Post By homes4sale in Chicago Home Selling
Now days, when people are looking to buy a house or condo in Chicago, the entire package is essential to sealing the deal. From outside in, your home has to impress on all levels. To get things rolling in the right direction, here are some simple ways to prepare the interior of your property for resale.
This is a no-brainer, but Clean the House! Chances are, if this is a home you have lived in for years, the cleaning process may be a job for many hands. Rope in family and friends to help you out (that’s what friends are for, right?). Have them bring over extra mops, duster, rags, etc. so you can spread out and cover more rooms quickly. Wash windows, dust ceiling fans, scrub tiles – make the place look like new! (This can also be accomplished by hiring a cleaning service to make regular visits while you’re home is on the market.)
Many of the properties for sale in Chicago right now are new construction homes. These never-been-lived-in residences are your competition, so it’s important to make your house or condo feel as fresh and new as possible. While deep cleaning does a world of difference, sometimes bleach and elbow grease just aren’t enough. You may need to invest in a few minor repairs. For starters, anything that is broken should be repaired or replaced. You may not notice everything that needs TLC right off the bat because you are so used to seeing it, so go through the house with a fine-toothed comb and look for fixable flaws. We’re talking everything from burnout light bulbs to cracks in the walls. Depending on how serious the problem is and how handy you are with home improvements, you may need to hire professionals to do the work.
One more critical step to get the interior of your home ready to sell is painting. Give walls a fresh coat of paint, preferably in a neutral color that will appeal to a wide range of home buyers. This will also help give your place a bright, unmarked appearance that is comparable to all those new construction Chicago homes for sale. The expense of cleaning, getting things fixed and painting will pay off later on when buyers see a great Chicago house for sale that is in move-in condition!
Post By homes4sale in Chicago Home Selling
There are a lot of properties for sale in Chicago right now, which is why you need to get your home in tip-top shape before putting it on the market. Competition is strong – there may even be “For Sale” signs on your same block – so it’s important to make sure your home stands out from the rest from first sight. Here are a few quick tips to help prepare the exterior of your house or condo for resale…
Clean up the exterior and make that curb appeal work for you! Your yard and the outside of your home is the first thing buyers will see upon visiting the property. If you live in a condo building there may not be much you can do to enhance the landscaping, but even little things like picking up litter and debris will give the buyer an impression of cleanliness and a sense that the property is well taken care of. Ask your association if it’s okay to plant some flowers near the entrance and find out when the next regular outdoor maintenance is, so you can plan open houses for when the building is looking its best.
Now, if you own a detached single family home or have private outdoor space you are responsible for, this is your chance to shine! Power wash the siding of your house, repair any broken external elements (such as shudders, window panes, gutters, stoop steps, porch supports, patio stones, etc.), and make the front door really pop with a fresh coat of paint. Keep the lawn mowed, shrubs trimmed, trees pruned and gardens weeded. Remove any yard decorations – you may like those cute pink flamingos, but you don’t to detract attention from the home itself. Close the garage door, put yard tools and kids’ toys away, and then have a friend or neighbor come over to give the place the “once over.” As a third party, they can give you fairly unbiased advice about what else needs to be done to make your Chicago home resale ready.
For major defects, like roof or foundation damage, have a professional come out and fix the problems properly. Remember, you’ll be required to fill out a property disclosure report with all the home’s known issues, so you might as well get it resolved beforehand and avoid being negotiated out of the repair costs later on.
We have only covered some of the things you can do on the outside to make your home a contender among all those Chicago houses for sale. Next step: tackling the interior space!
Post By homes4sale in Neighborhoods
Every year reports on the city’s “hottest” neighborhoods come out and while the term “hot” doesn’t exactly apply to the U.S. housing market right now, there are areas in Chicago where properties are still selling for a profit. Lincoln Park, the Loop, West Rogers Park and Edgewater all have steady home prices and continue to attract buyers.
Much of the housing in Lincoln Park is high-end single-family homes, new construction condos or rehabbed flats. The average market time for a home in Lincoln Park is around 95 days with an average sales price in the mid $500,000s. There are currently about 160 listings for detached single-family homes in the Lincoln Park neighborhood. These houses vary in price from $550,000 to the multi-millions. As for attached properties, you’re looking at roughly 650 units up for sale with asking prices from $150,000 to $5 million+ (that better be some penthouse!).
