Welcome to the South Loop of Chicago

The South Loop is a fantastic place to live. Not only is it near Museum Campus, it’s also home to Soldier Field and more.

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David Bowen and I are here in one of our lofts in the South Loop and we wanted to take the opportunity to give you a quick overview of the South Loop area and what it offers.

The South Loop is a mix of cultural attractions and surrounding new developments. Museum Campus is great. They have the Adler Planetarium, which puts on the Adler at Night program every third Thursday of the month. Also in the Museum Campus area are Burnham Harbor, the Field Museum, and Northerly Island. The Museum Park Lofts are also located near Museum Campus.

Soldier Field is just one of many area attractions.

Soldier Field, the home of the Chicago Bears, is in the area as well. If we go south of the South Loop, of course we have a lot of car dealerships, the home of the annual Chicago Auto Show, and tons of new residential and commercial development. Depaul University is building a new basketball arena in the area as well.

As you can see, the South Loop is a great place to be right now. If you have any questions for us or are interested in taking a look at some of the great properties we have in this area, give us a call or send us an email. We would love to hear from you.

What Are the Benefits of Selling Now?

Is fall a smart time to sell your home? In Chicagoland, it is for a number of reasons.

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We are back again to discuss the benefits of selling your home this winter. A lot of sellers, prospects, and clients always ask us what the benefits of selling now are versus waiting until the spring to do so.

One big benefit is that the buyers in this market are more serious. During this time of the year, people aren’t going out in the cold to see homes if they aren’t serious about buying. They are in the market to purchase a home, and it could be yours.

There are more serious buyers out there now.

Tax advantages are another big thing. A lot of buyers want to take advantage of them before the end of the calendar year. Because we are in the winter, there are fewer sellers on the market, too. There will be 30% to 40% more of them in the spring, so right now you have limited competition that can translate into a financial benefit.

Finally, a lot of new job transfers will be coming here after the new year. They represent a segment of buyers that you can capture by listing your home now.

If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

What is the Waiting Period After a Short Sale?

The waiting period between concluding a short sale and buying a new home depends on the type of loan that was taken out.

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How long is the waiting period after a short sale before you can buy again? A short sale, for those who don’t know, means selling a property for less than what’s owed on it.

The answer depends on the type of loan you plan on taking out and whether it’s government-funded or insured by Fannie Mae. Fannie Mae takes longer, at least four years. There are extenuating circumstances where you can get it done in two years, but it can be very difficult to prove extenuating circumstances to an underwriter.

On a government basis, the waiting period is typically three years. Depending on your mortgage history, there are also situations where you can get it done sooner than three years.

How long you have to wait depends on what type of loan you take out.

From a credit repair standpoint, it would be wise to talk to a loan consultant like David before getting everything together. That way you’ll know what to expect down the road before you actually go through with the short sale and how long you can expect to wait afterward. It’s also important to keep the mortgage up-to-date and on time.

On a conventional basis, foreclosures usually take seven years. If you’d like to expedite that time period down to four years, there are guidelines you have to adhere to on a Fannie Mae basis, such as a higher down payment and a higher credit score. On an FHA basis, you can do it after three years.

For a full breakdown on the waiting period after a short sale, click here. 

If you have any questions regarding today’s topic, please feel free to give me a call or send me an email. I’d be happy to help you in any way I can.

4 Ways to Make Your Luxury Home Stand Out

How can you draw more buyers to your home if you are in the luxury market? We have four tips to help make your home appeal to more buyers.

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A lot of sellers want to know how to attract more luxury buyers into their homes. Which amenities should you include? We have four ways you can attract more buyers to your luxury home.

The first thing we recommend is creating an outdoor living space. Add an outdoor kitchen or fire pit and make sure there are enough areas for lounging and sun protection. You can also add a lush garden. If you have an old, blue pool, consider installing a more natural-looking pool. Natural pools are very attractive to buyers.

You should also pay attention to smart home features. Get the Nest thermostat to automatically adjust the temperature in your room. You can also get smart refrigerators that will alert you when your groceries are running low or about to expire. There are ovens available that can turn on automatically and adjust the temperature when you’re ready to cook. Security systems that connect to your smartphone are all the rage; you can make sure your doors are locked and the garage door is shut from across the country.

Luxury buyers are looking for outdoor living spaces and glamorous bathrooms.

If your home has an old wine cellar, you need to upgrade that. Old fashioned, dusty wine cellars are out. These days, luxury buyers are more interested in wine tasting rooms. Install a small, cozy fireplace, a bar, and make sure there is an area for guests to relax and enjoy some wine.

Finally, glamorize the bathroom. The European body spray shower is very popular these days, as are exposed stone tiles in the shower area. Make sure you get a rain showerhead; all of the five-star hotels have them and they will definitely appeal to buyers.

These four things will help your luxury home sell to quality buyers. If you have any questions for David, you can call him at 708-705-7911 or email him at Dave.Bowen@imortgage.com. If you have any other questions about preparing your luxury home for the market, give me a call or send me an email. I would be happy to help you!

How to Win a Bidding War in Chicago

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The real estate market in Chicago is highly competitive for home buyers right now. This is great news for sellers, but buyers aren’t completely without hope. Here are a few strategies you can use in order to push your offer to the top:

1. Offer the most money: This is easier said than done, but in this seller’s market, it helps. Don’t forget that some sellers are looking for the most money, and others might be looking for convenience in terms of a quick closing.
2. Get a pre-approval: This makes you nearly as good as a cash buyer, and most sellers will not even entertain an offer if you are not pre-approved.
3. Close as quickly as possible: Sellers don’t want to wait in this market. The quicker you close, the happier everyone will be.
4. Offer more earnest money: This shows the seller that you are motivated and very serious about buying a home. Offering a higher down payment will do the same for you.

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Sellers won’t even entertain offers from buyers that aren’t pre-approved.

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If you have any questions for myself or for David Bowen of imortgage, please don’t hesitate to contact us. We look forward to working with you!