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Archive for the ‘Chicago Real Estate’ Category
Tuesday, February 2nd, 2010
All we hear right now is about unemployment, health care reform and bailouts. That doesn’t mean there has not been talk of the real estate market and what is happening in that part of the economy. The question I am hearing more each day is, why should I buy now? Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it. Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward. And down is not always a bad place to be since the only other way is up. Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.
Why should I buy now? There are several factors that are in your favor by acting now.
Pride of ownership is the number one reason people want to buy a home. Home ownership offers you and your family a sense of stability and security while making an investment in the future.
Home ownership is currently one of the best tax shelters available with the volatility of today’s stock market. Mortgage interest is fully deductible on your tax return which lessens your tax burden year after year.
Mortgage reduction builds equity in your home. Each month you make a payment the principal portion of your loan goes down and as the principal goes down and the price of your home goes up, you are building equity or more asset value.
Another reason to ask yourself why should I buy now is interest rates are lower than they have been in years. Do you realize that you may be able get a 30 year fixed rate for less than 5% which makes a purchase start to look very appealing and if you tie that with anticipated inflation you will be paying back the loan with devalued dollars meaning you are getting more for your money than when you started. That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent. Would you have imagined several years ago that you could get free money and a great interest rate on buying a home? If you are like most of us you would have laughed us out of the place, but it is happening now. We would never have guessed it just like we are never going to guess the bottom of the housing market. So just do it!
Tags: Buy a Condo, Chicago Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos for sale in Chicago, condos in Chicago
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Tuesday, January 12th, 2010
Schaumburg is probably best known for some of the best shopping Illinois. It is the largest center of retail development in Illinois outside of Chicago. What am I talking about, Woodfield Mall, of course, one of the largest malls in America in terms of retail square feet. That is why Schaumburg condos can be such a great value with all the conveniences of shopping, parks, transportation and recreation. The Schaumburg area has become an attractive place to live with the many transportation arteries enabling you to get to any location with a short drive or train ride.
The entire northern Illinois condo market is expected to be positively impacted by a shift in the values of the American homebuyer. Schaumburg condos offer the next generation of home buyers who are more inclined to low maintenance, high technology buildings than their predecessors an alternative to single family residential living. These prospective purchasers, the twenty-something’s and thirty-something’s have needs and preferences quite similar to the baby boomers. They want modern, high-quality homes convenient to amenities with not a lot of upkeep. Just like the baby boomers who are retiring these condo buyers are looking to be near an exciting locales. The Schaumburg area is quickly becoming one of the most sought after areas in which to live in northern Illinois.
There are a few things you may want to consider if you are thinking of buying a Schaumburg condo. Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With these associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. Since you are buying a larger piece of real estate, other people’s problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds. If you make a wise decision, you will be rewarded with many conveniences and a great condo in a great locale.
Tags: Buying a condo, Chicago Condo, Chicago Real Estate, condos in Chicago
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Monday, January 11th, 2010
You can’t miss the talk about the economy, stimulus money and bailouts that is the topic of every newscast on every station. The real estate market is no exception and many experts feel that the only way to a lasting economic recovery is through the housing sector. Housing has in many of our other recessions lead the way with employment and the stock market not far behind. No matter what type of economy we are experiencing real estate is not unlike buying any other investment. You want to buy low and sell high but how do you do that with different types of markets.
Real estate gurus and investors talk about a variety of different types of real estate markets but there are really on three types, buyers, sellers, and neutral. In each of these types there are opportunities if you know what each type means and how to best capitalize on it. A buyer’s market is when there is more inventory or homes than buyers. Because there are so many homes available not every home will sell which continues to add to the inventory and this type of cycle can be hard to break. But the buyer’s market also facilitates potential purchasers to buy low with the hopes at some point to sell high. Timing can mean everything in this type of market but as yet no one has come up with a foolproof formula. The next type of real estate market is a seller’s market which at face value doesn’t seem like there would be many opportunities for buyers but not so fast. In a seller’s market there are more buyers than homes available for purchase. You might think sellers have the only advantage but buyers can make money by quickly flipping properties because in a seller’s market prices tend to move up quickly. Again trying to hit the right timing can make the difference in making money or losing it. The last type of real estate market is a neutral market. This is the type of market we would like to stay in for most of our economic life. The other two are far too volatile and the risks are much greater. Typically, interest rates are affordable and the number of buyers and sellers are relatively equal. Neutral markets offer positive results for buyers and sellers alike with no real indications that favor one over the other. The opportunity in this market has a positive effect on buyers and sellers. Buyers get the home they want and sellers can move up to more expensive housing or downsize preparing for retirement.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago, sell a condo
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Monday, January 4th, 2010
Choosing the right Chicago Realtor can make all the difference in the world. Chicago contains some of the most culturally rich communities in the United States. Each neighborhood maintains a strong identity due to what immigrant population first settled the area and with the gentrification of many of these neighborhoods that original culture remains alongside many other diverse ethnic groups. Chicago is partitioned into four main sections, Downtown, the North Side, the South Side, and the West Side with over 77 different neighborhoods each offering a certain style of living. Knowing where to look could be overwhelming. Most agents only know a few of these neighborhoods so you might have to talk with several companies to get a good feel for what area in which you might want to buy.
