Putting the Real in Real Estate: Recent Episodes

Dave Nimick

Real estate is a topic that is important to everyone, for many reasons. Each week, join Dave Nimick as he cuts through all the noise to deliver you the unfiltered truth about residential real estate. Whether you’re a homeowner, a renter, actively in the market, or just enjoy keeping up to date with what’s going on - If you want to know the difference between the fluff and the reality in real estate, this is the podcast for you.

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In this episode, Dave discusses the current real estate market through May 2023.

Key Takeaways:

  • So far, the northside neighborhoods have had a better year than much of the city.
  • As a whole, supply is down about 15%, but demand is down almost twice that across all of Chicago.
  • Interest rates are driving both the low supply and the lower demand.
  • Supply and demand for condos is not as hard luck as for single-family homes.

"Affordability is driven by interest rates. And so if interest rates go down, then that is going to help sales, shorten market times, and sales-to-list ratios are all going to be better. All those things are going to be benefited by interest rates falling." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Stories happening in the Spring 2023 real estate market.
  • What makes this year different from prior years.
  • The inconsistencies in the current market.
  • Understanding what you want during your sale or purchase.

Key Takeaways:

  • You want to work with an agent who listens to what is most important to you and understands the market in your selling area.
  • Consider leaving a couple of days open for showings and trust your agent to run the scheduling of those showings. Keeping the home clean and show-ready is easier if you aren’t there.
  • When an agent does a detailed, in-depth market review, it will do better because it will be priced right for the market.
  • As a real estate agent, if you have relationships with the trades it can serve your clients, especially those out of state, in ways they may not have considered.

"It was priced well, it was staged well, and it was in good condition. And I will always say that when those three things are in place, good things are gonna happen." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Ed discuss:

  • Why you should consult a financial professional when buying a home.
  • Active engagement on behalf of your clients.
  • Areas homeowners might overlook when purchasing real estate.
  • Real estate investing.

Key Takeaways:

  • Your financial advisor can give you guidance, but, ultimately, it is your decision. They are the coach to your decision-making quarterback.
  • Most people are misaligned between their estate documents and the title of their homes.
  • Every client and every home are unique. Working with a financial advisor can assist with helping make the decision of what will work well in the long term, rather than the here and now.
  • Get the HELOC on your home before you retire. It gives you an additional tool in the toolbox and is easier to get before retirement when you no longer have a direct income source.

"The better we know you financially, the better we can guide you." — Ed Gjertsen

Connect with Ed Gjertsen:

Website: https://engagewealthgroup.com/

LinkedIn: https://www.linkedin.com/in/edgjertsenii/

Twitter: https://twitter.com/EdGjertsenII

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The top questions to ask an agent when buying a home
  • The deeper dive insights into the questions you are asking
  • The answers you should be happy to hear, and the ones you should be concerned with
  • Dave’s responses to each of these questions!

The 5 Questions (and a bonus!):

  • Will I be working with you or with someone else?
  • How available are you for showings on short notice?
  • How many homes should I see before making an offer?
  • What happens when I’m ready to make an offer?
  • How will you present my offer to the listing agent?
  • AND … How will you help me navigate a bidding war?

"Don't necessarily be encouraged if the agent says that they can drop everything - because for any quality agent, it's just not realistic nor is it a sign they do much business. That said, they should definitely prioritize you and your needs." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The top questions to ask an agent when selling
  • The deeper dive insights of the questions you are asking
  • The answers you should be happy to hear, and the ones you should be concerned with
  • Dave’s responses to each of these questions!

The 5 Questions (and a bonus!):

  • What are the drawbacks of my home? What makes my home stand out?
  • How do you interpret the market and know if it is changing?
  • How did you arrive at the list price? What price would you recommend if I was in a rush? Or if timing wasn’t an issue?
  • What kind of buyers will be interested in my home?
  • How will you help prepare my home for photographs and going on the market?
  • What is your average market time? What is your average sales-to-list price ratio?

"The best approach for agents is to always just be straightforward with your clients. You as a seller deserve direct and honest answers." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave, David, Kelley, Brittany, Chip, Jessica, Diane, and Christine discuss:

  • The types of market agents are seeing throughout the country.
  • What types of inventory are available depending on the region.
  • Multiple offer situations.
  • The changing demand over the last couple of years.
  • Area-specific challenges faced by buyers and sellers.
  • Why pricing always matters.
  • How interest rates are affecting the various markets.
  • What $1M will get you around the country.

"It’s important to know the city in and out, especially when working with clients because you know more about the city than they do, and that’s how it should be." — Brittany Walter

Connect with David Quantrell - Seattle/Tacoma:

Website: https://www.theqteam.com/

Facebook: https://www.facebook.com/theqteamre

Connect with Kelley Solberg - Silicon Valley:

Website: https://kelleysolberg.com/

Facebook: https://www.facebook.com/KelleySolbergRealEstate/

Instagram: https://www.instagram.com/team_kelley_sells/

Connect with Brittany Walter - Los Angeles:

Website: https://www.brittanysellsla.com/

Facebook: https://www.facebook.com/BrittanySellsLA

Instagram: https://www.instagram.com/brittanysellsla/

Twitter: https://twitter.com/brittanysellsla

Connect with Chip Parrish - Denver:

Website: https://www.discovershelter.com/

LinkedIn: https://www.linkedin.com/in/chip-shelter/

Connect with Jessica Licona - Austin:

