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.
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.
By Jen Furlong, @properties broker
Buying a condo isn’t quite like buying a single-family home. While individual homeowners are typically responsible for the entirety of a home’s maintenance and repairs upon purchase, condo owners delegate part of this responsibility to a Homeowners Association (HOA), thus incurring a monthly cost known as an ‘HOA fee’ or ‘monthly assessment.’ Continue reading
Rising mortgage rates have been the big story in real estate this year. However, buyers are still in the market, adjusting to the “new normal” and confident their dream home is within reach. National mortgage lender – and @properties Christie’s International Real Estate strategic partner – Proper Rate, notes that thoughtful planning and a wide range of available loan products can help buyers and sellers deal with the evolving market conditions.
Unless you were recently rescued from a desert island or returned to earth from deep space, you’ve probably heard the news that mortgage interest rates have been on the rise. In fact, the average rate on a 30-year fixed-rate mortgage has almost doubled since the beginning of the year. But buyers who have been battling rising rates aren’t entirely powerless against the trend, and one tool for locking in below-market rates has been gaining favor – mortgage points.
Mortgage points haven’t been in the home-finance conversation for a while because interest rates have maintained a historic downward trajectory for the past 15 years. However, in today’s rising-rate environment, “paying points” is worth a closer look.
Mortgage interest rates have gone up significantly over the past three months, and the changing market has certainly impacted many buyers. But being financially prepared and planning for current and future market conditions can offset much of the uncertainty that accompanies rising rates. Dan Moran, executive vice president of sales for mortgage banker Proper Rate, reminds us that a little perspective can help too. According to Moran, though the national average 30-year fixed rate is now around 6%*, that’s still more than 1.5 points below the 50-year historical average.
Following are some helpful suggestions as you embark on – or continue – the search for your dream home.
In addition to planning ahead, a little creativity can go a long way when submitting an offer to purchase a new home, especially when inventory remains low amid intense buyer demand. Assuming your offer is competitive financially, here are a few more suggestions that will help you stand out to a seller.
Cash has always been the gold standard when evaluating competing offers; however, for most buyers, forgoing a mortgage isn’t an option. That’s why getting pre-approved is essential. With their exclusive Proper Approval program*, Proper Rate gives buyers an even bigger leg up by not only pre-qualifying an individual but approving and underwriting the mortgage ahead of time. This can be just as attractive as having cash in hand.
With interest rates rising amid high inflation, it can be a challenging time to save for a down payment and break into the housing market. However, there are a variety of things both large and small that can immediately shave costs and grow your nest egg – perhaps even faster than you anticipated. Here are a few tips:
Begin by auditing all your expenses each month and know exactly where your money is going. This may sound obvious, but forgotten expenditures add up and can often be scaled back. This is where you’ll notice subscriptions and streaming services you may not use, or insurance policies that you are potentially overpaying on. Take the time to cancel items or renegotiate how much you’re paying for certain things, and you’ll soon tally up savings.
When we recorded our 2021 Market Outlook at the beginning of the year, Proper Rate executive vice president of sales, Dan Moran, talked about how national average mortgage rates were sitting at record lows, with the rate on the 30-year fixed rate averaging 2.65%. Fast forward a couple of months, and that national average rate has jumped to 3.18%*, its highest level since last summer.
Whether you’re in the process of buying or selling a home, or just keep up with real estate news, you’ve probably heard about the lack of inventory in housing markets throughout the country.
While fewer properties on the market means increased competition for buyers, there are still ways for home shoppers to navigate inventory challenges and have an edge in the marketplace. Here are a few tips : Continue reading
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