An inside look at Chicago real estate
By Dream Town
Under the current guidelines for the federal home buyer tax credit, buyers who signed a contract for purchase by April 30th have until June 30th to close on their property. There is only a week and a half left to comply with the second part of tax credit and lenders…
By Dream Town
The last 10 days of May and the first 10 days of June are often a little sluggish in real estate activity, due to graduations and parties, confirmations and first communions, the Memorial Day holiday long weekend, festivals to kick off summer, etcÂ… But this period is ending and real…
By Dream Town
A recent survey of 22,000 North American real estate consumers shows a shift in modern home buyer preferences. This extensive study of folks living in homes built during the past 9 years was conducted by Avid Ratings, which collects data for the residential construction industry. Results of the in-depth survey…
By Dream Town
One of the most common and detrimental mistakes that a home buyer can make today is assuming that low-balling will be an effective negotiating tool because we are in a buyer’s market. The truth is that low-balling is a thing of the past and even though sellers are sometimes desperate…
By Dream Town
Recent changes to Federal Housing Adminstration guidelines state that FHA spot approvals for condos are no longer applicable. In the past, if a condo building was not FHA approved, the lender could obtain a spot approval just for the unit being purchased. Now, new rules require that the entire condo…
By Dream Town
Thanks in large part to the flood of short sales and foreclosures, there is plenty of well-priced inventory out there. They may not be your dream home in terms of location, space, condition and amenities, but such bargains provide amazing opportunities for the savvy investor who wants to accumulate a…
By Dream Town
So you have heard the stories from your brother who has a buddy at work whose cousin got a place valued at $400K for $80K because he bought it in foreclosure – and now you want in on the action. That’s good… first thing you NEED to do is call…
By Dream Town
Fortunes are made in a down market, not an up market. So now is the time to invest in real estate, according to real estate mogul, business consultant and speaker Barbara Corcoran. Foreclosures are up by 30% over last years’ numbers, meaning they are expected to represent a large number of…
By Dream Town
It’s the last full week of February and the deadline for the government homebuyer tax credit is approaching fast! Buyers need to have a signed contract of purchase by April 30th to qualify for the $8,000 first-time buyer credit or $6,500 current homeowner tax credit. That means eligible buyers must…
By Dream Town
I recently saw a listing for a 2-flat in the Irving Park neighborhood of Chicago. I thought it was a good deal at $175K, so I went and checked it out. It was a solid brick 2-flat owned by a bank with two 2-bedroom units and a garden unit. It…
By Dream Town
Lately, we have heard a lot about the First Time Home Buyer’s $8,000 tax credit. But many current homeowners are unaware that there is a tax credit that benefits them as well. The Worker, Homeownership, and Business Assistance Act of 2009, which went into effect on November 6, 2009, established…
By Dream Town
Late last year, the Federal Housing Administration reported their reserves had dropped below 2%. News that reserves had dipped below the Congress-set minimum spawned a call to bolster the weakening FHA. Currently a vast majority of new home buyers purchase their first home with FHA loans. Any changes to the…