Advice to our 23-year-old selves

Today we are doing something fun. At least once a week I find myself wishing I could go back and sit down with younger Julie, giving her some words of wisdom and maybe even a little tough love. If I knew then what I know now!

In honor of 2023, I asked the team what they would tell their 23-year-old self. Not shockingly a lot of them wish their younger selves would take more risks, and invest in the future! To all you young 20-somethings out there, take note! There is some great advice below!

Adriana: Continue learning and feeding your brain all kinds of information – from business to art and everything in between.

Ali: I wish I would have started saving 20% with every paycheck, and bought my own home in the city that would someday become an investment! I spent WAY too much money on rent.

Barb: Stop renting. Buy even a little apartment or home and take in a paying roommate if you have to!

Celeste: Invest in myself and to buy an investment property as soon as possible – ideally, a 3-flat that I could live in while renting out the other units.

Jane: Take more trips. Use more sunscreen.

Julie: Buy a property. If I have learned anything, it’s that real estate investing can start with baby steps. I bought my first condo at age 23. Then I sold it for a big profit and bought my first single-family home at 27. If I hadn’t made the original investment, I never would have been able to make the next step up. 

In addition, keep in mind that location is key. And, I’m a big advocate of buying properties that need updating as that’s where you can usually get a “deal” and have opportunity for sweat equity, even if the market is slowing.

Liza: Seek out positive connections and mentors everywhere you can – learn from those you respect in all aspects of life: business, leadership, wellness, family life, etc. Good examples are out there and you should surround yourself with people that help you grow!

Maggie: Be more confident and stop caring what other people think!

Mara:   
Love yourself and your body
Follow your instincts/gut
Don’t lose yourself – have your own identity
Don’t waste time on things that do make you happy…
Do things for others without expecting anything in return

Pamela: Don’t wait for tomorrow, next week, next month or next year. In other words don’t put off until tomorrow what you can do today. Whether or not it feels this way to you now – realize life is short, so live it!

The BG team expands: Welcome Celeste Chicas!

Welcome to the team, Celeste! I am so excited to have Celeste join the team because she brings not only a great “can do attitude,” but years and years of real estate law experience. She knows contracts inside and out, and is able to translate complex legal jargon. I have already seen her knowledge as a great asset to her clients!

To help everyone get to know Celeste better, she answered some fun questions about her background and the year ahead.

What did you do before starting in real estate? 
Before starting my career in real estate I worked in real estate law and intellectual property law for more than a decade. 

What is your favorite part of working in real estate? 
My favorite part of real estate is being of service to people transitioning to the next chapter of their life and meeting new people.

What does your typical day entail? 
My typical day starts with a cup of coffee, a walk with my dog and some exercise. I have a nice breakfast before I check my email then prepare for a day of showings, inspections or meetings with clients. 

What drew you to Busby Group?
What first drew me to the Busby Group was that it is a top 1% team of all women team, as well as their team structure and diversity. I initially found Busby Group on Instagram, and quickly found myself falling in love with the team! I am so proud to be a part of it.

What was your big ah-ha moment in your real estate career thus far? 
A huge realization for me was understanding the importance of trust throughout the process, and the amount of responsibility that that entails. 

What are you most excited about in the coming year? 
I look forward to continuing to help many Chicagoans find their new home and make an impact in their lives by providing the best service possible. 

Where do you live in Chicago, and what is your favorite neighborhood? 
I live in Ukrainian Village and have to say that this is my favorite neighborhood and I also really enjoy the West Loop! I also love the easy access to some of Chicago’s best restaurants. One of my goals with my husband is to try to new restaurant at least every month.

Lightning round: 
You are a huge foodie! What is your favorite:
Restaurant: Giant
Coffee shop: Dark Matter 
Take out: J Thai Street Food 

The BG team expands: Welcome Michaela Cavanagh!

Michaela comes to us from a top luxury real estate team, and I am SO glad she chose us! I believe that some people are born with a client service gene, and Michaela is one of those people. She naturally and easily intuits what people need, and then makes sure the get whatever it may be.

I asked Michaela a few fun interview questions so we can all get to know her better, and trust me, there is a lot to say!

What did you do before starting in real estate? 
Before starting in real estate, I worked in marketing operations for a tech agency. Prior to that I focused my career in the fashion industry supporting brands such as Jimmy Choo, Talbots, and Nordstrom in their styling services and public relations departments. 

What is your favorite part of working in real estate? 
My favorite part of working in real estate is helping people achieve their life goals! Whether it is first time home-buying, moving to their dream town/city, finding a new home for their growing family, investing, building intergenerational wealth through real estate or connections with the best contractors and designers to improve their current home.  

