Rob Gow - Real Estate and Shoreline Lifestyle: Buying a Home in Chicago

Wednesday, December 26, 2012

Get Ready to Buy a Chicago Home in 2013 with These 5 Tips

We hope you had a great Christmas and holiday season with friends and family! While it can be hard to believe the holidays are behind us, it’s fun to anticipate all that the new year will bring!

For some of you, 2013 is when you decided to begin your Chicago home search, and so we’re glad you’ve taken the time to stop by our blog. Our goal as Chicago Real Estate agents and advisors here at Shoreline Property Advisors is to provide you with current Chicago Real Estate market news and advice. Today, we wanted to highlight why now is a great time to buy and what you can do to prepare for the home buying process.

Reports in the past few months have shown the national housing market is continuing its’ road to recovery with home prices expected to remain on the rise for 2013. Recently the S&P/Case-Schiller Report showed that home prices posted the largest percentage gain in more than two years, with prices up 4.3% in October compared to last year.

This is great news for those looking to sell this coming year, and gives buyers who were on the fence the encouragement needed to begin their Chicago home search now. With more buyers flooding the market, the competition will be more heated and buyers will need to act quickly.

If you have been considering buying a home in 2013; don’t delay. You’ll want to get ahead of the competition of the spring market and cash in on those still low home prices before they continue to increase. Here are just a few tips on how to prepare to buy a home in Chicago.

1. Saving & Paying off Debt- This seems like a very basic point, but a very essential one. The days of “no money down mortgages” are gone and most lenders require at 5% down. You will also make sure that you have additional money for things like closing costs, as well as money in the bank when all is said and done. Lenders are becoming more strict and want to know you can back up the purchase of a home. You’ll want to be sure to have as little debt as possible since lenders will take this into consideration as well.

2. Building Good Credit- Credit scores are moving to the forefront of being approved for a home loan. Most lenders are expecting a credit score of 600+ even for FHA loans. A good credit score will not only help you qualify for a home loan, but can lower your interest rate, which can save you thousands of dollars in the long run.

3. Creating a Home-Buying Budget- If you’ve taken the time to create a home-buying budget chances are you’re serious about buying a home and want to go about it in the best way possible. It’s imperative to establish your budget prior to talking with lenders. Just because you are approved for a certain amount on the loan, does not mean that’s what you can actually afford. Lenders don’t take your extended finances into consideration, but will look at your income. Be sure to stick within your budget to avoid foreclosure and heartache in the future.

4. Researching Mortgage Options- It’s important to research which type of mortgage is best for your financial situation. Getting a fixed or adjustable-rate mortgage will depend a lot of your long term goals. Your Chicago Real Estate agent will also be able to help you determine which option is better for you and can walk you through the pros and cons of both.

5. Getting Pre-Approved for a Mortgage- Getting pre-approved before you meet with a lender can save you time and will be a good indicator of any financial issues that need to be addressed. Things such as credit or income problems are items you want to take care of before trying to get approved for a home loan. Sellers will also take you more seriously if you have your financials in order.

We’re excited that you’re considering buying a home in Chicago soon and we would love to help you throughout the home buying process. If you still have questions about buying and the current Chicago Real Estate market, we would be happy to answer your questions so you’re completely comfortable with moving forward.

Please feel free to contact us anytime to get started! We’re looking forward to helping you find your dream home in Chicago!

Happy New Year!

Shoreline Property Advisors

@ Prudential Rubloff

Wednesday, November 21, 2012

Race to Stop Hunger in Chicago This Thanksgiving!

Thanksgiving is just a few days away and many of you are excited for this kick off to the holiday season! As Chicago Real Estate agents and property advisors here at Shoreline Property Advisors, we enjoy this time of year at it seems to draw the Chicago community closer together as friends, families and neighbors celebrate the season.

