October 2, 2009 – Cook County Assessor Jim Houlihan announced today that residential property owners in Elk Grove Township were mailed notices reflecting a reduction in the assessed values of their properties. The impact of these reductions will be seen in second-installment tax bills payable in the fall of 2010.
"The situation we are facing in the real estate market is extraordinary, and the downturn has had an impact on home values," Houlihan explained. "After analysis of market sales and foreclosure data, we determined that Elk Grove Township homeowners should not have to wait until their properties are reassessed next in 2011 for the downturn to be reflected in their assessments."
Normally, properties are reassessed and receive notices every three years. The north suburbs are not scheduled to be reassessed again until 2010; the south and west suburbs will be reassessed next in 2011. This year, the City of Chicago will be reassessed.
Due to this first-ever downward market adjustment, residential properties in each suburban township will receive adjustments of their assessed values. A 7% decrease will be applied to the assessed values of all residential properties located in Elk Grove Township.
The deadline to file appeals for properties located in Elk Grove Township is November 3, 2009 (now extended to November 18th).
These market reductions come as the Assessor’s Office is implementing the 10/25 Ordinance, a measure passed by the County Board last year which was designed to simplify assessment levels. Homes will now be assessed at 10% of market value. Commercial and industrial properties will be assessed at 25% of market value. All Cook County property owners will receive notices telling them of the changes in assessment levels this year.
"If Elk Grove Township taxpayers want to appeal their proposed assessments, we encourage them to do so online," Houlihan said. "Our newly redesigned Web site is easy to navigate, contains a wealth of information, and makes it easier than ever to appeal a proposed assessment."
Cook County Appeal Forms
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This is a series regarding the most popular question that I receive from people about real estate? What’s the #1 tip that I 
could pass along?
Well there’s actually 3 things that are enmeshed together – Condition, location and price. All 3 actually make your home either sell or be rejected by prospective buyers. Here's how to have your home be in the buyers favorites!
Avoiding Home Preparation Mistakes
Getting your house ready for market goes beyond making the beds and washing dirty dishes. Although I've seen plenty of homes with toys scattered throughout and dishes piled in the sink; buyers can't get out of those homes fast enough. Read up on the essential steps to be taken on preparing the home for sale. Some homes need updating and quick fixes. Doing repairs before resale can boost chances of quickly selling. If items are broken or buyers see deferred maintenance, they wonder what else is wrong. It's more expensive, actually, not to fix the house.
Phrase to remember: Buyers only know what they see - not the way it's gonna be!
Another phrase to remember: "Facts do not cease to exist because they are ignored" ~ Aldous Huxley
Dressing your home for showings is called 'staging a home'. Think of the process like arranging flowers in an attractive vase. If you or your agent lack the vision or ability to stage, consider hiring a professional home stager. It is absolutely worth the effort and the price because your home will sell faster in any marketplace!
Common Marketing Mistakes
Whenever I see badly shot photographs in the MLS, or it's the only photo, I want to scream at the agent, 'What are you thinking?' But agents and sellers make plenty of marketing mistakes beside bad photos. Do you realize that there are sites and blogs that actually post these photos under 'worst photos of the week' and 'how not to take a photo like this'. And my personal favorite 'cave of the week'.
If photography isn't your strong point or your agents - hire a professional. Marketing now begins on the internet, before the buyer even gets near your home. My advice is to get samples of what and how the agent is going to present your home with virtual tours, widgets, and online ads. If the agent can't show you or provide that info - run the other way and get another agent!
Some sellers loudly lament: 'Why isn't my home selling?' These are likely sellers who are not employing marketing strategies designed to expose a home to the largest pool of buyers or are avoiding the preparation tips before the home went on the market. Buyers have a lot of choices - think why should they choose yours?
Once a buyer has entered a home, the marketing continues. A strong listing agent plays up the good features of a home and downplays the negative - that's selling. Make sure your agent provides as much information to the buyer as possible so they can make a good, informed decision. I can't tell you how many times I've shown a home and it takes up to 3 days to find out the age of the roof or other vitals that should be readily available to the buyers. It's basic questions that most buyers want to know - age of roof, age of furnace, age of AC, age of appliances.
