Dave Nimick Chicago Real Estate Podcast: Recent Episodes
Dave Nimick
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Dave Nimick - your professional Real Estate Agent.
"They explained current market trends - what would happen each step of the way. They responded really quickly if I had a question and we just felt really well prepared for everything. They were very professional I'd say in the evaluations of the neighborhoods and properties that we were reviewing. They explained the pros and cons of offers in an easily understood manner and often negotiated late into the night on our behalf because we had some timelines that we were up against. As they got communication from the other agent they responded to us very quickly to let us know what was going on. I would say it was very professional and I would describe it as excellent service and we were very satisfied. I definitely recommend Dave and the team to any of my friends or family. We really enjoyed working with everyone from buying to selling." - Linda D.
"Oh, I think they did a good job of preparing me for the transaction. Dave did a really good job of anticipating what my net proceeds would be based on on the sale of the house. I think he did a really good job there. Yeah, I think I was well prepared. The overall level of service was excellent. I thought that the team aspect of having Dave doing a lot of the data analysis being my contact on the selling end and Megan as a buying realtor she was outstanding. The attorney that they recommended, Shameen, was outstanding. The inspector Greg that was great. And I liked Sheila - doing a lot of the leg work on all ends. I just felt like that was a really nice, unexpected aspect of working with them if you really do have a team working together." - Diana S.
"Dave sat down with my husband and me before we went out and looked at anything and sort of went through the steps of looking for a house and what to expect. Dave was good he went through everything from, you know, deciding which area to search in, to the closing and what to expect through each of those different phases. They were really great communicators. Before we went, you know, put in any offers or went back in forth with offers Dave would go and call us and text us and go over exactly what we were comfortable with and what he was planning on saying. We were all on the same page every step of the way. They were so accommodating we were actually living out of town trying to look for a home so we could only come up on the weekends. I mean I don't know what their schedule is but it seemed like they dropped everything in their schedule just to accommodate our crazy timeline." -Courtney S.
"They were pretty detailed pretty thorough. Every meeting I had with Dave lasted quite a while to make sure and he kept coming over just to check on me. So there were no surprises. Their communication level is excellent from phone calls, in-person meetings and text, and email. They ask what form of communication you want and show one way or another they were going to make sure I got the feedback I needed. I would recommend that team without question. They're really good they're really thorough. They took care of me I have no complaints." -Janet S.
"I thought they prepared us very well. At our initial sit down they sort of mapped out the way that the process in the abstract works. So the steps we could expect to go through, the rough timeline once we put offers in and they were accepted. I thought that they were excellent with communication. Meghan was in constant touch with us - she was the agent that we primarily dealt with. Everything turned out right for us. They did a great job getting us into a position where, one, we were able to find the place that ultimately did work for us. Two, we were able to learn on our own, and with their help, that the places that weren't right for us weren't right for us. I think we saved ourselves a lot of trouble and a lot of heartache because the team as a whole, including all of the people that they bring into the process like the inspector Greg Dimpfl, were so excellent. We were able to get an idea of when a place was more trouble than it was worth so that ultimately resulted in us getting the place we wanted at the right price." -Jeffrey F.
Proper pricing and presentation will be crucial to your success when you list in a shifting market, and today we’ll explain why.
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Pricing and presentation are important in any market, but even more so in one that is changing—especially when buyers have more choices, feel a decreased sense of urgency, and, quite frankly, are just pickier.
Effectively pricing your home will be essential to making your listing stand out from others on the market. Great presentation will also be key in making yours a property that buyers can’t afford to skip over.
Sellers must put their best foot forward in order to make potential buyers feel great about their home. ”When it comes time to list, your home should be well staged and in great condition, should appeal to all five senses, and should also appeal to a buyer’s emotions. Sellers must put their best foot forward in order to make potential buyers feel great about their home.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
Do you know how to interpret market conditions? Today, we will teach you how to do so by illuminating some basic, yet important, facts and terms.
