Many of my clients are quite frustrated about the lack of decent homes in their searches; a good part of the blame can be put on the cyclical nature of the real estate market, where the number of listings and sales bottoms out in the depths of winter. In contrast, 60% of housing sales happen between May and August. Thats not to say that great properties dont pop up year round--they certainly do. There are just fewer of them, and the search can take longer as a result. While the seasonal slump in listings is in full swing, we are right on the verge of the spring market, so if you are thinking about buying and havent switched gears to actively searching, now is a great time to prepare. The best, most fundamental thing you can do is reach out to a lender about getting pre-approved for a mortgage. Any decent loan officer will be able to look at your financial scenario and let you know a) if you are ready to buy, b) how much you can afford and c) what loans would fit your goals. Its also a great time to lay out your list of needs vs. wants, and to start doing some deep research on areas you are considering for your nest. It can save you a ton of time in your boots-on-the-ground search. With the huge volume of information about real estate out there on the internet, its easy to check out schools, crime rates, average sales prices, how far the nearest el stop is, etc. Its super easy and vital to check out individual listings to get an idea of exactly what your money will get you, and where. (Though photos can lie, which is a subject for another post!) Several years ago I had a client call me up (at 3 in the morning!) and ask me why she wasnt getting any listings from me in Lakeview. Her cap was $300K, and she was looking for a single family home in move-in condition anywhere on the north or northwest side of Chicago. Had she done any research, it would have become quickly apparent that she couldnt have gotten in there for less than $400K. Now you cant buy anything for under $500K in Lakeview--the cheapest house there is listed at $535,000 and is right next to/under the el. Thats not to say that we as Realtors cant be your primary resource in helping you set up your search boundaries, discussing what you want to buy and where you might find it. But the internet is a great place to start, and loaded with helpful information to arm you in this hugely important decision. Here are some sites I find particularly useful: crime.chicagotribune/ https://walkscore/ greatschools.org/ is a good site for researching schools, and this page at it specifically addresses the Chicago school situation: greatschools.org/find-a-school/3774-outsmarting-the-system-chicago.gs chicago.curbed/ And of course realtor. While many of the commercial real estate websites like Trulia, Redfin, and Zillow are chock full of information, and I dont want to dissuade you from looking there, the sort of dirty secret about those sites is that they are lead generation sites for agents who get unrepresented interested parties funneled to them. You might unwittingly find yourself working with an agent you didnt get a chance to fully vet before.
Posted on: Thu, 15 Jan 2015 22:27:55 +0000
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