Since January 2013, a scarcity of housing inventory in the Chicago ‘burbs has caused a figurative gold rush in the real estate marketplace! In the North and Northwest Suburbs, for example, investors and buyers engage in bidding wars on almost every townhouse or single family home that pops up on the MLS Multiple Listing Service! Depending on the property’s location, condition, and price, it’s common for sellers to receive two to ten multiple offers within a matter of days!
This sense of urgency on part of buyers is especially apparent during the months leading up to the fast-approaching school year, as parents want their families settled into their new dwelling when school begins.
Two other driving forces include slowly climbing house prices, coupled with rising interest rates. In January 2013, a fixed-rate, 30-year mortgage could be had for 2.5% interest, while current interest rates waver between 4.5 and 4.75%. This increase adds a couple hundred dollars on to the buyer’s monthly mortgage.
I am a Realtor with Coldwell Banker. If you or someone you know is in need of real estate advice and numerous property listings from a experienced real estate professional (and not working with another Realtor), feel free to reach out to me at 847-293-5696 or email@example.com. http://www.jenniespallonerealtor.com
Posted in Household Decor, Real Estate
- Tagged Bidding Wars, Buyer, Chicago, Coldwell Banker, House, Housing Inventory, Illinois, Jennie Spallone, Lake County, MLS., Multiple Listing Service, Northern Suburbs, Northwest Suburbs, Realtor, Renter, Seller, Townhouses
As of March 1, 2012, President Obama’s new program on Short Sales mandates that lenders holding a property in Short Sale must give an answer to a prospective buyer within 60 days. Bank of America, one of the largest holders of Short Sales, has adopted a new program to shorten the time frame required to complete its research — as long as the Hardship Package and all pertinent documents have been turned in at the onset.
Obama also cut the credit requirement for a current owner to get refinanced to stay in her/his home. The thinking is that it’s more productive for the bank to assist the current owner, the person who is emotionally and financially invested in the house, rather than put it on the market as a Short Sale or Foreclsoure. In the past, three month refinancing trial periods have resulted in the owner owing more than what she or he started with. This is another area that is being investigated. For more information, contact firstname.lastname@example.org or another Realtor who specializes in these matters.
Batteries Plus in Mt. Prospect, Ill. gave me back my sanity — or should I say, rechargeable battery.
Fifteen months ago, I bought a display model, palm-held Samsung video recorder from Best Buy in Arlington Heights, Ill. Rather than try out my new video recorder right away, I stored it in a “safe place” so it wouldn’t get lost. When it was time to record my son’s basketball game, I’d forgotten the location of that “safe place.”
By the time I found my video recorder, the one year warranty was over. The Geek Squad at Best Buy referred me to Batteries Plus where Glen sold me the difficult-to-find rechargeable battery. Batteries Plus sells every kind of battery imagineable. When it comes to batteries, they’ve got the answers! Check them out at www.batteriesplus.com
These days, it’s common to plop down in a seat at the real estate closing table only to learn the mortgage banker didn’t come through with the buyer’s loan, or the seller neglected to get a final water meteor reading! Minor bumps in the road, to be sure, but still annoying.
That’s why, whether I’m representing a buyer or a seller, I love using Buffalo Grove Attorneys David Stollman, Elliott Hartstein, and their wonderful paralegal, Patty Jacobson, www.davidstollman.com. They’re right on point when it comes to getting documents researched, questions answered, and staying in communications with all parties.
Most important, they’ve smoothed many a ruffled real estate transaction in their time. For this, I say thanks guys….