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The most common question people ask Realtors is, “How’s the market?” The answer to this question, however, is more complex than many might think.
There are a few basic facts buyers, sellers, homeowners, and investors must understand in order to properly interpret the market. Here are six of the most significant:
- The market is dependent on supply and demand.
- The speed of the market impacts (and is impacted by) other real estate conditions.
- The market relies on the cost of borrowing money (i.e. interest rates).
- The market relies on the ease with which lenders are willing to loan out money.
- The market is influenced by a number of specific positive and negative forces.
- The market relies on location, location, location.
With these points in mind, those seeking to interpret the market will also need to grasp certain industry-specific terms and phrases. Allow us to define a few of the most critical:
Seller’s market: A market in which demand is greater than supply, giving sellers the advantage.
Buyer’s market: A market in which supply is greater than demand, giving buyers the advantage.
Balanced market: A market in which supply and demand are relatively equal, meaning neither buyers nor sellers have a distinct advantage.
While each of these terms gives us a general idea of who might benefit from a given type of market, there are also specific scenarios which give buyers and sellers even greater power.
A seller who is downsizing while in a seller’s market, for example, will enjoy great gains from listing their more expensive property before going on to purchase a more modest one.
Sellers who wish to move up, on the other hand, will be better off doing so during a buyer’s market. First-time buyers, as well as investors, will also be at a strong advantage during a buyer’s market.
Each market is named according to which group of people will most benefit from it’s conditions. Ironically, buyers’ motivations tend to run conversely to market trends. This happens because it is during seller’s markets, not buyer’s markets, when the media begins to up-play the appeal of making a home purchase.
Real estate conditions are perpetually shifting, so knowing how to interpret the market will be essential to your success whatever your goals may be. ”Ultimately, buyers define the market regardless of whether they currently are in an advantageous position.
The real estate market changes often. Sometimes these changes are dramatic, and sometimes they are subtle. In either case, real estate conditions are perpetually shifting, so knowing how to interpret the market will be essential to your success whatever your goals may be.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from us soon.
If you’re about to make your first home purchase, following these 10 steps will set you up for a successful deal.
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If you’re about to purchase your first home, there are 10 important steps you should follow to ensure your success.
1. Check things out online. This is often the very first thing new homebuyers will do when they begin their search.
2. Start saving for your down payment. While a typical down payment will range between 10% and 25%, there are currently financing options available that allow buyers to put down much less.
3. Check your credit. This can be done through a major credit bureau or online using a service such as Credit Karma.
4. Decide on a Realtor. It’s important to work with someone who has been referred to you by a person you know and trust.
5. Determine what type of home you want.
6. Consider the pros and cons of different neighborhoods. Having amenities, schools, or family nearby may help inform your decision on whether to purchase a certain home.
7. Decide on a lender. Mortgage brokers will typically be better-suited to help you find a more personalized financing option than a lender at a traditional bank.
Everyone wants a nice home, but it’s important to not overspend. ”8. Know your future employment plans. Do not change jobs during your home search, as this could jeopardize your financing.
9. Decide on your budget. Everyone wants a nice home, but it’s important to not overspend.
10. Visit open houses. This can be a great way to see what you like and dislike about various homes without the pressure of a formal showing.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
There are many reasons to invest in real estate, but today I’ll share the top six.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
Here are the six reasons you should consider investing in real estate:
1. Leverage. Leverage is a wonderful gift that real estate can give you. It’s the ability to borrow other people’s money to build your own wealth. You can buy and control something you didn’t pay full price for in cash up front.
2. Tax benefits. Investing in real estate can reduce taxable income by depreciating assets over time and writing off deductions. Unlike most other investments, there are some tax protections from the increase in value (i.e., appreciation). You can also defer taxes by doing a 1031 exchange and selling one investment property in order to purchase another.
