Contact Mike Hogg 773.218.5752 or  mhogg at lakecityhomefinder.com

I just wanted to touch base with you all and let you know about what’s going on in the market right now.

We’ve been very busy over the past a few weeks helping several buyers purchase new homes.
It’s been great helping buyers negotiate and they are getting great deals! If you are looking to buy this year, now is a great time to act.

There are still a lot of properties on the market, but don’t be fooled,
good properties listed at good prices (especially ones with BIG price drops) are selling fast.  Many times I’ve called to make an appointment for a showing
only to find that these properties have just gone under contract.

For example, we helped one of our clients buy a townhome for $200k a few weeks ago (previously listed at $310k). The day the seller dropped the price to $195k, they got multiple offers and we won!  But remember: in order to jump on great deals like this, you have to be pre-approved by lenders and ready to make a move.

According to the NATIONAL ASSOCIATION OF REALTORS®, “the number of buyers
looking for homes rose 5 percent in February, and also was 5 percent above a year ago.”  Based on the activity we experienced at Lake City Realty before spring even started, I believe that the market is picking up again.

Let’s take advantage of today’s market and find a great home!

Please mark your level of interest so I can see what kinds of properties
you’d like to focus on. If you have any questions, feel free to contact us
at info@lakecityhomefidner.com or 773.218.5752.
We will be happy to assist you through your entire transaction.

Regards,

Jimmy Tai/Mike Hogg

Lake City Realty

Here is an article describing how the nation’s housing market has risen for four straight months and no one is reporting it:  http://rismedia.com/wp/2008-07-11/real-estate-prices-rise-for-four-straight-months-is-anyone-noticing/

We work with a good number of people who are relocating to Chicago from all over the country and who have seen the national news.  They always ask “Is now a good time to buy, given the housing market?”  People are tentative and cautious because the media jumped on board with stories about how bad the national market was in ‘07 through the winter of ‘08. 

 The fact is that real estate is a local market.  A national look at real estate makes about as much sense as a forecast of rain in Chicago because it’s raining in Miami.  Prices in L.A., South Beach, or Phoenix have no effect on prices in Lincoln Park or Andersonville.  The short answer to their question is now is a great time to buy, especially in Chicago. 

 What you have to keep in mind is that the media describes the market from a seller’s perspective.  They look at the number of places available and the average price for similar properties.  Compared to a few years ago, there are more properties available right now.  Simple supply and demand states that when there is more supply and less demand, prices will go down, making this a buyer’s market.  Chicago is a strong, stable market that still shows growth over time.  There are areas where single family homes increased in price, even during this buyer’s market. 

 Sellers now are facing more competition and longer market times.  This makes it more likely that they will negotiate on price.  So….bad for sellers = good for buyers!  We are helping savvy buyers get great deals on properties all over Chicagoland in this buyer’s market. 

 The advantages to owning property still lie in building equity and tax benefits, not in get-rich-quick opportunities.  When it comes to buying property, you should be thinking about a minimum of 3 years (or better yet, 5) before you plan on selling your home.

 Depend on a Chicago realtor to help you find a good home that is a smart, long-term decision in Chicago.  Don’t put too much stock in what a national media outlet says about the market, especially when they aren’t giving you the good with the bad!

 Mike

Here are the basic facts:

1. You get a 30-year, fixed interest loan.

1. Best of all, you can get 4% up front to cover down payment and closing costs.

1. The program applies to almost any residential real estate building: single family homes, condos, 2, 3 or 4 flat units.

1. You have to work with participating mortgage lenders.

Who qualifies, you ask? Well, it’s available to first-time home buyers OR buyers who haven’t owned a home in the last three years. There are also two set of guidelines you need to take into consideration: income and purchase price.

 Income Limits

1. Household income ($60,320-$105,560)
2. Household size (1-3 person households)

So, for example, in order for a 2-person household to qualify for this program, they have to make less than $90,480.

 Purchase Price Limits

1. Size of the property (1-4 units)
2. Type of property (existing or new construction)

So for example, there is a purchase price limit of $398,315 for a single unit in a new construction building.

Confused? Interested? Want to know more? Shoot us an email or give us a call. We’re happy to answer any questions you have or point you in the right direction.

.

.

Sunny and large 3bed/2bath(3rd bedroom used as office) unit in 8unit building, over 1700 sqft, new hardwood floor through out, remodeled fire place, high ceiling, exposed brick, 42″ cabinets, granite counter tops, stainless appliances, huge master bathroom with jacuzzi tub and separate shower, walk in closet with custom shelving, lots of storage, nice deck, walk to lake and red line. Parking included!

