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July 2017

Found 14 blog entries for July 2017.

not to do

Every year, roughly six to ten million homes are purchased on average in the United States. The economic impact that home sales have in this country cannot be overstated. Last year, the construction associated with housing purchases equated to $925 billion, equating to 6 percent of the nation's economy. This figure is only one segment of the impact of home purchases, with over 70 percent of the American economy rooted in consumption, many people earn a living in the sale of housing related appliances and the at-large field of real estate. Long considered a cornerstone of American culture, home buying trends have been on the decline in recent years, however, with an improving economic climate, an expectation exists of an enhanced housing market.

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In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers 

Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the homes they actually purchased?

  • 51% on the internet
  • 34% from a Real Estate Agent
  • 8% from a yard
198 Views, 1 Comment

women

Women are gaining notoriety in commercial real estate, but more support within the industry is necessary to encourage future female entrepreneurs to ascend the ladder of leadership, panelists said during the Chicago Association of REALTORS®’ recent commercial forum. The discussion was part of the forum’s annual “Successful Women in Commercial Real Estate” series, which aims to highlight women as thought leaders and provide mentorship opportunities for aspiring professionals in the commercial field.

  1. The human touch is paramount in real estate.“Disruption has been coming for more than 10 years now and still hasn’t happened,” said Constance Freedman, founder and managing partner of real estate venture capital fund Moderne Ventures. “People still
302 Views, 3 Comments

tips insurance

Why wait until after a disaster to discover your homeowners insurance doesn’t really have you covered? Here are eight things to do so you can have peace of mind — and full protection — right now:

1. Understand the claims process. Two policies can promise the same amount of coverage, but they can be vastly different when it comes to making you whole after a loss. Have the agent explain exactly how claims are handled, especially when it comes to writing you a check. Do you receive your entire claim upfront, or just a fraction? Does the company pay you for all the things you’ve lost, or only those things that you replace?

Some policies will give you the cash value of your possessions right after a loss and wait to cover the replacement value until

261 Views, 2 Comments

rising prices

Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).

For those who are worried that we are doomed to

243 Views, 3 Comments

Even as Americans become more environmentally aware, it remains a challenge to convince home buyers that energy efficiency boosts the value of a home, housing and sustainability experts said Wednesday during the National Association of REALTORS®’ 2017 Sustainability Summit in Washington, D.C. Real estate professionals can demonstrate to buyers that their actions matter by speaking to them about how their purchasing decisions affect environmental preservation, NAR President-elect Elizabeth Mendenhall said.

“Their interest [in energy efficiency] isn’t solely because they’re looking to cut down on household expenses,” she said. “It’s also because more and more Americans have developed more consciousness about what’s environmentally friendly or not.”

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Older Americans are placing a higher value on living in walkable urban centers, according to a new survey of 1,000 respondents nationwide about their living preferences

A majority of respondents surveyed by A Place for Mom, a national referral service, said it was “very important” or “somewhat important” to live in a walkable neighborhood. They also sought neighborhoods with low crime and those that are close to family.

“It’s time to abandon the idea that only millennials and Generation X care about walkability and the services available in dense urban neighborhoods,” says Charlie Severn, head of marketing at A Place for Mom. “These results show a growing set of senior housing consumers also find these neighborhoods desirable. It’s a trend that

131 Views, 0 Comments

Real estate agent Laura Barnett put a Dallas-area house on the market three weeks ago and quickly received 22 offers, but she did not take the highest offer. Instead, she took the cash offer because that was the only way to ensure the sale would go through.

Sales and prices are moving so quickly in Barnett's market that appraisals are not keeping up. If the appraisal doesn't match the contract price, the buyer doesn't get the mortgage, and the deal dies.

"They're kind of putting a glass ceiling where we can't raise our prices any higher than we have comps to support it, so we're definitely going with more cash offers than we used to," said Barnett, an agent at RE/MAX DFW Associates.

 

The national median price of a home sold in June

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84$ american

According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans now believe that purchasing a home is a good financial decision. This is the highest percentage since 2007 – before the housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision:

  1. Homeownership means the money you spend on housing goes towards building equity, rather than to a landlord
  2. Homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire
  3. Homeownership is an investment opportunity that builds long-term wealth and increases net worth
  4. Homeownership means a stable and predictable monthly mortgage payment
  5. Homeownership allows
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renting

Finding an apartment you love anywhere can be a difficult process, but in Chicago, it can be a serious uphill battle. Among the hundreds of apartments that may be on the market at any one time, there will only be a few that meet all your needs, and even those could have their own set of problems.

When you finally hit the jackpot, though, the whole process of climbing up to every third-floor walk-up in the city and negotiating with every landlord you can get in touch with feels completely worth it. If you're about to embark on a mission to find your perfect Chicago apartment, here are six pieces of advice that may help you find it a little sooner:

1. Set a budget.

The first step to finding an apartment in Chicago, or any city really,

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