Real Estate

With home prices rising exponentially, the supply of affordable homes has dropped significantly over the years. The scarcity of safe and reasonably priced housing is hurting more potential homebuyers almost daily. Potential effects go past individual prospective homeowners, with increasing consequences for the society as a whole. How Rising Home Prices Are Affecting Home Buying Successful homeownership fosters economic well-being. Homeowners have a high likelihood of investing in their … [Read more...]

Buying a fixer-upper can help a home buyer get a great deal on a new home. However, doing so may come with serious repercussions if the home buyer does not do proper research and understand what the process entails. From accurately evaluating the need for repairs, to ensuring the home’s price is low enough to bring a profit after the purchase, buyers need a clear understanding of what they are facing before purchasing a home that needs a lot of work. Proper Home Valuation Is Needed First, … [Read more...]

Many residents of Chicago find that the neighborhoods around public transportation in certain communities of the city lack adequate walkable housing. The city's Equitable Transit-Oriented Development Plan aims to change that. This plan has the potential to have far-reaching consequences for property owners in the city. Many will choose to work with a real estate attorney to fully understand the potential impacts. What the Plan Says Transit-Oriented Developments are high-density housing … [Read more...]

The coronavirus is transforming the real estate industry in Illinois, and the Windy City is enduring the pandemic’s wrath. Listings in Suburban Chicago and similar areas, however, are drawing the attention of city-dwellers and home prices in the Burbs are on the rise.  Suburban Real Estate Surge  Fear of coronavirus exposure has prompted city-dwellers across the country to flock to more spacious, less populated suburban areas in recent months. According to data from Realtor.com, … [Read more...]

Homebuyers have many options to consider as they shop for a mortgage, including conventional, jumbo loans, government-backed mortgages, fixed-rate mortgages, and adjustable-rate mortgages. Finding the right one helps buyers make wise financial decisions as they shop for their home. It also helps them know how much home they can afford. 1. Conventional Mortgages A conventional mortgage is one that a buyer gets from a lender and that does not have any type of government backing. These can be … [Read more...]

A house model with for sale words under the frame With the implementation of the Private Listing Network, the National Association of Realtors hopes to effectively end the practice of pocket listings. When properties go on the market in the Chicagoland area, their listings get added to the multiple listing service, or MLS. From there, agents, brokers, and buyers may view the pertinent data in order to find suitable properties. Before the NAR’s new rule, however, some properties were withheld … [Read more...]

Building construction work in a city center Future uncertainties arising from property taxes, the financial woes of the city and state, and challenges obtaining investors have pushed several Chicago-based real estate development firms to pursue projects outside the city. For the last decade, Chicago has experienced a construction boom. However, the market has recently seen a substantial drop in developers taking on new local projects; instead favoring builds in cities such as Nashville, … [Read more...]

A small house model and piles of coins at the background Some housing market trends in the Chicago area remain strong, while others falter. The real estate market in the Chicagoland area has shown some slowing through 2019, however, it has not stopped entirely. Certain areas of the market continue to see significant movement. Stability in the Market Despite concerns over a possible recession and crime in the area, the Chicago housing market remains stable. With a population of over 2.7 … [Read more...]

A seller's hand with a key, a buyer's hand with dollar bills, a house model at the background At the 11th hour, a variety of issues may come up with real estate deals that cause home closing delays. Before escrow can close, buyers and sellers must meet all purchase contract terms, the sellers must transfer the property deed to the buyers, and the buyers must deposit the funds for the purchases to the sellers. Should problems arise during this time, the closing process may be delayed until … [Read more...]

Adding a spouse to the deed of a home is typically a fairly simple process, but the decision to do so should be carefully evaluated. Since such a move could have a substantial impact on a couple's financial future, homeowners should consider the advantages and risks before adding their spouses to the deed of their homes. How Do Homeowners Add Spouses to Property Deeds? One of the most common ways property owners add spouses to real estate titles is by using quitclaim deeds. Once completed … [Read more...]