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August 2017

Found 29 blog entries for August 2017.

atttract

If your sellers are looking for easy ways to increase a home’s value and get buyers’ attention before their home hits the market, here are three quick fixes for kitchens and bathrooms from Matt Karlin, president and CEO of Nemo Tile + Stone.

1. Refresh with color. As a 20-year industry veteran, Karlin has seen a lot of color trends come and go. When it comes to selecting a palette that looks fresh and has broad appeal, it’s best to go with whites and neutrals, Karlin says. Plus, if your seller is working with a small bathroom or kitchen, he recommends favoring a pale palette because it will also make the space look bigger. Sellers could also add a border of metallic tile as an accent to the room to give it a more modern look, he says.

2. Update

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More and more Chicagoans start what is called a "house hacking". The purpose and the idea is to offset the cost of owning a primary property by renting out a part of it. This could be accomplished by getting a long term tenant or simply by "AirBnB'ing" it. House Hacking is a term used when the money coming from the extra rent is being used towards paying off the mortgage early and reaping  the benefits of early equity in the property. Every time you make extra (over payment) payment on your mortgage (in most instances) , the entire extra amount is applied directly to the principal, meaning your mortgage payoff graph is being put on steroids.

Check out our mortgage calculator to see how fast you can pay off your mortgage.

 

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loans

The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.

One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.

A recent article about millennials by Realtor.com explained that:

“About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”

The article also explained that 29% of millennials believe their credit scores are too low to buy. The problem here is the fact that they think they will be denied

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Graue Woods ElmhurstKnown for its rural feel, North Graue Woods managed to keep its natural, historical look. (North) Graue Woods consists of three streets, just east of Rt83 and just north of North Avenue; River Glen, Shady Ln and Ferndale. The three streets are a home to oversized lots with mature trees, no sidewalks and no pass thru traffic. People who live there love this area for it's rural feel, shade in the summer and no cars, besides friendly neighbors passing by. There have been several new homes built in recent years in Graue Woods, also a few homes have been remodeled and sold to new families. Homes in Graue Woods range from approximately $200,000 all the way to the most recent highest sale recorded at 335 Shady in 2016, a four bedroom home sold for $900,000.00 by

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Social Medai

The Council of Residential Specialists kicks off its fifth annual CRS Week on Monday, Sept. 11, offering five free webinars to all real estate professionals as a sampling of CRS education and credit toward a CRS designation or maintenance requirement. The webinars will cover topics such as creative video marketing, refining email newsletters, and choosing better listing photos. This year, participants can register for all five webinars at once. Pro tip: Even if you aren’t available to attend every live webinar, it still pays to register so you can access the video playback later.

In preparation for CRS Week, we gathered tips from each of the five presenters, as well as links to register for the webinars.

1. Understand Your Client’s Journey

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half homes

Fifty-one percent of homes sold in July were on the market for less than a month, according to the National Association of REALTORS®’ existing-home sales report, released Thursday.

Properties typically stayed on the market for 30 days in July, down from 36 days a year ago.

“Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace” for existing-home sales last month, says Lawrence Yun, NAR’s chief economist. “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

Total

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big loans

The interest rate for jumbo loans—those greater than $421,100—dropped five basis points last week, averaging 3.99 percent for the week. That is now 13 basis points lower than the conforming rate, which is the largest spread between jumbo rates and the conforming rate since March 2016, according to the Mortgage Bankers Association.

"A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing," says Joel Kan, an MBA economist. Sales on the higher end of the market are increasing, which also explains the stronger demand for jumbo loans lately.

Meanwhile, sluggish inventory levels of homes for sale on the lower end are keeping applications down, according to the MBA. Total mortgage

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big loans

The interest rate for jumbo loans—those greater than $421,100—dropped five basis points last week, averaging 3.99 percent for the week. That is now 13 basis points lower than the conforming rate, which is the largest spread between jumbo rates and the conforming rate since March 2016, according to the Mortgage Bankers Association.

"A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing," says Joel Kan, an MBA economist. Sales on the higher end of the market are increasing, which also explains the stronger demand for jumbo loans lately.

Meanwhile, sluggish inventory levels of homes for sale on the lower end are keeping applications down, according to the MBA. Total mortgage

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boot camp

UPCOMING HOME BUYING CLASS: Wednesday, October 4th, 2017 - 7pm -8 pm 

LOCATION: 647 N York Rd.  Elmhurst, IL 60126 - REDCO OFFICE

Click here to Register for FREE to attend.

 

The purchase process can be complicated. A growing number of real estate professionals from across the country are stepping up to offer clients home buyer workshops. Agents say the public demand for such workshops is growing.

First-time home buyer workshops are becoming more commonplace, according to U.S. News & World Report. Real estate professionals, lenders, and agencies approved by the U.S. Department of Housing and Urban Development are offering buyers tips about everything from getting approved for a mortgage and making an offer, to preparing to close on a

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use professional

When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the first step that “…44% of recent buyers took in the home buying process was to look online at properties for sale.”

However, the report also revealed that 96% of buyers who used the internet when

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