The Loop is also doing well when it comes holding value. The average market time in the Loop is approximately 80 days with an average sales price in the low to mid $400,000s. The type of Chicago homes for sale in the Loop is limited purely to attached units (like condos, lofts, penthouses, etc.). You’d be hard pressed to find a single-family house in downtown Chicago! There are currently about 670 units listed on the market in the Loop with prices ranging from below $150,000 to over $5 million.
Chicago homes in West Rogers Park (also called West Ridge) have an average market time of around 115 days. For the most part, prices for current listed properties in this area range from under $100,000 to $500,000. There are about 100 attached units for sale in West Rogers Park and 621 detached properties on the market in this Chicago neighborhood right now. In Edgewater, the average market time is about the same as in West Rogers Park but the average home sale price is slightly higher at around $265,000 as opposed to $250,000. Number of active detached property listings in Edgewater is only 35 or so, but the number of attached units up for sale in this Chicago neighborhood is nearly 650.
Post By homes4sale in Chicago Home Buying
Purchasing a home for the first time is a big deal for most and can be a bit overwhelming, as well. Of course, the best advice anyone can give is: get the help of a professional real estate agent, who you are comfortable with, to assist you. The home buying process is complicated, with many legalities and steps along the way that can make it near impossible for someone to handle on their own!
So, in addition to hiring a Realtor, here is a list of five very basic, but very important things you should be aware of when looking to buy a home in Chicago.
1.) Plan to stay in the home you buy for three to five years minimum. This is typically the shortest amount of time you need to recoup purchase/moving expenses. Otherwise you may end up loosing money on the deal! Especially when the housing market is slow, you should plan to remain in your property for the long term.
2.) Location, location, location. This is the one factor that allows a property to always hold its value. The better the location, the more the home is worth because you can always remodel a house to be whatever you want, but you can never change where it is. So scout out Chicago homes for sale in sought-after neighborhoods, near public transportation, or with good schools in the area to ensure you buy a house or condo with prime location.
3.) Review your credit score well in advance of applying for home loans. This is important because your mortgage rate is based on your credit score. So get a copy and go over it with a fine-tooth comb for errors or discrepancies. And, if your score is on the low side (under 650), you should try raise it before meeting with lenders.
4.) Get a preapproval letter from your lender. This helps you determine what a realistic purchase price is for your individual financial situation and shows sellers that you are serious about buying a home.
5.) It is great if you can put 20% down on a home purchase, but you can still buy property if you don’t have that much saved up. There are all kinds of government, public and private lending groups that offer loans with much lower down payment requirements. Depending on your credit score and qualifications, you may be able to find financing for up to 97% of the sale price.
Post By homes4sale in Chicago Home Buying
Before delving into the wonderful world of homeownership, first-time buyers should be familiar with the steps you need to take to prepare for the home purchasing process.
Prior to even looking at properties for sale in Chicago, buyers need to figure out how much house you can afford and the amount of mortgage loan you are qualified to receive. To do this, this first step is getting prequalified. Find a lender – this can be your bank, the local credit union, a mortgage company, or other financial lending service. The lender will then use your social security number to run a credit score report, which produces a general idea of how much you can spend on a Chicago home. Your lender will also give you a prequalification letter, which is useful later on when you want to make an offer on property. A word from the wise: you can usually get prequalified for free, so shop around.
The next step is preapproval. This is more official than prequalification and takes a deeper look into your financial standing. To get preapproved, your lender will need the previous year’s W-2 tax form, your most recent payment stub and bank account statement, plus additional documentation if you own your own business, have alimony payments and investments, or are originally from another country, etc. As in prequalification, you will also get a letter from your lender saying you are preapproved for a certain loan amount. The letter makes you more appealing to sellers because you are already preapproved for a mortgage and it gives you good negotiating power.
Post By homes4sale in Chicago Home Buying
You may have noticed, much of the new construction housing in Chicago boasts energy efficiency and green designs or materials. This trend of properties for sale in Chicago reflects a movement towards sustainable living and reducing utility costs. With gas prices shooting through the roof, the expense of heating a home in winter is becoming astronomical and even electricity and water usage is costing homeowners more than ever before. So now, home buyers want to know the house or condo they are about to purchase is outfitted with the most energy-efficient materials and appliances.
Here are a few things to look for when searching for a condo or house to buy in Chicago:
Proper insulation is key! We’re talking attic and wall insulation and double-pane windows with really good seals. This will ensure heat stays in during cold weather months and air conditioned air stays in during those sweltering Chicago summer days. Tinted or treated window panes can also help deflect harsh sun rays and keep your home cooler. Basically, the better the insulation, the less your heater and AC have to work to maintain a comfortable climate. And, in the long run, you save money on gas and electricity bills.
