What to Know Before Buying a Condo

If you’re thinking of buying a condo, there are six things you need to know first.

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Did you know that between the South Loop, Downtown, Gold Coast, and the West Loop, there are almost 2,400 condos for sale? Before you buy one of these condos, here are six things you need to know:

1. How the condo association is being run. For example, who’s the president? Who’s the vice president? Who’s the treasurer?

2. How the condo association’s budget looks. It might look like it’s being run well, but you should ask to see a copy of the budget and its records for the past two years. You need to make sure they’re putting enough money away for reserves (normally, 10% of the budget should be cash reserves). If they don’t have enough, you have to pay a special assessment, which can be very expensive. 

3. What the delinquency rate is. How many of the owners are behind on their dues? How many of the condos have foreclosed? Hopefully that number is close to zero. 

To make sure the building is insured, you can ask for a copy of its insurance certificate.

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4. Whether the building is insured or not. To make sure the building is insured, you can ask for a copy of its insurance certificate. 

5. Whether there are a lot of absentee owners in the building. How many renters live in the building versus actual owners?

6. Whether there are any lawsuits against the condo association. 

If you have any other questions about this topic, don’t hesitate to call or email us anytime. We’d be glad to help you. 

A Quick Look at What the Gold Coast Has to Offer

What does the Gold Coast have to offer? Let’s find out.

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The Gold Coast community is absolutely beautiful, and we wanted to share a little information about it with all of you today. 

Between the Oak Street Beach, the many area restaurants, and the plethora of entertainment opportunities, the Gold Coast has a lot to offer.

There’s something for everyone here on the Gold Coast.

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Even the market statistics for this area reflect its incredible growth. Though sales volume is down, the average sales price has risen 7% since this time last year. And with units available for purchase from $500,000 all the way up to $5.3 million, it’s clear to see that there’s something for everyone here on the Gold Coast. 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Chicagoland Market Outlook for Fall 2018

The Chicagoland real estate area is starting to shift away from a seller’s market. Keep reading to find out how.

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The weather is colder, the leaves are changing, and fall is here. People out there want to know what this means for the real estate market, so today we're excited to share our fall 2018 market outlook with you. 

We are starting to notice an increase in the number of homes for sale. At one point, we had around three months’ worth of inventory, but that number has jumped up to about four or 4.5 months’ worth today. Although we’re still in a seller’s market, we are starting to trend more toward a neutral market where neither buyers nor sellers have an advantage.

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We are starting to trend more towards a neutral market.   

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In the mortgage world, we’re still seeing signs of this shifting market as well. There are fewer multiple offer situations out there and not as many buyers in the market. This is making things easier for buyers and helping them win a great home without overpaying.

The good news about our current market is that it’s perfect for anyone who is thinking about buying a home, selling a home, or getting a mortgage. If buying or selling is in your future or if you just have any questions, don’t hesitate to reach out to us via phone or email today. We look forward to hearing from you soon.

The Effect of Rising Interest Rates on the Market

Interest rates rose again. How will this affect our market?

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On September 26 interest rates went up again—this time by 0.25%. This time by a quarter of a percent. Today we will be discussing how this recent rate change will affect the real estate market.

David says that he doesn't think it will have much of an impact, because this change comes as no surprise. Since so many people saw this coming, he believes that it was already worked into the mortgage market in terms of rates. However, we may still see a slight fluctuation. If the Fed does something surprising, though, then we'll see a change.

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The rising interest rates won't affect the market because it isn't a surprise.   

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Rates, of course, do affect other things, such as credit cards, instantly. They also affect car loans. So, over the long-term, the rising cost of credit could affect the mortgage market.

We still do expect one more rate increase this year in either November or December.

If you have any questions about this, please feel free to reach out to us. We would be happy to help.

Should You Hire a Mortgage Banker or a Mortgage Broker?

Should you work with a mortgage banker or a mortgage broker during your real estate transaction? Let’s discuss each of these options.

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What is the difference between hiring a mortgage banker versus a mortgage broker? 

Actually, when it comes time to seek the guidance of a mortgage professional, there are pros and cons of either option.

A mortgage broker’s job is to find someone to buy a specific loan. All of the funding for the real estate deals they finance will come from the particular company whose loan product they’re representing. 

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When working with this kind of a professional, you can be sure that everything is done in-house.   

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A mortgage banker, on the other hand, funds and processes everything themselves. When working with this kind of a professional, you can be sure that everything is done in-house. Mortgage bankers allow you to have more control throughout. 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.