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Archive for September, 2009
Wednesday, September 30th, 2009
Many people still do not know what a Realtor does or even why to use a realtor. Most think that what we do is drive people around to look at houses and make tons of money in the process. Nothing could be further from the truth! Today a real estate agents job is much more complicated and difficult than most people think. Just think of all the technology out there today and how we use it. You may not think much of going on the internet and looking for a home or condo but a realtor must be up to date on all the technology and what you can get for free off a search engine costs a real estate agent hard cash.
Realtors today work long hours and must wear many different hats to be successful. Most will work with buyers and sellers which present its own set of challenges. When working with sellers the agent works diligently to represent their client and the property to be sold. Agents must be adept at staging properties or something akin to an interior designer to make certain the property is presented in the best possible light to entice as many buyers as possible. The agent’s responsibility to the seller to find the highest and best price possible, definitely a challenge in today’s market. On the other side is the coin is working with buyers which can be some of the most challenging customers in which to work. The agent works to assist the buyer in the purchase of a property but in most cases has a fiduciary responsibility to the seller. The agent will guide the buyer through the maze of purchase contacts, termite inspections, home inspectors, property appraisers, lenders and many more of the requirements necessary to purchase a home or condo today.
Technology today for the Realtor has become just as important as being the consummate sales person. Without all the tools today an agent can find themselves lacking in important and costly ways if they don’t keep up. Instant communication is a must for a successful agent with Blackberry’s and I-Phones leading the way capable of searching the web for newly listed properties, receiving e-mails instantly for showings or just simply to make and receive a phone call. Laptops capable of wi-fi connections have taken the place of older forms of accessing information so now agents can see properties and obtain pertinent information while sitting in their car or restaurant. The technology of all business today has made life easier for all involved but when it comes to buying or selling your home there is nothing like the personal touch of a trusted Realtor.
Tags: Chicago Condos, Chicago condos for sale, Chicago Real Estate, Chicago Realtors, condos in Chicago, Rent to Own Condos
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Wednesday, September 30th, 2009
“Be fearful when others are greedy and be greedy when others are fearful.” The Oracle of Omaha has lived and profited by this credo for decades – enough to make him a perennial contender for the world’s richest man.
Taking this to heart in November or March, stock market investors stood to earn a return of over 60% in just 6-9 short months – the return of a lifetime – as stocks rebounded from from a 50% retraction. But alas, that once-in-a-lifetime opportunity came and went. Luckily, there are likely more opportunities like these on the horizon.
While the big picture of the present state of the economy has made many would-be investors fearful, the savviest investors are being greedy amid other people’s fear. (more…)
Tags: auctions, Condo Auctions, real estate auctions
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Tuesday, September 29th, 2009
Home ownership on any level is wonderful. Nothing gives you a sense of pride like owning your own place and if you live in the Midwest there is nothing quite like Chicago condo properties in which to live. Condo ownership has some very distinct advantages versus a single family home. Let’s say you really hate to mow the lawn, trim and pull weeds, then condo living is where you want to be. Maybe you travel a lot for your job or have hobbies that you want to pursue then, condo real estate is what you need. You love to sit around the pool but can’t afford one. You have few friends and you want to meet new people. You would really like a large home in a gated community with rules and regulations but can’t afford it. Last but not least, there are some great deals in today’s market interest rates are lower than they have been in years. All of these things and more are an excellent reason to buy a condo.
Chicago condo properties have become more and more like their own communities. Today tight knit groups of friends have evolved due to the condo living lifestyle. A close group of friends creates a sense of security knowing you will always have good friends around to help no matter the situation. This sense of community offers frequent social events to take place at the pool or clubhouse which offers many different types of social activities with the total cost spread around rather than paid by a single homeowner.
Condos are king in Chicago when it comes to residential real estate. When it comes time to Chicago condo properties, there are many areas in which to choose. Chicago is certainly known for its downtown skyscrapers but there are numerous other areas that have their own flavor which offers some of the best values in residential real estate. One definite advantage in the Chicago real estate market when buying a condo is that prices are holding steady and there are numerous developments currently underway or proposed for this year. Construction crews are putting up new buildings and older places are being refurbishing to create condos and lofts. It is estimated that over 4000 units will be built in Chicago in 2009 which puts buyers in a great position to get what they want for a good deal.
