I had friends in town from Austin this weekend, so naturally, we had to take them to have classic Chicago deep dish pizza. What better place than a Chicago staple, Giordano’s? We started with the calamari appetizer. It was a huge platter, with a mix of fried calamari, green beans, lemon rings, banana peppers, and shaved fennel. The calamari was perfectly cooked and not over-breaded. I also loved the addition of the lemon rings and shaved fennel- they brought a lovely brightness to the dish. I started with a small Chopped Salad, a Chicago original. The portion was large for a starter, which I appreciated. This fresh salad contains lettuce, tomatoes, chicken breast, bacon, scallions, red cabbage, pasta, peas, and blue cheese, drizzled with sweet honey mustard dressing. Our group also ordered a large Italiano Salad, which contains lettuce, pepperoni, salami, provolone cheese, kalamata olives, and banana peppers. I love deep dish, but usually can only finish one slice on my own, so a few of us decided to share a thin-crust pizza. I couldn’t have been happier with the Chicago Classic: pepperoni, mushrooms, green peppers, and onions.  We did swap the onions for Italian Sausage, which was delicious. The pizza was smothered in cheese and the meats were spicy and rich. The crust was perfect as well- substantial, but not overbearing. The deep dish newbies in our group tried the Chicken Sausage deluxe (chicken sausage, mushrooms, and spinach) and gave it rave reviews.

Giordano’s has 18 locations in the city and 34 locations in the suburbs surrounding Chicago. Find information about each location here. We went to the location on Belmont,  just a block away from the Red Line station. The ambience is very family-friendly, perfect for a big family outing or a dinner with friends. Looking for the perfect unique gift? You can ship a Giordano’s pizza to anywhere in the U.S.A. Find more info here!

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Your home has been on the market for a few weeks now with no offers coming in, despite all the showings that have been booked. What could be the problem?

Getting feedback from prospective buyers is important in order to gain valuable insight into potential issues with your home that warrant attention. Maybe the problem is as simple as improper staging. Perhaps there’s a foul odor in your home that’s turning buyers off. Or maybe there are many components in the home that need repair.

These are all simple fixes. But what if the issue is the actual listing price of your home? If it’s been priced above what the current market dictates, that could be precisely why the listing is lingering without a bite.

Pricing your home appropriately from the get-go is a critical step in the listing process. The right price is one that’s in line with what other similar homes in the neighborhood have sold for in your market and accurately reflects your home’s value. By pricing right, you’ll be better able to attract more buyers shortly after your listing goes live.

If you overprice your home, buyers who are in the market to make a purchase within the actual market value of your home will miss your listing completely. You’re much better off pricing correctly at the very beginning rather than trying to go for top dollar in order to maximize the number of qualified buyers that your home attracts.

When priced right, homes shouldn’t take any more than 30 days to sell, on average. If it’s been weeks since you’ve listed, a price reduction might be warranted. No seller wants to have to reduce the price of their listing, but if the price is realistically too high for the current market, no prudent buyer will willingly pay more than what a home is truly worth.

When Should You Reduce Your Listing Price?

Before you drop the price on our listing, take into consideration any seasonal factors that come into play, whether it’s a buyer’s or seller’s market, and the average time to sell similar homes compared to how long your listing has been on the market.

During slower times of the year, it might not be uncommon to only get a handful of showings within a month’s time. Back-to-school focus, holiday vacationing, consumer confidence, the economy, and other factors can lead to a sluggish market. You don’t have to quickly reduce the listing price on your home during slow periods, unless you’re in an urgent need to move.

On the other hand, properties are snatched up just as quickly as their listings go live during a hot seller’s market. In California, the market seems to be a perpetually hot one, so if your home isn’t garnering many showings or offers after weeks have gone by, the price is something that you seriously need to look at.

Another important consideration to make is how your home stacks up compared to others on the block. If your home is a unique one that only appeals to a limited pool of buyers, it might take a little longer than usual to find the right buyer.

For example, maybe your home only has two bedrooms and you live in a three-bedroom area, or perhaps your home is a bungalow in a two-story neighborhood. If your home is missing a crucial component, you might need to stick it out a little longer – within reason – until the right buyer emerges. Just make sure you follow the advice of your real estate agent in terms of just how long you should hold out before a price reduction is called for.

How Far Should You Drop the Price?

If you and your real estate agent have determined that a price reduction is necessary after careful consideration, your next step is to determine exactly how low you should go. At this point, it’s critical to implement a sound price reduction strategy to make sure that the price you pick is the right one.

At the end of the day, the price cut must be in line with what the current market in your area dictates and will help attract qualified buyers in the area. Essentially, the new price that you select should appeal to a larger pool of buyers. Obviously, the lower you drop the price, the more it will attract buyers. After all, buyers are always looking for a good deal. However, you don’t want to drop the price too far or you’ll be leaving money on the table.

