Real Estate Information

The 30-year fixed mortgage fell to 3.94 percent recently, the lowest rate ever. For those who can qualify for the historically low rate, it's an extraordinary opportunity to buy or refinance.

Freddie Mac says the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan dipped to 3.26 percent, also a record.

Low rates have done little to boost home sales or refinancing. Many people don't have enough cash or home equity to get a loan, or they are reluctant to take the risk in this market. Others have already refinanced because the average rate on the 30-year loan has been below 5 percent for most of the past year.

If you are in the market for a new South Loop home, contact me and I can help you to take advantage of these historical lows!

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Come out to this fun, family friendly and free South Loop Chicago community event!

Tomorrow, Saturday October 8th, is the last day to go to the Printers Row Park Farmer's Market. Enjoy offerings from local vendors:  

•Blue Sky Inn, Chicago, IL
•DNK Family Farms, Inc., St. Anne, IL
•eSutras Organics, Chicago, IL
•Frank Farms, Berrien Center, MI
•Highrise Baking Company, Chicago, IL
•Leitz Farms, Sodus, MI
•Twin Garden Farms, Harvard, IL

Join South Loop residents anytime between 7am and 1pm to stock up on fresh fruit, veggies, flowers and more!

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Contractors are great for helping you realize your home remodeling dreams, or for helping you sell your South Loop home. It’s very important to find the “right” contractor though, and locating this person entails a lot more than just finding the cheapest price. Here are a few things to look for when researching a contractor for your home improvement project:

• Make sure your contractor is properly licensed. Keep in mind that even though a contractor has a license, it doesn't automatically mean they will do a great job. It does however provide some financial protection for you, the customer. 
• Make sure your contractor is properly insured. In addition to being licensed, it is vital that your contractor have proper insurance. Always ask your contractor for a copy of their proof of liability insurance and bonding or the name and number of his/her insurance agent to call and verify proof of coverage.
• Ask for references and check them! Talk to other clients that this contractor has done work for in the past. Ask them if they were happy with the quality of work, was the work completed on time? Also be sure to inquire as to if the work was completed by the agreed-upon schedule? Websites like Angie’s List are great for finding out this kind of information.
• Get two or three different written bids. As with any large project or purchase it is a good idea to do your research and shop around. Different contractors can vary widely on pricing and level of detail even when bidding for the same job. 

It’s not always the wisest decision to automatically go with the lowest bid. You need to take into consideration that the higher bid could possibly mean better materials, workmanship and reliability. You must ask yourself, do you trust this person to work on your Chicago home? Do you feel comfortable with them around you children and your valuables? Create a checklist of all these above items so that when it is time to interview your choices, you can make a better decision.

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County music star Trace Adkins is coming to South Loop this Sunday, October 2, 2011! He is one of the most identifiable voices in country music, and now you can see him take the stage at the Auditorium Theater in Chicago to perform his Grammy-nominated and Billboard country chart hits, including the August 2010 release, “Cowboy’s Back in Town.”

In the fifteen years since his platinum debut, Trace Adkins has released ten studio albums, three greatest hits packages, thirty chart singles. He has racked up four Grammy nominations, five ACM and CMT awards. Accolades like that – along with sales in the tens of millions – explain the respect Adkins has earned from both Country fans and the industry alike

The can’t-miss-show will start at 7:30 pm and tickets are selling fast, so make sure you get yours today!

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Many people are confused about whether they should rent or buy in this market. Here are the top ten reasons why you should buy a home now:

10. You'll get a better home. In different parts of the country, it's hard to find a good rental.

9. The National Association of Realtors puts the current inventory at around 4 million homes. That's enough for a years worth of sales. That means a lot of choices as well as great prices.

8. Sooner or later, the market will improve. There will be more demand than supply. The population is supposed to grow by more than 100 million people over the next 40 years. That means a lot of people will be looking for new homes in the future.

7. Your home isn't the stock market and it shouldn't be viewed as a way to get rich. Real Estate prices will go up again. Equity in your home is another way of investing in your future.

6. If offers some inflation protection, especially if you are young and raising a family.

5. It will be yours. You can have the kitchen and bathrooms you want, you can move walls or build an extension. You can even paint your home bright red. Few landlords will allow you to do that.