What does your typical day entail? 
6am workout class/triathlon training
Meditate and gratitude journal
Catch up on emails/news and execute any business plans
Lunch or coffee with someone I’m excited to connect with
Showings/listing appointments/inspections etc.
Work on social media
Work on a new recipe or whip of a classic favorite in our house/attend an event
Watch TV (guilty pleasures lately: Yellowstone, White Lotus, Friends)
Read
Lights out!

What drew you to Busby Group?
I had the pleasure of working on a transaction with a team member from Busby Group prior to joining the team. That experience was beyond any experience I have had in my career. Busby Group is a team of outstanding professionals that come together to provide clients with not only concierge-level experiences, but produce outstanding results. 

In addition, I love to cook and am so grateful that I have the privilege to enjoy a hot meal every night. Sadly, one in seven Cook County residents will experience food insecurity this year. As part of Busby Group’s partnership with the Greater Chicago Food Depository, a portion of every Busby Group transaction is donated Since 2020, the Busby Group has provided over 80K meals to Chicagoans in need! This partnership was a huge draw for me.

What was your big ah-ha moment in your real estate career thus far? 
After experiencing the home buying process for the first time in 2021, I realized I am the perfect person to help first-time home buyers with their transition from renting to completely understanding the home buying process. 

What are you most excited about in the coming year? 
Education! The market has been so turbulent since 2020 and click-bait news about the real estate market has become out of control. In the coming year, I am most excited to provide accurate information and education to help my clients feel empowered to make the best decisions for their situation. 

Gone are the days of panic buying, 3% interest rates and $100K over asking. Instead, I want my clients to make a real estate investment for the purpose of improving one or all of their 3 F’s : family, finances or future – because in the end, that is the most important. 

Where do you live in Chicago, and what is your favorite neighborhood? 
I live in the Edgebrook neighborhood of Chicago. I love how Edgebrook feels like a small town community within the city. Of course I am biased to Edgebrook, but my other favorite neighborhood in Chicago is Gold Coast. The historic charming homes, outstanding restaurants and shopping all nestled in the heart of the city is so special. 

Lightning round: 

• You are a huge cook! What is your favorite:

• Recipe: Whole Roast Chicken 

• Cookbook: My own!

• I also have a handful of Ina Garten cookbooks that I love 

• Chicago restaurant: Le Colonial – order the Crispy Shrimp and Pork Rolls, Beef Pho (split for two people) and Crispy Red Snapper

• You also just renovated your home. What is your best tip for renovation success?
  Have a team of contractors, designers and specialists who you trust and have the same values! You are about to embark on a big journey so having a team you can collaborate with and trust with your renovation is key. 

• You have competed in numerous triathlons! Where do you love to run/swim/bike in Chicago?
  Swim: Ohio Street Beach at sunrise. The water is smooth like glass and as you swim along the lakefront you get to look up at the beautiful Chicago skyline. 
  Bike: Forest Preserve North Branch Trail. Starting at the Edgebrook Woods entrance you can ride all the way up to the Botanic Gardens. (Fun fact: if you bike into the gardens, entry is free!)
  Run: Along the lakefront!

Busby Group Gives Back 2022

At Busby Group, helping to create a better community for all Chicagoans is a foundational piece of our business, and our partnership with the Greater Chicago Food Depository (GCFD) is just one way we contribute. 

Since November 2020, a portion of the proceeds from every Busby Group deal goes directly to GCFD via our year-long food drive (you can donate anytime!). To date we have raised over $25K and nearly 80,000 meals, making Busby Group the #7 overall fundraising team for GCFD.

And the team has also been busy with their own charitable efforts too!

Julie
Julie has been on the board of Neighborhood Parents Network for several years. Julie is also actively involved in her daughter’s school, and adopted a family for the holidays.

Barb
Served as the Chairman of the Veteran’s Committee for the Rush Women’s Board on this Road Home Project, which addresses the invisible wounds of war.  One interesting event they hosted was mask making for vets. Each vet makes one and they are all very telling and therapeutic as it relates to their experiences. 

Susan
Put together a Polar Plunge team that raised $10,405 to benefit Special Olympics.

Asked for donations to Noah’s Ark Animal Sanctuary in lieu of birthday gifts raising $1387.

 Jane
Makes donations and write in requests for NARAL and Planned Parenthood.
Volunteer work for Vote Forward, writing letters to registered voters to encourage them to go and vote.

Pamela
Supports the Anti-Cruelty Society in the name of dog, Rubie, who was rescued from them.