Speaking of electricity, there are specially made appliances that use less power to run and have energy-saving modes, which will also reduce utility costs. Low-flow shower and toilets can reduce water consumption, and many manufacturers make eco-dishwashers and washing machines that use much less water than the traditional models. Even plumbing fixtures and sink faucets are designed with water-conserving features these days.
So when thinking about buying a house in Chicago, research what types of energy-saving characteristics the homes have, or talk with developers about adding energy-efficient elements to your floor plan.
Post By homes4sale in Real Estate Taxes
A real estate transfer tax increase was approved this year, and the added expense will be paid for by the seller. When you buy a Chicago home, you are required to pay $7.50 per $1,000 of the sale price. However, as of April, the seller is required to pay an additional $3 per $1,000 in transfer taxes on the property sale. The new cost was originally going to be added to the buyer’s expense, but Chicago City Council voted to make the tax increase a responsibility of the seller instead.
Before the new transfer tax was instated, Chicago home sellers had to pay $1.50 per $1,000 of the property sale to the county and state. So, on a condo that sold for $200,000, the seller would previously have had to pay $300. Now, the seller is accountable for another $600 on top of the $300. And the buyer still needs to shell out $1,500 in transfer taxes when buying a $200,000 condo or house in Chicago.
Why raise the real estate transfer tax at all, you ask? The city was looking for a way to assuage the Chicago Transit Authority (CTA) funding problems. Income from the new tax is used to supplement the city’s transportation department, which would have had to shut down bus routes otherwise.
Post By homes4sale in For Sale By Owner
Now that you are thinking of putting your Chicago home on the market, the question is whether to try to sell it on your own (For Sale By Owner) or hire a professional real estate agent to list your property for you. FSBO may seem like it’s going to save you money (because you’re not paying a Realtor), but in a tough market like we have today, the assistance of an expert is invaluable and can really pay off in the end.
For one, it’s harder to market your home if you’re on your own. Realtors are equipped to advertise properties online, in print publications and on signs – usually for a bargain price – because they have “frequent users” rates. These discounts are then passed down to clients, ultimately saving you hundreds of dollars at a time in some cases. In this day and age, when the Internet is the ultimate marketplace, you need to get your property listing on the web to get the prime home buyer audience. An agent not only has the ability to put your home on the main real estate database for northern Illinois, but also has the means to prominently place your listing on popular real estate web sites that are accessed by the general house-buying public 24 hours a day.
A Realtor helps people buy and sell homes for a living – it’s their job. So they have the time to do showings, get marketing materials made, hold open houses, negotiate purchase offers, etc. As a FSBO, you would be responsible for everything on your own time – in addition to doing your regular job! A professional agent will also assist you in determining an appropriate asking price for your Chicago property. This can be tricky to determine, especially in a buyer’s market when inventory is high and house hunters can afford to be picky. Agents know how to read the local market and comparable home sales to establish a price that will attract buyers, yet get you the most money for your Chicago home.
Post By homes4sale in Chicago Home Buying
Say your budget for a home in Chicago is $200,000… Exactly what type of property can you buy for that price? Let’s just see…
There isn’t much in the Loop for $200,000 right now, but for the most part you’ll find studios and one-bedroom condos or lofts with one bathroom listed in the $200,000 price range (give or take $5K). Square footage ranges from 550 to 800, and the building type could be high-rise condominiums or rehabbed lofts. Assessments generally cost between $200 and $380 per month. Street parking may be available, but a unit with garage space is hard to come by and would most likely cost extra.
Rogers Park has a lot more properties for sale in the $200,000 price range than in downtown. This northern most Chicago neighborhood is dotted with two-bedroom condos listed for $200,000 (plus or minus $5,000). These $200K Chicago homes for sale in Rogers Park include newly renovated loft spaces and condo conversions (equipped with modern upgrades like granite kitchen countertops and natural hardwood floors throughout). Many of the properties are located in older courtyard complexes or low-rise brick buildings. Assessments hover around $150 and parking is limited to mostly street spaces.
On Chicago’s south side, in the Morgan Park neighborhood, you can find a refurbished four-bedroom bungalow or two-story, sided house for $200,000. These private Chicago houses are a great deal for families because the properties also include your own backyard.