3. It’s a hedge against inflation. Many other investments, meanwhile, are often less stable.
4. Diversification. There are several worthwhile areas to consider investing in (stocks, bonds, metals, etc.), but make sure you don’t miss out on what’s available in real estate.
5. Flexibility. Real estate is one vehicle that can serve many purposes. The first is income. Depending on the investment and how much you put down, you may see immediate positive cash flow from it. The second is long-term appreciation. Over the course of time, real estate tends to increase in value. The third option is a forced equity plan, which accelerates what you’d pay down on your mortgage balance and create more equity in your home. You can then borrow against the equity you have if you want to purchase another property and start the cycle all over again.
Real estate is one vehicle that can serve many purposes. ”6. You have more control. The property itself is tangible—you can oversee it, inspect it, make improvements to it, and financially benefit from it. As we know, you need three things in order to survive: food, clothes, and shelter (in this case, real estate).
As with any investment, you’ll want to speak with an expert before making a decision. We at the Nimick Team take this duty seriously, and we treat our clients’ money as if it were our own.
If you have any questions about investing in real estate, please feel free to give us a call or send us an email. We’d love to help you.
"We were selling a condo that we had originally lived in but became an investment property. So our primary goal was to have a quick close. Ultimately working with Dave we ended up with a cash buyer which naturally brings a much quicker end to the whole process so we were very happy with that. Because it's a team of people, they were available to make meetings - to meet with people at the condo at times that we weren't able to be there so, in other words, Sheila was there for the inspection. We did go through two different potential buyers which was a bit of a headache and required a number of visits to the condo. It was nice because we didn't have to go, they did it for us. Because it was an investment property and not a home we were living in, that was a great relief." -Kevin M.
Today I am sharing five reasons that the fall is a great time to sell your home.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
What are the benefits of selling in the fall? Today I am going to share five of these with you.
1. Buyers are often more serious in the fall. During the spring and summer, many buyers are more curious than committed. Fall buyers, meanwhile, are more serious and can suffer from having too many homes to choose from which makes them feel like they can be pickier and extend their search. This is because many have been searching throughout the summer and still have yet to find the perfect home. Fall buyers are forced to look for a home because of a new job, relocation, or because they need to before the holidays.
2. There is less competition. It is no secret that there are more homes listed in the spring and summer and that more buyers are looking at that time as well. However, with the larger number of homes to compete with, sellers in the spring and summer do not have a clear advantage. Also, the homes that are not sold by the end of the summer are often delisted by the unrealistic sellers who wanted to test the market. This is why, if you list in the fall, you can have the benefit of standing out as well as facing less competition than during the “hotter seasons.” The most important thing to remember is it only takes one buyer to buy your home.
3. It is easier to move up. If you are looking to buy a new home as well as sell your current home, then fall offers the best opportunity. You will enter the market with higher confidence and lower stress while sellers who were unsuccessful during the summer months will remain on the market desperate to sell. This will help negotiations work in your favor.
The most important thing to remember is it only takes one buyer to buy your home. ”4. Different buyer demographics. While married couples and families often move early, millennials and those with kids who moved to college oftentimes wait until the fall. Employers also tend to wait until the fall to do their corporate relocations. Meanwhile, some buyers that do have the flexibility choose to wait to avoid the busy spring and summer markets.
5. You still have time to make those improvements. You will have time to finish all the little things you want to do before listing in the fall.
While you may be concerned that you have missed your chance, the truth is that now is a great time to sell. As long as you're positioned well for the market, you may see a very positive response from what are often motivated buyers.
If you have any questions about this or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.
"I got great results. I listed my place and within two weeks I had a full price offer. The property that I was selling was actually a rental property that was occupied by tenants. So they just did a really good job kind of working with them as far as the showing, doing the inspection, scheduling, and working with them to where they felt comfortable and where I felt comfortable as well." -Heather S.
"Dave was really helpful. The whole team was very helpful. So it was nice to have them as a resource there for all of our questions and all of the bumps and everything that could possibly go along the way." -Chris G.