Website: https://liconateam.com/

LinkedIn: https://www.linkedin.com/in/jessicalicona/

Instagram: https://www.instagram.com/liconateam/

Facebook: https://www.facebook.com/liconateam/

Connect with Diane Davidson - Boston & Southern New Hampshire:

Website: https://finehomesgroupintl.com/

LinkedIn: https://www.linkedin.com/in/dianedavidsonre/

Facebook: https://www.facebook.com/finehomesgroupinternational

Instagram: https://www.instagram.com/finehomesgroup/

Connect with Christine Graf - Central Florida:

Website: https://linktr.ee/christinekgraf

LinkedIn: https://www.linkedin.com/in/christinekgraf/

Facebook: https://www.facebook.com/christinegrafrealtor

Instagram: https://www.instagram.com/christinekgraf/

Twitter: https://twitter.com/ChristineKGraf

Connect with Dave Nimick - Chicago:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The best questions to help you tell the whether they’re an agent worth working with
  • Insights to listen for
  • Responses you want to get
  • Answers that should give you pause.

The 5 Questions (and a bonus!):

  • What is your track record for the # of transactions, overall production, and client service?
  • What did you do before real estate?
  • How do you get most of your business?
  • What is your negotiating strategy?
  • Do you focus primarily on sellers, buyers, or a balance of both?
  • Bonus: How will you ensure that my sale/purchase will go smoothly?

"Real estate runs on a tight timeline with lots of moving parts that rarely are working in unison. So an agent needs to have the structure, know what's going on and when it's supposed to happen in order to make it work out." — Dave Nimick

Link to Five Star Professional: https://www.fivestarprofessional.com/public/reresearch

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Mark discuss:

  • Most common roofing problems homeowners face.
  • Types of roofing and the one Mark most recommends.
  • Important factors to consider when choosing a roofing contractor.
  • What to expect during a roofing project.
  • The future of the roofing industry.

Key Takeaways:

  • Until there is a problem (such as leaking) many homeowners don’t think about the roof because it is out of sight out of mind.
  • There are benefits and drawbacks to all the different types of roofing products, partly depending on your location.
  • Don’t be afraid to ask questions. Most good roofing contractors will do everything for you. Be wary if it is a piecemeal contract where you are needing to do the legwork.
  • There should always be an open line of communication with your contractor.
  • Costs are not likely to go down, but they are stabilizing.

"The roof should always be smooth and solid, it shouldn't be concave or bumping up." — Mark DeBartolo

About Len Roofing & Remodeling: Len Roofing & Remodeling is committed to providing nothing less than the highest quality craftsmanship on home renovations, and Chicago roof repair and replacement, which are all backed up with a three-year warranty.

We are a top-quality home remodeling and roofing company, serving Northbrook, Northfield, Glenview, Wilmette, Winnetka, Deerfield, Highland Park, Kenilworth, and the surrounding Chicagoland area.

Connect with Mark DeBartolo:

Website: https://lenroofing.com/

Email: info@lenroofing.com

LinkedIn: https://www.linkedin.com/company/len-roofing-&-remodeling/

LinkedIn: https://www.linkedin.com/in/mark-debartolo-088a263b/

Twitter: https://twitter.com/LenRoofing

Facebook: https://www.facebook.com/LenRoofing/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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February Numbers are in! Dave reviews:

🏠 Supply

👍 Demand

🚀 Velocity

📊 Transactions

Want to skip straight to your area?

0:30 • CHICAGO OVERVIEW

2:33 • Entire City of Chicago

4:47 • Lincoln Park

6:52 • Lakeview

8:57 • Bucktown & Logan Square

10:42 • Wicker Pk, Uk Village, WestTown, River West

12:45 • Roscoe Village, St Ben’s, NorthCenter

14:22 • Lincoln Square

16:03 • West Loop & University Village

17:05 • River North, Old Town, Gold Coast, Streeterville

17:53 • Ranking of Chicago Neighborhoods

20:02 • NORTH SHORE OVERVIEW

21:15 • Winnetka

22:30 • Wilmette

23:08 • Evanston

23:49 • Glenview

24:26 • Northbrook

24:59 • Glencoe

25:37 • Highland Park

26:09 • Deerfield

26:50 • Northfield

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • How real estate agents get paid.
  • What a listing agreement is and what it does.
  • The Split: how brokerages and agents make money from the real estate transaction.
  • Being a 1099 Contractor as an agent.

Key Takeaways:

  • Agents cannot be paid directly by the seller. They must be compensated by their brokerage.
  • Most traditionally run brokerages take a portion of every single transaction.
  • Zillow isn’t a brokerage, but they market and sell to agents that pay for the leads that they generate.
  • There are a lot of costs that the agents pay, not their brokerage - more than you might think.

"From the outside, it really looks like it's all swimming pools and movie stars, which it’s not. It is 100% commission, with many expenses left for the agent to pay. Agents do not receive anything until an actual transaction is closed, after which they still need to invest in their business." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What buyers and sellers have to pay at closing.
  • Why a title company is important to closing (and who gets to pick the company).
  • The reason closings often happen near the end of the month.
  • The various charges that may or may not appear at closing.

Key Takeaways:

  • Closings almost always happen at a title company, or at least in the presence of a title representative.
  • Closing will take, at minimum, 20 minutes but usually take 1-2 hours, sometimes longer.
  • Most people let the mortgage company pay the property taxes and insurance rather than keep track of it themselves. That money goes into escrow, to which money is added at closing.
  • Realtor commissions are not paid until closing.