Having said that, the price reduction should be just enough to trigger a response from buyers and attract their attention. Merely decreasing the price by a couple thousand dollars, for instance, isn’t going to have much of an effect on boosting showings and bringing in the offers. 

Lowering the price in small increments is a big mistake. Small reductions won’t generate very much excitement and won’t attract a new set of prospective buyers. Not only that, buyers who’ve already seen your home will take notice of this and exploit the situation to give them more negotiating power.

Of course, you should listen to the advice from your real estate agent who will provide you with a sound suggestion based on a comparative market analysis (CMA). By taking a look at what similar homes in your neighborhood have recently sold for, you will have a much better idea of where to price your home at that will make it more competitive, which is the price it should have originally been listed at in the first place.

The Bottom Line

A price reduction isn’t a decision to make lightly. However, after ruling out all other potential reasons why your home is still sitting on the market with little action and determining that the home is overpriced, dropping the price down to fair market value is likely a wise decision. Obviously, pricing right from the start is always the best decision. Sellers always want to get the most money for their homes, but overpricing is not the way to go about it.

Bucktown and Wicker Park: Tapster, Wicker Park’s first pour-your-own beer bar, opens at 7 pm this Friday. Located at 2027 W. North Ave., the bar has 62 taps and 70 seats. Patrons can pour themselves up to 2 pints (32 ounces) of beer, wine, and kombucha. They’ll have an electronic “tapcard” that will dispense and charge drinks by the ounce. Eight of the 62 taps will pour wine, sparkling wine, and rosé and four will serve kombucha. 12 taps will be for “kegged cocktails”, with eight standards (gin and tonic, rum and Coke) and four seasonal cocktails. In addition to drinks, the bar will serve fondue, craft popcorn, and a deli with meats and cheeses. For more information, check out their Facebook page.

Lakeview: Lakeview Pantry has a beautiful new space, located at 3945 N. Sheridan Rd. The pantry was recently recognized for its stunning design during the Chicago Neighborhood Development Awards. It received the award for Best Community Design. The new space is twice as big as the old one and contains staff offices, conference rooms, and meeting spaces. In addition to their recent architecture award, the pantry was also recognized as the best nonprofit in the 46th Ward this past October.

Lincoln Park: Remember a few weeks back, when we talked about the Solidarity Soup project? The fundraiser was a roaring success! The group of Chicago soup chefs raised over $36,000 dollars for immigration organizations. On Tuesday, more than 700 people picked up their two pints of soup at various locations across the city, including North Pond in Lincoln Park, Big Star in Wicker Park, and Hewn Artisan Bread in Evanston. Bruce Sherman, executive chef at North Pond, is thrilled with the success of the fundraiser and hopes it will set a precedent for other campaigns in the future.

West Loop: Scoop Ice Cream, a popular Bridgeport sweet stop, will open a new location at the end of March. Located at 1151 W. Taylor St., the shop will serve ice cream cones, old-fashioned shakes, ice cream cakes, and made-in-house cannoli.  The original Scoop outpost has been delighting Bridgeport customers for 12 years, so this opening is highly anticipated.

Logan Square: A discounted, high-end bridal shop is coming soon to the Logan Square neighborhood. Mari Rubino is waiting for city inspections to clear and then she will move her shop into 2167 N. Milwaukee Ave. Luxe Bridal Rack will carry sample and overstock gowns from high-end designers, including Vera Wang and Monique Lhuillier. The gowns will be sold at 25 to 75% off full retail price. Rubino has over 250 gowns to start off. Find more information about this exciting new store on their website.

Evanston: The Women’s Club of Evanston presents the final weekend of “Reading Between the Lines” this Thursday, Friday, and Saturday evening. This is the 66th Annual presentation of their Revue show. Members of The Women’s Club of Evanston, along with their annual beneficiary, write, direct, choreograph, and perform this show. This year, all proceeds will go to the non-profit group “Literature for All of Us”. You can find more information about them here. Performances are held at the Evanston clubhouse at 8 pm each night. Purchase your tickets here!

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

Brunch in Chicago is an absolute necessity. With so many great options, it can be daunting to find the perfect weekend spot. Reservoir , located in the Buena Park neighborhood, is a fabulous brunch option. The restaurant is small and unassuming, with an intimate and charming atmosphere. The dark mahogany tables and dim lighting have a touch of elegance, without feeling stuffy or overbearing. We couldn’t pass up the $5 Bloody Mary’s to start our Sunday brunch. They were the perfect mix of fresh and spicy, with a generous number of toppings, including a piece of salami, cheese, and pickled vegetables. I went whole hog for my meal and ordered the Chicken Biscuit. The buttery, flaky biscuits were topped with fried chicken, cheddar cheese, and drenched in sausage gravy. The gravy was rich and flavorful, without overpowering the rest of the dish. Crispy, well-seasoned roasted red potatoes completed the plate. I will most certainly order this dish again. My best friend ordered the Crab Cakes Benedict, which was also delicious. The crab cakes had the perfect amount of breading and the hollandaise sauce was buttery and smooth.