"They were really professional. They were really responsive anytime we emailed them or called them. We had a crappy closing situation where the keys got lost in transit. Someone had to come back down to the Chicago office from the suburbs to give us the keys. Anyway, it took like over an hour for them to get here. So me and the other person that I was closing with we were sitting in the lobby totally did not expect or need anyone to stay with us for the duration of that hour. Sheila stayed in the lobby with us was super friendly waited 100 percent there until the keys were in our hands even though she was absolutely not required to do that. We really appreciated that." -Anna A.
"The results were as exactly as expected. This is the third time we worked with The Nimick Team and every time it goes perfectly and we are ultimately very pleased and very anxious to recommend Dave and the team to our friends and family in the area. Right after we signed the contract with the sellers, unfortunately, they then had 18 showings and got three better offers so they suddenly became very interested in backing out of our contract. They made it clear, well their realtor did, that they would have done so had the contract that they signed that Dave and team put together had not been so iron tight so they actually couldn't back out without good reason. So what they had done was they had their attorney send our attorney a list of modifications to the contract that they hoped we would find unappealing so that we would back out. Dave and team, and I mean all parties including the extended team which would include Steve Norgaard, the attorney, also Tom Merrit and the team at Summit Funding who Dave and Team recommended that we work with, they all sprang into action. We had a conference call to discuss to weigh the financial risk involved with the modifications that the seller had made to the contract so we could best determine if we wanted to stay in the contract etc. It left in a position where we had to move very, very quickly to get our loan secured. But again everyone was unbelievable and we pulled off things that probably have never been done before in terms of securing the loan in a very, very tight timeline. So it was just outstanding and again every step of the way there was communication from everyone. We really couldn't have asked for a better group of people to help us get through what could have been a pretty sticky situation." -Jennifer K.
"I wasn't sure when I wanted to sell what I thought it would be worth. He laid out a very detailed analysis of the houses around me, how quickly they were selling, where he'd feel comfortable you know based on the market. And he walked me through why he was doing what he was doing as he was doing it. I would highly recommend working with them partially because they teach you how to sell versus just telling you how to sell so it was very valuable for me. Dave was fantastic; I think that Sheila really, of all the members of the team that helped me, went above and beyond. This was my first time selling ever - she never made me feel like I was a burden or asking stupid questions. I mean she really sealed the deal for me on recommending them to other people. She was fantastic." -Mariette F.
"It was our first time going through the entire process. And they were really helpful, kept us on track, just explained everything thoroughly so we were never unsure about things. One of the times that Melissa took us around to look at homes it was like freezing cold. One of the lockboxes was like frozen so she couldn't get it open for us to look at this one condo. She literally stayed out there for like 10 minutes with no gloves on trying to like unthaw this box. She just wanted to everything she could for us." -Nicolette N.
What does it take to time the Chicago market? Here’s what I think.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
The reason so many people want to time the market is to get the best possible deal. The challenge with timing the market right now is that interest rates have been trending upwards. Even though they have been quite low for a while, the economy is stronger and the Fed has said they want to raise rates. Because of this, you should assume rates are going up, not down.
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If rates dip, that dip won’t last long.
”If you wait for rates to go down, you’ll probably just end up costing yourself more money as a buyer when they inevitably increase. If rates do dip, that dip won’t last. As a seller, waiting will affect your available pool of buyers. Deciding to wait could cost you substantial dollars out of your pocket.
Will you think that you missed out on a 4.5% rate when the rates are up near 6.5%? Of course you will. If you’re interested in locking in a low rate now, give me a call or send me an email. I’m happy to answer any questions you may have.
If you plan on buying new construction, there are a few key things you need to know.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
Before buying a new construction property, there are a few important things you need to know.
One of the benefits to think about is that you’ll have the opportunity to live where no one else has before.