"I am not a lawyer, a lender or a title rep for that matter. So you will want to speak with each of those professionals when you're going through this process to really sharpen the pencil on exactly what your closing costs may be." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The multiple reasons the real estate inventory is low across housing types.
  • Why it feels like it is a tight market.
  • Current statistics on single family home and condo listings in the areas tracked..
  • Interest rates, inflation, layoffs, and the overall economy.

Key Takeaways:

  • As a whole, the inventory for the city is up 2%. Certain areas, however, such as Lincoln Park, Lakeview, and other North Shore communities, are down considerably compared to last year.
  • Winnetka is down 79% compared to last year, which is the largest decrease in inventory of single-family homes of any of the North Shore communities.
  • Lower inventory is a double edged sword - it gives the buyers fewer options to look at, but it means it may be a good time for sellers to sell.
  • Home affordability is keeping demand lower than it otherwise would be.
  • The media is skewing the information being given. It is important to remember that 2021 and 2022 were historic years and things have changed since then, but not as drastically as the media is making it seem.

"Another reason demand is down is we're hearing more and more news about different layoffs from major players. Whenever you hear that, and you hear it from several different sources about a lot of different companies, that's a concern about the economy as a whole and that tends to bring demand down." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Andrew discuss:

  • Questions people are asking during tax season.
  • Differences in taxes between primary and investment properties.
  • Deductibles in real estate taxes.
  • What it means to be a Real Estate professional on your taxes.

Key Takeaways:

  • On your primary residence, assessments are not generally deductible. That may be different if you have an at-home office and own your own company or are a 1099 employee.
  • Keep good records, with receipts and documentation, about what you do to your property. That information is important if you are selling, but also potentially if your property is converted to investment property down the road.
  • There are likely to be differences in what can be written off on a federal level and on a state level. Tax laws are also always changing. Working with a CPA who is knowledgeable in these laws can be important when you’re dealing with property.
  • Gaining education from your real estate agent or your CPA can help guide you to making the correct decisions for you, your family, and your situation.

"Every situation is unique and the rules will come together differently, depending on each client's specific scenario." — Andrew Balderson

About Andrew Balderson: As founder and owner of Balderson & Company, Andrew is focused on providing the best solutions to meet his client's needs. He has spent two decades working with individuals and business owners. As a result, he understands the importance of developing relationships based on a strong knowledge of each client's unique situations and circumstances.

He began his career in Columbus, Ohio with Coopers & Lybrand, the predecessor to PricewaterhouseCoopers where he focused on working with closely held and family-owned businesses. While at PwC, he spent a year with the transaction services group helping clients buy and sell their businesses. He left PwC in 2005 and continued working with individuals and business owners as a CPA ultimately starting Balderson & Company in November 2012.

Andrew graduated cum laude from California State University, Long Beach in 1991 with a Bachelor’s Degree in Accounting and completed his Master's in Taxation at Capital University Law School in Columbus, Ohio.

Connect with Andrew Balderson:

Website: https://www.baldersonco.com/

Email: andrew.balderson@baldersonco.com

LinkedIn: https://www.linkedin.com/in/andrewbalderson/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What creates urgency and how that plays into the market.
  • Supply, demand, and the best and worst months to list.
  • The current 2023 stats and their comparison to 2021 and 2022 in the same time frame.
  • What to look for in your agent.

Key Takeaways:

  • This is not the year to be ambivalent. Decide now if you plan to move or not and stick to that plan.
  • A balanced market means there is a balance between the supply available and the demand for homes.
  • SPACE (staging, price, approach, condition, environment) is the key to selling your home.
  • If you’re wanting to sell, you’re wanting to get your home in front of the widest audience possible.

"You can control who your agent is. They really need to be able to negotiate well on your behalf because there are several nuances, the two most important being price and closing date." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Be prepared - understand what you need to know going into buying your home.
  • Pre-Approval process and knowing your finances.
  • Choosing the right agent and not settling for less.
  • Understanding and prioritizing your needs (“deal killers”) versus your wants (“nice-to-haves”).

Key Takeaways:

  • The normal contract-to-close period is about 45 days. Allow 3-4 months, roughly, for your home search.
  • It is always best to meet an agent through a personal referral. You must be able to trust them beyond the shadow of a doubt.
  • Keep your needs to about 2 or 3 that you are not willing to budge on. Wants are nice to have but aren’t absolutely crucial. Be honest and realistic with yourself.
  • You won’t know if it is a good decision or a bad decision until down the road. Buy when it is the right time for you and your specific situation.

"Regarding the speed of the market, the market is always based on one thing, but that one thing is driven by many different forces. What is that one thing you ask? Urgency." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Why 2022 was such a unique year.
  • What’s currently happening in the real estate industry.
  • Inflation and interest rates.
  • Expectations and predictions for 2023.

Key Takeaways:

  • 2022 was a time when a stratospheric market came back to earth.
  • Following a record-breaking year like 2021, some numbers are destined to decline to some extent. That doesn’t mean it’s a horrible market, however.
  • In 2022, a lot of layoffs did happen throughout real estate related businesses. Many companies hired expecting another year like 2021, which did not happen.
  • The interest rates doubled from the beginning of 2022 to the end of 2022.

"Several media reports have discussed how ‘bad’ 2022 was in real estate. The reality is that, in many ways, the numbers were better than 2021." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Doug discuss:

  • How Dave got into real estate in the beginning and why he chose to enter the real estate business.
  • A good agent versus a great agent.
  • Communication, changing technology, and the evolution of real estate.
  • The changing rates and home affordability.

