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What's shakin' Chicago? Your January 2017 market update is here! As always, these updates cover the previous month of activity as it closed out.
Keep hearing people talk about low inventory?? Don't let that scare you! People ARE buying - and since this time last year, we've seen a 6% increase in homes sold in the Chicago market. Higher year-over-year figures mean more buyers ARE finding what they're looking for! You just have to have the right real estate agent by your side. Click the image above to hear the full January 2017 market update - and give me a call or shoot me an email to discuss your local market update or how you can get the home buying process started.
Coldwell Banker’s Market Watch videos give you the latest, local real estate trends including the most recent statistics on pricing, inventory, and days on market. The information given in this video is compiled from the 77 officially defined Chicago community areas.
Don't forget to subscribe to receive updates and keep your eye on market activity!
Home buying seminars are often held by real estate agents in order to help the general public understand more about the home buying process. It can be a fun way to get together with other industry professionals to mingle and answer questions potential home buyers may have. So we decided to kick-off 2017 with our very own #Homegoals Home Buying Q & A. We had a great turnout of first time home buyers looking to learn more and we couldn't have been happier to share our knowledge.
Our team consisted of a Mortgage Lender, Al Dynia, Attorney with Czaja & Dynia, LLC, Phil Anello, Home Inspector with PK Quality Home Inspections, and myself - Brittany Wrenn, Realtor with Coldwell Banker. Each person on our panel represents a key role in a real estate transaction. We wanted each professional to explain their part so that the first time home buyer is familiar with who they'll be working with during each part of the home buying process. Take a look below at our Top 10 Takeaways from the Q & A - and if you would like to learn more, let's schedule a meeting and chat!
Top 10 Takeaways:
1. Find a Mortgage Lender and get pre-approved
2. To help determine whether you qualify for a mortgage and what the rate will be, your lender will evaluate your credit report and your debt-to-income ratio
3. The minimum credit score is 580, but you will need to put 10% down for an FHA loan
4. It doesn't cost you any money to have a Realtor help you find a home
5. Your Realtor will help you with suggested offer price and negotiations based on fair market value
6. Negotiating closing costs will be left up to you and your Realtor on how you want to offer on the property - mentally plan for 2-3% of the purchase price.
7. The time frame from contract to closing is typically anywhere between 30-45 days
8. You will work with a Lender, Realtor, Attorney, and Home Inspector during the transaction
9. Do NOT make any large purchases while you're trying to buy a home (i.e. car, furniture, etc)
10. Trust your team!
Still have questions after reading through our Top 10? We're here to help! Feel free to reach out to any one of us at our contact information below if you have specific questions regarding any of our services. We look forward to helping you reach your #HomeGoals!
STAY TUNED! Additional home buying seminars will be offered throughout the course of the year. Sign up for my newsletter to be notified of the next event!
One of my favorite parts of working in real estate is getting to tour new developments around the city. Just like every neighborhood in our city has it's own characteristics, so do the buildings that line the streets. Some are modern, some traditional, some are luxury, and others are vintage. I love seeing what's new in architecture, design, and overall how the building will tell the story of the structure, neighborhood, and it's residents. This past week, I got the opportunity to tour a new development in Chicago, Exhibit on Superior. This 298-unit building is made up of micro apartments, a trend that is popular in other large cities like New York, Seattle, Boston, and Washington. The building not only features studio - 3 bedroom options, but also has an array of amenities. There is everything from a fitness center to a private dining/party room, a pool, a lounge, and cozy reading nooks.
Located in the River North Gallery District, Exhibit displays it's own sense of art, culture, and modern living in Chicago. To schedule a tour and learn more about the building, I can be reached at 312-532-6258 or firstname.lastname@example.org.
Disclaimer: Pictures are my own, of model units, and reflect multiple different floor-plans. For more information regarding the building, please contact me to schedule a tour.
I have been a writer most of my life, but it wasn't until college that I realized I could use this hobby of mine to tell stories and to educate people on different topics. I have published works in various newspapers, magazines, and websites, and continue to find ways to incorporate my passion for writing, sharing stories, and educating into my life and career.