You’ll also often have the opportunity to customize the property, depending on how far along construction is. This includes choosing details such as finishes and maybe even the floor plan.
However, there are some drawbacks. New construction homes are more expensive, for instance. Another disadvantage of buying new construction is that you aren’t working with a traditional seller. These transactions are what developers do for a living, so no emotional decisions will be involved. The decisions a developer makes will be strictly financial.
Now that we’ve discussed a couple of pros and cons, let’s cover the three things you must do if you move forward with a new construction purchase.
1. Work with your own Realtor. If you walk into a model home or condo unit by yourself, you are going to meet with the developer’s agent. This agent is looking out for the developer’s best interests, not yours. Think of it this way: If you were to appear in court, would you want to represent yourself or would you want the help of a professional? Of course, you would work with a professional. This goes for real estate as well. You deserve an advocate in the real estate process.
2. Do your research. Find out which local builders are reputable and which are not. A lot of research can be done online on your own, but it’s also certainly a good idea to get the advice of your Realtor.
3. Read the fine print. Standard contracts for resale purchases throughout most of the US are written without advantage to either party, but this isn’t the case when it comes to purchase contracts for new construction. These purchase contracts are most often written by the developer’s attorney. A knowledgeable Realtor will know what to look for when reviewing this contract so that the deal is as fair as possible.
There are a few more things to keep in mind when buying new construction. If you’re purchasing a new construction property that is one of several in a single area, the seller will often be inflexible on the list price.
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With the help of your agent and an architect, you can build a home exactly to your desires.
”If they lowered the price for you, they would be asked to do so by everyone else. In other words, a reduced price will not likely be an option. However, they may offer upgrades such as hardwood floors, appliances, or landscaping touches for little to no extra cost.
Depending on your area, there may be developers who build homes that are truly from scratch. This gives you the opportunity to fully customize the property. With the help of your agent and an architect, you can build a home exactly to your desires. Keep in mind, though, that this is the most expensive option for new construction.
Regardless of the route you choose when buying new construction, you should prepare for the number of choices you will be asked to make throughout the process. The excitement of these choices may wane when you realize how truly involved you will be with the construction of the home.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
We can expect our 2018 market to be different than what we saw in 2017 because of the new tax law, interest rates, and inventory levels.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
There are three main reasons why our 2018 market will be different than what we saw last year.
The first reason is the tax law enacted toward the end of 2017. The first way people will be affected by this is through the mortgage deduction limit, which was reduced from $1 million to $750,000. If your personal mortgage balance is between $750,000 and $1 million, you’ll be affected. If it’s less than $750,000, you’ll be unaffected.
The second way is through the state and local tax deductions, which have gone from being unlimited to being capped at $10,000. This is likely to affect a great number of people. If you’re an investor or a landlord, however, nothing changes at all.
The third way is through capital gains exclusions. If you’re a home seller and you’ve owned the home you’re selling for two out of the last five years, nothing has changed. As far as the profit you might see from your sale, an individual can receive up to $250,000, and a married couple can receive up to $500,000 without paying taxes on it.
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If you plan on buying or selling in 2018, it might be a good idea to do so sooner rather than later.
”The second reason 2018 will be different from 2017 is interest rates. Of course, we never know exactly what’s going to happen with interest rates—I always joke that my crystal ball is in the shop. Rates have slowly been creeping up, though, and there have been signs that they will be raised in 2018. One of those signs is the national unemployment rate, which is at 4.1%—a 17-year low. The recent GDP numbers are also higher. The University of Michigan also has a consumer sentiment that’s at a very high level. Furthermore, the Federal Reserve said they were raising interest rates three times this year.
Granted, this expected rise can always be affected by world events, so that may change things. This rise is likely to happen, though, and should rates go up, it will affect both buyers and sellers. If you’re buying, it will cost you more to borrow money. If you’re selling, it changes who your buyers might be. This is why it might be a good idea to buy or sell earlier in the year before rates rise.
