5 Things for Homebuyers to Consider

Location may be the most important consideration for homebuyers, but it’s not the only factor in making a decision. Here are four other items that play a role as well.

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We all know that when buying a home in Chicago, location is the most important factor. However, there are a number of other things you should consider when deciding where you want to purchase your next piece of property. Here are the five top items on our homebuyer checklist:

1. School district. Many people move to different areas because of the nearby school districts.

2. Transportation. What’s the commute like to work or to school? Are you near the metro? The blue line? The red line?

3. Lifestyle. Do you want to live in the hustle and bustle of the loop? Do you want to have a quieter life out in the suburbs? The area you want to be in will depend on where you are at in your life.

4. Resale value. You have to think about the resale value of the home down the road. Are you more likely to gain equity or lose it if you hold on to the home for 10 or 15 years? Have a licensed agent help you determine your potential return on investment.

Have a licensed agent help you determine your potential return.

5. Local amenities. Do you want to be close to shopping? Entertainment? Restaurants? Maybe somewhere out in the suburbs.

If you have any other questions for us about buying a home or anything else relating to real estate or the mortgage industry, give us a call or send us an email. We look forward to hearing from you soon.

1st Quarter Chicago Market Update

The Chicago market is still going strong this year, but one big factor has been a challenge across the Chicago area.

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What's been happening in the Chicago market this spring?

The first quarter was a great one with strong sales and prices. In fact, it was the strongest first quarter since 2006.

Interest rates went up very slightly as expected and they're expected to rise twice this year. We think that we'll definitely see at least one rate hike, and possible a second depending on home sales and things like job reports.

The first quarter was a great one with strong sales and prices.

The big factor in our market—and all markets throughout the country—is a shortage of homes for sale. Here in Chicago through the month of March, inventory is actually down 13% compared to this time last year. Many people are holding off on selling their house because they've got a great interest rate on their mortgage and don't see a big benefit in moving.

We also know that only 13% of the first quarter home sales were distressed sales, whereas last year distressed sales made up 22% of sales. That figure has dropped each year since the financial crisis hit, making it harder and harder to find those kinds of deals like foreclosed homes.

If you need to sell your house, now is an outstanding time. Just give us a call or send us an email soon, we'd love to help you!