We also have a 2bed/2bath unit available in the same builing for $247,000.
Check out our site for more information. www.lakecityhomefinder.com

Open house 1-4pm on Sat & Sun this weekend!

Jimmy

http://finance.yahoo.com/real-estate/article/104923/Nine-Ways-to-Enhance-a-Home’s-Curb-Appeal.   

But why wait? Why not enjoy some of these perks for yourself?

 You can make a lot of improvements on your current home now that will still show an increased value in the near future.  These can be bigger projects, (such as finishing a basement or adding a deck), or small ones (like planting more flowers or landscaping).

 When thinking of remodeling your home, it is good to see what the competition is doing.  If you are thinking of remodeling your kitchen, for example, make sure it can compete with similar properties for sale in the area.  Don’t install new Formica countertops if everyone else has granite or better!

Happy Home Improvement! -Mike

The Tribune has created a zoning change data base that allow you to look up changes in the last 5 years.  You can search by street name or ward.  Once you find the zoning, simply click on it for a description.

http://www.chicagotribune.com/news/local/chi-zoning-database,0,3992125.htmlpage

You’ve decided to put your place on the market…and so have lot of other people. You want your place to show better than any other properties around you. 

You have to be the best in show!

1.Get rid of clutter!

Nobody wants to see your personal stuff. Collectibles, magazines, bills on the table, pictures, magnets on the fridge…. clutter will distract a buyer’s view and give a bad impression. So put it all in boxes and store them or hide them. Bonus: now you’ve already started packing! 

2.Get out your paintbrushes!

Look around. You will see scuffs, chips and streaks. You might think it’s not a big deal, but think about it like this: your neighbor is selling the same exact unit as yours in the same building with the same price. His unit has fresh paint and yours doesn’t. Guess whose unit is going to sell first? Paint is cheap. You just have to do little exercise. Open your windows, get some fresh spring air and let’s paint!  If one of your kid’s rooms is painted a bright, pastel color or has a mural, paint over it with nice, fresh, warm color that welcomes potential buyers. Buyers don’t like personalized walls even if they have kids. Always use neutral colors- buyers want to picture themselves living there. 

3.Look at your kitchen and bath

Ok this one is very important. You’re going to need to spend some time here. A clean and solid-looking kitchen and bath will give buyers a great impression. Get rid of as much stuff as possible on the kitchen counter and hide your toaster, pots and pans. Now it looks like you have a lot more counter space. Clean your stove inside and out. Make sure the sink is always clear and the dishes are straight. If you have a lot of dishes, cups and mugs taking up too much space in the cabinets, just put them in a box and pack them away.  Scrub and clean the bathrooms. Get rid of all those extra shampoo bottles you don’t use and leave the one you do use.  If you see any mildew, GET RID OF IT!  Replace the worn-out bar soap sitting on the sink with liquid soap dispenser. Get nice, clean towels. And PLEASE don’t forget to put the toilet seat down. Always : ) 

4.Repairs

Improvement and repairs are two different things, so don’t go crazy. If your dishwasher is not working, your windows have cracks, and the faucets are leaking, you should repair them. If you don’t have granite countertops, hardwood floors or stainless-steel appliances, talk to your realtor and see if it’s even a good idea to invest in such improvements. Depending on what the competition has with their prices, you might make money, but you could also lose it if you invest too much!   

5.Final touches

So, you put all the clutter away and everything feels fresh and clean! It’s time for finishing touches.   Get some scented candles. It’s always nice to walk into a room with a fresh smell rather than the food you cooked last night. Get some flowers for the table. Real flowers. Check your light bulbs to see if they need to be replaced. And don’t forget to make your bed! Finally, get a second opinion from your realtor to see if anything else needs to be done.  

You are ready to open the door and let potential buyers in. I hope you get a lot of “WOWs” from people who walk into your home and get it sold fast! 

Jimmy Tai

It’s a new feature on our site and we’ll be keeping you updated on what we hear, what we know, and what we hear we know. First up, did anyone read the article on www.thestreet.com re: possible GOOD things about a recession? Jeffrey Strain talks about more affordable homes (especially for first-time buyers!), lower mortgage rates, and investment/ vacation properties, among other things. Check it out at http://www.thestreet.com/story/10410452/1/seven-reasons-to-welcome-a-recession.html.

Tell us what you think, ask us any questions- that’s why we’re here!

Mike and Jimmy
LCR