How to Buy a Home: 8 Tips and Tricks from Real Estate Insiders

We are still in a Seller's Market, and one of the reasons we are is because there is a lack of inventory.  Buyers still need to buy, and there aren't the normal amount of homes available.  This means there are more buyer eyes on the good places - those homes that are priced correctly for the condition and location.  The best properties will normally receive multiple offers and the seller will usually choose the highest offer, although sometimes there could be other factors, such as no home inspection, a quicker or longer closing date, etc.  Even in a Buyer's Market, there are some strategies you can use so a seller accepts your offer over others.

Know What You Can Afford

Many

In Illinois, home buyers get 5 business days from contract acceptance to have a home inspection done on the property they just received an accepted contract on.  I always tell my buyers that this is Round 2 of negotiations.

When a buyer views homes with us, we point out anything we can see, such as peeling paint, ceiling leaks, visible water lines (could be dry) in a basement, rotting wood, old windows, etc.  But we are not licensed home inspectors, and we will not be testing appliances, HVAC, electric, etc.

Why do I need to pay for a home inspection?

Purchasing a home (condo, townhouse, etc.), is probably going to be the largest financial investment you'll make.  Compared to that, the price of a home inspection is small, and it can actually

Illinois currently has a Shelter in Place Mandate, asking all of us to stay in our homes and only going out for essential needs, such as food and medical supplies. With that said, Illinois has stated that real estate is an essential service, so real estate is still open for business.

This includes listing properties, buyers viewing those properties in person, and some agents are still holding open houses. Closings are occurring but they’re just being done differently. Most are not happening in a title company with 2 attorneys, 2 agents, buyers, sellers, and the title reps. Many are happening in the parking lot with paperwork being passed through windows with only the title rep & the buyers (sellers are signing prior to the closing by going into

Despite some recession scares predicted for 2020, we are in a lengthy healthy economy and many experts don't see things slowing down anytime soon. It is believed that the real estate market will continue growing in the coming year.

With that good forecast for 2020, we will see a recession at some point, and you might wonder how this will affect the real estate market when it occurs.  In the Great Recession of 2008, prices plummeted, but that hasn't always happened with prior recessions.  Most believe that prices dropped so drastically because they were highly inflated to begin with.  Income was not keeping up with the housing market and I knew it couldn't get much higher.

In our past 5 recessions, during three of them, home prices actually

Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day. 

Small Maintenance and Repairs

We show so many homes that lack basic maintenance.  The house might look fine and we usually don't find out how normal maintenance has been deferred until the home inspection.  Don't think of maintenance as something you don't need to keep up with, or that it's a waste of time.

Neglecting small maintenance and repairs can cost you around 10% of your home's value. Most appraisers claim that homes showing little to no preventative

There are always things you need to do when making such a large investment as buying a home so that you can make a more educated purchase.  Following are some tips from the pros. 

Be aware of how much you can really afford 

What is your home buying power? It is the combination of your credit score, the amount of money you are working with, and your salary, which tells the lender how much you can realistically afford to pay for your monthly mortgage payment.

There are costs to buying a home that most buyers don't think about. You could possibly qualify for a mortgage with as little as 3-3 1/2% down payment.  There are also other closing fees that both a seller and a buyer has.  A buyer will have title fees plus prepaid mortgage, escrow, and

Everyone has at least experienced how to move once in our life. And in such a case, planning every aspect of the relocation seems to be a daunting task. With all the scheduling, coordinating, and packing you’ll need to accomplish over the next few weeks, it can be easy to get overly stressed and anxious. If you’re a starter, you may not know where to start and what to do precisely.

 To get all things done without losing your mind, here are the things to prepare when you’re planning your first move.

1. Calculation of moving costs

First thing in your checklist should be the calculation of moving costs and the setting up of your budget. While most people who are moving don’t really feel like creating a budget, you should understand that not

Moving all your possessions from your old house to a new one can be emotionally and physically stressful. From deciding which item should be put in one box to ensuring all valuable items are safe and secured, everything involves careful planning and preparation. When it comes to your belongings’ security, steps should also be taken throughout the move.

If you want to guarantee the safety and integrity of your belongings during your move, here are a few tips to consider from the get-go. 

1.          Make an inventory of your items

 The first step is to come up with a detailed inventory of all the things you currently own. Prepare a spreadsheet and list down the quantity, description, and photos of all your valuables. Having an inventory will

As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”

It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy.  Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth. However, shifting conditions could impact you if you plan to buy, sell, or refinance this year.

HOME VALUES WILL INCREASE

The value of real estate will continue to rise. Freddie Mac predicts housing prices will increase by 4.3 percent in 2019.  While the rapid price appreciation we witnessed earlier in the decade has slowed, the combination of a strong economy, low unemployment, and a lack of inventory in many

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months. This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home.

The truth is, homes are bought and sold year round. And while the market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home. If you’re in the market