A REALTOR® hands a newlywed couple the keys to their new home and life’s journey begins. It’s the image of homebuying that has been portrayed in the media for decades, but in reality, we all know that the “typical” homebuyer has changed a lot. While married couples still make up the majority of buyers, real estate data provider ATTOM reports that the number of co-buyers with different last names has increased by 31% just since 2019. Many such buyers are unmarried romantic partners, but a growing portion represent different household compositions – friends, roommates, etc.

The rise in unconventional co-buying situations is partially due to rising home prices and high interest rates that have created challenges to homeownership, especially for single buyers. Subsequently, co-buying among friends and roommates is becoming more common.

Of course, if you’re thinking about buying a home with someone other than a life partner, there are some special factors to consider, including each party’s financial situation, long-term plans and personal compatibility. Read on for a few things to think about before beginning your co-buying quest.

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From being flexible and relying on trusted experts to embracing complicated or intimidating matters, buying your first home early in life is both enlightening and rewarding. 

I’ve always had the goal of buying real estate early in life in order to start building generational wealth. And when I found myself working for @properties Christie’s International Real Estate in my first job out of college – with direct access to a knowledgeable team of real estate agents and mortgage lenders – it accelerated my timeline. After months of research, showings, and paperwork, I finally closed on my first home last week.

So, here are 5 lessons I learned from my experience as a Gen-Z first-time homebuyer:

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One of the greatest advantages of the Chicagoland housing market is the range of options at virtually any price point. And with an impressive budget of around $1.5 million, buyers can expect to have their pick of high-class choices featuring lavish amenities, coveted Lake Michigan or skyline views, top-of-the-line appliances and more.

From an upscale downtown condo with all the luxuries of a 5-star resort to a new-construction home in one of Chicago’s hottest neighborhoods to a historic suburban mansion, homes at this price point check a lot of boxes on buyers’ wish lists.

Read on for an assortment of amazing Chicagoland homes for sale for $1.5 million.

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Back in 2020, the convergence of virtual technology and the COVID-19 pandemic resulted in a big increase in sight-unseen homebuying. According to the National Association of REALTORS® (NAR), during the first few months of the pandemic, 1 in 20 buyers purchased a property without ever setting foot inside. But while the pandemic is over, it looks like the trend of sight-unseen buying may be around a little while longer.

This is partly due to the competitiveness of today’s market, with demand still far outpacing ready supply. In fact, another NAR survey from last year found that almost half (48%) of Millennial homebuyers would purchase sight unseen to gain an advantage over other buyers.

But sight-unseen transactions can also create headaches for both buyers and sellers. So, before you buy or sell a home this way, here are some things you should know.

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Low inventory and rapidly rising home prices in many areas have complicated the appraisal process, causing some buyers and sellers to scramble.

Appraisals have always been an important part of the homebuying process but have often been considered a behind-the-scenes formality. Today, however, appraisals are a front-and-center issue.

A lender orders an appraisal during the mortgage-approval process to confirm that the loan they issue will be sufficiently supported by the underlying collateral, i.e. the home. The appraiser creates a report for the lender that compares the subject property to other recently sold properties – or “comps.”

That’s easy enough when there’s an abundance of sales data, but the low number of ready homes for sale in many areas has resulted in a lack of recent comps. Fierce buyer competition has also driven prices higher, meaning yesterday’s sales often closed at prices significantly lower than today’s prices.

So, whether you’re buying or selling, here are a few things you need to know about appraisals.

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After a turbulent 2022, mortgage interest rates have been relatively stable this year, with the average 30-year fixed rate largely treading in a half-point range between 6.25% and 6.75%. And, while hyperbole is likely to dominate the headlines over the next few weeks with yet another debt ceiling standoff in Congress, the mortgage bankers at Proper Rate, @properties Christie’s International Real Estate’s affiliated mortgage lender, don’t see a whole lot of volatility in the long term.

That’s one takeaway from a recent conversation with Proper Rate’s VP of Sales, Dan Moran, who sat down with the editors of the At Home blog to field questions on rates and other topics. Read on for an (almost) mid-year mortgage update.

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One of the best things about Chicago’s housing market is the range of options at virtually any price point. While the city certainly has no shortage of luxury homes, buyers don’t need to flex a big budget to afford brand new construction, a view of Lake Michigan, or the always-coveted backyard and two-car garage.

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As soon as they get their first taste of homeownership, a lot of homebuyers start to think about expanding their real estate portfolio by purchasing an investment property. Owning investment real estate, whether a small apartment building, retail center, or single-tenant property, is an excellent way to diversify your income and build wealth. However, for first-time investors, the process can be a little daunting. But with the right resources and guidance, the transition from homeowner to landlord is very achievable.

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Chicagoland buyers in search of a new home this spring are benefitting from Zenlist, a newer technology that offers access to the most complete and up-to-date database of homes in the local marketplace. Zenlist enhances the way that buyers and their agents work together to successfully navigate the home-buying process, especially in today’s very competitive, low-inventory market.

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If you’re looking to purchase a house in a competitive market, you might find yourself in a multiple offer situation, meaning there is at least one other party interested in the same property as you. This can be stressful for both buyers and sellers, so it’s important to know how to navigate the situation carefully.

When it comes to multiple offers, the listing agent may advise the seller to request “best and final” offers. In this case, buyers are asked to submit their strongest offer by a set date and time, at which point the seller will review all offers, compare the various terms, and choose which one to accept.

If you find yourself in this situation and feel like it’s the perfect home, this is your time to go all-in with your best offer. However, it’s essential to remember that every seller has different needs and goals for selling their home beyond just the price. For example, flexibility to close at a later date may be more important to some sellers. In such cases, your agent can assist you in framing the various terms required to make your offer clean, compelling and complete.

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