Why Health Leader Wealth Starts with Smart Real Estate Choices with Lyn Wise, Real Estate Consultant at @properties
: [00:00:01] Welcome to the Outcomes Rocket podcast where we inspire collaborative thinking, improved outcomes and business success with today's most successful and inspiring healthcare leaders and influencers. And now your host, Saul Marquez
Saul Marquez: [00:00:18] Welcome back once again to the outcomes rocket podcast where we chat with today's most successful and inspiring leaders. I want to thank you for tuning in again and I welcome you to go to outcomesrocket.health/reviews to rate and review. Today's podcast and you have a special podcast for you today. I like to mix things up a little bit. And today what I wanted to do is is share a really good friend of mine a guest her name is Lyn Wise. She is a realtor and she's been a realtor for the last 15 years and my wife and I are currently looking to upgrade. You know we recently had a baby. He's 11 months old gone on his first year and as you all know when she got the little one come in. It really tightens up the space so we're looking to move onto our next property and Linda has just been so helpful in the process. And it just dawned on me like how many of the listeners actually have to go through this home purchase. And I just got to chat with Lynn and I thought it be a really great idea to get her on the podcast to talk about some of the things that are really one of the most important decisions in your life. So she's she's here in Chicago in the north shore for over 20 years. She's been a realtor for the last 15 years and she really just enjoys working with buyers and sellers to talk about all things home and so she's very passionate about this. So I thought it would be a wonderful thing to mix it up a little bit and talk a little bit about real estate and how that can contribute to your health and wellness. So Lyn welcome to the podcast.
Lyn Wise: [00:01:57] Thanks Sam. Before we get started I just want to say thank you so much for having me. I have loved working with you and your wife and meeting your adorable baby and I know we're going to find you the perfect place.
Saul Marquez: [00:02:09] So you know what. I know you are. We're off to a really great start. So a big thank you.
Lyn Wise: [00:02:14] You're welcome. My pleasure.
Saul Marquez: [00:02:17] And so Lynn you know what would you say one of the most common mistakes that buyers or sellers make.
Lyn Wise: [00:02:25] Well let's start with the sellers first one of the biggest mistakes sellers make is pricing that home incorrectly. So yeah a common FSA among sellers is that they should list above market value in order to build in a cushion for price negotiations.
Saul Marquez: [00:02:41] That's what I thought.
Lyn Wise: [00:02:42] Yeah well let me try that. That's a good idea. It's got to feel the same way as you do now. So the first two weeks after your home is listed it's going to receive the most deals. And alas the Web sites like Zillow and realtor.com and you know there are the majority buyers. Again their housing starts that. They started online before they even you know bring in a realtor because your consumers and all the buyers have access to comps online. Buyers are not really savvy in regards to pricing so let's say your property comes out of the box and it's overpriced from the beginning it could be immediately crossed off someone's list or they may just continue to watch it and see how long it lingers on the markets and then they might wait for market time to increase until a point that they feel that they can go in with a low offer because that sitting.
Saul Marquez: [00:03:31] That's very interesting and typically. So we've been working on the buying side so this is really interesting to hear the other side. It's so interesting to hear that and even as a buyer like I tend to think oh well you know what the price is this so they're probably thinking that they could get you know like I could get some bucks off of it.
Lyn Wise: [00:03:52] Right. Right. But a smart seller only put so much cushion in because they realize that the markets the market now and in the end the House is going to trade or the market dictates. So example report here. Yeah it's sort of a good point and this is sort of a cool statistic for those people out there who like numbers just indulge me for a quick second here. So for example Cook County last year sold an average of 95 percent of their original list price 95 percent 95 percent. So that's a pretty good deal. And 97 percent of them are less less price. So what that means is let's say you had a house and you originally listed that five hundred thousand dollars if you priced it correctly it would soar four hundred seventy six thousand dollars. Now let's say the house is priced incorrectly and after 60 days you reduce to 5 percent to four hundred seventy five thousand dollars. Now it's going to thought 97 percent of your last list price are approximately four hundred sixty three thousand dollars. We're taking like over 12000 our lost by now roughly to begin with.
Saul Marquez: [00:04:58] Wow. And so a big thing is just getting it price right. Because when you first get your property out there it's prime time for it.