Key Takeaways:

  • The ability to interpret the market and effectively communicate what they are seeing is what separates a good agent from an exemplary agent.
  • You need to be able to clearly explain what you are seeing and why your thoughts are what they are.
  • Whenever possible, if you can have the same agent helping you with both buying and selling it can make things easiest for you.
  • The best time to buy or sell is when it is right for you. Just price it appropriately (when selling) and the market should in turn respond positively.

"It is important that people understand exactly where things stand, and I'm always going to tell the truth. People appreciate being told the truth." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Marketing in real estate.
  • How much (or little) effort agents put into valuing a property for clients
  • Do digital newsletters provide insights?
  • Authentic agent/client communication.
  • Why Open Houses exist.

Key Takeaways:

  • On its face, advertising a home is about the property. Moreso, however, it is about marketing the branding and the agent than the home.
  • Agents often put very little time into what goes into a CMA report, relying rather on technology, then taking full credit for what is in it.
  • Communication is important to every client and it is the best way to keep the transaction moving smoothly.
  • Open houses rarely sell homes, yet the perception is that they are an important part of the sales process. They are for agents to connect with unsuspecting buyers

"If nothing else, I want to make sure that my clients and listeners like you understand exactly what is going on with your eyes wide open and aren’t being taken advantage of. Authenticity and honesty are worth their weight in gold in real estate, and if an agent isn't completely straightforward with people about what’s going on, then essentially, it's the equivalent of being dishonest with them." — Dave Nimick

Episode Reference:

Cloud CMA: https://cloudcma.com/real-estate-agents

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What to believe and what not to believe in the rumors of the 2023 housing market.
  • Concerns and realities about interest rates.
  • Why 2020 and 2021 were an anomaly, and a realistic look at 2022.

Key Takeaways:

  • There are more differences than similarities between the current housing situation and the housing crisis of 2008.
  • While the current interest rates have climbed markedly this year, they are still well below the historical average interest rate.
  • On the whole, we will likely have a fairly balanced market going into the next year, though this can vary depending on your area.
  • In essentially all areas, homes have risen in their appreciated value over the last 3 years. Certain areas have risen far above normal.

"You don't know exactly where the market is going to go, nor can you control it. Looking at real estate through a long-term perspective provides a much better understanding than any one snapshot moment in time." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Why you need to choose your agent carefully, not just based on who you know.
  • The skills needed to be a good realtor.
  • Ways in which you can meet a real estate agent.
  • The good agent checklist.

Key Takeaways:

  • Most people do not take enough time to make the important financial decision of choosing the right real estate agent.
  • How you met your agent matters A LOT. If you met them through referral, through someone who you trust, they have already proven themselves.
  • Open houses exist so that agents can meet unrepresented buyers.
  • Your agent should take your thoughts, cares, and considerations into account during the buying or selling process.

"It's important to bear in mind that it is a skill based business. Unless it's a screaming seller's market, it does take a realtor that has the ability, and a wide variety of skills to successfully get a home sold." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The uncertainty in real estate.
  • Making sense of the current market.
  • The difference between 2021 and 2022 in the real estate market.
  • Historical interest rates.

Key Takeaways:

  • 2021 is the gold standard for real estate. In 2022, the interest rates have more than doubled, which has never happened before.
  • The sky is not falling, but we are settling back into the norm after a record-breaking 2021.
  • The worst of times was 1981, interest rates were above 18%. We are currently about 7%, which is below the historical average rate.
  • Down markets bring upside opportunities.

"You don’t want to spend mental time or energy dwelling on things you just can’t control. The market is the market. Lean into someone who really knows the market, knows how to interpret it, and knows how to get the best out of it for you." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and George discuss:

  • How George got started helping people cut the cord and built Marshmallow Streaming.
  • Misconceptions people have about the internet and streaming services.
  • Determining what internet speed you actually need.
  • Why fiber and 5G internet are changing the at-home internet game.

Key Takeaways:

  • Switching to streaming does not necessarily mean losing local channels, sports games, or DVR capabilities.
  • What each home and individuals want from their streaming services can vary widely.
  • A lot of people don’t know what their current internet speed is or if it is actually what they need. As a rule of thumb, you only need about 50 Mbps per person.
  • The first step to getting a great deal is knowing what you want, knowing what is being offered, and being polite when you ask for it.

"We were prepared because we invested internally." — George Kontos

About George Kontos: Tired of dealing with the cable company? Marshmallow Streaming specializes in streaming solutions that allow their customers to access all the favorite channels, shows, movies, sports, news, and more, at a fraction of the cost.

Connect with George Kontos:

Website: https://marshmallowstreaming.com/

Sales Contact Phone: 224-215-0626

Sales Contact Email: nick.charles@marshmallowstreaming.com

LinkedIn: https://www.linkedin.com/company/marshmallow-streaming/

NextDoor: https://nextdoor.com/pages/marshmallow-streaming-llc-palatine-il/

Facebook: https://www.facebook.com/marshmallowstreaming/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The upsides and downsides of real estate as an investment.
  • Similarities and differences between real estate versus stocks.
  • Landlord best practices.
  • Mindset of owning real estate investment property.

Key Takeaways:

  • Owning real estate helps to diversify your portfolio.
  • The longer you own a property, the more likely you are to see huge appreciation and greater passive income.
  • Real estate is a tangible entity in a way that stocks are not.
  • If a landlord keeps a property well maintained, the tenants will typically follow suit.

