home buying: Is There a Cost to Not Purchasing a Home Now? - 10/04/15 05:49 AM
The New Oxford American Dictionary defines opportunity cost as "the loss of potential gain from other alternatives when one alternative is chosen."With interest rates and home prices expected to rise in the near future, the opportunity cost of not purchasing a home in today's market may grow, according to the Opportunity Cost Report issued by www.realtor.com The site provides online real estate information and services through the National Association of Realtors.The www.realtor.com report examines various factors by market, including the property appreciation gain renters forego when they hold off on buying, as well as other financial benefits of homeownership.According to Jonathan Smoke, chief … (0 comments)

home buying: How do I start looking for a home? - 08/17/15 07:53 AM
So you're about to take the plunge into homeownership. Once you've figured out you can buy a house and how to finance it, the next thing you need is a list of attributes you want in your dream home.
First do some research. Information is readily available at the click of a mouse. Establish what's most important to you: Where are you flexible and what can't you live without?
Next share your list with your real estate agent. For example, while you might want to restrict your search to one area, your agent's familiarity with your needs, plus an understanding of what's available … (1 comments)

home buying: A Starter Home May Work For You...If You Can Find One - 02/15/15 10:12 AM
In the old days, young couples looked for a modest detached house in a family-friendly neighborhood as the first step to their dream home. Starter homes, as they were called, were affordable, although in many cases they needed some tender loving care. But they were home to millions of families over the years.
Today, many people, notably millennials and other first-time buyers, might be interested in a starter home. If they could find one. This can be a real challenge, particularly in growth states like California, Florida, and Texas, and in urban centers such as New York, San Francisco, and Dallas, where … (1 comments)

home buying: How to Find the Mortgage That's Right for You - 12/15/14 01:07 AM
The mortgage world can be confusing, and it pays to educate yourself about the pros and cons of different types of mortgages.
Fixed-rate mortgages offer rate and payment security, although they can be costlier than adjustable-rate mortgages (ARMs). So, while the low initial cost of ARMs may be tempting to home buyers, they do carry a degree of uncertainty. Consider the following:
A 30-year, fixed-rate mortgage is a stable fixed-interest-rate home loan. This is a good choice for borrowers who plan to remain in their homes a long time and want the security of knowing their monthly payment will never change. A … (0 comments)

home buying: What should we look out for when buying an older home? - 12/14/14 11:18 PM
Age may be just a number for individuals, but is this true when you're considering buying an older home? In fact, your 1900s dream home may be a headache in waiting. You'll need to consider if it's insurable in its current condition, and whether you can even get a mortgage on an older home that's seen better days.
Many older homes don't meet today's strict health and safety guidelines. In the past (pre 1978), it was the norm to use lead-based paint, and older homes are likely have older wiring and pipes, ill-fitting windows, and asbestos insulation. All may require expensive … (1 comments)

home buying: You Can Compete (and Maybe Win) vs. an All-Cash Offer - 12/14/14 11:07 PM
Depending on location and market dynamics, cash buyers (those not requiring a mortgage) currently account for a third of all home purchases, according to CoreLogic, a firm that tracks real-estate trends.
As a buyer who needs a mortgage to purchase a home, it will be tough for you to compete against an all-cash offer, particularly in a market where multiple offers abound. From a seller's perspective, an all-cash offer eliminates both hassle and risk, as do offers without appraisal or financial conditions, which, in a hot real estate market, can also reduce your chances of success. There are, however, some ways to … (2 comments)

home buying: How can I tell what the next hot neighborhood will be? - 10/20/14 09:30 AM
You want to move into an up-and-coming neighborhood, but aren't sure what's a diamond in the rough and what's a headache waiting to happen?
A good local real estate agent will know all the up-and-coming areas. But you can also watch for these signs:
Business is booming. If on-trend restaurants, coffee houses, and high-end retailers are moving in, this area may be changing for the better.
Major economic developments. A neighborhood that boasts a new major employer is sending out good signals.
Renovations. If homes in a run-down area are being remodeled, it's likely the area has a bright future.
Convenient … (1 comments)

