Bob Reilley
December 2022
Buying or Selling? I can save you Time and Money

How Much More Could Housing Prices Drop?
With soaring interest rates, homebuilder confidence continues to plunge. The metric declined for the 10th straight month in October, with continued weakening in demand. In September, there was an unexpected rise in new home sales, but economists were quick to warn that it would likely be short-lived. The National Association of Home Builders recently said that prices could be on the brink of collapsing.
      Builder confidence dropped to 38 in the most recent data, which represented a decline of eight points. It’s at half of where it was six months ago, and it’s at the lowest level since 2012, not including the plunge at the start of the pandemic in 2020, which was
U.S. averages as of December 2022:

30 yr. fixed: 6.58%
15 yr. fixed: 5.9%
5/1 yr. adj: 5.51%

National Association of Home Builders said the continued collapse in confidence is evidence that rising interest rates, bottlenecks for building materials,
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Servicing the Chicago West and Northwest Suburbs, since 1967

Top Remodels and Renovations That Actually Pay Off
     In 2017, Americans spent over $6,600 per homeowneron home improvement projects. Perhaps it’s because of the popularity of HGTV shows, but this has been on the rise.
      People are fascinated with having nice homes. What about when it’s time to sell? Is it worth remodeling or renovating your home before putting it on the market? 
      Let’s take a look at remodels and renovations that actually pay off when it’s time to sell your home. 
      Remodels vs Renovations First, you should understand the difference between remodeling and renovating. 
      Renovation is required when something is in disrepair. Replacing rusty pipes or a leaky

Paint Colors that Help You Sell Your House (Backed By Science)
     Paint your house. Almost every homeowner hears that piece of advice when they’re preparing to sell. After all, adding a fresh coat of paint is a fast — and inexpensive — way to spruce up a home for prospective buyers. 
      But before you buy gallons of paint at the hardware store, it’s important to choose your colors wisely. According to a Zillow study, certain colors can help you sell your home — and for a bigger price tag — while others could leave you seeing red. 
      How can painting help you sell your house? When done effectively, a well-staged — and painted — home invites prospective buyers to imagine themselves living there. A fresh coat of paint covers the scrapes and marks that inevitably come from daily use, making a home appear fresh and new. Paint can also create a more open and inviting home. Using the same paint color in adjoining rooms gives the illusion of space. Likewise, darker

The Third Rule of Home Staging: Add a Splash Of Color
     When it comes to staging a home for sale, the classic advice to keep color schemes neutral is still spot-on. White or pale hues make a space feel simple, serene and more expansive. These unobtrusive colors act as a blank canvas; they allow potential buyers to imagine themselves living in the home.
      But many homeowners who already have colorful walls or furniture may wonder if it's possible to keep some color in their staged home. The answer is absolutely yes. You can maintain - or even add - just a pop of color to create the right amount of personality and style in your staging. In fact, a splash of color can make a space feel designed, perhaps allowing it to linger in the memories of prospective buyers. As a bonus, color can also brighten your listing photos. Remember, you'll want to add the color only after you've done the first two steps of home staging, paring down and freshening up. Here's a game plan for strategically adding color to each staged room of your home.
      Brighten the Living Room Throw pillows are easily found and often cost-efficient. On a sofa, they're a terrific way to add a burst of color.

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Bob Reilley CREA Real Estate Broker
Cell: 630-533-0011

American Realty Network Inc.
800 Lee St
Des Plaines Il.60016

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