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All in Residential Real Estate
With a tumultuous economy and lots of uncertainty on the horizon, it’s no surprise to find interest in short sales has increased, as Americans look to find financial relief from mortgage payments.
Many are left wondering how the Chicago real estate market will rebound from months of closures and low traffic. With progressing coronavirus vaccinations and pandemic restrictions potentially lifting, this concern is even more prevalent.
Thriving Lake Forest real estate has led to the rise in this Chicago suburb’s popularity as of late. Although Lake Forest once received little to no attention in the real estate world, it is now the “talk of the town” throughout Illinois.
Here’s how uncertain times and changes in preferences have led to the thriving Lake Forest real estate scene.
Homebuying in Lincolnshire, Illinois is an exciting experience as you search for the perfect place to call home.
But be sure to follow these simple do’s and don’ts to make sure you get the best mortgage and are well prepared before you sign on the dotted line.
Real estate suburban migration has been a hot topic throughout the real estate industry nationwide.
This year has been difficult for everyone and many people are looking for a new home for reasons like a change of scenery, the relative peace and quiet of the suburbs, or to chase a new job. With that comes new trends in home buying and a shift in the home buying process.
Force majeure is a clause included in most contracts that relieves a party of its obligation under extreme circumstances - usually unforeseen and unpredictable events that make performing those obligations nearly impossible. Examples would be war, strike, riots, crime, epidemic (pandemic) or other “ Acts of God” that prevent one or both of the parties to the contract from performing under the contract.
With business around the world disrupted due to the ongoing COVID-19 pandemic, the spotlight is on force majeure. In particular, the real estate industry has taken notice.
With investment portfolios taking a major hit from the COVID-19 pandemic, many are seeking alternative sources of income. Retirees, in particular, who count on investment income to pay the bills are reluctant to sell any of their portfolio at this time. As long as they don’t sell, they won’t “lose” anything. But that means they are stuck with little to no income. One option retirees are turning to is a reverse mortgage. New applications for home equity conversion mortgages, the most common reverse mortgage, were up 15% in March and 50% year-over-year.
The ongoing COVID-19 pandemic has been disastrous for nearly every industry across the United States. Real estate is no exception, although the reality isn’t nearly as bad as it is for others.
Here is what you need to know if you are trying to buy or sell a home during the pandemic.
Relief for mortgage payments is here. Congress recently passed the CARES Act which provides relief for individuals with federally backed mortgages.
New mortgage applications in Illinois dropped precipitously in mid-March amidst the COVID-19 pandemic and a flood of refinance applications.
On March 3rd, 2020, the Federal Reserve announced the largest cut to the interest rate since the 2008 banking crisis, pushing the interest rate between 0.00% and 0.25%. Mortgage rates, too, saw a further decrease to historic lows.
Due to the recent headlines, real estate deals across the country may now be in jeopardy. However, a prospective home buyer backing out of the deal isn’t really that uncommon.
However, you want to make sure that you’re prepared to continue selling your property, regardless of the situation. Here are some of the key first steps to take in the even a home buyer is backing out of the deal.
When selling your home, the last thing you want is a long, drawn-out process. Ideally the entire process is a smooth and quick one. But there are times when you find yourself in a position where you need to sell your home extremely fast, say within a week or two.
When you’re a distressed seller, there are a few things to keep in mind if you need to sell fast.
Whether you are trying to sell your home in a buyer’s market or a seller’s market, you should always strive to deliver maximum value for your potential buyers. Adding extra value tells potential buyers that you are interested in them and that you respect the property.
Here are a few cheap and effective ways to add additional value when selling your home.
Spring and summer may be the busiest times for home sales but buying a home in the winter offers advantages of its own. Here are several reasons why you should consider searching for your dream home this winter season.
Back in July, we discussed the concept of earnest money from a home buyer’s perspective. But the game changes a little bit when you’re in the seller’s shoes.
Whether you are a first-time home seller or you’re on house number three, understanding how earnest money works can help protect you while finalizing the deal.
Illinois may be known as the Prairie State, but it’s also a great place to buy a home. However, navigating the world of offers, counteroffers, and earnest money can be tricky to those new to real estate.
This brief guide for understanding offers and counteroffers in Illinois is here to help you find the home of your dreams while also providing a better idea of how to maneuver through the negotiation phase as seamlessly as possible.
Buying a home can be complicated. Finding a real estate agent, the right neighborhood, looking at properties, putting forth an offer, and running through the closing process are just a few of many steps in the process. Despite the lengthy process, yet another stress becomes the added inclusion of earnest money.
So, you’ve decided to sell your home in Illinois. Perhaps, your family has outgrown the starter property. Maybe, you’ve come into a windfall of extra money. Regardless of the reason, it’s time to spring into action!
As a first step, you’ll want to have your home listed on the MLS. From a marketing perspective, one of the key benefits of working with a Realtor is having your home listed here. However, you can still achieve this by paying a flat fee to a local brokerage.
Through the years, real estate has become heavily intertwined with the American Dream. It starts with purchasing one building, then another, then another. Before you know it, you have an empire.
But sometimes that aspirational Dream quickly fades into a nightmarish hellscape for tenants, state officials, and alas, even the property owners.
Enter The Better Housing Foundation.
