Lisa Finks, Compass Real Estate

Lisa Finks, Lourdes Arencibia and Carolyn Duris, REALTORS on Chicago's North Shore.

Blog Posts

Residency Requirements for Wilmette D39 Schools

by Leave a Comment

Residency Requirements for Wilmette D39 Schools

School in Wilmette

There are four elementary schools in Wilmette

As summer draws to a close, you may find that your home purchase doesn’t coincide with the start of school (which, this year is August 24, 2016). Wilmette D39 schools require proof of residency before admitting your child(ren) to school.

There are three ways to qualify:

1) Own your home within D39 boundaries (and live there – you must show proof of utilities in your name);

2) Rent a home within D39 boundaries; or

3) Live with someone who owns or rents in Wilmette (this option requires an affidavit and form to be completed).

Download this form to review the necessary residency criteria to establish:  2016-2017 Affirmation of Residency & Required Residency Wilmette schools.

Check out the D39 school boundary interactive map below and click here for the interactive school locator.

Map of District 39 Wilmette Schools.

Map of District 39 Wilmette Schools.

Harvard: 5 Reasons Why Owning A Home Makes Sense Financially | Real Estate with Lisa Finks

by Leave a Comment

Home ownership enhances life

Home ownership enhances life

You know, almost intrinsically, that owning your own home makes sense – home ownership promotes psychological, emotional and financial well-being.  Harvard’s Joint Center of Housing Studies recently published a paper highlighting some of the financial reasons that home ownership benefits you.  In assessing potential tax advantages, check out this handy Calculator that will give you an idea of how much you are saving each year in taxes through deductions by owning your own home (or how much you could be saving if you choose to buy over renting).  While for high income-producing taxpayers the Alternative Minimum Tax may wipe out those tax savings (check with your tax professional to be sure), leverage, appreciation and other financial advantages still tip the scales in favor of home ownership.

The Harvard Home Ownership Report:

It has been reported many times that the American Dream of homeownership is alive and well. The personal reasons to own a home differ for each buyer, but there are many basic similarities.Eric Belsky is the Managing Director of the Joint Center of Housing Studies (JCHS) at Harvard University. He authored a paper on homeownership titled – The Dream Lives On: The Future of Homeownership in America. In his paper, Belsky reveals five financial reasons why people should consider buying a home.

Here are the five reasons, each followed by an excerpt from the study: 

1) Housing is typically the one leveraged investment available.

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2) You’re paying for housing whether you own or rent.

“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.” 

3) Owning is usually a form of “forced savings.”

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4) There are substantial tax benefits to owning.

“Homeowners are able to deduct mortgage interest and property taxes from income…On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5) Owning is a hedge against inflation.

“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.

Bottom Line

We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. If you are considering a purchase this year, let’s get together and evaluate your ability to do so.

Source: Harvard: 5 Reasons Why Owning A Home Makes Sense Financially | Real Estate with Lisa Finks

Best Ice Cream on the North Shore

by Leave a Comment

By:  Rebecca Lee

As the temperature shoots higher, nothing tastes sweeter than some amazingly cool ice cream treats. We have tracked down the BEST ice cream treats on the North Shore.  Have we missed any of your favorites?

Dairy Bar

A regular customer eating a hard-shelled cone!

A regular customer eating a hard-shelled cone!

Dairy Bar has stood for more than fifty years as almost an institution of Glenview. A small but brightly colored stand on Harlem Ave, right across from the Glenview Public Library, you can expect to find a line trailing down the sidewalk on sunny days. Everyone from parents to toddlers love everything from the Candy Blast sundaes to the classic thick milkshakes.

The hard-shelled ice cream on a cone has proven to be a customer favorite. Dairy Bar offers safe but satisfying flavors such as vanilla ice cream in a milk chocolate shell, as well as around ten more adventurous flavors of shells, such as cake batter or blue raspberry, which are also highly recommended.

Not only are the treats at Dairy Bar quick and cheap, they are delicious, especially on a boiling summer day when you (or your kids) need to get out of the house!

Homer’s Ice Cream

Homers Ice CreamA banana split from Homer’s

All North Shore residents know and love Homer’s Ice Cream, which has stood for decades at the same location. The family of the original owner, Gus Poulos, continues the legacy of the widely cherished homemade ice cream. Especially during the heat of the summer, everyone from grandparents to toddlers stand in lines to grab a cone. In fact, the shop stays busy until closing at 10 PM, when you will typically find cars full of teenagers snacking on French fries and sundaes.