"You cannot live within a stock portfolio, but everyone needs a roof over their head, including you. Even if you're buying a property for investment, if you need a place to live at some point, you can live in your property." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and John discuss:

  • John’s professional journey to accumulating 35+ years in the plumbing industry.
  • The changing reputation of those in plumbing and other trade jobs.
  • Differentiating yourself from the competition at the beginning.
  • Red flags surrounding permits, licensure, and insurance.

Key Takeaways:

  • The trades have, previously, had a bad reputation as employing lesser-educated individuals. This is changing.
  • Having highly trained individuals sets their team apart from other companies.
  • You want to be able to give your client the option to choose, not make the decision for them.
  • Pricing done over the phone is typically low done as an incentive, and will change once a plumber has had a chance to actually look at it.

"If it's your first time calling a contractor, don't hesitate to ask for a certificate of insurance. Anybody that you have in your house, you want to make sure that they're covered for insurance." — John Baethke

About John Baethke: A residential Plumbing service and repair company that provides “Unmatched Expertise & Care”.

Connect with John Baethke:

Website: https://www.baethkeplumbing.com/

Email: info@baethkeplumbing.com

Phone: 773-276-5430

Blog: https://johnbaethke.wordpress.com/

YouTube: https://www.youtube.com/user/johnbaethke

LinkedIn: https://www.linkedin.com/in/baethkeplumbing/

Twitter: https://twitter.com/jbaethke

Facebook: https://www.facebook.com/john.baethke/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The relationship between recessions and real estate.
  • What a recession is and the stages of a recession.
  • Reasons for a recession.
  • A historical look at real estate in past recessions.

Key Takeaways:

  • Inflation tends to be a big cause of recessions, which we are seeing right now.
  • In a recession, buyer demand almost always falls.
  • Unlike in the past, there is likely a lower supply of homes due to fewer new construction homes.
  • Potential sellers who bought/refinanced with lower interest rates may be more inclined to stay in their home at that low rate rather than sell.

"None of us want to see a recession … but it’s better to be realistic and prepared, and figure that one may be happening now or in the near future. Nonetheless, it's not going to last forever - these things don't - and the economy comes back." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Curt discuss:

  • Buying when it is right for you, not just when it’s a buyer’s market.
  • What the current interest rates mean for you.
  • Seller buy-downs, 2-1 buy-down mortgages, and assumable mortgages.
  • Why you should talk to a mortgage specialist.

Key Takeaways:

  • The interest rate on rent is ALWAYS 100%.
  • Loans are underwritten based on what you can currently afford and the process is more stringent than it was back before 2008.
  • There are more lending options available than most people are aware of.
  • Do not buy a boat (or finance furniture or anything else) before the closing. This will throw off your “debt-to-income” numbers and likely affect your interest rate and/or ability to close as planned.

"Be careful. Talk to an advisor - a lender that you are comfortable with and trust." — Curt Kessler

About Curt Kessler: Curt is a residential real estate lender who looks through the lens of an adviser. Buying and owning real estate should be looked at as part of your financial portfolio. Not a painful transaction you go through a few times in your life. With the belief that the time to buy is when it's right for you, not when others say "it's a buyers market" Curt works to ensure the mortgage product you use is right for your personal situation and story.

Connect with Curt Kessler:

Website: grarate.com/CurtKessler

Text: 312-404-2878

Book: ckessler@grarate.com

YouTube: https://www.youtube.com/channel/UCA8EFopvnDAtQuGMnD8R5AA

LinkedIn: https://www.linkedin.com/company/guaranteedrateaffinity

Facebook: https://www.facebook.com/GuaranteedRateAffinity

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The four big real estate apps rated by aesthetic, reliability, search parameters, evaluation tools, and accuracy of information.
  • Benefits and drawbacks of each of the different real estate apps.
  • Comparing Zillow, Redfin, Trulia, and Realtor.com.
  • The evolution of the smaller brokerage apps.

Key Takeaways:

  • If you schedule a tour through a real estate app, it will most likely be with an agent paying to be a featured agent rather than the listing agent.
  • Zillow is the most visited site of the real estate sites. Make note: they are a marketing company, NOT a real estate brokerage.
  • Because Redfin is a brokerage, the information draws from the MLS and can often be more accurate than Zillow and Trulia, but realtor.com tends to have the most accurate information.
  • Trulia is part of the Zillow family (it was purchased back in 2015).

"Do not put your blind trust into an app. You want to ask those around you who they trust, and talk to them about who they would recommend you work with if you're thinking of either buying or selling." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Sean discuss:

  • Growing up in a hardware store and the transition from a handyman to a construction business.
  • Enjoying the improvement, not just improving to sell.
  • The typical timeline of a bathroom or kitchen remodel.
  • The best ROI return for a planned sale within two years.

Key Takeaways:

  • Construction is, first and foremost, a people business. The project only works if it is great for the homeowner.
  • For many people, their home is their largest asset. Like an asset, you want to make sure to take care of it and do the right thing for the home and area you’re in.
  • You don’t want to over improve. People often over improve on kitchens and bathrooms with speciality fixtures and appliances that may not be desired by the next owner.
  • Times and trends change in property improvement. The type of improvements you may want to do could be dependent on the area you are living in.

"What we're looking at is what's good for the owner now and then what serves the use for potential buyers and what are they going to want to see in the open house." — Sean Buino

About Sean Buino: Sean Buino is a residential home improvement expert with over 30 years experience. Born above his family’s True Value Hardware store in Lakeview, Chicago, he grew help helping home owners with maintenance and improvement projects before starting his own residential construction company.