home buying: School Districts Matter to Buyers and Sellers - 10/15/14 08:52 AM
It's axiomatic in the real estate industry that homes in good school districts are more desirable and fetch higher prices than similar homes in lower-tiered school districts. Indeed, buyers are willing to sacrifice or compromise on many attributes and amenities to own a property in a good school district.
It does matter
These findings in a recent Realtor.com survey of nearly 1,000 prospective home buyers bear this out:
More than 90 percent of respondents said school district boundaries were important in their search for a new home. One out of five stated that they would give up a bedroom or a garage to live … (1 comments)

home buying: First-Time Home Buyers Get a Boost From HAWK - 09/14/14 10:02 PM
First-time home buyers may benefit from a new program from the Department of Housing and Urban Development (HUD). In order to make its loans more accessible to U.S. home buyers, HUD has introduced a new FHA program: Homeowners Armed with Knowledge (HAWK).The HAWK program, which is slated to start October, 2014, will offer incentives to first-time buyers who participate in home counseling and financial education classes. Counseling classes will be taught by agencies approved by HUD. The formal classroom sessions will focus on helping participants overcome obstacles to buying their first home.There will be fees for the counseling, which could be … (1 comments)

home buying: What basic factors go into a CMA? - 08/16/14 04:36 AM
Real estate agents use a Comparative Market Analysis (CMA) to value a property and establish the correct selling price. This is important whether you are selling or buying. Here are some factors we look at:
Active Listings: These are listings for homes for sale in your neighborhood. It's important that the asking price not stray too far from them, unless there’s very good reason.
Pending Listings: These listings have received an offer, but the transaction isn't complete. They can show local market trends.
Sold Listings: This all-important factor shows what properties in your area actually sold for.
Cancelled Listings: These are the prices of expired … (0 comments)

home buying: How do I find the right home in a new city? - 07/24/14 11:05 AM
Moving to a new city can be scary for many reasons, but house-hunting doesn't have to be one of them. Here are the six Rs of house-hunting in a strange city:
Rent or buy - is your move to test the waters or make a permanent change? Know what the future holds before deciding.
Research - look to your network first; someone may know someone who lives in your future locale. If not, there's lots of information available online.
Real estate agent - a good local agent will know the neighborhoods, schools, and prices. Again, ask your network for recommendations.
Realistic … (0 comments)

home buying: What Factors Make a Great Location Great? - 07/15/14 10:36 AM
What constitutes a "good location," and why are some areas particularly attractive to buyers and/or investors?
Inherent in the concept of a "good location" is the idea of a place where people want to live. This is probably close to shopping, top schools, recreational facilities, cultural amenities, restaurants, and transportation. In addition, it's likely safe and will have well-run public services. But while good locations may be more convenient or more attractive than others, this isn't always the case. They're not always newer (or older) either.
Following are some factors that contribute to the value of homes in a particular area. … (1 comments)

home buying: Buying or Remodeling: Advice is Just a Click Away - 07/03/13 10:50 AM
Americans love their toys, and we’re turning to our devices for advice on everything from remodeling projects to home searches. According to a joint study by Google and the National Association of Realtors, real estate searches on Google.com have increased by 253 percent in the past four years.
"Increasingly, online technologies are driving offline behaviors," noted Patrick Grandinetti, head of real estate for Google, "and homebuying is no exception."
Buyers screen homes on the Internet
The study indicated that nine out of ten home buyers turned to the Internet during their home search. Although half launched their search online, they quickly moved offline; 76 percent viewed … (0 comments)

home buying: How to Buy Your Dream Home Even if It's Not For Sale - 07/03/13 10:21 AM
Have you ever driven through a new neighborhood only to turn the corner, and there it is...your dream home?
But, darn your luck, this dream home isn't for sale. While the majority of us drive away, saddened, some people leave determined to make this home theirs - whether it's for sale now or not.
And often, with the help of a great agent, they'll do just that.
For real estate agents, it's a form of cold calling (note that only prospective sellers who are not on the 'do not call' list should be called!): The clients point out an unlisted home they love, and … (1 comments)

home buying: Should we buy a home for our out-of-town student? - 05/17/13 10:00 AM
You actually can profit in two ways from ensuring your student has a safe and comfortable place to live while studying.

