Uncategorized • January 5, 2026

New Year Home Checklist: Protect Your Home & Your Peace of Mind

by Karen Daugerdas

A new year is the perfect time to take stock of your home — not just for interior refreshes, but to protect your investment and simplify your life. A few focused tasks now can save you time, money, and stress down the road. Below are easy-to-follow steps to start the year right, plus tips and templates to help you complete each item.

Create a Video Inventory (and Back It Up) Why: Photos and lists are useful, but a room-by-room video gives an immediate, date-stamped visual record of your home and belongings. That helps for insurance claims after theft, fire, or natural disasters.

How to do it:

Take your phone or camera and walk through the house room by room. Narrate what you’re filming (room name, date, and notable items).
Focus on high-value items (jewelry, electronics, appliances, artwork), serial numbers, make/model tags, and any pre-existing damage or features of the home (flooring, windows, built-ins).
Don’t forget exterior items: landscaping, shed contents, outdoor furniture, and detached structures.
Keep videos steady and close enough to capture details when needed.

Storage and backup:

Save a copy in the cloud (Google Drive, iCloud, Dropbox) and another offline copy (external hard drive or USB).
Consider emailing a copy to yourself or storing it in a secure file folder so it’s accessible if devices are lost or damaged.

Sample narration/script: “January 5, 2026 — Living room. Sofa (make/model), two end tables, 60-inch TV (serial number…), framed painting over fireplace, no visible damage to mantel…”

Review and Update Your Home Insurance Why: Life changes — new purchases, renovations, or safety upgrades — can affect how much coverage you need. Being underinsured is costly.

Checklist:

Make a list of new high-value items purchased in the past year (jewelry, cameras, laptops, musical instruments).
Note recent renovations (kitchen remodel, roof replacement, finished basement) and safety upgrades (new roof, security system, smoke detectors).
Compare your calculated replacement cost to your policy’s dwelling coverage and personal property limits.
Confirm any deductible changes and whether you have adequate liability coverage.

Actions:

Contact your agent or insurer with updated information and photos/video.
Ask about discounts for safety upgrades (alarm systems, smoke detectors, deadbolts) and for bundling policies.
Set a calendar reminder 60 days before your policy renewal to reassess.

Check Your Home Warranty Why: If you have a home warranty, it may still cover repairs or replacements for appliances and systems. Knowing the coverage and expiration dates helps you plan any eligible work.

Steps:

Locate your warranty contract and read covered items and exclusions.
Note warranty expiration/renewal dates.
Make a list of any repairs you’ve been postponing — appliances, HVAC, water heater — and check if they qualify for coverage.
If your warranty is nearing expiration, decide whether to renew based on service history and likelihood of future repairs.

Review Mortgage and Loan Documents Why: Mortgage rates, escrow accounts, and loan terms can change. An annual review keeps you informed and prepared.

What to check:

Current interest rate, remaining balance, payment schedule, and any escrow changes.
Any notices from your lender about adjustments or opportunities (refinance, principal reduction).
Tax documents and closing paperwork in case of disputes.

Storage tip:

Buy a small fireproof folder or safe and keep originals there. Also create encrypted digital copies stored in the cloud and on an external drive.

Perform a Home Security Check Why: Security upgrades reduce the risk of burglary and may lower insurance premiums. They also give you peace of mind.

Checklist:

Evaluate locks on exterior doors and consider deadbolts if you don’t have them.
Test all smoke and carbon monoxide detectors; replace batteries if necessary.
Inspect exterior lighting and add motion-sensor lights where helpful.
Consider a monitored or self-monitored security system or cameras. Many systems are affordable and easy to install.
Inform your insurer of security additions — you may qualify for discounts.

Bonus: Simple Annual Maintenance Tasks to Combine with These Steps

Test sump pump, garage door auto-reverse, and GFCI outlets.
Clean gutters, check roof for damage, and inspect the foundation for cracks.
Service HVAC and change air filters.
Flush water heater to remove sediment (or schedule a pro).

Practical Tools and Templates

Video Inventory Template (quick script):
- Start: “Date — Address — Room name”
- Record: major items, serial numbers, any damage, make/model
- End: “End of inventory for [room].”
Digital folder structure suggestion:
- /HomeInventory/Video
- /HomeInventory/Photos
- /HomeInventory/Receipts
- /Insurance/Policy
- /Mortgage/Documents
Reminders:
- Set calendar alerts for insurance renewal (60 days prior), warranty expiry (30 days prior), and annual maintenance (spring/fall).