You have approximately forty flavors of classic ice cream (that you can also order in the form of a milkshake) to choose from, along with several flavors of sorbet. There is not one particularly recommendable flavor or treat that, because to be frank, they are all really, really good.

 

Dairy Queen

Dairy Queen, like Homer’s and Dairy Bar, has been serving frozen treats for approximately fifty years on Lake Avenue. Although a franchise store, the Wilmette location has proven to be a local favorite. Open only during the warmer months, the shop offers classic foods such as burgers and cones as well as uniquely signature treats such as the Blizzard. Dairy Queen has especially proven to be a popular after-school spot for students at New Trier High School and Loyola Academy, both of which are only minutes away. In fact, many students work there serving ice cream!

Liquid Fusion Cafe

Bingsoo“Bingsoo” is one of the most popular desserts at Liquid Fusion. The bowl contains shaved ice, vanilla ice cream, a variety of fruits, red bean paste, rice cakes, and honey!

Popular largely among residents of Glenview and Northbrook, Liquid Fusion Cafe serves both frozen and hot bubble tea, coffee and espresso drinks, and Korean desserts. You will find the most customers, mainly teenagers, late at night during the weekend, as the cafe closes at midnight!

Most bubble tea enthusiasts would agree that Liquid Fusion makes some of the best bubble tea around the suburbs of Chicago. You can mix and match fruit and even vegetables to blend, or you can opt for a frozen coffee drink, or even choose a tea! Most customers choose to add tapioca or lychee to their drinks. Specialty drinks such as the vanilla latte freeze and the taro freeze are especially popular. Those who prefer fruit freezes favor strawberry, mango, coconut, or all of the above. In general, though, combinations of fruits and vegetables and likeability of those combinations are totally personal!

Andy’s Frozen Custard

Freezes

On the left is a vanilla latte freeze and on the right is a strawberry watermelon freeze, both ordered with tapioca!

Andy’s Frozen Custard, located on Church Street in Evanston, is totally worth the longer drive. As the name suggests, the store serves delicious frozen custard in a variety of forms, from bars to sundaes to concretes. Customers can add toppings as they wish as well. The Triple Chocolate Concrete is a classic from Andy’s, and is very thick and sweet, as most of their treats are!

2016 Fireworks on the North Shore

by Leave a Comment

The North Shore celebrates the Fourth of July like no other!  Some prefer the classic parade weaving through downtown Winnetka, others like to queue up the lawn chairs on Central Street to reserve the best view of Evanston’s lively parade.  Whether you prefer your fireworks on the 3rd, the 4th (or both) or over Lake Michigan or in Battery Park, we’ve got you covered.  Check out the Independence Day celebration schedules for Evanston, Glenview, Wilmette and Winnetka below.  Happy Fourth!

Wilmette Fireworks Bah'ai Temple Fourth of July

Sunday, July 3

  • Wilmette, Independence Day Festival, starting at 4 pm.  Gilson Park.  Rides, games, food and entertainment (Jesse White Tumblers – 7pm)
  • Wilmette, Fireworks at Lake Michigan, The Pier and Wilmette Harbor, 9:30 pm

Monday, July 4

Glenview Fireworks

  • Glenview, Parade, 11:15 am, kicks off at Harlem & Glenview.
  • Winnetka, Parade, 10:00 am, kicks off at Elm & Glendale, proceeding to Village Green
  • Evanston, Parade, 2:00 pm, kicks off at Central Park Ave East & Central, proceeding to Ashland (lawn chairs permitted beginning at 6 am on July 1)

 

  • Winnetka, Fourthfest, 4:00 pm, Duke Childs Field.  Games, food and entertainment (Jesse White Tumblers – 8 pm)
  • Glenview, Celebration, 5:00 pm, Gallery Park.  Games, food, entertainment
  • Evanston, Lakefront Concert, 7:30 pm, Lakefront

 

Evanstone Fireworks

Tune into FM 90.5 for music accompaniment to the evening fireworks on July 4.