Each of the neighborhoods in Chicago offers new construction as well as conversions of older brown and graystones and converted apartment buildings. The amenities in any of these can be quite diverse. Older buildings do not always mean older wiring or plumbing. Chicago Realtors and developers are ahead of most others using premier products and state of the art technology. Walking into some of the older conversions can seem like a walk in the past but underneath is an infrastructure of the highest quality and workmanship. Condos in Chicago today are known throughout the country for their design and quality.
With so much to look at and know what does a Chicago Realtor do for you? Most people don’t know and are sometimes reluctant to find out because they think working with a realtor is going to cost them money. In some instances this is absolutely correct but with most people looking to buy a home or condo there is no cost.
So let’s take a look at some of what a realtor can do for you.
- Send you detailed listings of areas and property types of your choice
- Make appointments and accompany you to see your selected properties
- Update and inform you on all important information in the real estate market
- Aggressively negotiate on your behalf
- Assist you with resources regarding financing matters
- Give you all my experience and guide you through the entire buying process
A good realtor does all these things and more to make sure the decision you make is one you are comfortable with and feel is the right thing to do, especially in today’s volatile market.
Tags: Chicago Condos, Chicago condos for sale, Chicago Real Estate, Chicago real estate agents, Chicago real estate jobs
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Thursday, December 31st, 2009
As with every New Year there are resolutions, prognostications and predictions of what people think will happen in the future. This year is no different than any other with the exception it is the beginning of a new decade and the outlook for 2010 is just as hazy as any other year. One thing that is for sure is the coming year will be what you make of it. We have heard for the past two years that the economy is getting stronger, weaker or stagnant depending on which economist or financial wizard you choose to listen. One thing is for sure and that is people in general do what they need to do no matter what may be happening on the national or international level and that may be the reason why this year may be the time to buy your home or condo.
There are many economists out there today that say prices have stabilized or on the verge of bottoming out and their outlook for 2010 is to buy now. Home prices are now more affordable than they have been in decades and tie that with low interest rates and why would you not buy your primary residence and possibly an investment property now. Interest rates may be on the rise due to several factors but are not expected to be much more than a ¼ percent higher than earlier this year. In other words, your payment on a $100,000 mortgage would be approximately $15.00 higher per month than earlier. That amount is not going to influence anyone who is seriously thinking on purchasing a home to change their minds. Interest rates have a tendency to increase over time when the economy starts to improve so there is a window of opportunity in the first quarter which you don’t want to miss.
There is another reason the outlook for 2010 is so attractive. The Homebuyer Tax Credit has been extended until April 2010 and not only for first time buyers but now for anyone who meets the very generous requirements. First time homebuyers can receive up to $8000 tax credit and now all buyers meeting the guidelines can receive up to $6500 tax credit. Remember this is a dollar for dollar credit unlike any we have seen in the past or likely to see in the future.
Each New Year many people take a look at the previous year and evaluate where they have been and set goals for the coming year. If you have been thinking about buying a home or investment property this might well be the year. The indicators are there and as we all know the future cannot be completely known but those of us who act on the best information possible usually come out ahead.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago, real estate
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Thursday, December 24th, 2009
Oak Brook is a premier community with spacious residential areas containing many large mansions and condominium complexes. Oak Brook offers some of the most unique and exciting places to live in the Chicago area. One of the most attractive reasons many people choose to live in Oak Brook is the proximity to downtown Chicago and the fact that property owners do not pay property tax to the village, as services are primarily funded by sales tax receipts. Oak Brook has one of the most popular malls in northern Illinois and is home to many recognized national and international companies, such as McDonalds, Ace Hardware, Federal Signal Corporation, Lions Clubs International and many more.