A little time now means a lot less stress later. Block an hour this weekend to start your video inventory, then spend 15–30 minutes reviewing insurance and warranties. Have questions? Call me. Karen Daugerdas, your Coldwell Banker Real Estate Broker, 847.494.1102.

Selling Your Home • November 10, 2025

Selling Your Home in the Fall: A Quick Guide

by Karen Daugerdas

Thinking about selling but worried fall is “off-season”? Don’t be. If you’re juggling careers, growing families, or big life moves, fall can actually be one of the smartest times to sell. Buyers this time of year tend to be decisive. Fewer listings mean less competition, and the cozy, lived-in feel of autumn helps people picture their next chapter.

Why fall works:

Buyers shopping in fall often have concrete deadlines — job relocation, getting closer to family before the holidays, or wanting to settle before year-end. That means you’re more likely to get offers from people ready to move.
There is less competition because many homeowners wait until spring. Listing in fall often means fewer nearby comparisons and a better chance to stand out.
Autumn staging highlights comfort, storage, and functional living spaces — things buyers in their 30s and 40s care about (kids, pets, home office).
Timing for life transitions: Closing before year-end can help with tax planning, school schedules, or starting a new job in January.

Pricing and marketing — what matters now

Be sure to listen to your agent and price to sell, not to test. Accurate pricing draws motivated buyers fast. Work with an agent who understands local trends and targets buyers in your age group. As a Pricing Advisor, I run multiple reports to analyze the market & current sales to price your home accurately.
Highlight move-in readiness: Buyers value convenience. Promote recent updates, warranties, and low-maintenance features (appliances, HVAC, smart home systems). I often recommend that my sellers include a Home Warranty to sweeten the deal, especially if the house is a few decades old.
Use lifestyle photos and virtual tours: Show the spaces people care about — a functional kitchen, a finished basement that doubles as a playroom or home gym, a back yard that fits weekend BBQs.
Be mobile-friendly, since many buyers search listings on phones. Make sure your listing looks great on mobile and includes short video walkthroughs or a 60–90 second home tour.

Staging tips that resonate with buyers

Declutter for real life: Pack away personal items but leave subtle lifestyle cues — a pair of kid’s sneakers neatly stored, a laptop in a tidy home office, or a clean play area. It helps buyers envision living there.
Show smart storage: Buyers want to know where things go. Highlight closets, garage storage, pantry organization, and mudroom functionality.
Keep decor modern and warm: Neutral but current finishes, natural textures, and a few seasonal touches (a tasteful fall wreath, warm throw pillows) are inviting without being dated.
Light, bright, and flexible: Layer lighting for evening showings and stage rooms to be multi-use (guest room that’s also an office).

Quick fixes that speed offers

Prioritize small, visible repairs: Fix sticky doors, loose cabinet handles, leaking faucets, and cracked grout. These are low-cost but increase buyer confidence.
Tune up the HVAC and water heater: Provide service receipts or recent maintenance to reassure buyers they won’t face surprises.
Deep clean and depersonalize: A spotless, neutral space speeds decisions. Consider professional cleaners if your schedule is tight.
Consider a pre-listing inspection if you’ll be away during showings or want to prevent back-and-forth with buyers.

Be pragmatic on contingencies: You don’t have to accept risky offers, but being open to reasonable requests (flexible closing dates, minor seller credits) can earn faster commitments.
Coordinate moving logistics early: If you’re juggling a job and kids, arrange movers and storage ahead of time — being organized can speed the process once an offer is accepted.

Common fall seller mistakes (and how to avoid them)

Overdoing seasonal decor: One or two tasteful fall touches are fine; avoid a full holiday makeover that distracts buyers.
Letting curb appeal slide: Wet leaves, cluttered gutters, and unshoveled walkways are turn-offs. Keep the exterior tidy and safe.
Ignoring remote buyer needs: Many buyers rely on virtual tours and detailed listing info — don’t skimp on photos or floor plans.