4. It's a buyer's market. We all like a good deal, we feel a sense of satisfaction after negotiating.

3. It's forced savings.  If you rent an apartment for $2000/month instead of buying one for $2400/month, renting seems like a good idea but will you save the $400 for the future? Most people won't and since part of that monthly payment as an owner is tax deductible, you do the math.  You are just paying yourself by building equity in your home.

2. You'll save on taxes. You can deduct mortgage interest and real estate taxes from your income taxes.

And the #1 reason is...

1. Mortgages are cheap. Interest rates are low. Two years ago they were around 6.3%. Now they are around 4.3% for a 30 year fixed loan. That's a big difference in your monthly payment.  When inflation goes up, interest rates will go up.

Can you think of any other reasons to buy?

I can. Landlords raise your rent every year. That increase could be used towards a tax deductible mortgage.

What are you waiting for? If you're thinking of buying, now is the time to buy!!

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Harvest season in Illinois is here! September and October offer the best from Apples to Carrots and much more. Every Saturday until the end of October, you can stock up on fresh fruits and veggies, plants, flowers and more at Printers Row Park Farmers Market in South Loop! Click here to see what fruits and veggies are in season now.

This great one-stop market is open from 7 a.m. to 1 p.m. at 50 W. Polk Street in Chicago. For more information, please visit click here or call 312-744-3315.

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Buying a home is a big step, and there are many things to consider before you even start the home buying process. Below are some important tips to follow before you begin to look for your Chicago dream home to help ensure a smooth transaction.

1. Avoid making any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:

• Autos, boats or other vehicles
• Furniture
• Appliances
• Electronics
• Student loans
• Refinanced property
• Personal loans

2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.

3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.

4. Don’t skip the home inspection or rely on the seller’s inspector. Your best bet is to get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.

6. Finally, as tempting as it is don’t buy a home you can’t afford! Sounds like common sense but foreclosures are at an all time high for this reason. Be sure to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!

Don’t let your dream turn into a nightmare – get pre-approved, be prepared and avoid these home buying mistakes!

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Experience “Hallelujah Broadway” this Saturday, September 17th in Chicago’s South Loop! This show will feature songs performed by a 32-piece orchestra and featured soloists Anthony Kearns (The Irish Tenors), soprano Alfreda Burke and tenor Rodrick Dixon ("Too Hot to Handel"). The program includes numbers from "Wicked," "West Side Story," "Les Miserables" and more.

It promises to be a powerful performance that will have audiences rising to their feet, so come to the Auditorium Theatre in South Loop this Saturday! Doors open at 6:30 pm and the show starts at 7:30. Click here to purchase tickets.

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Purchasing a home is a huge investment and can be stressful. However, you can alleviate some of the stress by having a home inspection. This can help ensure that your potential Chicago home is in good condition and help eliminate surprises by making you aware of possible problems.

So how do you go about selecting a home inspector? One good way to start is one of the two nationally recognized professional associations for home inspectors; the American Society of Home Inspectors or The National Association of Home Inspectors. In order to be listed with either of these organizations one has to go through a certification process. Both of these have a search engine to help you find “state certified home inspectors.”  Once you have a few names it doesn't hurt to check with the Better Business Bureau. Make a list of inspectors that have been recommended.  Avoiding anyone who has a negative report can help you avoid any potential problems with your inspection. 

A few things questions to ask when talking to your potential home inspector:

• What is the inspector's experience? How many years have they been in the business and how many inspections do they do a year?
 
• Exclusively inspections? Beware of contractors who do house inspections "on the side"--they may be looking for work and this isn’t necessarily what you want.

• What type of report? Will it be written or oral or both? Will the report contain suggestions for remedying deficiencies? Preference should always be to get it in writing.

• How long will it take? Depending on the size of the house an inspection should take between 2 and 4 hours.

• What will be included in the inspection?

• What certifications do they have? Are they ASHI or NAHI certified?

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Calling all aspiring chefs! Make plans to head over to the Chicago Firehouse Restaurant in South Loop next Wednesday, September 14^thfor a cooking class with Chef Kendal Duque!

This rising Chicago chef will demonstrate how to prepare a three-course meal using fresh ingredients. This event will also include beer, wine, menu tastings, recipe cards to take home and a discount at the Green Acres and Seedling Farms stands at Green City Market the following Saturday.

 The whole experience will cost $60, and it is recommended that you RSVP if you wish to attend. The cooking class will start at 6:00 p.m. on the 14^th. For more information, please call 312-786-1401.

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