Kelsey Shaw Chicago

Search the Private Market & More with Zenlist!

Buyers in search of a new home this spring are benefitting from Zenlist, a new technology that offers access to the most complete and up-to-date database of homes in the Chicagoland marketplace. Zenlist is a gamechanger for how buyers and their agents work together to successfully conduct home searches, especially in today’s very competitive, low-inventory market. If you haven’t read my all encompassing post on home buying, be sure to read that next!

Here are 10 things you can do with Zenlist:

Check Out Thousands of Listings (even before they hit the market)

Zenlist gives homebuyers access to the greatest number of local listings by combining active listings from the MLS with pre-market (or private) listings that aren’t available on popular apps like Zillow, Trulia, Redfin, or Realtor.com. With today’s inventory being so low, this is an incredible tool to have as a buyer because it gives you the opportunity to see a growing segment of the market that is normally reserved for agents.

Collaborate With Ease

Homebuyers can only gain access to Zenlist through a licensed real estate agent. Once on the app, buyers and agents can save searches, share them back and forth, share and comment on listings, and send messages. Looking with a family member or partner? Zenlist allows you to collaborate with them too. See a home you like? Just make a note, and your co-buyer and agent can see it and respond.

Send Questions Directly to Your Real Estate Agent

Have questions or thoughts about a specific listing? Send them directly to your real estate agent through the app. Zenlist lets you ask questions and discuss listings with your agent in one convenient place, rather than jumping from email to text to calls.

Request Showings

Within the app, you can easily build tour folders of homes that you want to see in person, giving your agent everything they need to request a showing. This includes any of the notes or questions you’ve made on the home.

 Immediately Receive Notifications

In a market where inventory is low and demand is high, it’s important to be the first to know when a home fitting your criteria hits the market. Zenlist is on it, and instantly notifies you of new listings – including pre-market listings – the minute they hit the app. Zenlist usually posts new listings faster than Redfin or Zillow.

Filter Searches Easily and Intuitively

Whether you are looking for a home within a particular school district or you need a three-car garage, Zenlist lets you filter searches with greater specificity than other apps. You can even draw asymmetrical search boundaries, and easily hide listings that don’t fit your criteria, giving your agent even more insights into your preferences to help with your search.

Explore Virtually

Google Street View is integrated into Zenlist, making it easy to check out an area virtually. You can explore a neighborhood and its shops, restaurants, and amenities before making an in-person visit.

Keep Track of Homes

Zenlist keeps track of all the homes you’ve toured as well as upcoming showings.

View Home Layouts

In the age of virtual showings, getting an idea of a home’s layout is crucial to your search. Zenlist provides a list of rooms and dimensions per floor level for every listing so that you can really envision the home (even if it doesn’t have a floorplan) before scheduling an in-person showing.

View Tax and Assessor Information

Zenlist makes listing information extremely transparent. You can view property tax information, as well as the past sales history of every home.

For more information on Zenlist and to gain access to the platform, reach out to me!

LET’S CONNECT ON SOCIAL!

A portion of this post originally appeared on @home, an @properties blog.

Moving Day MUST HAVES!

Now that you know my top 14 tips to make moving day a breeze.. you are ready to go shopping & prepare for the big move! If you are like me.. you have mixed emotions about moving day. I will say I do always love getting the chance to audit my stuff, organize it all, & get creative in styling my new home. However the stress of the move, the physical labor of it all, & the looming hours of unpacking ahead can be daunting… but it doesn’t need to be.

Moving Day MUST HAVES!

As a REALTOR who has helped 100’s of clients move & as someone who has moved 4 times in the last 6 years (the curse of being a real estate broker & finding the coolest homes is you want to move into them all..) I consider myself a moving expert. Whether it’s a rental, you’ve purchased your first home, or your 10th home; you will absolutely need everything below & will thank yourself later for having it organized & ready to go! As we know, I prioritize convenience so below are directs links to amazon for all of my moving day must haves – ‘add to cart’ & get it delivered right to your doorstep, couldn’t be easier!

Cleaning Supplies: I cannot stress this enough, clean your house from top to bottom BEFORE moving in. While we hope the previous owners or landlords would have the courtesy to leave the home clean, that isn’t always the case. Be prepared to make your new space sparkle & start out this next chapter on the right page. The below products are absolutely necessary with the most important products first. Do not move into your new home without these!!

  • Multi-purpose cleaning spray and bleach wipes to sanitize & disinfect all surfaces. Tip: First thing to do when you arrive is clean the inside of the fridge/freezer with bleach but be sure to unplug the refrigerator & freezer prior to cleaning, prop the doors open to air out
  • Handheld vacuum for baseboards, vents, cupboards, etc. Tip: Clean literally from Top to Bottom in every room to catch all of the dust, dirt, etc. Finish with the floors once you are all moved in!
  • Washing Machine cleaner – TIP: ALWAYS clean your washing machine before doing your first load of laundry
  • Dishwasher detergent
  • Dishwasher cleaner
  • Toilet brush & cleaner
  • Mr. Clean Magic Eraser
  • Bi-Fold Paper towels
  • Washable dust cloths – Wipe it allll down
  • 60 gallon trash bags for each room to help keep it tidy when unpacking
  • Bar Keepers Friend – If you don’t already have this, you need it. Not moving specific, but it’s truly amazing. Check out this article in Taste of Home to see all of the ways to use it.