Final takeaways If you’re ready to sell, fall is a practical, potentially advantageous time. Buyers are motivated, competition is lower, and the season naturally highlights the cozy, functional features your peers care about. Focus on realistic pricing, targeted marketing, quick fixes, and staging that showcases real-life living. With a few smart moves, you can get your home sold fast — and return your focus to career, family, or your next adventure.

For all your real estate questions, call Karen Daugerdas, Coldwell Banker REALTOR, Pricing Advisor, Seniors’ Specialist & Buyer’s Representative, 847.494.1102, karen.daugerdas@cbrealty.com.

Cook County Delays in Property Tax Exemptions & Certificates of Error

by Karen Daugerdas

Due to a countywide technology upgrade, both the second property tax bill of the year, as well as processing of Certificates of Error applications are temporarily on hold. The county anticipates that the new bills will be available before the end of 2025 and no applications for errors or refunds will be issued at this time. Applications can still be filed, but they will be processed at a later date.

When your application is processed, you will receive an email notification with the result. You can also check the status of your application by logging into your account and clicking on “My Filings” on the top of the Page.

Property tax exemptions are savings that contribute to lowering a homeowner’s property tax bill. The most common is the Homeowner Exemption, which saves a Cook County property owner an average of approximately $950 dollars each year.

To determine which exemptions are currently being applied, you can review your Property Details, and then review the Exemption History and Status section of the Cook County website to determine which exemptions were received.

New homeowners and returning applicants can apply online.

If a homeowner believes they are entitled to exemptions in previous tax years, file a Certificate of Error application.

Homeowner Exemption

Most homeowners are eligible for this exemption if they own and occupy the property as their principal place of residence. Once this exemption is applied, the Assessor’s Office auto-renews it for you each year. This exemption provides savings by reducing the equalized assessed value of an eligible property.
This exemption automatically renews each year.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020 with a Certificate of Error.

Senior Exemption

Most senior homeowners are eligible for this exemption if they are 65 years of age or older and own and occupy their property as their principal place of residence. Once this exemption is applied, the Assessor’s Office automatically renews it for you each year. A Senior Exemption provides property tax savings by reducing the equalized assessed value of an eligible property.
This exemption automatically renews each year.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020.

Senior Freeze Low-Income Senior Exemption

Most homeowners are eligible for this exemption if they meet the requirements for the Senior Exemption and have a total household annual income of $65,000 or less in the calendar year. This exemption provides significant savings by “freezing” the equalized assessed value of an eligible property.
This exemption must be filed annually.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020.

Persons with Disabilities Exemption

Homeowners eligible for this exemption this year must be disabled or become disabled during the 2023 tax year. This exemption provides property tax savings with an annual reduction in the equalized assessed value of a property. This exemption will automatically renew due to new state legislation.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020.

Returning Veterans Exemption

Provides veterans returning from active duty in armed conflict with a reduction in the equalized assessed value of their property – for each taxable year in which they return. This exemption must be filed annually. This exemption must be filed annually.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020.

Veterans with Disabilities Exemption

Provides veterans with a service-connected disability as certified by the U.S. Department of Veteran Affairs with a reduction in the equalized assessed value (EAV) of their property. The amounts of those EAV deductions depend on the level of disability. This exemption must be filed annually.
Missing Exemptions: Redeem savings for tax years 2024, 2023, 2022, 2021, and 2020.

NEW: WWII Exemption

Beginning in tax year 2024, legislation passed that allows veterans who were members of the United States Armed Forces during World War II regardless of their level of disability rating to receive property tax savings. The term “World War II” means the period beginning on December 7, 1941, and ending on December 31, 1946. If any of the veteran’s service was performed during this time frame, the veteran is considered a World War II veteran.
This exemption will automatically renew.
Missing Exemptions: Redeem savings for tax years 2024.

Long-Time Homeowner Exemption

Only 2% of homeowners in Cook County qualify for this exemption. This exemption provides homeowners with an expanded Homeowner Exemption with no maximum exemption amount. In addition to meeting income and residency requirements, applicants must also have a significant assessment increase that exceeds the maximum amounts set by the state legislature. Applications will be mailed directly to potentially eligible homeowners. This exemption must be filed annually.
Homeowners can now apply for a 2024 Certificate of Error.

Allows homeowners to add improvements to their home that add to its value (for example, by increasing the building’s square footage, or repairing after structural flood damage) without being taxed on up to $75,000 of the added value for up to four years.
This exemption lasts up to four years. No application is required, since Cook County automatically applies this exemption to eligible properties.