Mara
Chicago Children’s Advocacy Center Board Member, working on the Luminary Award Dinner planning committee and the Night of Heroes planning committee.
Supported the Pancreatic Cancer Awareness Walk and the World’s Most Beautiful Ride in Tahoe for blood cancers.

Maggie
Continues to volunteer with Special Olympics Chicago/Special Children’s Charities.

Amanda
Volunteers with Wick Park Bucktown Mutual Aid.

From the city to the suburbs

By: Jane Lintelmann

I love working in real estate. One of the reasons why I love it so much is because it gives me the opportunity to guide clients through major life changes. As a pragmatist to the core, breaking down an emotional and complex time into manageable steps and parts feels like a calling. And because of where I am in life, those big changes usually involve one of two things: an upsize (friends with growing families), or a downsize (my parent’s empty nester friends).

My pragmatism was put to the ultimate test just a few weeks ago as I helped my own parents through their major transition.  About 11 years ago, once my brother and I officially left our childhood home in Morton Grove, my mom and dad bought an amazing townhouse in Old Town. They wanted to be closer to the Cubs, city restaurants and theater and me and my brother (in that order!). All of us loved living close to one another in the city so the arrangement worked perfectly. 

But as with all good things, this one came to an end.  My husband and I had our second daughter and city living didn’t feel like the right fit any longer. We sold our condo and headed to Skokie – back to the northern suburbs where I grew up, and where we knew we wanted to raise our girls. 

 After our move, my parents realized they too were done with city living and wanted to live close to their grandchildren. Since they weren’t in a hurry to move, we began with a broad search. I also researched options on Top Agent Network (TAN), as well as the Private Listing Network (PLN) to make sure not to miss any prospective new homes.  

 As time passed, my parents started to get a little antsy. I decided to refine the search a bit and switch up some of the details. I made personal calls to other Skokie brokers to see if they had anything coming on the market of interest. I even spoke to neighbors on our weekend walks with the girls to see if they were interested in selling. And then suddenly it seemed like I might have found it: their unicorn! Before getting their hopes up, I went to the property by myself to check it out. I sent them some photos and videos, and they were intrigued. 

 We went to see the prospective house together the next day, and the second Mom and Dad walked inside they knew they were home. This place checked off literally every item on their list! After some intense negotiating, they were under contract and then closed within just a few weeks. 

 Of course, we also had to tackle packing up and selling their Old Town townhouse. I was so glad I had Busby Group’s concierge team to tap into! Emily, our director of concierge helped us create a seamless process, and get my parent’s home ready for professional photos. 

We encouraged my parents to take it a day at a time and to focus on organizing one room per day. To minimize the pain of moving furniture, but make sure the photos looked amazing, we used a combination of virtual staging and editing. We also created a timeline that allowed them to move to their new home before we started showings. The townhouse was under contract just a few weeks after listing! 

 Careful and thoughtful timing was the key to success with my parents, and so many empty nesters. I always consider how two transactions will impact my client’s day-to-day life. I’m so glad it worked out so well for my parents. They are now totally settled in their new home, close to us and the grandkids.  All of us couldn’t be happier!

Finding a home, finding a college

By: Mara Walsh

This is the year! The year of the all-important college search for my stepson. Friends told me this process was difficult, and they were right! Even after only a few short weeks, I get it! I also quickly realized that the whole process felt familiar: high stakes, all the emotions and a significant financial investment…it’s just like buying a home! 

The initial narrowing down can be overwhelming
What do you want your major to be? What type of weather do you love? Rural or urban setting? Older or newer campus? The questions to answer are never ending. 

The same goes for honing in on a home search. Do you want to live in a big city, small city, suburb or in the country? Are you looking for a specific neighborhood feel or vibe? Are you looking for newer construction or a home you can make your own over time?  Are schools important?

And there is always that element you can’t put your finger on: a gut feeling, where it feels ‘right’. Listening to this voice is a crucial part of the process too. 

I gave my stepson the same advice I give my real estate clients: asking and answering these questions upfront can feel long and a little painful, but clarifying what is most important to you will save you time in the long run. It isn’t financially or logistically feasible to fly all over the country looking at colleges, and narrowing things down also applies to buying a home.

Professional guidance is key
The process of finding the right college has changed drastically since I went through it! While it is our first time, college counselors and consultants do this all the time and  have up-to-date insights on the ever-changing college landscape, and what it takes to get in. They understand how to create a focused search based on interests, grades and financial constraints and can help create impactful applications. (If you need recommendations for college consultants let me know!)

Now I see myself as a real estate counselor/consultant because this is exactly what I do for my clients! Knowing the right questions to ask, market a home for mass appeal or position a buyer’s offer is how I spend my time day in and day out. 