Oak Brook was first incorporated in 1958 due in large part to the efforts of Paul Butler, a prominent civic leader and land owner. The family first came to the area in 1898 and opened a dairy farm. Early on potential residents recognized the beauty of the area and the wide open spaces in which to build. Much of the Butler land was acquired by the village including what is now the site of the Oak Brook Center shopping mall. Other properties were developed as well for the purchase of homes and condos and today Oak Brook has become one of the most sought after communities in the Chicago area.
The area is known for its interest in sports which is why many people have gravitated to the area. The village offers recreational facilities not commonly found in similar places of that size, such as the Oak Brook Sports Core, the Polo Grounds, and a nationally ranked golf course which was a onetime host to the Western Open. The area is known for its wide open spaces with walking and bike paths winding through many of the condo complexes in the area.
The census of 2000 counted 8,702 residents, small for most villages in the Chicago area but offering excellent police protection and state-of-the-art emergency medical services. The median income for the village is well over $140,000 which is why some of the most expensive real estate in the suburbs is located. Oak Brook condos come in many shapes and sizes with prices ranging from $99,000 to $1,000,000 offering an opportunity for residents to enjoy all Oak Brook has to offer. If you are a first time homebuyer or someone looking for a larger home with plenty of recreational opportunities to go around, visit Oak Brook, you will be pleasantly surprised!
Tags: Buy a Condo, Chicago Condos, Chicago real estate agents, Chicago real estate auctions, Homebuyer tax credit
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Wednesday, December 23rd, 2009
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales and areas today is Naperville condos. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know the area and whether a traditional home or condo is right for you.
If you are not familiar with Naperville it has become one of the largest cities in Illinois. In fact, Naperville is the fifth largest city in Illinois with its population surpassing such cities as Springfield and Rockford. Settled in 1831 by Joseph Naper and several other families, eventually splitting from Cook county to become the county seat of DuPage until 1868. For most of its existence the Naperville area was mostly rural but over the years the attraction of residents leaving Chicago has made Naperville one of the wealthiest cities in Illinois and in 2006 was ranked by Money Magazine as #2 on its list of America’s best cities in which to live. This migration mostly in the 1990’s with professionals seeking jobs along the technological corridor and highly ranked schools have made Naperville condos an attractive option to more traditional styles of real estate.
When you are looking for Naperville condos not all real estate agents are familiar with the nuances of these types of properties. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. The agent you want to help you find that condo of your dreams is someone who is familiar with the local market and can tell you all you need to know about the area. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
Tags: Chicago Condo, Chicago condo company, Chicago condos for sale, Chicago Real Estate, condos in Chicago, Real Estate Companies in Chicago
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Wednesday, December 23rd, 2009
There are a lot of great deals in the real estate market today but not all are as easy as it seems. Purchasing a foreclosure can be a tricky business unless you know exactly what you are doing and know who can help. Right now foreclosures are dominating the market like no other time in history with well over a million homes in foreclosure and more are expected in the near term. These properties can offer great opportunities but are also rife with problems for so-called bargain hunters. Many people wrongly think that low prices means you should jump out there and start buying foreclosed properties but nothing is further from the truth.
Buying foreclosures can be a great way to purchase property but that doesn’t mean you should lose your head. Banks put foreclosed homes on the market at cut rate prices for a reason. They want quick sales to avoid the expense of upkeep and the related expenses with any home such as property taxes, utilities and insurance but due to the cut rate pricing everybody and their brother is trying to buy those homes. You ask why this would be a problem. The answer is the people trying to buy these homes keep bidding until the price is no longer a bargain. Good for the bank but not so good for the buyer because they get caught up in the bidding war and did not carefully calculate what the final costs may be with repairs that may be needed.