Moving Supplies: Most of these items you will want before you move! I would suggest getting boxes from home depot but definitely place an order for the below items about 2 weeks before moving day!

  • Dolly/hand truck to move boxes from one room to the other
  • Mattress Bags
  • Wardrobe boxes – Uhaul has the best ones
  • Boxes of all sizes. Tip: Specifically Banker’s Boxes for small/fragile items, office files, books, etc. because they are so easy to carry, easy to break down, but great for long term storage as well
  • More packing tape than you’ll think you’ll ever need
  • Color coded labels
  • Heavy duty storage bags
  • Foam sheets/pouches + packing paper
  • Utility knife
  • Stretch Wrap for furniture
  • Tool set for taking apart & reassembling

First Day & Night Bag: YOU DID IT, YOU ARE READY FOR MOVING DAY!! or are you.. The last thing you want to do now is search for your pillow case, tooth brush, & pajamas. Make sure you pack an ‘overnight’ or weekend bag with all of your necessities so you aren’t scrambling to find what you need.

  • Anything you’d take for a weekend getaway including pajamas + additional clothes, toiletries, etc.
  • Snacks
  • Reusable water bottle
  • Phone chargers
  • First aid kit + prescriptions
  • Paper plates, cups, flatware for easy dining & clean up
  • Bath towels + shower curtain if applicable
  • Diffuser & essential oils because some aromatherapy is needed after this stressful day #calm #chill #restore

There ya have it! You are ready to rock this move. If you haven’t already, check out my post on my top 14 tips for moving day.

COVID Rental Assistance

Throughout the Coronavirus COVID-19 pandemic I have had dozens of renters & a few landlords reach out to me for my advice on how to handle COVID rental assistance due to job loss & back rent. Below is some helpful information & how to handle this tough situation as both as a renter & a landlord.

IMPORTANT: Applications for the Emergency Rental Assistance grant will be open until Friday, August 28

IHDA developed the Emergency Rental Assistance Program (ERA) to support Illinois tenants unable to pay their rent due to a COVID-19-related loss of income. Loss of income can be job loss, furlough, loss of hours, decreased wages, etc. Tenants whose application is approved will receive a one-time grant of $5,000 paid directly to their landlord to cover missed rent payments beginning March 2020 and prepay payments through December 2020, or until the $5,000 is exhausted, whichever comes first.

Eligibility Requirements
  • Your household income before March 1, 2020 was less than the maximum allowed for your area – Check you eligibility here
  • You or an adult member of your household has had a loss of income due to COVID-19. Loss of income can be job loss, furlough, loss of hours, decreased wages, etc.
  • You have an unpaid rent balance that began sometime after March 1, 2020

Make sure to verify that you have the following information prior to beginning your application for COVID Rental Assistance:

  • Landlord’s full name
  • Landlord’s accurate email address
  • Government issued ID that matches your address
    • If your ID does not match the address on your application, you will need to upload proof of your current address
Frequently Asked Questions
  • How will my landlord know I applied for COVID Rental Assistance? Notify your landlord that you applied for assistance under ERA. Let your landlord know that they will receive an email from the IHDA ERA program inviting them to submit required documents
  • What if the address on my lease does not match the address on my driver’s license or ID? In order to have a completed application for rental assistance, you must provide a legal document with your current address.
  • I have a verbal lease with my landlord, am I still eligible to apply? Unfortunately, you’re ineligible for ERA assistance if you do not have a written lease or contract.
  • I have an eviction pending, can this program assist me? Yes, you may still apply so long as you have not been evicted. Please inform your landlord, legal representation and county judge (if applicable) that you have applied for the program
  • My lease has expired, am I still eligible to apply for COVID Rental Assistance? Unfortunately, you’re ineligible for this assistance if you do not have a current lease.
  • When will I know if my application has been approved? You will receive an email within 2-3 weeks of your application alerting you if you have been approved for the grant. Your landlord will receive the funds as soon as 10 business days after approval.
  • Do I have to pay the $5,000 back to IHDA? No, you will not have to pay this assistance back is a grant and repayment is not required.
  • Will I be taxed on the $5,000 COVID Rental Assistance grant? No. The assistance is due to an emergency and is structured as a one-time grant payment; neither the tenant nor the landlord will be taxed
If you need assistance applying..

IHDA has partnered with 62 Community and Outreach Assistance organizations standing by to help you at no cost. You can find a list of these organizations via the Resource button on era.ihda.org. For additional assistance you may also call IHDA’s call center at (312) 883-2720, or toll-free at (888) 252-1119.

For more information visit IHDA’s website.

I’m here if you have any questions – Reach out to me here or send email to KShaw@atproperties.com!