*Please Note: Equalized Assessed Value (EAV) is not the amount of your taxes. The EAV is the taxed value of the property. A reduction in EAV is not the dollar amount reduction on the tax bill. Each property’s tax bill is affected by its EAV and its local tax rate that year.

Missing exemptions from prior tax years?

The Certificate of Error process allows homeowners to redeem missing exemptions. Homeowners can file for past exemptions for tax years 2023, 2022, 2021, and 2020 when they open it up to filing again, following the computer technology upgrade.

Have a real estate question? Call Karen Daugerdas, your family Coldwell Banker Real Estate Broker at 847.494.1102, karen.daugerdas@cbrealty.com.

Selling Your Home • Seniors • September 24, 2025

Selling a loved one’s home? What to do, and NOT do!

by Karen Daugerdas

Selling your parent’s home or that of a loved one can become a battleground between family members when practical decisions about pricing, renovations & profit sharing collide with emotional attachments and family dynamics. It can turn a simple real estate sale into a battle of trying to sell the home & salvage relationships.

First, set up who does what: Some family members may have different financial interests, timelines & preferences in the sale of the family home. Clear decision-making processes need to be established to make certain everyone feels heard.

A key to managing conflict with siblings & other family members is communicating clearly. Actively listen, let viewpoints be expressed & clarify “Does that make sense to everyone?”.

Put it in writing. It may seem unnecessary, but people hear things differently. To avoid selective hearing & misunderstandings―or arguments between family members, make sure all the decisions are written down. This includes the listing information, sales price, marketing, timing, distribution of proceeds and more. Follow up the conversations with emails the recap what was said & what next steps are.

Most family members share a common goal when it comes to selling the family home. They want a fair price, for the process to be handled professionally & successfully & for everyone to be heard.

If conflict becomes too extreme, take a break. This can help to reset the process, allowing everyone to regroup & refocus to move forward. Make plans to return to the process when everyone has cooled down & is ready.

Some common mistakes to avoid:

Setting the price too high
Selling “As-Is”
Not eliminating clutter
Overlooking repairs
Trying to “hide” problems
Cutting costs on marketing, advertising & photography
Being unwilling to negotiate
Letting emotions rule

If you have questions about selling real estate for a loved one, contact a Seniors’ Real Estate Specialist (SRES®), like Karen Daugerdas, your local Coldwell Banker REALTOR®, 847.494.1102, karen.daugerdas@cbrealty.com.

Buying a Home • First Time Buyer • September 4, 2025

What every first-time homebuyer should know

by Karen Daugerdas

What should you know as a first-time homebuyer before jumping into the real estate market? Buying a home is a huge milestone and can bring a mix of excitement and stress. Let’s break down the process into understandable steps and give you practical advice to make your journey smoother and more successful.

Understand Your Financial Situation

Check Your Credit Score
Determine Your Budget
Save for a Down Payment
Consider Additional Costs

Before you even start looking at houses, it’s critical to understand your financial health. First, check your credit score, because it impacts the mortgage interest rates you qualify for—higher scores generally mean better rates and lower monthly payments. Next, figure out a realistic budget. Don’t just look at the sticker price of the home—use mortgage calculators to estimate monthly payments, including principal, interest, taxes, and insurance.

Saving for a down payment is usually the biggest hurdle. Depending on the loan type, you may need anywhere from 3% to 20% of the home price. Also, remember there are other expenses like closing costs, moving expenses, and ongoing maintenance that you should budget for. Having a clear financial picture will prevent surprises later.

Know Your Mortgage Options

Fixed-rate vs. Adjustable-rate Mortgages
Loan Programs (FHA, VA, USDA)
Get Pre-Approved
Interest Rates – Shop Around

Mortgages come in several types, the most common being fixed-rate and adjustable-rate mortgages (ARMs). Fixed rates stay the same over the life of the loan, providing predictability. ARMs may offer lower initial rates but can increase over time depending on the market.

For first-time buyers, government-backed loans like FHA (Federal Housing Administration), VA (Veterans Affairs), and USDA loans might be available. These often require lower down payments or have more flexible credit requirements.

Before you shop for a home, get pre-approved by a lender. This process gives you a letter that shows sellers you’re serious and lets you know exactly how much you can borrow. Don’t just stick to one lender—shop around to get the best interest rates and loan terms possible.