Connect with Sean Buino:

Website: https://www.southportconstructionchicago.com/

YouTube: https://www.youtube.com/channel/UCG-SBizWYAM5OJT5psaNK7A

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The surprising information regarding when to put your home on the market.
  • All 12 months (ranked in order, worst to best) regarding when to list.
  • When to sell by quarter.
  • Regardless of the month, what’s going in your life should drive your decision.

Key Takeaways:

  • It is impossible to identify and track the number of ready, able, and willing buyers.
  • Surprisingly, the late fall is quite a good time to list a home. There’s not as much competition, and the buyers looking at that time tend to be very serious buyers.
  • March is the best month of the year to list your home.
  • When priced appropriately for your market - regardless of when you list - you will likely sell faster and for more money.

"The best time to sell is when it works best for your life." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Max discuss:

  • An insurance agent’s need to understand what makes people tick.
  • Benefits of working with an independent insurance agency.
  • The value of persistence.

Key Takeaways:

  • When someone is talking about an insurance need, they are talking about a part of their life that is valuable and they want to protect. This is very personal to each individual.
  • There is more to the value of a policy than just what you are spending on it.
  • The landscape of insurance is always changing. Look for a proactive insurance agency who can keep on top of that for you, let you know what’s going on, and why it matters.
  • You can’t get champagne insurance on a beer budget.

"Having a good insurance agent/advisor to guide you through the process is generally going to lend itself towards a more successful insurance experience, especially when it comes to a claim." — Max Ieuter

About Max Ieuter: Max Ieuter is an insurance advisor with Secure Futures, a family-run, boutique insurance agency in Wilmette, IL that focuses on insurance and financial wellness strategies for families and small businesses.

Connect with Max Ieuter:

Website: https://www.secureil.com/

Email: max@secureil.com

Phone: 847-999-9911

LinkedIn: https://www.linkedin.com/company/secureil/

LinkedIn: https://www.linkedin.com/in/max-ieuter-65ba0052/

Facebook: https://www.facebook.com/SecureIL

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Ross discuss:

  • Ross’s professional journey, starting in 1998.
  • What is checked for on all inspections.
  • Working within HOA (Homeowner Association) guidelines and understanding your rights and responsibilities.
  • Reserve studies and special assessments.

Key Takeaways:

  • Inspectors cannot tell you whether or not to buy, but should give you the information that will help you make the most educated decision possible.
  • You need to understand what you legally own (for condo owners) and are in charge of, as it can vary from building to building.
  • The taller you go on the building, the more severe you need to be on your due diligence in regards to safety.
  • You want your inspector to speak clearly and say what is and is not there. Communication needs to be clear and understandable by all parties involved.

"That's all we ever ask of any homeowners. You've got an asset, homeownership or condo ownership, it's dynamic, you’ve got to stay on top of it. You can't get in shape with one workout, but you can get in shape with a lot of workouts." — Ross Neag

About Ross Neag: CBI is a full service residential home, condo and commercial building inspection company in greater Chicago. We also excel in moisture intrusion, leaks, HOA and reserve studies and provide radon testing as well.

Connect with Ross Neag:

Website: https://www.inspectingchicago.com/

Email: info@inspectingchicago.com

Phone: 312-INSPECT

LinkedIn: https://www.linkedin.com/in/rossneag/

Twitter: https://twitter.com/inspectingchgo

Facebook: https://www.facebook.com/ChicagoBuildingInspections

Instagram: https://www.instagram.com/inspectingchicago/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty.

Show notes by Podcastologist: Chelsea Taylor-Sturkie.

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What it means to miss the market.
  • The psychology behind it.
  • How to avoid missing the market.
  • How to learn from the market as a whole.

Key Takeaways:

  • The market is always changing and those changes aren’t always visible.
  • The fear of missing out is natural. It is often the driving emotion behind the decisions people make.
  • Make the decision that is best for you at that time, as you do not know what the market is going to do next.
  • Bottom line: Do your own thing, on your own timeline, and be comfortable and resolute with your decision.

"Do not assume you are smarter than the market. Feeling like you’re smarter than the market and studying the market are two entirely different things." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Shameen discuss:

  • States that use attorneys vs. non-attorney states in the real estate process.
  • The importance of understanding the contract-to-close process, regardless of how many times you may have bought or sold a home.
  • The tricky property taxes that come into play during the real estate transaction.
  • Negotiating power, contractual language, and important steps throughout the legal aspects of the transaction.

Key Takeaways:

  • Attorneys may be brought in before the contract is executed if there are complex matters that need attention, but generally are not.
  • In IL, taxes for all residential properties are reassessed in full every three years. This can affect the transaction and property taxes that will be credited at closing.
  • The language of the contract is extremely important. If you make a modification under certain provisions it can be deemed as a counteroffer and be canceled, whereas that is not possible under other provisions.
  • You want to make sure you have a strong team around you that knows what they are doing, regardless of which side of the transaction you are on.

"I think negotiating power is the cornerstone of how you approach the attorney review and inspection letter. And that's something, really, the realtor is the only one who can give you that insight, because they've been part of the negotiations since day one. It's really important to involve everyone in the process." — Shameen Thakrar

Connect with Shameen Thakrar:

Shameen Thakrar, Managing Attorney

Thakrar & Associates, PCReal Estate Law Offices

Phone (847) 757-3143

shameen@thakrarassociates.com

Offices in Winnetka, IL and Chicago, IL 

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • The tools an agent needs to have in their toolbox.
  • Negotiating based on factual information, not feelings and emotions.
  • Understanding where the line in the sand is for clarity and strength of negotiating.
  • Structuring the best possible negotiation strategy.