Lyn Wise: [00:05:06] Exactly. Exactly. You'll have the most Ibele property within those first two weeks so you really want to be priced correctly.
Saul Marquez: [00:05:13] That is such an interesting myth that you just busted in.
Lyn Wise: [00:05:19] I know it it's kind of crazy. There's like a few of them out there. Another one is like that 99 cent type Walmart pricing that they call. Oh yeah. Yeah we're sublethal thing like Lecha price my house at the 99 it because it denotes a bargain.
Saul Marquez: [00:05:33] Yeah like four ninety nine instead of 500.
Lyn Wise: [00:05:36] Exactly. Exactly. But so what's different now is that what we're saying it freezes you want to try and price your home on the bridge which is like a 25000 dollar and permanent. And the reason why is so a lot of people are starting their search on Zillow and their default action is broken down into twenty five thousand dollar increments so let's say you price your house at. Yeah. So it's kind of interesting so that's interesting. It is. It is. So what's the price that has like a 500 25000. You're going to get everyone looking your house was looking between 500 and five. And then all those people they're looking at 525 to 550. So getting double the buyers looking at your home.
Saul Marquez: [00:06:17] Wow. You know that's really interesting you know and I never thought about it that way it's like what are people using now to look for homes. And you're right. It's Zillow it's as redfin and it's all these services so why not increment your price by the way that those services put together their search queries.
Lyn Wise: [00:06:37] Exactly. So that's something that we're really pushing.
Saul Marquez: [00:06:40] Well you're so insightful.
Lyn Wise: [00:06:43] Thank you. I'm glad that I can know add a little nugget of information here.
Saul Marquez: [00:06:47] This is so good listeners again you know take these little lessons that Lin is sharing with us and leverage them in your purchasing or selling decisions and you'll be amazed what comes out of it. It's a great opportunity to get some insights here so what would you say a good negotiation, trip or trick that you share with the listeners as well.
Lyn Wise: [00:07:08] I will let me tell you a couple different ones from a buyer's standpoint. I always say that it makes sense to come in with your best offer and that doesn't necessarily mean price. Really. Yeah it really depends on the particular situation. So are you in a multiple after situation are you in a competitive market. How do you feel about walking away from the house. It sounds like you have to have or you know there are others out there that you would consider. So I mean one of the things which obviously is unmatched and that's all but open to everyone is you can come with a cash offer that carries a lot of weight because you limit eliminate the risk of a mortgage contingent's say how much earnest money you're able to put down. It's also a big factor. So there are a competitive market and you can put them where is money that actually makes your offer stronger. Also things like having flexibility under closing date. You know depending on where you're coming from if you're renting or you need to sell or you know any your particular situation but if you don't have flexibility on a closing date that's really helpful.
Saul Marquez: [00:08:07] Is that specifically of the home you're wanting to buyers. Is occupied or not.
Lyn Wise: [00:08:12] It could be either way so depending on you know when those people want to get out and what their needs are if you Gotcha. Well that's always helpful. Gotcha. OK. Good to know. That's good to know. And then one of the other things that I always suggest is just submitting a clean or as clean an offer as possible. So if you were interested in buying the seller's furniture you want to keep that separate and outside of that typical contract.
Saul Marquez: [00:08:37] I see that you don't want to muddy the waters you want to just have that done separately.
Lyn Wise: [00:08:42] Right. So separately and have a clean keep it clean. Exactly.
Lyn Wise: [00:08:48] It's good. And then there are some other things from a seller's standpoint. One of the best ways to move the negotiations is to really be proactive before you put your home on the market.
Saul Marquez: [00:08:58] And what are some ways that we could be proactive so listeners just so you know my wife and I decided to keep our current place. It's smack dab in the middle of Old Town Chicago so pretty good for rentals so we decided not to sell. So it's really neat to think about this from a solid perspective and so if you're selling a home pretty interesting. So yeah dive into some of the ways to be proactive and be really interesting to hear.
