Tara Giles - Chicago Real Estate

01/18/2024

05/22/2023

Rental rates have skyrocketed. Even with a higher interest rate, buying can be the smarter option if it is something you are considering! Reach out if you want to discuss.

Chicago ranked one of the top cities in the nation to buy vs. rent, along with Pittsburgh, New Orleans and Cleveland.

05/19/2023

Even though home prices have moderated over the last year, many homeowners still have an incredible amount of equity. But what is equity? In the simplest terms, equity is the difference between the market value of your home and the amount you owe on your mortgage. The National Association of Realtors (NAR) explains how your equity grows over time. “Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

The equity you build up over the years can be used to your advantage when you sell your current house and buy your next home. If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, your equity can be a powerful tool you can use to help you make a move in today’s market. That’s because it may be some (if not all) of what you need for your down payment on your next home.

And how much equity you have may surprise you. As Selma Hepp, Chief Economist for CoreLogic, says, “While equity gains contracted in late 2022 due to home price declines in some regions, U.S. homeowners on average still have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic.”

If you’re looking to leverage your equity to boost your buying power in today’s market, having a trusted agent by your side makes a difference. DM me so we can estimate how much equity you have and plan how you can use it toward the purchase of your next home.

05/19/2023

I'm beyond thrilled to announce that I have joined the Lotzof Malk Residential team at Compass! After living 15 years in the city and the past 4 years in beautiful Wilmette - I'm excited to use my knowledge of both markets to guide my clients when renting, buying, or selling in the city and North Shore

We’re so excited to announce that Tara Giles - Chicago Real Estate has joined our team!

Tara has been helping clients buy, sell, and rent in Chicagoland for the past 15 years. She is a true expert in the various neighborhoods that make up the city of Chicago, as well as the North Shore suburbs.

Tara has resided in the beautiful suburb of Wilmette for the past 4 years and is your go-to for everything it has to offer - from neighborhoods and schools to coffee shops and restaurants. She loves the community and takes pride in helping others make it home as well.

We are thrilled to have Tara join us at Lotzof Malk Residential and look forward to sharing much more about her hometown and the incredible areas and hidden gems around Wilmette!

03/06/2023

If you’re thinking about buying a short-term rental, your gut feeling about a property is important but not as important as running the numbers to shed light on whether or not a property will give you the financial return you’re looking for.

So as you consider properties, keep these 5 things in mind:

1) Cash flow analysis: The expected monthly rental income minus all expenses, including mortgage payments, property taxes, insurance, maintenance and cleaning costs, and Airbnb fees.
2) Occupancy rate: The percentage of occupancy in your property at a given time. The expected occupancy rate for a property will affect its cash flow.
3) Location analysis: The local market, competition, and seasonality will impact rental rates. Compare properties to ensure yours is likely to generate enough income to cover costs.
4) Capitalization rate (CAP rate): A measure of the property's expected rate of return. Find it by dividing the net operating income by the purchase price or current market value.
5) Tax implications: Consider the tax implications of owning a rental property, including the impact on your personal income tax and the potential benefits of depreciating the property.

The truth is not all short-term rentals are created equal. Before you jump in, make sure you consider these things that can help you own profitable rental properties.

Do you have any other questions about short-term rental investing? Drop them below or send me a DM

02/14/2023

02/06/2023

If you’re on a mission to improve the overall look of your home, but don’t have a pile of money available to do so, then definitely keep reading to learn a few secrets.

Changing your light fixtures is an easy way to upgrade any space, so several interior designers swear by an easy formula for choosing the right-size light for any room: room length (in feet) + room width (in feet) = diameter of the light fixture (in inches).

Full-length curtains make a space feel much more custom and luxurious. But more importantly, hanging your curtain rod high will make your ceilings look higher, and high ceilings are definitely associated with luxurious interiors. Also, make sure your curtain panels are wide and have a good amount of fabric so they create lots of folds: this will make them look more luxe.

The addition of a vintage rug is literally an instant upgrade wherever you put it. Contrary to what you may think, vintage rugs are *not* always super expensive, you just have to shop around. As with artwork and mirrors, generally with rugs, the bigger the better – you really want to make sure you are getting the size of your rug right. You’re better off not using a rug if it’s going to be too small, as it will completely throw off the look and feel of your room!
Standard rug sizes are:

Bedroom king bed: 9 x 12
Bedroom queen bed: 8 x 10
Living room: 8 x 10, 9 x 12, 10 x 14
Dining room: 6 x 9, 8 x 10, 9 x 12

Update your hardware. This tip may seem obvious, but it’s one of the most effective upgrades you can make to a space, especially when a full reno is off the table.

Choose the finishes you like best, then incorporate a few other touches in that same style to really pull the look together.
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02/03/2023

It's official: 2023 is the year of magenta. That's according to the Pantone Color Institute, the authoritative consultancy that's christened an "it color" every year for more than two decades.

Its latest pick is none other than Viva Magenta 18-750, which it describes as "a shade rooted in nature descending from the red family and expressive of a new signal of strength."

Though such a vivacious color may have registered as intimidating in years past, Pantone asserts that consumers are more ready than ever to start embracing the full possibilities of color. “We’ve had ongoing color word association studies for years, [and] people have reached a point now where they’re a bit braver with where they might use a touch of color,” Eiseman indicates. “And a touch doesn’t mean just a pillow just to throw on the sofa anymore. A touch can mean a couple of walls.”

The Pantone Color of the Year influences everything from interior design, to art, and, and fashion and beyond. Other words the company uses to characterize the color — and, by extension, the current cultural moment — include powerful, empowering, electrifying, boundaryless, audacious and inclusive.

What are your thoughts on this year's pick?

Source: NPR

02/02/2023

The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

>>Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

>>Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

>>Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

>>Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. DM me to learn about the latest trends in your area.

01/18/2023

Chicago Restaurant Week starts this Friday! It is one of our favorite culinary events of the year as it showcases so many amazing Chicago restaurants. Chicago is arguably one of the best food cities in the world.....so you should definitely take the opportunity to try some new spots! We've highlighted just a handful of our team's favorites here.

Chicago Restaurant Week is a 17-day celebration of the city’s award-winning culinary scene. The 16th annual event brings together more than 300 of the city’s top restaurants, representing a near-endless array of cuisines.

During Chicago Restaurant Week, diners can enjoy special prix fixe menus from restaurants throughout Chicago and nearby suburbs. These multi-course meals are $25 for brunch or lunch, and $42 and/or $59 for dinner (excluding beverages, tax, and gratuity).

We'd love to hear if you plan on participating and what spots are on your list!