Key Takeaways:

  • Negotiations will always include a “risk/reward” scenario.
  • Agents should provide their clients with full information up front to prevent unnecessary surprises throughout the negotiation process.
  • The number one enemy for sellers is market time.
  • The first offer is usually the best offer (provided it is a genuine offer). However, negotiations are a fluid process and should not be exited prematurely.

"Setting realistic expectations is the single most important thing that an agent can do, regardless of what part of the real estate process you're in. But it's never more true than during negotiations, when emotions are often on high for both buyers and sellers." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • How comps function in real estate transactions.
  • What a realtor’s job is in understanding real estate information.
  • The things to look for in the best comps.
  • The importance of spending time on analysis.

Key Takeaways:

  • Comps are the evidence put together to get the best, most accurate current value of your home.
  • Realtors can help you to understand what your home will sell for in the near future based on market evidence. Appraisers look more from a rearview mirror view.
  • Online estimates are not always the most accurate. They are missing the information that a realtor can help to clarify to give a better understanding.
  • Don’t fall for agents who are saying your home is worth substantially more than what everyone else is saying - they are likely buying the listing and it will cause more headache and hassle for you.

"It's important to remember that no agent, myself or any anyone else, nor any person, can wave a magic wand and make a home worth more than the market will bear." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Tom discuss:

  • What the preapproval letter does (and what it doesn’t do).
  • Having a cohesive team behind your purchase.
  • Ways you can sabotage your own closing.
  • Why communication is so important throughout the loan process.

Key Takeaways:

  • Communication is the key to everything in life, but especially in mortgages and closings.
  • Stay in contact with your lender. Let them know as soon as you go under contract.
  • Third party items (such as the inspection or appraisal) are important to get scheduled right away as that is outside the control of your lender.
  • Do not rock the boat before you close.
  • Communication, communication, communication. Keep the lines of communication open with your loan officer to make everything go as smoothly as possible.

"The more you can be prepared upfront, the smoother and better the processes and the more coordinating on the back end." — Tom Merritt

Connect with Tom Merritt:

Website: https://summitfunding.net/

Professional Contact: https://summitfunding.net/sites/tmerritt

Email: tmerritt@summitfunding.net

Phone: 312-224-3821

LinkedIn: https://www.linkedin.com/in/tom-merritt-9068a42/

Facebook: https://www.facebook.com/summitfundingchi/?fref=ts

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What sells homes online and in person.
  • How your real estate agent (or their team) presents themselves.
  • Arguments for and against listing agents being at a showing.
  • Staging and the instant impressions that it gives to buyers.
  • What to look for in an agent.

Key Takeaways:

  • It takes 7-10 seconds online for people to decide if the home is worth going to see it in person.
  • Agents advertise themselves in magazines and on social media. They do this to brand themselves, not the home they’re supposedly advertising.
  • An agent’s value comes in where they can interpret the market, and then effectively communicate it to their clients.
  • If you’re the buyer and the listing agent is there, you do not want to divulge what you do like about the property, as it will end up costing you money.
  • The MLS is the single most important way to get exposure to the home.

"If the home is staged well, it's in good condition, and it's priced well for the current market … quick, positive responses are very likely forthcoming." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • What pocket listings are and why they are popular.
  • Who benefits from pocket listings.
  • How pocket listings can differ from a listing on the MLS.
  • Examples of successful pocket listings.

Key Takeaways:

  • Pocket listings are private listings of property, outside of the MLS.
  • Pocket listings are popular because of perceived exclusivity.
  • There can be benefits to pocket listings in the right situations.
  • Generally, in almost all cases, it is better to list in the MLS.

"My answer to the reasons to do a private listing are when there is extraordinarily low inventory, very high demand, and when having a pocket listing is also most convenient for you as a seller. If all of those things are aligned, then that's when it would likely make the most sense." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • How to make the right choice in which Realtor to work with.
  • The way most people choose the agent they work with.
  • Why you know so many realtors.
  • The many benefits of being straightforward in your conversations with agents you’re considering working with.

Key Takeaways:

  • There is no shortage of finding agents that you know.
  • Real estate is a business decision, and business decisions can go south. You need to understand your risks, as both your relationship AND your finances could be negatively affected by making the wrong choice.
  • In 2022, the National Association of Realtors is at its highest membership ever.
  • This is one of the most important financial choices you may ever make. Make an objective decision, not one based on “hitting the easy button”.

"There are a lot of agents who are really nice and great at parties, but they're not great at negotiating ... and that can cost you, BIG TIME. This is one of the most important things that any realtor can have (or not have) in their tool belt." — Dave Nimick

Episode Resource: https://agentfriend.ptrire.com/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Similarities between current and 2005-2008.
  • Differences between now and the mortgage meltdown era.
  • Dave’s predictions of what is going to happen in the next couple of years.
  • What factors are important in real estate predictions.

Key Takeaways:

  • Appreciation has been greater over the last few years than ever before.
  • The underwriting process of mortgages has changed dramatically. Banks on the whole are a lot more responsible than they were before.
  • Average home owner equity is more than double what it was before the mortgage meltdown. It is currently the highest it has been since the late 1980s.
  • We are coming off the lowest rates in the history of interest rates, and those rates cannot continue to stay that low.

