal the first signs of the spring market. In many markets (but most definitely in Chicago), real estate is seasonal. After a slow couple of months during the holidays - we see an uptick in new listings in the first few months of the new year and buyers who may have been on the sidelines for the past few months reemerge.

Between Mid-February and Mid-April is arguably the best time to list your home in Chicago and there is a lot of preparation that needs to happen to get your home show ready that include: making basic interior and exterior repairs and updates, cleaning & decluttering,
considering home staging to add a "wow" factor with modern styling, and professional photography.

Part of our job as your agent is to guide you through the process of preparing your home for sale. We have reputable handyman services, painters, home stagers, and more on speed dial to make the process as smooth as possible and to get you top dollar.

Reach out today to discuss getting your home ready to list!

Have you ever watched a house-hunting show where the potential homebuyers are touring an absolutely perfect home but just can't seem to get past the paint colors on the walls? It's true - many homebuyers are turned off by a bad paint job or poorly chosen colors. And while new paint is an easy fix - it can still be difficult for some buyers to envision the true potential that could be achieved with a new paint job.

There are many common misconceptions regarding paint. Here are just a few of the most common:

Myth #1: Dark walls make a room look smaller

Myth #2: Trim should either be left as stained wood or painted white

Myth #3: Vibrant paint is a good way to brighten a dark room

Myth #4: All white paints are basically the same

Our team is happy to help you decide if you need to change up your paint before listing your home and/or help you see the vision for "what could be" when touring potential homes for sale.

Losing our girl to Singapore! We will miss you ❤️

Holiday Season is in full swing and Chicago has no shortage of fun-filled, winter events this month! Check out one of the events on this list or comment below with any other great options we are missing! ⛄️ 🎄 ❄️ 🕎

It’s Giving Tuesday! Please donate to a reputable charitable organization if you can. Every little bit helps! I’ve listed some of my favorites below:

So grateful for my family, friends, and clients! Happy Thanksgiving everyone! 🍁

There's been a lot of speculation and drama surrounding the lengthy delay in property owners receiving the second installment property tax bills! They have been released (finally!) and we thought it was a great moment to share a little insight into how property taxes work, and what was really going on that caused the long wait.

If you need help looking up your property tax (or any other) info, send a note or comment below. We are always happy to help!

As interior design trends emerge to meet the demands we are making of our homes, fall decor ideas and design trends in 2022 are looking towards creating a cozy, warm home for friends and family to gather and relax together after a difficult few years. Designers have offered their insight into these top 8 fall trends for 2022 so that you can create the ideal space.

In addition to these trends, some of the most popular colors for fall 2022 are deep or earthy shades such as greens in olive or mossy shades, warm-toned browns, tans and caramels, and warm neutrals such as beiges and off whites to soften the space. Bolder shades such as berry tones are also trending for fall 2022, along with mustard yellows for a grounded scheme.

The September data is in, and the most up-to-date market reports are out! Keep in mind, that every neighborhood/town is its own unique market, as each market segment for various types of property. If you are looking for the most accurate data for your property, reach out to the LAKE Group. We are committed to helping you understand the market as it pertains to your individual situation, as education is key in making sound financial decisions. We look forward to providing you with concierge level real estate service with exceptional results!

Halloween 2022 did not disappoint! The Bluey family was so happy to have our dear friends from Francisco - Elsa, Anna, and Olaf - with us this year 🎃

So happy to be able to have lunch with my dad and aunt on my birthday ❤️

Spent the week learning and bettering myself with and .hall. The bonus was meeting these lovely new friends and fellow .chicago agents ❤️

“First-time buyers now appear to be making relative gains as high mortgage interest rates disproportionately encourage current homeowners to stay put…..and though rising mortgage rates affect all buyers, first-time buyers are likely less deterred since rents are also so high”

First-time homebuyers bounce back amid rising rates - Chicago Agent Magazine National News First-time homebuyers now make up 45% of current homebuyers, according to Zillow. It represents a rebound from the lows of the pandemic.

Mortgage rates surged past 6% this past week, pushing already pricey homes further out of reach for many borrowers. Discouraged buyers might choose to hold off, betting that prices and rates will drop in the years ahead as the market cools and inflation slows, as some economists predict. For those who want to move sooner, an adjustable-rate mortgage is one way to do so, buying with lower payments now and refinance when rates are better - which the experts predict will likely happen in the next 12-18 months. A recent Wall Street Journal article highlighted the fact that more borrowers are now choosing an ARM (Adjustable Rate Mortgage) over a 30 Year Fixed loan for this reason.

The average rate on a 5/1 ARM, one of the most popular adjustable-rate loans, was 4.93% this past week, more than a full percentage point lower than the 6.02% average rate for a 30-year-fixed loan, according to Freddie Mac. A 5/1 ARM has a lower fixed rate for the first five years and a variable rate, based on one of several market indexes, for each of the remaining years of the loan.

Adjustable-rate mortgages carry more risk, but rates are expected to fall in the next five years. Lower rates would cause the ARM’s monthly payments to drop. Homeowners could also refinance to lock in a better rate long term.

Fannie Mae expects the average rate on a 30-year-fixed mortgage will fall to 4.5% by the second quarter of 2023. Adjustable-rate mortgages are predicted to see an even bigger drop, according to Fannie Mae, with rates falling to 3.9%.

If you are still thinking of buying but hesitant due to rising interest rates - we would be happy to put you in touch with a reputable lender that can explain the best options for your particular situation!