Let’s say you’ve been thinking about buying a home in Chicago. You know that it’s currently a buyers market with low interest rates, home prices and a wide range on homes on the Chicago Real Estate market. However, you may be worried that you missed your opportunity and it’s now too late in the season to begin the process.
We have great news! There is actually still time to find your ideal home in Chicago and go through the home buying process so that you can be settled into your new place just in time for the holidays. Sound impossible? We’ve gathered ten tips that can help streamline buying a home in Chicago; take a look!
1. Start Your Search Online- Instead of spending your time perusing neighborhoods for open houses or for sale signs, get online to streamline your search. There are many great homes available in Chicago which you can view online.
2. Get Pre-Approved- Finding the home of your dreams and then shopping for a loan is a risky move, as most home sellers won't even look at an offer that's not accompanied by a pre-approval letter. Getting pre-approved ensures you know your exact budget and can save you from a bidding war if many are vying for the same home.
3. Look for Motivated Sellers- Again, this shouldn’t be hard to find motivated sellers in the fall since they’re more than likely wanting to sell before the holidays. Don’t settle for sellers who aren’t willing to budge on a home at the top of your price range; there are too many other great Chicago home out there that will have motivated sellers.
4. Prioritize Your Housing Needs- Finding a home fast means being flexible. The longer the list of requirements, the harder it will be to find a home. Keep your list short and to the point. Focus on the key elements you’re looking for and let the extras fall as they may.
5. Find a Great Agent- This may seem easy, but finding an agent that truly knows the Chicago Real Estate market and can show your properties that are right in your price range and meet your style and needs can be challenging. Of course, we’d love to help you in your home search and know that our experience and proven success will make the home buying process an easy one. Bottom line? Do your homework and really research local agents.
6. Steer Clear of Short Sales- While short sales seem to be flooding the market across the country; if you’re looking for a quick buy, short sales are not the way to go. There is a long process involved with these homes and complications are almost always in the cards.
7. Try a Real Estate Auction- While not common, auctions make the purchasing process quick and streamlined. In many cases, you tour the property beforehand, make your bid, and close in 30 days if you're the highest bidder.
8. Negotiate Repairs- If an inspection reveals that the home you want to buy requires repairs, taking the responsibility off the seller can help you close the deal quicker. After obtaining estimates, ask the seller for a credit rather than asking them to complete the repairs themselves.
9. Have Cash Ready for Closing- You don't want to be scrambling for funds at the last minute, so be prepared for this important date. A day or two before closing on your Chicago home, you'll get the final settlement statement, detailing the terms of your loan and all the closing costs. Be sure to get a certified or cashier's check made out for the total amount you owe at closing, including the down payment since you can’t use a personal check.
10. Have a Plan B- Because not every transaction goes smoothly, be sure you have a property or two as a backup; you don’t want to have to start from scratch!
2. Get Pre-Approved- Finding the home of your dreams and then shopping for a loan is a risky move, as most home sellers won't even look at an offer that's not accompanied by a pre-approval letter. Getting pre-approved ensures you know your exact budget and can save you from a bidding war if many are vying for the same home.
3. Look for Motivated Sellers- Again, this shouldn’t be hard to find motivated sellers in the fall since they’re more than likely wanting to sell before the holidays. Don’t settle for sellers who aren’t willing to budge on a home at the top of your price range; there are too many other great Chicago home out there that will have motivated sellers.
4. Prioritize Your Housing Needs- Finding a home fast means being flexible. The longer the list of requirements, the harder it will be to find a home. Keep your list short and to the point. Focus on the key elements you’re looking for and let the extras fall as they may.
5. Find a Great Agent- This may seem easy, but finding an agent that truly knows the Chicago Real Estate market and can show your properties that are right in your price range and meet your style and needs can be challenging. Of course, we’d love to help you in your home search and know that our experience and proven success will make the home buying process an easy one. Bottom line? Do your homework and really research local agents.
6. Steer Clear of Short Sales- While short sales seem to be flooding the market across the country; if you’re looking for a quick buy, short sales are not the way to go. There is a long process involved with these homes and complications are almost always in the cards.
7. Try a Real Estate Auction- While not common, auctions make the purchasing process quick and streamlined. In many cases, you tour the property beforehand, make your bid, and close in 30 days if you're the highest bidder.
8. Negotiate Repairs- If an inspection reveals that the home you want to buy requires repairs, taking the responsibility off the seller can help you close the deal quicker. After obtaining estimates, ask the seller for a credit rather than asking them to complete the repairs themselves.
9. Have Cash Ready for Closing- You don't want to be scrambling for funds at the last minute, so be prepared for this important date. A day or two before closing on your Chicago home, you'll get the final settlement statement, detailing the terms of your loan and all the closing costs. Be sure to get a certified or cashier's check made out for the total amount you owe at closing, including the down payment since you can’t use a personal check.
10. Have a Plan B- Because not every transaction goes smoothly, be sure you have a property or two as a backup; you don’t want to have to start from scratch!
Ready to get started? Our team of experienced Prudential Rubloff real estate agents will be able to show you some of the beautiful homes currently on the Chicago Real Estate market. If you have questions about buying a Chicago home or still aren’t quite sure where to start, please feel free to contact us!
We’re here to help and look forward to helping your find your new Chicago home!
Shoreline Property Advisors
@ Prudential Rubloff
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