Don’t let some of these things keep you out of the foreclosure market. Purchasing a foreclosure can still be a good deal if you take the proper steps and don’t get caught up in the excitement. Smart buyers establish a relationship with their local bank’s asset manager which can sometimes get them inside information and maybe the first offer of properties coming available. While you are talking with your lender about the properties that are available you want to get pre-approved by that same lender. Nothing warms a banker’s heart more than someone qualified for a loan and within their own bank. Next and perhaps most important is to hire a trusted real estate attorney, not your neighbor down the street who is a corporate lawyer for the mega corporation but the local attorney who handles a significant portion of the properties being transferred in your area. He can offer the expertise to handle any problems and the legal aspect of purchasing a home. Buying foreclosures can be challenging but the rewards can be quite significant.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Chicago real estate auctions, Finance A Condo
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Friday, December 18th, 2009
Auctions have many benefits to potential buyers. They can access a large selection of properties up for sale, and can obtain prices that are often lower than the market value.
They also get the opportunity to close a sale in less than one month, which is quite appealing since buying real estate in a conventional method can be a very drawn out procedure that includes lengthy negotiations and lots of paperwork. In Chicago, real estate auctions also offer many benefits to sellers as well.
This is why for all parties involved in the auction process, they are gaining popularity as a method of making real estate transactions in the evolving real estate and economic climate.
Chicago real estate auctions allow sellers to sell a property with maximum efficiency. While this is important, it’s also vital to note that they will get a fair price for what they’re trying to sell.
Due to the competitive nature of auctions, bidders often try to win the property that they most desire, and get caught up in the excitement at the auction house. This is excellent for sellers since they will want to get the most money possible for their real estate.
Especially in Chicago, it’s important to sellers that they’re able to move their property without a large time delay. Owners want the best return they can get, but they don’t want to waste time with buyers who might be inclined to back out of a deal at the last minute.
The fact that auctions close deals in a short amount of time is perfect for property owners that need to move quickly to take on a new job position, if they’ve inherited property they don’t wish to put to personal use, or if they simply need the extra cash due to the current economic crisis.
It’s also expensive to maintain property and pay property tax on it, so if sellers are able to get rid of it quickly, this will save them money overall.
They might even be willing to accept a bid that’s lower than what they wanted to receive it it means it will save them a few extra months of having to deal with being a property owner.
Although auctions present numerous benefits to sellers, Chicago real estate auctions also are a great marketplace for buyers.
They benefit from quick sales just as much as the sellers; no one wants to deal with the hassle of stacks of paperwork or tedious negotiations. Buyers can also feel confident that the properties have been thoroughly inspected and are ready for them to move into as soon as the sale is closed.
Even if buyers go into the auction with a certain price in mind for a property, however, they cannot bid under a minimum bid rate if it’s been assigned by a seller. Therefore, in any case, a fair market value for a piece of property is arranged so that both parties involved in the real estate transaction can benefit from an expedited sale.
Tags: Chicago real estate auctions, Condo Auctions, condo real estate auctions, online real estate auctions, real estate auction company
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Monday, December 14th, 2009
The real estate market today is certainly offering its challenges no matter if you are buying real estate or trying to sell your home. No one knows what the future holds for you, your family, you job or your finances but buying a home is in most cases the wisest and most financially astute decision you will ever make. If you are a first time buyer everyone wants to give you advice about what to do, many most likely are encouraging you to buy a home. That’s all fine and good but ultimately the decision is yours and the more you know about why you should buy a home, the less scary the process will appear to you.
In today’s real estate market the first thing you need to do when you are thinking about buying real estate is to ask yourself whether it makes more sense to keep renting for a while. There are a lot of advantages to buying a home and in many cases it is a smart choice. Most of the time it is a matter of timing because your life cycle changes and owning a home makes more sense at some times more than others. When you are just getting started with your new job and possibly a new location buying a home may be a little premature. Waiting till later in your career may be a smarter move because you may have settle on your career and location that may end of being a more long term situation. In other words, a more stable plateau in your life cycle is more conducive to owning your own home.
There are many reasons why buying in today’s real estate market is a good decision other than where you are with your life and career. Uncle Sam helps out home owners with tax deductions on your mortgage interest and real estate taxes. This can mean significant savings over your lifetime which in any economy is an advantage. Speaking of savings there is always the appreciation of owning your own home. Real estate moves in cycles over the years and real estate has consistently appreciates if you stay long enough. It is for most people an excellent hedge against inflation. Many people use the equity in their home in home equity mortgages to fund college educations, retirement accounts and a variety of other uses when money is needed. The advantage here is that interest on those loans are also tax deductible reducing your tax burden.
Homeownership may not always be the best choice depending on your situation but pride of ownership and making an investment in your future makes a strong case when you are thinking of buying a home.
Tags: Buy a Condo, Chicago Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, real estate, real estate auction company
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