It is a process
With a solid understanding of what you are looking for, the research phase begins. When searching for colleges this means tours, tours and more tours! But also, try to get a peak under the tent, so to speak. Find a family member or friend that lives by the college so your child can walk around campus, maybe attend a class, and get a true feel before finalizing your decision. 

 The same goes for real estate. Showings are great, but walking around the neighborhood, talking to neighbors, checking out local shops and restaurants will give you a real taste of everyday life. 

Move in day!
Even after ten trips to Bed, Bath & Beyond, move in day is going to be emotional and will likely throw in a few surprises – either at school, or with a new home – it won’t go exactly to plan. The best way to prepare is to expect the unexpected, and be excited about the future. And, know that you have family and/or your amazing real estate broker to help!

Our bags are packed, and we are excited to hit the road again soon on our latest round of college visits. In the meantime, I will be running around Chicago working with my buyers and sellers – and I wouldn’t have it any other way! 

Everything you need to know about mortgages in Q3 2022

If you are anything like me, the constant market fluctuations leave you frustrated and confused, and for good reason. The market in recent months has been ALL over the place! Lucky for both of us, anytime I have questions about the market, I turn to my good friend Chad Lubben of CrossCountry Mortgage. Chad has been a lender for 20 years, and we have worked together for over 10 years. Chad is SMART. He is one of those people that can naturally break down a complex concept in simple and easy to understand terms.

We recently got together to talk about all the current hot topics when it comes to lending, mortgages and the market. Specifically, we covered:

• The annual return on average Chicago home (this number shocked me)

• Net gain of owning a home in Chicago for 5 years

• What it means and how to buy down your interest rate (if you are thinking of buying, you need to know about this option!)

• Chad's recession predictions and what that mean for real estate values (so comforting)

It’s a quick listen, and so informative! As always, please reach out with any specific questions!

A 2022 market update

It has been a historic year for real estate and the statistics just keep coming! Most recently, on June 15 the Federal Reserve lifted interest rates .75 percentage points for the third time this year – the largest increase since 1994. Chances are you have talked to friends, read some sensationalist headlines and maybe even checked on your investment portfolio. But, like many, you are still left wondering: what does all of this mean for me when it comes to real estate? 

Lucky for you, we at Busby Group love facts, figures and data, and we live and breathe the Chicago real estate market. Here is what you need to know. 

The main question on everyone’s mind is where the market currently stands. There are two answers to this question. First, yes, the market is slowing down after one of the best spring markets we have ever seen and over a decade of an intensely strong market all around. Second, it is also very normal for the market to slow down this time of year. Every summer we see a slow down, regardless of the nation’s economic standing. The current slowdown is not cause for alarm or unique in this regard. 

The second question and concern is around interest rates. For a little bit of historical perspective, in 1981 the average interest rate was 16%, and in 1990 it was 10%. In 2003, they were right where we are now. Relatively speaking, our current interest rates are actually not high. For the past 20 years we have hovered around an average of about 5.5%. There are also important reasons for increasing interest rates including neutralizing the current seller’s market, and lowering inflation. 

Tips for buyers
Summer has always been a good time to look for and buy property in Chicago because inventory increases and demand decreases. If you are thinking about buying, continue your search! Some buyers worry about buying at the “height of the market” and paying too much. If the latest potential recession is similar to any of the past several, sales prices will remain strong or even increase, which is what happened in all the past recessions since 1960 barring the financial crisis of 2008. 

Also, renting may not be a great alternative because monthly rents are currently through the roof. Plus, with the volatility of the stock market, many Americans prefer to invest in real estate versus the stock market for more stable returns. 

For buyers concerned about rates, there are several options you discuss with your lender. First, for those planning on moving after about five years, consider a 7- or 10-year adjustable rate mortgage since the initial interest rate is usually lower than a 30-year fixed rate. Next, look into buying down your rate. Usually paying about 3% of the purchase price to the bank upfront will have a substantial impact on a monthly payment amount. Depending on a property’s demand, you could also think about asking the seller to contribute part. Another option is Lock and Shop, which we discussed in detail here. With this program, you can shop for a home with a locked in interest rate, whereas normally an address is required to lock in a rate. Lastly, it is worth looking into creative financing options such as borrowing against a 401K or investment account since the interest rates associated with this sort of borrowing are typically lower than market. 

Tips for sellers
While we are not in the busy spring anymore, it is important to remember that inventory is still at an all-time low, with strong buyer demand, particularly for single family homes and larger attached housing in many neighborhoods. The trend of increasing values that started in 2019 has not yet diminished, and chances are you can still get a very good price for your home. Successfully selling right now is all about timing, and understanding the micro-market dynamics of your neighborhood. 

