Common questions in today’s real estate market

Written by: Neil Hackler

What is going on in the Chicago real estate market?

The real estate market from 2012 to 2013 has truly switched gears.  The inventory of homes on the market is much lower than it has been in years, with fluctuating interest rates (though still low). Many buyers are trying to take advantage of these low rates by looking to buy now. As such, many properties are being listed and going under contract in less than a week, sometimes within a day or two. More and more, we’re seeing multiple offers on properties when buyers are competing for properties.  These changes have helped property values continue to rise in many Chicago neighborhoods.

Is now a good time to sell? 

With this low inventory, now is a great time to sell because property values are going up!  The market place has picked up quite a bit, but it also depends on the balance owed on the property.  The best thing to do is have a Realtor do a market analysis for you to determine an estimated value for your property.  This is free!  Also, if you own a condo, then the association and building need to be in good standing.  This can be checked into by emailing or calling the management company or a member of the condo board.

Is now a good time to buy?

Yes, now is a good time to buy due to historically low interest rates.  Pricing is lower than it was at the height of the bubble.  Keep in mind that the tough thing for buyers right now is the low inventory, and there are multiple offers being made on many properties.  Although this is good for property values, it makes it tougher those looking to buy.  FHA loans are also available which the down payment is only 3.5% of the buyer’s purchase price.

If I want to buy a property, where do I start?

Many people start by looking on-line across several different websites, but as a result, you may start seeing the same properties listed over and over again.  The best way to start is by contacting a Realtor to arrange a free property search, which will automatically email you potential properties. At the same time, you’ll want to begin talking options with a mortgage broker to see what types of loans and pricing you qualify for.

 

Is my condo association in good standing so I can sell my condo?

There are several items to have in place and to understand to make sure you can sell your condo.  The basic items are as follows:  having a budget in place, putting 10% back in reserves, making sure there is no litigation against the association, no more than 20% commercial space in the building, and no more than 15% in total delinquent assessments., to name a few.  Feel free to reach out to me to get the full list of items and to get a better understanding of how and why these items are important when you go to sell your condo.

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Information provided by Neil Hackler, Residential Realtor with Chicago Real Estate Resources. Cell 773-677-3479. Email neilh@crer.com.

Posted on September 24, 2013 at 8:58 AM