There are many Chicago condos for sale in a variety of communities and neighborhoods. Chicago is known for its ethnic groups and communities where condos are being built or re-furbished in almost all of these areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
Tags: Chicago condo company, Chicago Condos, Chicago Real Estate, condos for sale in Chicago, Homebuyer tax credit, Real Estate Companies in Chicago, sell a condo
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Monday, September 28th, 2009
There are thousands of homeowners discovering the benefits of environmentally conscious construction and green condos. Building experts and local developers predict that, as the cost of energy rises, consumer demand for so-called “green buildings” will grow. Also, as new building technologies come into wider use, the overhead cost of developing green buildings will drop and become the industry standard. Because green building results in energy cost-saving, healthier surroundings and more durable construction, they’re the future of condo construction. But there are two stumbling blocks. For green condos to catch on, developers have to gain experience working with the new energy-efficient, cleaner technologies to break the cost barrier. Second, realtors and developers have to educate consumers on what they are getting when they buy green.
Most consumers want what is considered today as a high-performance home. In the context of green condos it means a home that is safe, healthy and durable using resources efficiently. Green condos are actually greener than the greenest single family homes. With their high residential densities, they take up less space and preserve open land. In addition, urban condos are closer to metro stations, bus stops and bike trails which discourage people from relying on cars to go everywhere. Additionally, multi-family buildings are inherently green because fewer resources per unit are used to construct and to operate.
The technology today has exploded to cover almost every aspect of construction, materials, landscaping and energy renewal. Home and condo builders today boast many green features, including healthier paint and carpeting, recycling of construction waste, lots of natural light, high efficiency appliances and systems, water conserving fixtures, use of renewable materials, minimal water use landscaping and “green roofs” that help moderate temperature while reducing and filtering water runoff. Architects, developers and builders are all looking at ways to reduce carbon emissions and waste with the long term goal of creating buildings and technologies that produce more energy than they consume. Builders are aiming to offer condo buyers green buildings in the same price range as what they would expect to pay for an old fashioned, non-green condo in the area. It is a bold step for the building trades but they are up to the task to produce a high quality product that is cost effective and the market will ultimately embrace green condos.
Today some buyers are questioning investing in green condos. Green condos are not only fuel-efficient and environmentally friendly but save a lot of money. Who knew that being green could be so economically rewarding? So what’s the question!
Tags: Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago, Homebuyer tax credit
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Sunday, September 27th, 2009
The Rent-to-Own Program is just another great program to take advantage of in today’s market. The Rent-to-Own program means that there is a lease combined with an option to purchase the condo, within a specified time period, for an agreed-upon price. The Rent-to-Own program is a great program for two types of situations. The first being that you are unable to come up with a large enough down payment and the second being that you need time to repair your credit but you want to secure this property.
This program is a good idea for the people who just can’t come up with a large enough down payment. The way that the Rent-to-Own program works is that you would pay the market value rent each month for the property. On top of the agreed upon rent, you would also pay an additional amount of money that will go in a reserve and will be used toward your future down payment at the end of the lease. You will have to come up with more money every month, but this way you don’t lose out on the property and you are making sure that you are saving money.
This program is also fantastic for people who need that additional time for credit repair. The buyers and the sellers agree on the lease period and so the buyer just needs to confirm that the agreed upon time is lengthy enough for them to repair their credit. There are many programs that one can try, including a program called NACA, to learn more about repairing your credit.
The only downside for a buyer in a Rent-to-Own program, is that if that the buyer decides for whatever reason not to purchase at the end of the lease, then their additional money that was put into the reserve and also your 1%-5% down payment will probably be forfeited depending on the terms of the contract. This program is meant to have the buyer purchase at the end and that is why it is designed the way that it is.
Tags: real estate, Real estate condos, Rent to Own Condos, Rent-to-own program
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Sunday, September 27th, 2009
So I have been thinking about moving into the city but I am unsure as to what Chicago Neighborhood I want to live. I know I want a condo unit in a complex as opposed to a brownstone, and I know I want the neighborhood feel but at the same time I want there to be a night life in close proximity. I also want to be close to a gym and grocery store. The last thing on my agenda is that I want my place to be close to all major highways. I don’t want to have to travel 20-30 minutes just to get on the highway. So the question is…what Chicago neighborhood would be the best fit for me? I have narrowed my search by two Neighborhoods, Buck town/Wicker Park or West loop.