Chicago buyers for the past several years have strongly trended toward move-in ready, so any fixes or updates you can do to your home will go far. For an extra competitive edge, also consider an offer to buy down your buyer’s interest rate.

An invitation
In real estate, knowledge is always power, especially when the market is moving quickly and the headlines sometimes get it wrong. For those who want more information, or have individual questions, click here for an invitation to a live online discussion we will be hosting with one of our favorite creative lenders in the coming weeks!

Is staging worth it?

One of real estate's age old questions is if staging is worth it? And I get it! Staging can be a significant investment. The answer to the question is that it truly varies: varies by marketplace and also the type of home. 

In a seller’s market
In a strong seller’s market there is so much demand for a property that full-service staging is usually not necessary. But, because Chicagoland buyers have trended toward move-in ready homes for the past several years, we many times like to use a little virtual staging in the professional photographs of a property. This way buyers can quickly and easily see the potential of a particular room or two. When we do virtual staging, we always print out the photos and bring with us to showings (we attend every showing!), so that buyers can see the potential while in the home.

The good news for Busby Group clients is that virtual staging is not only complimentary, but we also use our own in-house stager for fast turnarounds and highly custom layouts. To help complete a room, Busby Group also owns a curated repertoire of small staging items that we know look great and appeal to buyers. 

In a buyer’s market
A slower market may call for full staging depending on the property. We look at potential buyer objections, and decide if staging may help. For example, if we think buyers will have trouble visualizing a dining area, we may stage a dining table and chairs. We also have other tools at our fingertips including floor plan drawing and our professional organizer partnerships. 

With floor plans, sometimes we will have specific furniture drawn in to scale so that buyers can see that a queen bed and night stands would fit for example. Or, we may call our professional organizer partner to stop by for a few hours of organizing and editing. Many times they use furniture from around the home, but set up in a way that emphasizes features like size, functionality and utility. 

Property dependent
There are also specific types of properties that call for some sort of staging, regardless of the market. If a property is vacant, we may want to stage it in some way for example. Or sometimes we may want to virtually stage the kitchen cabinet color, or show another way to use a room. 

The good and bad part of staging is that there is no “one size fits all” answer. We look at each property through the lens of the current marketplace and decide what makes sense. Please contact us with any questions regarding staging! 

4 hot topics in Chicago real estate right now

One of the most amazing and equally frustrating parts of real estate is that the market changes constantly. What is true today, may be obsolete tomorrow! Today I am sharing four hot topics for the Chicagoland real estate market, and what they could potentially mean for you. 

Downtown high rise interest is returning
Before the pandemic neighborhoods like West Loop and Gold Coast were some of the most competitive. When the pandemic struck, interest in downtown high rises quickly and drastically tapered off. And while the rest of the real estate market rebounded quickly, high rises have been one of the last parts of the market to come back – but recently we’ve started to see some uptick in interest! 

In addition to much of life returning back to normal, I believe this trend is also due in part to buyers frustrated with the competition in Chicagoland suburbs and other popular cities (Nashville, Denver, Austin, etc), and picking downtown Chicago as their next best option. 

“The Bring Chicago Home Campaign” or “Mansion Tax”
Currently, Chicagoland buyers pay a one-time $7500 transfer tax per million in purchase price. This new proposal would more than triple that tax to $26,500 per million. The amounts sellers pay in transfer tax ($3,000) would not change under the proposal. In the past 12 months, approximately 5.4% of homes sold in Chicagoland were more than $1 million. Funds from the tax would go toward funding efforts around combatting homelessness. Both sides of this proposal are strongly convicted one way or the other, so it will be interesting to see how this plays out. 

Airbnb crack downs
Are you thinking about a second home or investment property? Wherever you are considering, it pays to do your research around the local/county-level feelings around Airbnb. For example, in New Buffalo, MI, a popular vacation destination for Chicagoans, short-term rentals have been banned since May 2020. Traverse City and Mackinaw City limit short-term rentals to specific areas. Other popular destinations like Union Pier remain friendly to the short-term rental scene. If you are considering a home in Michigan, keep in mind that Busby Group team member, Mara Walsh, is licensed there! Also a note that at this point most condo buildings in downtown Chicago do not allow short-term rentals either. 

Increasing interest rates
By this point we’ve all heard rumblings about the uncertainty of the nation’s economic future, at least in the short-term. Some experts are saying rates may reach 7% in the not so distant future. I recently wrote a whole blog post on this issue that you can read here. The overall takeaway is that, yes, interest rates have buyers and sellers talking, but there are also strategies you can use that can make a real difference.