Chicago IL

Tips & Tricks to Renting an Apartment in Chicago

Tips & Tricks to Renting an Apartment in Chicago

Spring in Chicago is peak rental season & it can be overwhelming navigating the market on your own. As a real estate broker, I don’t just represent sellers & buyers, I also help renters find their place in Chicago – for FREE. These are a few of my tips I share with my clients prior to them renting an apartment in Chicago.

When to Start

My advice is always to start your search at most 60 days prior to your ideal lease start date. Some over-achievers like to start a few months ahead of time, but unfortunately that is time wasted. It’s good to understand the market, but something online now won’t be available in a few months & the prices may increase/decrease depending on the time of year. Landlords are required by the state of Illinois to provide their tenants a renewal notice of at least 30 days prior to lease expiration & 90 days at the very most. Therefore, most landlords don’t know if the unit will be available until 60 days prior to lease start.

How to Determine Your Budget

Most landlords will follow a simple rule when qualifying their tenants, 3×1 rent to income ratio. Therefore if you net $6000 a month, your rent should be around $2000 a month. You should try not to exceed more than 30% of your monthly income on living expenses. This is a normal metric landlords use to qualify tenants, however there are exceptions to every rule & some landlords will over look this.

Additionally, be aware of your credit. If you have a less than desirable credit situation, be up front about it & see what options you have. Every apartment will require a credit & background check, so before you pay for them to run your credit understand where you are at & be upfront about it.

Choose Your Neighborhood

Chicago has 77 recognized neighborhoods, with numerous sub-neighborhoods in between. It can be a tough choice figuring out what neighborhood is right for you as each is so unique & have so much to offer. There are many things to consider, but the items below should be the most important.

  • Price
  • Proximity
  • Amenities
  • Lifestyle

This is a great article on some of Chicago’s most popular neighborhoods.

What Fees Should You Expect

When renting an apartment in Chicago renters often overlook are the fees associated with renting. Working with a broker is FREE, so that’s one fee you don’t need to stress over 🙂 Depending on the style of building, type of unit, area of the city, etc. fees vary. Below are a few fees you will want to be aware of when signing a lease:

  • Application Fee
  • First month’s rent: due at lease signing to secure the unit
  • Security Deposit or Non-refundable Move-In Fee: due at lease signing
  • Utility costs
  • Move Out Fee
  • Elevator Rental Deposit
  • Admin Fees
  • Renter’s Insurance
  • Lease Registration Fee
  • Pet Registration Fee
  • Pet Rent

Why You Should Use A Real Estate Broker

Finally, my biggest piece of advice is to use a Real Estate Broker. This is a free service to you as the landlords want us to bring them qualified tenants & while third party websites can be a great resource – they are not always reliable. Use a Broker who knows the market & understands the process, don’t waste your valuable time searching endlessly when you can have someone do the work for you. Broker’s have access to reliable, accurate, & available listings currently on the market.

If you do use third party websites, please be smart. While I always recommend working with a broker, I have had clients have good experiences with Hotpads, Apartments.com, and Domu. It’s common sense but don’t meet strangers off Craigslist or send funds in advance of lease signing. Research the subject address & do your due diligence that the property is actually for rent, the lease is legally binding, & you are legally able to occupy the unit. Know what your rights are – Read up on Chicago Renter’s Rights.

If you have any questions about this information above or are interested in renting in Chicago reach out to me & I will make it easy for you! Also, check out my favorite apartments hacks here.

Happy Renting!

What is private mortgage insurance?

What is PMI?

As the first post in the First Time Home Buyer Series, I want to address the initial question clients always have when looking to get a mortgage: What is private mortgage insurance?

Private mortgage insurance, PMI, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by the lender and provided by private insurance companies.

So, what is PMI? The ultimate catch 22**

Most lenders require PMI when a homebuyer makes a down payment of less than 20% of the home’s purchase price – or, in mortgage-speak, the mortgage’s loan-to-value (LTV) ratio is in excess of 80% (the higher the LTV ratio, the higher the risk profile of the mortgage) – https://www.investopedia.com/mortgage/insurance/

While it helps borrowers attain a loan with a lesser down payment & potentially become a home owner sooner, its purpose is to protect the lender. Important to note: Similar to interest, property tax, and homeowners insurance, payment of your PMI does not build equity in your home.

You may be thinking that buying insurance on your mortgage may sound a little strange, but it protects the lender’s investment in the home. While yes… it’s another fee you need to pay, it’s advantageous to homeowners as it makes home affordability a reality sooner.

PMI MISCONCEPTIONS

  • PMI isn’t just for people who can’t afford a 20% down payment. It’s also for people who don’t want to put down 20%, so they have more cash on hand for repairs, remodeling, furnishings, emergencies, etc.
  • PMI isn’t forever. Borrowers pay their PMI until they have accumulated enough equity in the home that the lender no longer considers them high-risk.
  • The rate of your PMI depends on the size of the down payment and mortgage, the loan term and your credit score. The greater your risk factors, the higher the rate you pay.

 

**Disclaimer: I am not a mortgage professional, always consult with your lender regarding mortgage decisions. If you are wanting to get connected with some of my highly suggested lenders in Chicago (& elsewhere) contact me.

Where to next?