Choose the Right Location

Commute Times
Neighborhood Safety
Schools & Amenities
Future Development & Property Values

Location, location, location is an old real estate saying for a reason. Think beyond the house itself and consider the neighborhood. How long will your commute to work or school be? If you have or plan to have children, research the quality of nearby schools.

Amenities like parks, shopping, restaurants, and public transportation add convenience and can affect your quality of life. Also, look into future development plans for the area as that can impact property values positively or negatively. Research neighborhoods thoroughly before deciding.

Work with Professionals

Real Estate Agent
Mortgage Broker/Lender
Home Inspector
Real Estate Attorney

Buying a home is complex and having the right team can make a big difference. A qualified real estate agent will have local market knowledge, help you find properties, negotiate offers, and guide you through paperwork. New regulations also require you to sign a Buyer’s Agreement, outlining fees and commissions, before you even see a house.

Your mortgage broker or lender will help you understand and secure your loan. Once you have a home in mind, it’s wise to hire a licensed home inspector who will check the property for issues like foundation problems, electrical systems, or pests.

Your real estate attorney can review contracts and represent you legally during closing. Don’t hesitate to ask questions and lean on these experts for clarity.

Understand the Homebuying Process

Get Pre-Approved
Start House Hunting
Make an Offer & Negotiate
Home Inspection & Appraisal
Finalize Mortgage & Close

Let’s walk through the typical steps:

Get pre-approved to know your budget and show you’re a serious buyer.
House hunting involves visiting homes, attending open houses, and evaluating options. It can take time, so be patient.
When you find a great home, you make an offer. Your real estate agent will help draft the offer and negotiate terms with the seller.
Once accepted, you’ll schedule a home inspection to check for problems and an appraisal to confirm the property’s value for the lender.
Finally, you’ll finalize your mortgage paperwork and attend the closing. This is when you sign documents and officially become a homeowner.

Understanding this flow will help set expectations and keep things on track.

Be Prepared for Closing

Review Closing Disclosure
Bring IDs, Funds and other Required Documents
Understand Closing Costs

Closing can be overwhelming if you’re not prepared. You’ll receive a Closing Disclosure a few days before the closing date—review it carefully because it outlines all final costs, your loan terms, and the money you need to bring.

Make sure to bring a government-issued ID, proof of homeowner’s insurance, your down payment funds (usually via certified check or wire transfer), and any other documents requested by your lender or closing agent.

Closing costs typically range from 2% to 5% of the loan amount and cover lender fees, title insurance, taxes, and recording fees. Being aware of and ready for these expenses will help your closing day go smoothly.

Moving In and Beyond

Set up Utilities & Change Address
Plan for Maintenance & Emergencies
Budget for Property Taxes & Insurance

After closing, you’re officially a homeowner, but the work doesn’t stop here. Set up utilities like electricity, water, internet, and gas before moving in. Don’t forget to update your mailing address for banks, subscriptions, and government agencies.

Owning a home means ongoing maintenance—plan and budget for repairs, lawn care, and unexpected emergencies. Keep an emergency fund related to homeownership.

Additionally, property taxes and homeowners’ insurance are recurring expenses that should be factored into your annual budget to avoid surprises.

Tips for First-Time Homebuyers

Don’t rush—buy what you can afford and need
Avoid new debt before closing
Communicate openly with your team
Consider future resale value

A few final tips: Don’t rush into buying just because you want to be a homeowner. Make sure the property fits your needs and budget comfortably.

Avoid taking on new debt, like car loans or credit cards, right before closing because it can affect your loan approval. Keep your credit stable.

Maintain open communication with your real estate agent, lender, and other professionals to avoid misunderstandings.

Finally, think about the future—how easy will it be to resell your home when the time comes? Look for features that maintain or increase value.

Have additional questions? Call Karen Daugerdas, your family REALTOR ® and Accredited Buyer’s Representative (ABR ®) at 847.494.1102, karen.daugerdas@cbrealty.com.

Selling Your Home • Seniors • July 9, 2025

Navigating Life’s Next Chapter: Helping Seniors Sell Their Homes with Care & Confidence

by Karen Daugerdas

Karen Daugerdas, Coldwell Banker REALTOR® & Seniors’ Real Estate Specialist®

Selling a home is always a significant decision. But when it comes to seniors, it’s more than just a real estate transaction. It’s about closing one chapter & carefully, compassionately beginning the next.