Many students don't live on campus, but parents still want their kids located in a good area. Purchasing a home and renting to your student (and others, if size permits) may be the perfect solution. The location and the home itself is your choice, so you can assure yourself it's as safe as possible. And by paying rent, your student will learn about personal and financial responsibility.

It's also a great investment. As well as covering some or … (2 comments)

home buying: Is it all in a Name? Ask Residents of Country Club Drive - 05/17/13 09:51 AM
Residents of Wisteria Lane, USA might have found their property values rising during the long run of the Desperate Housewives TV series, but they've got nothing on the people who live on Country Club Drive.
According to a University of Georgia study, the value of homes with "country" in their addresses is 4.2 percent greater than similar properties located on streets that aren't "countrified". As for those lucky people on Country Club Drive, this posh address increases the value of their homes by 9.3 percent.
As reported in the Wall Street Journal's blog, Developments, the study found that Country Club Drive sounded prestigious … (0 comments)

home buying: Bad Neighbors can be Hazardous to Your Property Values - 05/03/13 09:39 PM
It's every homeowner's worst nightmare:Your new neighbor has decided to tear down the charming colonial and build a monster home. Or he's turned his backyard into a junkyard. Or they're having noisy parties.Yes, having bad neighbors can be awful. And did you know they also can lower the value of your home by up to 10 percent.A recent study by the US Appraisal Institute indicates that your neighborhood - and your immediate neighbors - can be game-changers when it's time to sell. You may be looking at a 5-10 percent drop in your home's value. And a lower selling price.And it's … (35 comments)

home buying: Which Comes First … the Buy or the Sell? - 04/14/13 09:36 PM
When a hermit crab decides it's time for a new home, it scopes out a new shell before vacating its current accommodation.
But for homeowners, the process is not so easy.
Whether you buy a new home before selling your current one - or the other way around - the choice of what to do first comes down to which option makes you the most comfortable.
Both have pros and cons, and here are some to consider:

Sell first
When you know what your current home has sold for you can zero in on exactly what you can afford in your next one. Because … (0 comments)

home buying: Growing Out of Your Home? You're Not Alone - 03/01/13 11:55 AM
Americans who are house shopping in 2013 are looking for more than granite countertops and hardwood floors. According to recent research, it's all about the family.Most home buyers cite growing families as the main deciding factor in purchasing a new home. According to real estate professionals, almost three-quarters of their clients are motivated to look for a new home when they outgrow the old one thanks to their growing families.The second key motivator relates to the job market; almost 70% of respondents to a recent survey of real estate professionals cite job issues as a reason for buying a new home.As … (0 comments)

home buying: How does inventory affect my home search? - 02/17/13 06:14 AM
Buying a home can cause stress no matter what, and it's even more difficult when choice is limited thanks to a low inventory of homes meeting your criteria.

The inventory - or number of homes currently on the market - is a measure of demand. A low inventory usually means greater competition and less choice for buyers.

Housing inventory is measured as a seasonally adjusted number of homes that are available for purchase at month end. The "months of inventory" figure (sometimes called "months of supply") is based on how long it would take to sell all available properties … (2 comments)

 
Dave Hill PhD,ePro,SFR,CIAS,BPOR,CNE,CSC Chicago Area Real Estate Agent (Midwest Premier Realty, Gurnee IL 224-321-0699) Rainmaker large

Dave Hill PhD,ePro,SFR,CIAS,BPOR,CNE,CSC Chicago Area Real Estate Agent

Gurnee, IL

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Midwest Premier Realty, Gurnee IL 224-321-0699

Address: Gurnee, IL, 60031

Office: (224) 321-0699

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