Ask the Expert: Tracy Kearney – Aren’t All Lenders the Same?

by Leave a Comment

Guaranteed Rate

Aren’t All Lenders the Same?
Tracy Kearney of Guaranteed Rate

Tracy Kearney of Guaranteed Rate

Before joining the mortgage financing industry I didn’t even think to ask the question, “Aren’t all lenders the same?” – I simply assumed they were!  When my husband and I prepared for our home search, all of our focus, energy, and time was entirely committed to finding the right neighborhood, the right number of bedrooms, an incredible floor plan and, of course, all at a price we could afford.  It never even occurred to us to vet a lender.  We simply picked up the phone and dialed the number of the bank who serviced our checking and savings accounts and declared “we are ready to purchase a home – what are your rates?”

After receiving what appeared to be a competitive rate offer (we had compared rates on-line) and a preapproval for an amount “we could afford”, we began hunting. Within days of our initial conversation with our lender we found the home of our dreams.  We were excited to call our lender and exclaim “we’ve made an offer and we’re ready to lock in – let’s go for it!”   At that very moment, our excitement turned to confusion, frustration, and sheer disappointment.  The very same lender who preapproved us at a particular price point was now telling us that we did not qualify for our “dream home” (which was $25,000 below the approved amount) and, ultimately, we were unable to purchase the home.  Our lender had not advised us to consider the property taxes during our search and the taxes were too high on this property for us to qualify.

One of the most basic and primary details in any home purchase is having a plan to pay for it and knowing what you can legitimately and comfortably afford.   This is why it is important to work with a lender that not only has a comprehensive understanding of the mortgage process, but also takes the time to understand your personal situation and goals.  That lender should also help you understand the process, provide you with loan product options specific to your needs and, most importantly, ensure you fully understand the liability and responsibility you will be assuming before you commit to your loan product.

When choosing a lender, here are a few important considerations to keep in mind, as you begin your search:

Tracy Kearney of Guaranteed Rate

COMMUNICATION

Is the lender asking you the right questions to determine the best loan product to meet your personal goals?  Questions such as:

  • Where are you living now? Do you want to stay in your current neighborhood, or are you looking elsewhere?
  • How much have you saved for a down payment? Is anyone going to help you, by gift or loan with that down payment?
  • How much money do you currently spend monthly on your rent or mortgage?
  • How much money will you be comfortable spending monthly in your new home?
  • What price point have you been considering?
  • Are you looking to purchase a single family home or a condo or townhouse?
  • How long do you plan to stay in this home?
  • Are you a first time buyer? Are you a veteran?
  • Do you own other properties? Will you be living in this home or are you looking to treat this as an investment property?
  • How is your credit?
  • How much do you make annually? Are you self-employed?
LOAN PRODUCT

Home with mortgageThe answers to these questions will determine what loan product is right for you.  For example, if you are a first time buyer or a veteran, there are loan products available to help with your down payment. If you are planning to use gift funds, your lender will know the loan products that allow for use of those funds.  If you are only planning to stay in this home for 5 to 7 years, a 5/1 or 7/1 year arm may be the better loan product for you, as the rates are typically more competitive than a 30-year fixed rate.  If your credit is bruised, your lender will know to look for loan products that will provide the necessary leniency, like an FHA loan.

OPTIONS

If you work with a Mortgage Broker (like me) versus a loan officer with a traditional bank, chances are your Broker will provide you with more loan options because Brokers have a multitude of lender relationships with whom to shop your loan.  Also, a Mortgage Broker will more than likely have the ability to process, underwrite, and close your loan faster than a traditional bank since they specialize in the mortgage process and have better platforms in place to do so.  Many larger lenders and banks take longer to underwrite mortgages since this is simply one of several services they provide.

SERVICE

Once you and your lender have agreed on the right product for you, an experienced and reputable lender will disclose the following before locking you into your loan:

  • The Origination Fees the lender will charge you to process your loan. These fees vary from lender to lender and you should be fully aware, upfront, of what these will be so you have the opportunity to compare to other lenders.
  • Settlement fees, title fees, and recording fees should remain consistent but may vary by a small percentage as these are third party, fees associated with all mortgage financing.
  • Finally, your lender should be able to give you a very good estimate of the amount of money you will need to have available to deposit into your escrow account, for both your taxes and insurance. The exact amount will not be known until your closing date has been determined.
EXPECTATIONS

The mortgage industry is a highly regulated industry and therefore a complicated process.  Again, before locking in, your lender should thoroughly explain the role you will play in the process and the importance of it.  Your lender will tell you that what documentation he/she will need to receive and will explain when and how those documents need to be provided.  It is imperative that you follow your lenders direction, provide all information requested, and do so in the timeframe they have communicated, as incomplete files or missed deadlines can literally kill your deal. The process can feel stressful and overwhelming.  An experienced and reputable lender will be there to walk you through every step of the process, keep you informed, and therefore alleviate much of the anxiety you could potentially be experiencing.  Bottom-line, it is your lender’s responsibility to provide you the support and service you deserve throughout – this is your loan!