As we all know, Thanksgiving is a day to reflect on all that we’re thankful for while feasting on delicious food. But, there’s another tradition that you can adopt as a way to get some exercise and give back to the community on Thanksgiving! Whether you already live in Chicago or you’re visiting friends and family for the holiday, you may want to consider taking part in The Chicago Turkey Day 5K!

The Chicago Turkey Day 5K

Lincoln Park, Chicago

Thursday, November 22 at 9am

The Chicago Turkey Day 5K will be taking place on Thanksgiving Day, November 22 beginning at 9am and everyone is encouraged to get involved. This 5K Run/Walk is in its’ 35th year and will be taking place in beautiful Lincoln Park. With over 5,000 people attending, you’re sure to bump into neighbors and will enjoy this sense of community and interaction.

This race will also be supporting local community organization the Greater Chicago Food Depository! Bring canned goods to the race and the GCFD will distribute them to those in need. You can also include a monetary donation when you register to give back even more! In years past, over 10,000 pounds of food were donated and the goal is to exceed that number. Whether you’re participating in the event or are cheering friends and family on, be sure to bring a few canned goods to donate!

Not only is The Chicago Turkey Day 5K giving back to the community, it also is awarding some great prizes to its winners. Prizes will be awarded to the top three men and women in each age group and winners will be announced after the race. Raffles, treats and much more will enhance the spirit of this event, so be sure to register today! Children can get involved in the Plymouth Rock Ramble where prizes will be awarded as well! For more information regarding location and registration, check out the Chicago Turkey Day 5K website.

Even if you’re don’t want to run in the race, you can still be involved by cheering on others and donating to a great cause! It’s events like these that remind us how great it is to call Chicago “home!”

If you’re considering buying or selling your Chicago home this next year, or you just find that you need a little advice on your home and the Chicago Real Estate market; please feel free to contact us. We are here to help walk with you through your real estate needs and you can rest knowing that our years of experience will be put to work for you!

Have a Happy Thanksgiving!

Shoreline Property Advisors

@ Prudential Rubloff

Wednesday, November 7, 2012

How To Streamline Buying a Home in Chicago This Holiday Season

Last week, we looked at selling your home and how pricing your home correctly from the beginning can be a key factor in getting your home sold. This week, we wanted to focus on those looking to buy a home in Chicago this holiday season.

For whatever reason, whether due to a job transfer or extenuating circumstances, you may find yourself in the market to buy a home in one of Chicago’s vibrant neighborhoods. And, while you may be excited about the opportunity to own a piece of the Windy City, you may not be too excited about the timing.

You understand that the home buying process can take some time, yet you’d ideally like to be settled into you new home in time for the Christmas season. Is there a way to speed up the process?

You’ll be glad to hear our answer! Yes, there are things you can do to help the process run more smoothly and efficiently, resulting in a quicker home buying experience. As property advisors and Prudential Rubloff Real Estate agents working along the Lake Michigan Shoreline, our goal is to provide you with the information and guidance you need to navigate through your real estate needs. Here are eight things you can to do streamline the Chicago home buying process this holiday season!

1. Start Your Search Online- Instead of spending your time searching for open houses or for sale signs, get online to streamline your search. There are many great homes in Chicago that 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 homes 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 agent and can show your properties that are right in your price range and meet your style and needs can be challenging. Of course, I’d love to help you in your home search and know that my experience and proven success will make the home buying process an easy one. Bottom line? Do your homework and really research local Chicago Real Estate agents.

6. 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.

7. 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.

8. 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!

We hope these tips give you the confidence needed to take the next step forward in buying a home in Chicago. You’ll find there are a number of stunning homes currently on the Chicago Real Estate market from which to choose!

If you are ready to begin your Chicago home search or would like to sit down and talk with us about your home buying needs; please contact us today! We would be happy to answer your questions and work with you to help you be settled in your new home to host family and friends this holiday season!

Shoreline Property Advisors

@ Prudential Rubloff