"Buyers are likely going to appreciate what's happening the rest of this year, as it will be a slowing market. It won’t be a snail's pace market however, just becoming a normal market following a crazy one." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Jonathan discuss:

  • The evolution of fraud in real estate and how it has changed through the years.
  • Protecting yourself from wire fraud.
  • What title fraud is and how it has become more prevalent over the last 5 years.
  • Having a little paranoia to protect your money in real estate transactions.

Key Takeaways:

  • If you catch fraud, the key is to catch it as quickly as possible before it leaves the US.
  • The first step is to protect yourself from falling for fraudulent emails.
  • With title fraud, people tend to focus on areas where they won’t get caught such as homes with a lot of equity, second home properties, etc.
  • If your property is in the name of a land trust company, it is more difficult to find who you are and can help to prevent title fraud.

"Use common sense. Be cautious. Take your time. Most of the problems that occur with wire fraud is human error." — Jonathan Aven

Connect with Jonathan Aven:

Website: https://avenlaw.com/

Email: jonathan@avenlaw.com

LinkedIn: https://www.linkedin.com/in/jonathanaven/

Twitter: https://twitter.com/avenlaw

Facebook: https://www.facebook.com/jonathanavenlaw/

Resource:

Cook County IL Clerk - Property Fraud Unit: https://www.cookcountyclerkil.gov/recordings/property-fraud-unit

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • When buyers tend to think about having overpaid for their home.
  • Making the smartest decision that you can at the time you are making it in order to prevent buyer’s remorse.
  • How the market defines what a home is worth.
  • Identifying what overpaying means to you.

Key Takeaways:

  • The only two constants in real estate are that sellers want to sell for the most money, and buyers want to pay the lowest amount possible for a home.
  • The market will have ups and downs, so be comfortable with your buying decision upfront.
  • A home is worth what a qualified buyer is willing to pay for it, what the seller is willing to accept, and what the home appraises for.
  • The smartest decisions are based on both logic and emotion.

"You cannot predict the future. You want to make your real estate decision based on your current AND future needs." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave and Marc discuss:

  • What it means to get pre-approved for a mortgage.
  • The steps involved in the pre-approval process and how long it takes.
  • Questions you should be asking your mortgage lender.
  • Managing expectations as a mortgage lender.

Key Takeaways:

  • A pre-approval is a much more detailed analysis of a buyer’s qualifications than a pre-qualification. In order to be a well-prepared buyer who wants their offer taken seriously, a full “Pre-approval” is highly recommended.
  • The pre-approval process can be done quickly, and the documentation may vary depending on the technology used by the lender.
  • Understanding the timeline of what your lender will work under is very important, especially once you’re under contract.
  • Closing costs and expectations are very market specific. You need to be positioned with a mortgage professional who understands the market you are looking to buy in.

"It's never been more important to be pre approved than in the current time and the current conditions that we're going through." — Marc Churchill

Connect with Marc Churchill:

Website: http://mychicagomortgage.com/

Mobile Phone: 312-953-5316

LinkedIn: https://www.linkedin.com/in/marcchurchill/

Twitter: https://twitter.com/phmloans

Facebook: https://www.facebook.com/mortgagechicago

Instagram: https://www.instagram.com/mychicagomortgage/

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • Understanding if it is a good or bad real estate market.
  • Your real estate timeline.
  • Making the right decision for you, even without knowing the future of the market.
  • The changing nature of the real estate market and how to spot those changes.

Key Takeaways:

  • Nobody wants to be on the wrong side of the market after the market changes.
  • It is totally normal to be considering the good and the bad of your decisions and have questions about the market.
  • Be prepared for whatever may happen after you make a sale.
  • Don’t be wishy-washy about your decision. Take the time to make the right decision for you and be happy with how it works out.

"You're not going to know, at the time you're making this decision, if this is a ‘great decision’ or a ‘bad decision’, but you want to make sure that you're thinking about it the right way. And you're comfortable making the decision, regardless of the ups or downs of the market thereafter." — Dave Nimick

Choosing an Agent Resource: http://prirepodcast.com/choosinganagent

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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In this episode, Dave discusses:

  • How the acronym S.P.A.C.E. can help you prepare your home for selling.
  • How buyers will be looking in your home.
  • Tips for maximizing the value of your home before going on the market.
  • Controlling everything you can in the environment of the home.

Key Takeaways:

  • As the seller, you do have control over the selling processes and getting your home ready for sale.
  • When you get a home looking its best, it will sell for the most that any particular market will bear.
  • Take a look at what around your house is giving it a dated feel (such as hinges, color of cabinets, hardware, etc.) and consider swapping it out before selling.
  • Understand what buyers will be subconsciously thinking about - lack of lighting, strong scents, loud music are all red flags. Create a positive, open environment that invites the buyers.

"There is no place to hide when buyers are walking through the property. When photos are taken and are online in the MLS, that is your first showing." — Dave Nimick

Resource:

Staging Tips: http://prirepodcast.com/stagingtips

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

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Welcome to Putting the REAL in Real Estate! Real estate is a topic that is important to everyone, for many reasons. Each week, join Dave Nimick as he cuts through all the noise to deliver you the unfiltered truth about residential real estate. Whether you’re a homeowner, a renter, actively in the market, or just enjoy keeping up to date with what’s going on - If you want to know the difference between the fluff and the reality in real estate, this is the podcast for you.

"Real estate is not about sales - it's about service. Being a great realtor is about solving people's problems." — Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.