Most seniors make major real estate decisions between the ages of 72 & 74. At this stage, many are still independent & actively planning for the future, yet they’re also keenly aware of the realities that come with aging. It’s a time when having the right support system—both emotionally & professionally—can make all the difference.

As a Coldwell Banker REALTOR® & Seniors Real Estate Specialist® (SRES®), I understand the unique challenges older adults & their families face. The process of downsizing, transitioning to assisted or independent living, & navigating healthcare & financial options can be overwhelming. For many families, this shift comes with uncertainty, emotional strain, & a long to-do list that’s difficult to tackle alone.

You might be wondering:

Where do we even begin?
What are the best living arrangements for my parent’s current & future needs?
Can we afford the care they require now & in the future?
How do we begin sorting, packing, & moving decades of memories?
What resources are available to help with Medicaid, Veterans benefits, or senior housing programs?

These aren’t simple questions—& there’s no one-size-fits-all answer. That’s why I don’t just help seniors sell their homes. I work alongside a trusted network of moving professionals, eldercare workers, financial & legal advisors to provide your family with a comprehensive, compassionate plan. As a former Project Manager, I help you every step of the way, from building your team to creating a program & a timeline, to listing the home & ensuring a smooth transition into the next phase of life. I’m here to guide you through each step with patience & expertise.

If you’re helping a loved one navigate this life-changing process, know that you don’t have to—and you shouldn’t—do it alone. Whether you’re just starting to consider the options or you’re in the thick of decision-making, I’m here to lighten the load.

Let’s talk—confidentially & without pressure—about how I can support you & your family during this important transition.

Karen Daugerdas, Coldwell Banker REALTOR® & Seniors’ Real Estate Specialist®
📞 Call/Text: 847-494-1102
📧 Email: karen.daugerdas@cbrealty.com

Uncategorized • June 13, 2025

Senior Citizen Real Estate Tax Deferral Program – More than a Senior Discount

by Karen Daugerdas

There are growing concerns that increases in property tax bills due to recent re-evaluations are pushing senior citizens to leave their homes.

Some seniors take the Senior Exemption, which lowers their property tax based on reaching age 65 and above. There is also The Senior Freeze, for eligible senior homeowners whose household income is no higher than $65,000 per year, including all residents of the home.

But what do those seniors in the middle do? They may be above the $65,000, even by $1, and can’t afford the new property tax based on the new re-evaluations of their home value. There is one additional choice – a Senior Tax Deferral.

In Illinois, this program allows qualified seniors to defer a maximum of $7,500 in property taxes per tax year (including 1st and 2nd installments) on their primary home. This is a loan, not a discount, from the State of Illinois and is paid when the home is sold, or upon the death of the owners.

The deferral allows property owners aged 65 or older to “borrow” money from the state to cover their property taxes.

For some, this can make the difference in staying in their home, falling behind on their taxes or having to sell.

The requirements for the program are:

Be 65 years of age or older on June 1 of the year the application is filed.
Have a combined household income of $65,000 or less.
Have lived in the home for the past 3 years.
Have no overdue property taxes or pending special assessments.
Maintain adequate fire or accident insurance.

You may defer up to $7,500, with an interest rate 3%. If the taxes are greater, the owner is still responsible for balance. It is the owner/taxpayer’s responsibility to pay the remaining amount to the Cook County Treasurer’s Office & late payments are assessed at an interest of 0.75% per month until the tax is paid in full.

Taxes must be re-paid immediately upon the sale or transfer of the property, or within one year after death.

What about your Mortgage?

Although written approval from your mortgage lender is not required, seniors should notify their mortgage lender of their intent so they can confirm that participation in this program will not violate any terms of the mortgage agreement or any “reverse-mortgage” agreement.

What if my property is in a Trust?

The only trust that is allowed for this deferral is an Illinois Land Trust with the senior and their spouse as the sole beneficiary(s).

The Illinois Land Trust handles ownership. This is similar to a revocable living trust. The title is held by a trustee while the senior/owners retain the ability to enjoy all the rights and responsibilities of owning the property.
When property is placed into a land trust, the interest is essentially converted to personal property. The benefits of that characterization are that the property becomes simpler to manage and convey than an interest in real property.