Lyn Wise: [00:09:22] So let's say you decide to sell your home in a couple of years after you've had some renters and it would be you know some information that's really helpful to you and your wife. Wow. So what you'd want to do is you want to make sure that all repairs are done as part of your prep because you want to avoid buyers getting hung up on a future unnecessary expenses. So true. Yeah I mean this is like one of the areas where you're going to be at the attorney inspection period that deals can really get hung up. Now when you know people sort of get dug in on the home credit issues and you know it's a really stressful time. So really anything that you could do to be proactive to eliminate the risk that the deal flowing apart at this point is a good news.
Saul Marquez: [00:10:02] That's a really great call out. Just going and seeing these different homes there's things that we've been concerned with. Yeah. These things come up.
Lyn Wise: [00:10:10] Yeah they definitely do. And just one tip that I'm sure you could probably figure out but I like to throw it out there as that attitude goes a long way on both sides. So contentious and being stubborn really never serve either party well so you don't get hung up on some of the little things and really save sort of you know the hammer for the things that are really important to you that you really need that makes just you know negotiating that much easier.
Saul Marquez: [00:10:36] I think that's such a great piece of advice. Because oftentimes you could think that you're getting into this and you want to be stern and you want to make sure you get the best deal. But really you just end up creating a hostile environment.
Lyn Wise: [00:10:49] Right. Exactly. And it doesn't have to be so anything you can do to sort of take the tension out of the whole deal makes life a lot easier.
Saul Marquez: [00:10:56] I love it. You know I'm one of the other things too that I feel makes it a lot easier is having an awesome realtor. And so Lynn obviously we're working together but what advice would you recommend to the listeners on how to best choose a realtor.
Lyn Wise: [00:11:11] Ok. Well let me give you a few tips on that.
Saul Marquez: [00:11:14] So one of the things I would say is ask your friends and family for referrals because agents build a business on referrals and you wanna use someone that's recommended for people that you trust. And if you haven't been able to do that or if you do have some ideas who you might want to work with check out testimonials on their Web site and look at their social media presence. Can an idea about them from that. It's also really import to use an agent has a large networking presence. So you want to see is your agent part of an active office. Are they part of an agency that has a large number of buyers and sellers. So for example I think this is true for especially for our properties. We have the largest number of clients moving from the city to the shore and in reverse. So what that means is that our buyers and sellers and their agents are most likely to have access to properties that are not yet on the market.
Saul Marquez: [00:12:06] Now that's such a great point. And you know my wife and I were looking around and what was out there was definitely different from what you had and I think that that's something worthwhile. And so how do you know though how do you know the company or the outfit that your realtor is associated with is going to have visibility to those. How do you know that.
Lyn Wise: [00:12:26] Right. So one of the things when an interview with prospective buyers or sellers I talk to them about our app properties app which none of the other actual agencies in the area have our own proprietary in-house app. Worked at Soco also with that we're able to connect with thousands of app properties agents and will match buyers and sellers with home before they even hit the market. So let's say you know you were saying to me like when I'm having a house that's you know seven hundred thousand dollars and when that person has four bedrooms the past but you know I'm not saying anything I'm the last. So what I'll do is I'll post that on the app and all her agents will look at that and say there's an agent who has something coming on. That's exactly what you're looking for. Low reach out and let me know. So a lot of times we're making deals and putting buyers and sellers together for those homes who will get on the MLS.
Saul Marquez: [00:13:17] Wow that's pretty interesting. So make that choice the snares make that choice that with the now that that's going to be able to get you connected with properties before they even hit the market. Who knows it might be your dream home and you don't want to miss out on that. So one of the things that my wife and I thought about being in health care and also I've had friends ask so I want to ask you here. Should we buy a house next to the hospital. Maybe some insights on real estate near hospitals.
Lyn Wise: [00:13:44] Ok. Well that's a really really good question and I thought of a really good opportunity maybe to focus a little bit on the new Northwestern Hospital which is just about to open in Lake Forest. That's right. Yeah. So it's going to be state of the art. Pretty amazing and I think we're real estate like that is located near a premier hospital buying close to a hospital can be very advantageous. Think a community with a strong hospital presence will definitely tend to increase how we'll use in that community. And I know we're properties we're pretty excited about the new Northwestern Hospital because the House was expected to hire close to 400 new doctors. Yeah doctors it's a lot of actors and there's been a lot of properties and a lot of staff coming up here. That's right. So because of that we're expecting or perhaps only 10 percent of those doctors their home. Like for us that's awesome. It's really great. There are problems with marketing too. New developments come Scott Parkin Amberley place near the hospital. And also we're partnering with Northwestern in support of a lot of programs Haskell sponsorships in support of their board.