Brunch is served every Saturday and Sunday from 11 am to 3 pm. Regular restaurant hours are Mondays through Fridays from 5 pm- 12 am and Saturdays and Sundays from 11 am- 12 am. After peeking at the dinner menu, I will definitely be coming back for the Roasted Beets and the Asparagus e Porcini Flatbread. Reservoir is the perfect spot for date night or for weekend brunch with the gang.

RACHEL HOOVLER & DEAN’S TEAM CHICAGO

For homebuyers who are struggling to come up with a minimum 5% down payment that conventional mortgages require, an FHA-backed home loan can sometimes be the best route to take. The criteria is also not as strict as conventional mortgage programs, which means stellar credit isn’t always mandatory to be accepted.

However, in addition to homeowners having to be eligible for an FHA mortgage, the home they plan to purchase must also meet specific standards in order to get approval. In fact, property requirements are a critical component of the FHA program. While it may be the seller’s responsibility to bring a home up to par, sometimes the buyer may be on the hook to make the necessary updates depending on how the buyer’s purchase offer is drafted up.

Having said that, the minimum property standards that are required by the U.S. Department of Housing and Urban Development (HUD) are mainly concerned with a home’s safety, security, and structural soundness. The HUD also specifies certain conditions that properties must meet in order to successfully fulfill these requirements.

A bank-approved appraiser will take a look at the property’s condition, then submit the appraisal report to the lender before an FHA loan is approved. Generally speaking, cosmetic issues, minor flaws, and normal wear and tear are not looked at as long as they don’t have an impact on the property’s level of safety, security or structural soundness. That includes things like cracked window glass, missing handrails, worn out flooring, or debris, for instance.

Here are the basic requirements that properties must meet in order for an FHA home loan to be approved.

• Septic systems must operate efficiently. If they don’t, issues that could affect their operation, such as topography and soil permeability, will be looked at and will need to be remedied.

• No hazards should be present, such as close proximity to hazardous waste sites, gas wells, flammable items, high-voltage power lines, or transmission towers. In addition, the soil surrounding the property cannot be contaminated.

• No nuisances should be present, including noise due to heavy vehicular traffic or airplanes.

• Access to the property must be safe and satisfactory for pedestrians, regular vehicles, and emergency vehicles under any weather conditions.

• The structure cannot be compromised as a result of excess moisture, sub par construction, leakage, termite damage, and sloping settlement.

• Electrical boxes cannot have any exposed or damaged wires.

• Electricity must be available to operate lighting and any installed systems.

• Roofs must be in decent condition deemed not to require replacement any earlier than two years. In addition, they cannot have any more than three layers, and must be able to adequately keep moisture out.

• Attics and crawlspaces cannot have any excess moisture and must have some type of adequate ventilation.

• Water heaters must meet local building codes.

• Any presence of asbestos warrants additional attention from an asbestos professional.

• A working toilet, sink, and shower must be present.

• Kitchen appliances, including a functional stove, must be present.

• No major plumbing issues and leaks should exist.

• HVAC systems must be in proper working order.

• No rotting of the exterior, including walls and window sills, can be present.

• Exterior doors must properly open and close.

• There must be a sufficient water supply, including hot water, drinkable water, and an acceptable method to dispose of sewage.

• No active pest infestation may be present.

• The home must have adequate grading on all sides to allow for proper drainage.

• Bedrooms must have minimize-sized windows.

• Swimming pools cannot be empty nor have an inoperable pump.

• Fencing cannot be leaning or broken.

This list is by no means exhaustive. A more detailed list is outlined in the HUD Handbook 4150.2, chapter 3, which can be accessed online.

What Happens if the Property Does Not Meet FHA Requirements?

If you’re planning to buy a home that falls short of the FHA’s stringent requirements, start by working with the seller. Ask them if they can make any of the necessary repairs. If not, consider negotiating a lower purchase price to cover the costs associated with having to make these repairs yourself. Some issues will definitely be deal breakers, but others might be able to be dealt with before closing.

If all else fails, you may be stuck looking for another home if the list of repairs is just too lengthy to make the home worth your time, effort, and money. Or else, trying to get approved for a different mortgage product may be necessary in order to avoid having to ensure the subject property meets all the FHA’s requirements.

Of course, the lender will have a separate set of criteria that you will have to meet in order to get approved for a home loan. There is also the option of applying for an FHA 203(k) loan, which allows buyers to purchase homes that have major problems.

The Bottom Line

While an FHA mortgage might be easier to get approved for, it can actually make it tougher to close on a home based on various issues that may come with the property.  It’s important to be fully aware of what to expect when choosing an FHA loan, as it can restrict the properties that you might have on your short list.