The third and final reason 2018 will differ from 2017 is inventory levels. Condos in the lower price points in our Chicago market will likely have lower inventory levels and a shorter average days on market. In the suburbs and higher price points, we’ll likely see higher inventory levels and a longer average days on market.
If you have any questions about our 2018 market or you have any other real estate needs, don’t hesitate to reach out to me. I’d be glad to help you.
"Long story short the results have been fantastic every step of the way. We're really happy, we have a place that we're excited about and cannot wait to really make it our home. My boyfriend and I kind of fell into The Nimick Team. We were looking at houses very randomly, very early on in the process and I found a place and I guess The Nimick Team was actually the selling agent on the place so that's kind of how we fell into them. Everybody on The Nimick Team is just top of the line so we consider ourselves immensely lucky. Melissa constantly amazed us with her knowledge and insight that she had when we were looking at places and beyond that, she is just immensely patient with use. I feel like we looked at tons of places with her. She was never too busy to show us places or talk about places and that was really something that we enjoyed. And it was a really great experience working with her. Sheila who is also on The Nimick Team was fantastic as well. She was just so on top of everything and incredibly quick to reply. She always made me feel very comfortable that everything was under control. At the end of the day, we realized by the end that Dave is top of the line and his team, The Nimick Team, is top of the line. They have all kinds of people around to help keep that reputation. I can't say enough nice things that everyone was just incredible to work with and I can't wait to refer them out to friends or family who are looking for a place in Chicago." -Marcie K.
When an agent works by your side during a home purchase, there are certain standards you must hold them to in order to ensure your success.Want to sell your home? Get a FREE home value reportWant to buy a home? Search all homes for sale
When it comes to buying a home, there are seven things you should demand of any Realtor you work with.
1. They need to be knowledgeable. There are numerous touchstones during real estate transactions. It’s keenly important that your agent is aware of all of them. And this kind of knowledge can only come from experience. Your agent should be like a veteran pilot. There may be turbulence during your transaction, and they will need to know how to handle it in order to get you to your destination.
2. Determining value and discussing strategy. Your agent should be able to talk in detail about which negotiation strategy will help earn you the greatest deal. They should also be able to clearly define a tight range of current value for the home you’re interested in.
3. Remembering what’s most important to you. This includes your timetable, your budget, and your target closing date.
4. Finding the right home. This is consistently the most important thing buyers expect from agents.
5. Managing your expectations. Since buying real estate is both an emotional and a logical decision, your agent should be adept at handling your expectations on both levels. They must be able to successfully help you understand the nuances involved in your purchase.
6. Honesty and trustworthiness. Buying a home is an incredibly important decision, so you should work with an agent whom you can trust. Work with an agent because they know what they’re doing, not because they are a friend or family member.
7. Track record. Ask yourself how an agent has shown that they’re worth working with. Look at how many years of experience they have, whether they have the respect of their peers, as well as their negotiation statistics.
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Buying a home is an incredibly important decision, so you should work with an agent who you can trust.
”If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
"Dave helped my wife and I purchase our first major home. I would reference Dave to and refer Dave to other homebuyers. I think he's professional and really strong in a negotiation. His team is also friendly and helpful." - Tim K.
"It was outstanding. I had my place on the market the year prior with another agent and didn't have much success. Dave came in and kind of went through everything and really just went to work. I didn't have it on the market that long and I actually got a little better price than I was expecting. Everything was pretty seamless they made it pretty easy on me. Selling a house can be kind of stressful and when you're trying to buy another one and they were great - can't say enough about them. I'm not much for surveys or anything like that that's kind of the only reason I'm doing it now because they did such a good job. They were just professional, organized. They made things as low stress as they possibly could. The other thing that I appreciated was Dave's candor, honesty, however, you want to say it. He was just kind of like look this is the market, this is what I think it's worth. And I think in those situations it may not be what a buyer or seller wants to hear but it's what they need to hear." -Jason C.