Had my husband and I realized that ALL LENDERS ARE NOT THE SAME when we first began looking for our first home, that “dream house” with which we fell in love might have become more than just an unattainable dream!

To contact Tracy Kearney of Guaranteed Rate with any questions or lending needs, email her at:  tracy.kearney@guaranteedrate.com.

 

10 Goofproof Outdoor Plants | Real Simple

by Leave a Comment

Outdoor plantsIf tending to your flora is leaving you feeling wilted, take heart: These plants are almost impossible to kill.  Here are the top 10 hardiest:

  1. Verbena
  2. New Guinea Impatiens
  3. Geranium
  4. Euphorbia
  5. Purple Fountain Grass
  6. Coleus
  7. Calibrachoa
  8. Sweet Potato Vine
  9. Begonie
  10. Lantana

Source: 10 Goofproof Outdoor Plants | Real Simple

Tax Benefits of the CAGE – Wilmette

by Leave a Comment

Do you know about the huge tax benefits of the CAGE? The CAGE is one of the most desired areas in all of the North Shore, and especially Wilmette.  Its proximity to the lakefront, as well as downtown Wilmette, make its expansive lawns and grand homes very popular.  About 600 homes in the CAGE fall within the Ouilmette Historic Landmark District and this can have a huge impact on the property tax bills for these homes.

Tax Benefits of the CAGE – Wilmette:  Ouilmette Historical Landmark District

When purchasing a home within this historic district, if you spend 25% or more of the home’s fair cash value (as determined by the assessor’s office), you can receive a property tax freeze for 8 years, with a graduated step-up for an additional 4. Purchasing an older home in this historic district can really benefit your pocketbook and maintain an important piece of Wilmette history.  For details about the tax freeze, click here.  If you would like help in finding your dream home in the CAGE or elsewhere in Wilmette, please email or call me at 847-778-0540 – I’d be happy to help!

Ouilmette North National Register District Map

Enter For A Chance to Win A New Jeep Wrangler Unlimited Sport!

by Leave a Comment

What: $100 per ticket.  Max of 1,000 tickets sold.  Excellent chances to win this $40K car (estimated value based on MSRP)!  Enter here.  See the complete rules here.

jeepWhy: Rising property taxes haven taken their toll on all of us!  But for long-term citizens who are now seniors and for the disabled living in Wilmette, that effect is especially pronounced. For these residents, the 501(c)(3) “Housing Our Own” charity provides some relief with rental or property tax assistance.  Applicants are highly vetted and the requirements are stringent. By participating in this raffle, you not only have the chance to win this great car, but also you support helping these members of our community.  See more information about Housing Our Own and its programs here.

Thank you in advance for your support and good luck!   This organization really does provide a helping hand to those in our community that need it the most.

Void where prohibited.

Guess How Much This Home Sold For? Guess Who The Owner Is?

by Leave a Comment

Note the $1,750,405.00 Zestimate.  Yet the home sold for $1,050,000 on February 29.  Guess who this home belonged to?  None other than Zillow CEO Spencer Rascoff!  Thereby proving that Zestimates can miss by a mile.

In fact, did you know that in Chicago, the Zestimate sports a median error rate of 9%?!?  That means a $1,000,000 home has a 50/50 chance of selling between $910,000 and $1,090,000.  That is quite a range.  While automated home valuations can be fun and get you in the ballpark (large as that ballpark may be), nothing can replace a market analysis by a real estate professional.  I am happy to provide you with a complimentary home valuation at any time!

I have posted an excerpt from Zillow’s own website describing the accuracy of the Zestimate.  Note that Chicago’s accuracy is only 2 stars.  Click on the full article from Inman News below.

The median error rate for Zestimates in Chicago is 9%

The median error rate for Zestimates in Chicago is 9%

Source: Zillow CEO Spencer Rascoff Sold Home For Much Less Than Zestimate