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!

The 6 Hidden Costs of Selling in Chicago

When you sell your home, there are six hidden costs that you need to look out for that can impact whether or not it sells. I’m joined again today by David Bowen of imortgage for assistance with today’s topic.

1. Repairs: If you’ve allowed the home’s maintenance to lapse, you might need a handyman or contractor to tidy things up and make sure the home is pristine and ready to show.
2. Landscaping: Trees should be trimmed and the yard mowed and maintained. You might need to hire a maintenance crew if you’re vacating before selling. Curb appeal is the first impression on the buyer, and research shows that good curb appeal can increase the home’s value by 12%.
3. Staging the home: In the higher price ranges especially, stagers can tighten everything up and make sure the buyer is able to walk in and visualize where their furniture will go and how they’ll live in the space.
Sellers have closing costs of around 2% of the purchase price.
4. Utilities: You don’t want the gas, water, or electric turned off if you vacate, as the home still needs to show well and be operational.
5. Photography: Since 90% of home buyers start their search online, photos make a valuable impression on buyers and whether or not they’ll go see it. Hiring a professional is important here.
6. Closing costs: Sellers have closing costs normally in the range of 2% of the purchase price in the form of transfer taxes, property taxes, an attorney fee, title expense, brokerage commissions, and specialty inspections such as the termite inspection.

If you have any financing questions for Dave, you can call him at 708-705-7911 or email him at Dave.Bowen@imortgage.com. If you have any further questions about real estate, please don't hesitate to reach out to me. We look forward to hearing from you! 

4 Components of Your Mortgage and How to Reduce Them

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Today I’m joined by David Bowen from imortgage to discuss PITI and how to reduce it.

PITI stands for the four components of your mortgage payment: ‘P’ stands for principal, ‘I’ stands for interest rates, ‘T’ stands for property taxes, and the last ‘I” stands for homeowner’s insurance.

Though your principal and property taxes are two components you don’t have much control over, you can keep in contact with your assessor’s office to make sure that you are receiving all of the tax exemptions available to you. You may even be able to get your property taxes reduced based on factors like your income and whether you’re a senior citizen or veteran.

As far as homeowner’s insurance, you can always contact your agent to find out what you can do to get your rate reduced. David says that he contacts his agent every year to review his policy. Changing companies from time to time can reduce your insurance payment as well.

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One extra payment per year can cut eight years off of a 30-year loan.

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Some other ways to reduce your PITI are to pay extra money down on your principal balance, which can speed up your timeframe. If you make one extra payment a year, you’ll probably cut eight years off of a 30-year mortgage. If you are able to bring your balance down, it may even be possible to refinance your 30-year mortgage into a 15-year mortgage.

If you pay your principal in cash, you can avoid the first two components of PITI, but property taxes and insurance are required and can’t be avoided.

If you have any questions regarding PITI, feel free to contact David Bowen at dave.bowen@imortgage.com or (708) 705-7911, or myself by phone or email. I look forward to speaking with you.

Why Lakeshore East Is a Great Community

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Lakeshore East is one of the premier communities in the Chicago Central Loop. There are a lot of different developments, family attractions, Chicago landmarks, and luxury condo and townhome developments.

This condo in particular is right by Navy Pier, a Chicago landmark that is over 100 years old and draws over 9 billion visitors each year. Not only that, but there are also many restaurants nearby, as well as the beautiful Lakeshore East Park.

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Lakeshore East is one of the premier communities in Chicago.

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Lakeshore East Park is only two or three minutes away from here. The park features a dog park, garden, and swingset. This building is also right next to the new Riverwalk development, which was just finished this year. The Riverwalk goes for a mile and a half along the river. You can ride your bike on the bike paths, check out restaurants, catch the water taxi, and even kayak down the river!

Finally, this condo is right by Millennium Park, one of the major tourist attractions in Chicago. As you can see, Lakeshore East is a great community filled with activities for the entire family.

If you have any questions, you can reach David at (708) 705-7911 or email him at Dave.Bowen@imortgage.com. As always, if you have any real estate questions, give me a call or send me an email. I would be happy to help you!

How You Can Afford One of My Chicagoland Condos

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Today I’ve brought in David Bowen with imortage to discuss how to buy one of my listings. Today we’re sitting in one of my downtown listings, a beautiful building in The Regatta just under 1,000 square feet with everything upgraded - marble baths, granite countertops, 42-inch cherry wood cabinets, hardwood floors, assessments under $570, and an unobstructed view of the Chicago area.

So, how can you buy this property? The condo is reasonably priced, but if you want to know the amount, just give me a call. According to Dave, in a building such as this, you’re typically looking at 5% to 10% down. The building is also Fannie Mae-insured, which basically means you can get a Fannie Mae insurable loan. This opens up the realm to a lot of different buyers.

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This condo is Fannie Mae-insured.

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If you need to know anything else regarding financing, just give Dave a call at 708-705-7911. If you have any questions regarding this condo or know someone who wants to buy it, call me at 312-497-1651.