Applications for the fiscal year must be submitted by March. Per state law, there are no time extensions OR Certificates of Error for the deferment.

At cookcountytreasurer.com, under the “Seniors” tab, seniors can find information about the program, a link to a downloadable brochure and an application that can be printed. In addition, the Cook County Treasurer’s Office has videos in English, Spanish, and Polish on the website and social media platforms.

If you have exhausted other resources & exemptions, the deferment may be the best alternative to staying or leaving your home.

For more real estate questions, contact Karen Daugerdas, Coldwell Banker REALTOR & Seniors’ Real Estate Specialist at 847.494.1102 or karen.daugerdas@cbrealty.com.

Buying a Home • Home Equity • Real Estate Sales • Selling Your Home • Seniors • May 2, 2025

Pay cash for your new home? It may not be just a dream!

by Karen Daugerdas

Did you ever think you could pay cash for your new home? Thanks to recent home price appreciation, homeowners have near record amounts of equity, which simply is the difference between what you owe on your home & what your home is worth.

On average, homeowners have $311K worth of equity. Once you sell, you can use it to fund your down payment on your next home or maybe even to buy a smaller house in cash. By paying cash, you avoid qualifying for a mortgage, mortgage fees & restrictions. You don’t need to pass an Appraisal, since you won’t be getting a loan, although I always advise to still get a home inspection.

There are a lot of benefits to paying cash, including instant equity in your new home, since you are not paying down a loan. You also won’t need to buy Mortgage Protection Insurance (MIP) which protects the lender of a loan, not you, AND, maybe the best feature of paying cash – you could be a more attractive buyer to a seller in this market, since you won’t be waiting for mortgage approval. Of course, you need to sell your home first to access the equity & cash for a new home purchase. Some clients have opted to sell, take a short-term rental while they are waiting to find their next cash home, and speeding up the process!

If you want to find out how much equity you have, call me. I can do a current market analysis (CMA). Maybe moving is a lot more feasible than you’d think!

Karen Daugerdas, Coldwell Banker REALTOR®, Pricing Advisor®, Seniors’ Real Estate Specialist®. 847.494.1102. #equity #cashforyournewhome #karenisourfamilyrealtor👱‍♀️
#karenbuysandsellshomes🏠
#CBProud💙#poweragent

Real Estate Market • Seniors • Uncategorized • April 17, 2025

Is America’s Housing Market Failing Older Adults?

by Karen Daugerdas

The US population is aging. Within the next decade, older adults will outnumber children for the first time in American history. As Americans live longer, their housing needs will change, but our current housing market is ill prepared for this demographic shift, according to Linna Zhu and Amalie Zinn of Urban Wire/Institute.

Today, senior households—many of whom are on fixed incomes—are facing a combined crisis of housing affordability, accessibility, and availability. As the country’s population ages and without action by policymakers, the consequences will be severe.

Over the past two decades, the number of senior households considered severely cost burdened—those spending more than half their income on housing—has nearly doubled, rising from 5.2 million to nearly 11.7 million, according to American Community Survey data. And the share of severely cost–burdened senior households has increased. In 2000, 11.5 percent of households headed by someone 50 or older were severely cost burdened. By 2020, the share increased to more than 16 percent.

Housing cost burdens are driven not only by one’s rent or mortgage payments, but by the cost of utilities, home insurance, property taxes (PDF), maintenance, and other fees.

Some demographic groups are more affected than others. Renter households are more likely than owners to be cost burdened at all ages. Older seniors, those 75 and older, are more likely to be cost burdened than younger seniors. Other research finds that rising insurance premiums have also made senior living communities more expensive.

According to the Urban Institute analysis of 2000–23 American Community Survey, households are severely cost burdened if they spend more than 50% of their income on housing costs.

Unlike younger adults, who can change their spending in response to rising cost burdens, seniors, especially those on fixed incomes, have less flexibility. For older adults facing increased or unexpected housing costs, limited budgeting alternatives can lead to homelessness. Between 2019 and 2022, the share of older adults experiencing homelessness increased 37%.

Survey data suggest that most older adults want to remain in their current homes and communities as they age. But affordability and accessibility present challenges.

