The Benefits of Buying in the South Loop

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Buying in the South Loop carries many benefits.

For one, not only is it in close proximity to the hustle and bustle of the city, there are also a lot of new construction properties being built. 

This area has really been built up as of late, becoming a very vibrant community. There’s a ton of growth going on in this area, meaning there are plenty of places to live and things to do. 

Also, the location makes for convenient commutes. Even though you are still technically in the downtown area, it’s a great place to raise a family compared to other areas. The South Loop is close to a number of parks, museums, and other great family locations. 

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 One of the most significant benefits is the probability of appreciation.

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Of course, one of the most significant benefits is the probability of appreciation. Experts are estimating 2% to 3% moderate appreciation, with new areas likely seeing even more appreciation than that. 

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.

What Buyers and Sellers Should Know About Our 2018 Market

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Welcome to our first market update of 2018.

Back in 2017, we saw over $5.3 million in sales. As for 2018, current projections predict we will see $5.6 million. Additionally, we’re expecting to see an appreciation rate between 2% and 3%.

According to David, last year was very busy. Supply was low and buyers had a tough time finding homes. Now, the economy has gone up tremendously, and the Fed already raised rates a couple of times last year.

This year, we can expect rates to rise again. Rates are expected to rise around March and then probably again in June or July.

Still, rates aren’t bad at all right now. They are currently hovering in the 4% range. 

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Whether you’re looking to buy or sell, right now is a great time to do so.

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Keeping these factors in mind, it is a great time to buy or sell right now. Rates will always fall and rise, so it’s a great time to start looking for a home. Also, sellers currently have the opportunity to take advantage of our low inventory market.

If a home purchase is in your future and you are looking to get pre-approved, call David at (708) 705-7911 or email him at dbowen@loandepot.com.

As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Should We Expect for the Market in the Year to Come?

Today we have your real estate forecast for 2018. Learn what to expect for the market next year based on trends we’ve noticed this year.

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As we conclude 2017, which has been an excellent year, we wanted to give you a quick market snapshot of what’s to come in 2018.

One of the key driving forces for next year will be in the increase in new construction home sales, which will increase from 1.22 million this year to 1.33 million in 2018. With regards to home sales, they predict a 4.9% increase in the number of homes for sale in terms of average sales price in 2018, as compared to the 6.3% average we’ve seen in 2017.

With the job growth and rate hikes we’ve seen this year, we expect 2018 to be even better.

On the mortgage side, 2017 has been a great year, probably one of the best that we’ve had since the meltdown. With the job growth and rate hikes we’ve seen this year, we expect 2018 to be even better.

Rates are expected to increase next year, in addition to the increase just levied in December. This isn’t a bad thing—it’s a good thing. It means that there’s a lot of expansion in the job market. And though rates are expected to rise at least a couple more times next year, I don’t see that being a problem in terms of the real estate market. The job report that was recently released was phenomenal. Since people have jobs, that means they’re buying houses.

If you have any questions regarding buying or selling real estate, contact me via phone or email. You can also contact David Bowen for any questions about pre-qualifying or pre-approval for a home loan. We’d love to help you out.

Top Reasons to List During the Holidays

Today, I’d like to share a few key reasons why you should think about listing over the holidays.

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Some people think that the holidays aren’t a good time to list, but this is just a myth.

Traditionally, sales are down in our Chicago area by just 15% to 20% around this time of year. This means that there are still active buyers right now who need your home on the market to buy.

So, what are the top reasons to list your home with this holiday season?

First, many buyers are on the market at this time of year specifically for tax reasons. There are also fewer homes on the market to compete with. This means your listing will see more demand, which means you may earn more money.

If you wait until January or later to list, you’ll be dealing with a much higher level of competition.

Over the holidays, your listing will see more demand, which means you may earn more money.

Another reason to list over the holidays is that buyers at this time of year are more serious. These people are not only looking at fewer homes, they’re also going to be making faster decisions.

Finally, there are a number of buyers being relocated for their careers over the holiday season. If you want to take advantage of these relocation buyers, you’ll need to be on the market at the end of the year. 

There are a number of other reasons you should think about listing over the holidays. To see the full list, click here.

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

Why an Annual Checkup Is Important to Any Mortgage

Today we're to talk about annual mortgage checkups.

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Today's topic is annual mortgage checkups.

Something David suggests to all of his clients is to review your mortgage once per year. Usually the best time to do this is toward the end of the year when things begin to slow down.

Pull your statement out and find out if you need to re-evaluate or update your homeowners insurance. Most people simply pay their mortgage without paying attention to their statements, but it’s actually very important to check for these kinds of necessary updates.

As your situation changes, so should your mortgage.

Also, determine if your escrows are in line. You also will want to contact your county assessor to check on your deductions or exemptions, since these can often change.

Another important thing to look at is your mortgage rate. Doing so could potentially save you money. However, this year, rates are unfortunately expected to increase in December. So if you’re thinking of making a purchase, now may be a good time to do so.

Additionally, you should find out whether you need to restructure your mortgage. As your situation changes, so should your mortgage.

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