Hiring the Wrong Agent
You can hire a good listing agent or a mediocre agent. They all cost the same. You don't have to hire your brother-in-law that 'dibbles and dabbles' in real estate or your daughters friend that 'just started in the business'. This is the largest personal investment that you have - interview agents and hire a full-time professional with a minimum of experience that you feel comfortable with. Think of it this way - do you want a new agent practicing on you?
If you want full-service, then hire a full service agent. Also, learn the difference between Realtors® and real estate agents, they are not the same. Ask an agent why they are not a Realtor®? Think of it as a 'professional labor union with a code of conduct and ethics'. What would be a benefit for them not to join?
Carefully read the listing agreement to make sure the agent who brings a buyer is fairly compensated because one surefire way to make sure an agent won't show your home is to offer a silly commission percentage. In a competitive market like now, often buyer agents are paid a 'bonus' commission percentage. It is an additional 'incentive' to show your home first before the others in the same price range.
Be sure your home is in top marketing condition. Be sure that your home is getting 
all the expose it deserves.
Remember that ‘3’.
Lyn Sims (847)230-7324
RE/MAX Suburban
Selling Advice on Price
Selling Advice on Location
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors,
omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
What’s the most asked question that I receive from people 
about real estate? What’s the #1 tip that I could pass along?
Well there’s actually 3 things that are enmeshed together – location, price and condition. All 3 actually make your home either sell or be rejected by prospective buyers.
So a real estate mantra in case you don't know it is:
Location, location, location!
There's that 3 again but there is a reason that it is used over and over. Nobody listens!
The location of your home makes a 'price' difference to buyers from the town that it's in, the street that it's on and the school district the kids will be attending.
Obviously different towns have different socio-economic benefits for living there. Maybe you need the train to go to work? Maybe you've grown up in the city and want your kids to run around and play soccer in the best park district - all these reasons encompass location.
So this portion of the series really will ask you to take a step back and look at your home with a critical buyers eye. Do you have a good location?
Is it safe? Is it quiet? Is it in the middle of the subdivision across from a park? Walking distance to schools? Close to expressway access or public transportation? Golf Course view? Wooded view?
After answering these questions if you find yourself saying:
'No the jet noise doesn't bother me at all - what did you say again?'
'No the berm is not a problem for me because now you can't see the garbage dump (aka the recreation ski hill and mini-mountain range) from here!'
That's a location issue that effects your price. If you take 2 similar homes and put them side by side as a buyer will do, which home would you choose? Come on, be honest?
Each location issue will pose a difference in the price. Buyers will either except or reject your location 
based on your price just like they would consider other features like a basement or number of bedrooms.
Be sure your home is set at a competitive price based on your location. Remember that ‘3’ and say it one more time - location, location, location!
Lyn Sims (847)230-7324
RE/MAX Suburban
Selling Advice on Price
Selling Advice on Condition
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
What’s the most asked question that I receive from people about real estate? What’s the #1 tip that I could pass along?
Well there’s actually 3 things that are enmeshed together – Price, condition, location. All 3 actually make your home either sell or be rejected by prospective buyers.
Price - Obviously in this market with the elevated inventory you have to be ‘spot on’ with your homes price. Too high and no one will take your home seriously and it will be passed over. Too low? Well that really doesn’t happen too often except in distress sales, foreclosures and the like. A fair price – what a seller is willing to accept and a buyer is willing to pay. That’s what we normally strive for.
When an agent puts your home on the market, it has to be sold three times.
The first sale is to my peers, the other REALTORS® and agents who are in the market everyday. They need to be excited about the price or they simply ignore the listing because it's often a waste of their time to show it to buyers who won't pay that price.
The second sale is to the buyer, and they compare your home to the others they're looking at in the marketplace comparing features and benefits that are important to them.
The third sale is to the appraiser for the lender. Even if we're lucky enough to get a higher than market price from a buyer, the appraiser compares the sale with past sales in your neighborhood and their appraisal usually hits right at the market price.
Now let’s think about this question for a moment - if you bought a home and the appraisal came in lower than what you paid, what would you do? How would you feel as a buyer?
I'll tell you what normally happens from past experience, the deal falls through and we begin the whole process all over again. Start again at square one, we’re back on the market baby! How would you feel about that?
Be sure your home is set at a competitive price. Remember the ‘3’.
Lyn Sims (847)230-7324 RE/MAX Suburban
The 3 Things you should know about Condition
The 3 Things you should know about Location
I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.
All data and information provided on this blog is for informational purposes only. Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.
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