According to the latest data from the American Community Survey, more than 75% of senior households live alone or with only one other person, yet 60% of these households live in homes with at least three bedrooms. These homes may not only be too big—they might be too old or in poor condition. Nearly half of large homes rented and owned by seniors were built before 1980 and might require serious renovation or modification.

The Urban Institute analysis of 2020 Health and Retirement Study noted that a household is considered lacking the financial assets to modify their home if their financial assets are below the median out-of-pocket expenses paid for accessibility modifications by other seniors of the same tenure.

According to data from the latest Health and Retirement Study, 34% of households headed by someone older than 50 lack the financial resources to cover the median out-of-pocket expenditures on home modifications. Renters in particular are more likely to lack the resources for renovations, with 58% of older renting households unable to cover median expenditures compared with 27% of homeowners.

Even if older adults want and have the means to move, the severe housing supply shortage has led to a limited available housing stock, particularly at the affordable end of the market. Only 10% of the country’s housing units are ready to accommodate older people, as most homes have entryway steps, only upstairs bedrooms and bathrooms, and inaccessible bathrooms.

Research suggests that many older adults might want to move closer to their children, meaning they might be searching for housing in high-cost areas with amenities important to younger people, like employment opportunities and strong school districts. Older adults that require greater levels of care might face even more barriers, as the cost of independent- and assisted-living communities are prohibitively high, in part because of the high cost of housing development.

Increasing affordable housing supply—and especially the supply of smaller, accessible homes in areas where seniors want to live—can improve the well-being of senior households. To ensure that senior households can move if that is best suited for their needs, federal, state, and local policymakers can

change zoning regulations to allow for multigenerational and intergenerational housing, as well as backyard accessory dwelling units;
ease the way for more homes to get built, particularly at the affordable end of the market; and
ensure the Federal Housing Administration has the resources to increase lending for senior living and health care facilities.

The housing needs of seniors will continue to evolve, especially as the country’s demographics shift and senior households make up a larger share of the population. To prepare for the coming decades—by building the necessary homes and making policy changes—we need research to make future needs clear.

Projections of future housing needs among older adults—especially those that account for climate vulnerability, insurance cost increases, health status, social connections, and changes in senior incomes and benefits—could provide crucial insights. The collection and publication of population-level data on senior housing decisions, challenges, and outcomes at detailed geographic levels can support this work and clarify problems and solutions.

Information and data provided by Linna Zhu and Amalie Zinn of Urban Wire/Institute.

If you have questions regarding housing for seniors, contact your local Seniors’ Real Estate Specialist®, Karen Daugerdas, Coldwell Banker REALTOR® at 847.494.1102 or karen.daugerdas@cbrealty.com.

Uncategorized • March 24, 2025

Apply for Property Tax Exemptions NOW!

by Karen Daugerdas

Exemption applications for the 2024 tax year are now available online. Exemptions are savings that contribute to lowering a homeowner’s property tax bill. The most common is the Homeowner Exemption, saving a property owner an average of $950 dollars each year. As a reminder, exemptions are reflected on the second installment property tax bill, so you would not have seen it on the first installment bill.

The deadline to apply is Monday, April 21, 2025. See the full list of exemptions here.

Here are three key things that homeowners should be aware of when applying for exemptions.

New homeowners, first-time applicants, or those that need to reapply can now do so online by visiting, www.cookcountyassessor.com/exemptions. Homeowners are strongly encouraged to apply online so there is a digital record of their application.
Homeowners need to submit annual filings for the “Senior Freeze” and Veterans with Disabilities Exemptions. Seniors and Veterans that need to reapply will be mailed application booklets in the mail, but are encouraged to apply online.
The automatic renewal of the Homeowner, Senior, and Persons with Disabilities Exemptions will continue, postcards will be mailed to households confirming that the savings will be applied and no action is needed.

How to Check Your Exemptions
If homeowners are unsure of their existing exemptions, they can check by reviewing their “Property Details” and review the Exemption History & Status section.

Multilanguage Applications Available
The Assessor’s Office is proud to announce that exemption forms are available in English Spanish, Polish, and simplified Chinese. Applications can be downloaded at www.cookcountyassessor.com/exemptions.

Join a Virtual Workshop
Homeowners can join virtual and in-person workshops to learn about exemptions and how to apply. For a list of upcoming in-person and virtual outreach events, www.cookcountyassessor.com/event-list.