I have done a lot of research and it seems that West Loop has the proximity to the highways and it is also close to the lake as well. It would be nice to be a bike ride away from being at the lake. West loop also has many complexes in the neighborhood. The only thing that I don’t like about the units is that most of them are lofts because the West Loop area used to be mostly warehouses that are now converted into condos. I don’t like the idea that you don’t really have any privacy because your wall doesn’t go to the ceiling. The other thing I am not too sure about is the nightlife. This Chicago Neighborhood seems quaint and cozy, but there really is no nightlife, besides a couple of restaurants. The other thing about West Loop is that it is a little pricey because most of the units are fairly new. There are many pros to this area but there are still a few cons, which is why I don’t have my mind made up.
I also like the Wicker Park/Buck town area. It has the neighborhood feel and it is close to a lot of shopping. There are many cute boutiques on the streets and the area has nice character. There is a good night life in Wicker Park so I know there would be plenty to do there. Also, the prices seem much more reasonable than West Loop, although the West loop condos were much nicer. At least in Wicker Park you have a choice. The only cons would be that it is farther from the highway, and also it has many brownstones in the area. There are really not that many complexes to choose from. So again, there are many pros and cons to this area, but it seems to still make it on the top of my list. Narrowing down which Chicago Neighborhood to live in, is definitely not easy!
Tags: Bucktown condos, Chicago Condos, Chicago neighborhoods, west loop condos, Wicker Park condos
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Saturday, September 26th, 2009
Setting the stage, or ‘Staging’ a property for sale is one of the most effective ways to help your property sell quickly and for the best price you possibly can. What staging a condo means is presenting your house so that it looks presentable for potential buyers. A lot of staging is not that difficult and can be done yourself. When staging condominiums there are fundamental principles which must be applied.
In creating the perfect “selling atmosphere” for your condo, spend some time removing any clutter that’s taking up space. It’s always a good idea to remove the clutter to allow viewers the opportunity to imagine their own belongings in the space. This is also easier for you to start off with a clean slate for staging your condo. As condos are usually smaller than homes, the cleanliness is imperative.
Also, many condominiums have limited space so when planning your furniture layout, instead of thinking square footage, think square inch, and make each one count! When shopping for furniture, focus on scale and proportion. Do not pick up large pieces of furniture. Oversized furniture may look great on the showroom floor, but when you get it home it will look much different.
Condo living calls for carefully planned, creatively designed, multifunctional spaces and for the savvy targeted condo buyer, staging a condo with a multi media/home office area is always advisable. You want to design the space. Whether you prefer the clean, contemporary lines of urban style living or the cozy feel of timeless traditional, remember to use color to define your spaces and create memorable wow effects! Too often sellers believe that by keeping the walls neutral, it will make the limited space of a condo look larger. Actually the opposite is true. By bumping out a few accent walls with well chosen colors you not only will add character to the room, but visually add depth, giving the illusion that the space is larger than it is.
Choose fewer, but larger, more dynamic artwork and accessories. This is one of the most frequently made mistakes by sellers who believe you should do quite the opposite. Just remember, scale down your furniture and scale up your artwork and accessories to stage a condo with limited space successfully. Your presentation and end result will be more dramatic and desirable!
Tags: condo living, Condo Staging, condominiums, Selling Your Condo, staging condominiums
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Saturday, September 26th, 2009
A short sale takes place when a bank or mortgage lender agrees to discount a loan balance due to financial or economic difficulties on the mortgager’s part. A short sale occurs typically when one is behind on payments. If someone is late one month on their mortgage and they foresee that they are not going to be able to pay the upcoming months, then the best thing to do would be to short sell your home. I think that it is important to know the step- by- step processes in short selling your home.
The first thing that you want to do is contact a real estate agent. Preferably an agent who is familiar with short sales and the short sale process. The agent will sit down with you and give you a listing presentation specific to short selling your home. The rule of thumb is that the agent will list your home approximately 15% lower than the market value. The price will continue to drop until on offer has been made on the property.
I would also suggest you find a real estate attorney that specializes in short sales. He/she will guide you through the entire process.
As part of the listing presentation the real estate agent will explain to you that you will need to fill out a Short sale packet. This is basically a packet explaining to the bank why you need to short sell your home. The packet includes a financial analysis worksheet that will you have to fill out that will include all of your assets, debt, income etc. You will also have to fill out an authorization of release form so that you and/or your real estate attorney can call the bank to receive information. There is also a hardship letter in the packet in which you are to write a letter to the bank explaining how you got in this situation and why you need to short sell. You will need to provide the lender information, as well as an executed contract and listing agreement. The last thing you need to include is your W2’s for the past two years and also bank statements from the last two months. Every short sale packet varies slightly but this is what I have used for my past experience with sort sales. After completing the packet of information, you will need to send the packet to your lender.