Saul Marquez: [00:14:55] Very cool. So are these new developments that just popped up.
Lyn Wise: [00:14:59] They are the recent new developments that they've been building throughout but over the last year. I love new construction new construction is great. I mean I have to say they are beautiful top and amazing high end finishes great landscaping the full package.
Saul Marquez: [00:15:15] Nice. So there you have it. If your provider in or around that northwestern area listening to this definitely you'll have to reach out to Lynn and some of the options that are out there. She's got the top notch selection. Some that are not even on the market. So something to consider there.
Lyn Wise: [00:15:33] Thanks Saul,I really appreciate it. And I say you know the only thing about being too close to high school might be the noise so that when you're buying a property in your house you got point a finger point.
Saul Marquez: [00:15:44] So Lynn do you have any investor tips or tricks that could help save on tax liabilities.
Lyn Wise: [00:15:50] Well one of the things I always like to say when my clients ask me about tax liabilities is that I'm not a tax professional and I always suggest consulting with a professional before making any financial decisions. However that being said as you know we just are going to a whole new league regarding tax reform. So yes so I'm happy to share the impact of tax reform regarding home ownership if we have a few more minutes. We do. OK let's get into it. All right. So prior to 2018 individuals were allowed an itemized deduction for mortgage principal interest on their first and second residences up to a million dollars and up to five thousand dollars a single and you were also able to adopt up to one hundred thousand dollars on a home equity line of credit or a heat lock. So the important thing that to know is in 2018 the double cap at 750 thousand dollars and interest that a home equity line of credit will no longer be doable. So that's going away. Yes so that's going away. So those are things that you should now at all. So yeah and the capital gain exclusions for primary residence will stay the same up to 500000. Gotcha. So that's what we're saying.
Saul Marquez: [00:17:02] That's a good recap on on the taxes it's always good to have a refresh on that. So listeners hopefully you took some notes on these things and and if you did it for any reason don't worry about it. Just go to outcomesrocket.health/lyn that's l y n. And you're going to be able to get the show notes and all the things that we discussed here on the podcast. So Lynn I really want to just say thank you so much for taking the time to be on the podcast to educate the listeners on their home buying purchases. So before we conclude I'd love if you could just share a closing thought and then the best place where the listener could get ahold of you.
Lyn Wise: [00:17:41] Sure. I just want your listeners to know that this is the best time of year to be in the market. Spring market kicks off after Super Bowl Sunday so the day that we're recording this is the perfect day to talk about getting into the market. We're going to see a huge influx of buyers and sellers in the market as we enter the spring months. There's I've seen a big pent up demand by buyers who have been Torri. So if you're thinking about listing your home this spring. This is a great time and this is the time.
Saul Marquez: [00:18:07] And Lyn where can the listeners get ahold of you if they do happen to be in the north shore. What's the best way for them to connect with you.
Lyn Wise: [00:18:14] Ok. The best we ever took that to me is to reach me on my cell phone. I'm always available. They can reach out to me at 847-624-6143 and they can also reach out to me at firstname.lastname@example.org. They can follow me on Facebook Instagram @lynwiserealestate or Linkedin.
Saul Marquez: [00:18:35] Outstanding so listeners. If you didn't have time to write that down don't worry just go to outcomesrocket.health/lyn. That's L Y N and you're going to be able to get all those links as well as the best place to get a hold of her and all the tips that we just discussed. The full transcript will be available there. Lyn, again I just want to say thank you so much for spending time with us today the insights you provided I think will help out our health leaders be even more successful in helping their patients. It starts with them. So you've really been a big help. I thank you for that.
Lyn Wise: [00:19:09] And thank you. Have a great day and I appreciate you having me on.
: [00:19:16] Thanks for listening to the Outcomes Rocket podcast. Be sure to visit us on the web at www.outcomesrocket.com for the show notes, resources, inspiration and so much more.
The Best Way To Contact Lyn: