mortgage: Home Sales, Prices in City Continue to Fall; It’s a Great Time to Buy
- 02/11/09 04:14 AM
Economists, my fellow REALTORS® and home sellers are all asking the same question: Has the housing industry finally reached bottom? It’s a good question. Unfortunately, no one knows. We all hope that housing prices are finally ready to start climbing again. And we all certainly hope that sales will soon pick up. But for now, at least, sellers are still struggling to move their homes. But while this isn’t wonderful news for sellers, it is great news for Chicago buyers. In today’s market, buyers interested in even the top city neighborhoods can find great value. Here’s why: In December of last … (0 comments)
mortgage: Tax Time is Looming: Don’t Forget the First-Time Homebuyer Credit
- 01/30/09 05:08 AM
When a homeowner sells his home and decides to buy a new one, there are 3 basic options for the residence -- sell it, keep it, or rent it. Unfortunately, no matter which path they choose, move-up homebuyers in need of a new conforming mortgage will find qualifying for a home loan to be more difficult this season than in the past. Mortgage guidelines are dramatically tighter for people "carrying two mortgages". Among the changes this spring's buyers face: Selling the primary residence If you plan to close on your new home prior to the closing of your existing home -- … (0 comments)
mortgage: Think Carefully Before Investing in Local Foreclosures
- 12/17/08 09:32 AM
It’s tempting when you read about the growing number of housing foreclosures across the country and locally here in Chicago to consider entering the market for distressed properties. After all, there are plenty of housing bargains to be found, right? But before you take the plunge, you should consider this: Purchasing a foreclosed property or a short sale is far riskier - and much more challenging - than is buying a typical residential home. There is certainly an opportunity for investors to find foreclosed properties in the Chicago area. Geoff Smith, vice president of the Woodstock Institute, said recently that the … (0 comments)
mortgage: Boosting Your Credit Score is Key
- 12/17/08 09:15 AM
Today’s mortgage lenders are a lot more cautious about whom they pass out mortgage loans to. During the heyday of the housing boom, even borrowers with suspect credit – not to mention high levels of debt and shaky job histories – were able to obtain mortgage loans with low interest rates. Thanks to the credit crisis currently gripping our nation, this is no longer the case. Today, borrowers better have solid credit if they hope to qualify for any mortgage loan at all. What if your credit isn’t the best? Don’t panic. You can rebuild your credit score. It will take … (0 comments)
mortgage: When Looking For a Realtor, Find a Consultant Not a Salesman
- 12/17/08 09:06 AM
Now that we are suffering through one of the most serious housing slumps that I can remember, much of what I’ve long told buyers and sellers suddenly carries more weight. There is no clearer example of this then my longstanding recommendation that homeowners and buyers work with REALTORS® who are advisors, not mere order takers, when buying or selling a house. During the housing boom, REALTORS® didn’t have to work as hard to be successful. Homes sold in record time. Sellers juggled multiple offers. And buyers were willing to pay full listing price or higher to get their dream homes. We … (1 comments)
Economists, my fellow REALTORS® and home sellers are all asking the same question: Has the housing industry finally reached bottom?
;)
;)