From this point on, the bank is in control. The bank has to review the information in the packet and then have an appraiser come out to do a Broker Price Opinion to see what the value of your home is. After they determine the value, they evaluate the situation and determine the price they are willing to accept. At this point the buyer either accepts or rejects the offer. If the buyer accepts the offer, then the closing takes place within 30 days from acceptance. Your credit will be affected, but not as much as it would if your property forecloses.
Tags: Chicago Condos, real estate, short sale, Short sale condos, short sale process
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Saturday, September 26th, 2009
You’ve probably noticed that green living is everywhere these days. Not only do you hear about people who live green in the news and through politics, but it is in fashion and even technology. Going green has become a lifestyle choice for most of the Gen-X buyers. When searching for a condo/house, the consumers who are conscious about the environment seem to live by the idea of building Green Condos. Others, who are not looking to buy, simply go green by changing their lifestyle.
You are probably wondering what the difference is between a condo that is green and one that is not? Green buildings include a green roof, natural water and air cooling systems, wind turbine for generating buildings own power, solar paneling, natural insulation and many more energy saving techniques. Find a Condo that is green for your next home.
Individuals who are not looking to purchase simply live green by changing the way they do things around their home. There are some simple principles to live by that will help you move toward being green. Try to buy energy star appliances. Upgrading your kitchen with energy saving appliances will save you money in the end. Try to keep your home “closed up”. By this I mean, close the fireplace damper when you are not using it. Insulate your home properly and make sure that all your windows are sealed properly. Plug all holes and check air ducts for any leaks. Another way to stay green is to maintaining your heating and cooling system. Clean your filters regularly and consider upgrading to the latest energy efficient furnaces. An inexpensive method to stay green is to replace your light bulbs with fluorescents and you’ll save about 50% of you lighting energy bill. As far as the exterior-try to choose indigenous plants with deciduous trees planted on the south and west side of your house to keep your house cool in summer and allow the sun to shine through your windows in the winter.
These examples are just some of the ways that you can help our environment and live green! Educate yourself on being green and search for Chicago condos that are built with green materials. Although some of the methods may seem costly at first, you will end up saving money in the long run by choosing to go green. Make the choice to go green and make an impact on the environment.
Tags: Chicago Condos, Find a green condo, Green Condos, Green living, live green
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Friday, September 25th, 2009
Selling a condo at a real estate auction can be very nerve racking if you’ve never done it before. Most people think that an auction means that regardless of what people bid for it, in the end, the price that is the highest is what you’re going to have to sell it for. It really does not work that way.
There are three ways to sell a condo at a real estate auction. Many choose the process of selling the condo by “reserve auction”. This means that when the process of bidding ends and a winner is determined, the buyer signs a contract and then the seller normally has three business days to make a decision if they want to accept the contract. This is 100% full protection for the seller of the condo. There is a slight problem with this. What if the seller does not want to accept the real estate contract? What happens to the buyer? Think about all the effort it took for the buyer to eventually be accepted as a high bidder in this reserve auction.
Let’s think through the entire buyer process. The reserve auction buyer visits the open house after viewing the information on the real estate website. They get attached enough to a property that they decide to go to the bank and get a cashier’s check to bid the day of the auction. During the open house they bring their construction guy to check the place out and get an expert opinion. They then check on financing the condo because they know that the contract will be an as-is contract not subject to them getting financed. They better be prepared that if the bid gets accepted that they can get the additional 95% financed. They will have to put 5% down the day of the event. They do not want to lose this money. So, they go to a bank and get prequalified giving them the assurance that they can bid on the property and win it.
Now it’s the day of the event. The crowd is huge and their excited about bidding on a condo in the real estate auction. The property comes up for bidding and they start the process off. As time goes on two or three people are in the hunt to buy the property as well. After a minute or two the bidding slows down and the buyer wins the condo. But does he really? The seller still has to decide if they’ll accept the bid or not.
The reserve auction is great for a seller but not so great for a buyer. The seller of a condo at a reserve auction must take this into consideration when listing their property in the auction. Will the reserve auction get the attention from buyers because its reserve?
Tags: auctions in real estate, Condo Auctions, real estate auction, selling at a real estate auction
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