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.
In the frenzied market of the past two years, few sellers felt compelled to hold open houses. But as the market slows, that age-old device is regaining popularity. An open house is a good way to showcase a home to multiple buyers and agents within a short period of time, getting exposure that often results in word of mouth and second showings.
You may have already decluttered and staged your home, but beyond the typical to-do list, here are a few other ideas that will leave a lasting impression on open house attendees.
While the real estate market has cooled off in recent months, 2022 will still be one of the best years on record for luxury home sales. From January 1 through late October, about 4,000 homes priced at $1 million and up have sold in the Chicago metro area*. That’s down about 3 percent vs. the same period in 2021, but it’s more than 35 percent higher than the full-year total for 2020.
The entry point to that market – $1 million, give or take – is incredibly diverse in Chicagoland. For example, $1 million will buy you a renovated, historic-single-family home in Wrigleyville, a newer five-bedroom home in Arlington Heights, or a well-appointed three-bedroom condo in River North. But what does it buy around the country? Through Christie’s International Real Estate, our global luxury network with Affiliates across the United States and around the world, we took a look at what you can get for $1 million beyond the Windy City.
Citrix Group has recently broken ground on The Views, a new-construction development featuring 28 townhomes within the storied Geneva National community just outside Lake Geneva, Wisconsin. @properties Development Group is the exclusive sales and marketing firm for the project. It has been several years since new construction has taken place within Geneva National, and residents of The Views will not only enjoy the community’s extensive amenities, but also the high-end finishes, modern interiors, and seamless architecture of these new homes.
Townhomes are each 4,636 square feet and available in three- or four-bedroom layouts, with a two-and-a-half or three-car garage that will also accommodate a golf cart. Jiji Mathew, founder and CEO of Citrix Group, is looking to execute a modern design style, while still honoring the area’s existing architecture. The exterior of the homes will have a similar feel to current structures in the area, while interiors will have a fresh look with updated fixtures, white oak floors, glass fireplaces, Italian soaking tubs, and two-story oversized windows providing ample amounts of natural light.
In a blockbuster year for the upper-end housing market in Chicagoland, Crain’s Chicago Business reports there have been a record-setting 104 homes that have sold for $4 million or more in the first three quarters of 2022. Strong price appreciation over the past 2+ years has motivated sellers to list their homes. Meanwhile, luxury buyers have been undeterred by rising mortgage interest rates, often choosing to pay cash. Christie’s International Real Estate reported on this trend in its 2022 Luxury Trends Report, noting that high inflation and stock market volatility have also prompted affluent buyers to move money into hard assets like real estate.
While inventory remains historically low, luxury buyers from the city to the North Shore to the western suburbs still have plenty of options to take lavish living to the next level. Here is a sampling of what is currently available to upper-bracket buyers.
With one of the most iconic skylines in the world, Chicago is an exciting city for high-rise living. The recognizable architecture includes some of the most stunning condominiums and penthouses in the country, with sweeping views of the city and Lake Michigan. Whether a pied a terre or full-time residence, there are plenty of options when seeking quintessential city living. Here we showcase some of downtown Chicago’s preeminent high-rise listings.
Headlines broadcasting news of interest rate hikes and rising mortgage rates have been coming at consumers fast and furious for most of 2022. And there’s no question the housing market has seen a deceleration as a result of that economic equation. But for home buyers seeking out deals or looking to protect themselves against inflation, now may be the perfect time to take the leap, especially for those who have their heart set on new construction.
The slowdown is affecting all property types and locations differently and new developments are no exception. While inventory has been historically low within the vertical, pre and new construction have still felt the impact of a slowing market, creating wiggle room in list prices. An additional benefit of investing in a development still under construction is that developers are usually incentivized to sell a certain percentage of units quickly in order to meet financial requirements.
Buying or selling a home should be enjoyable, even celebratory. But it’s also a complex process involving different stages and a lot of moving parts. Escrow – the time between an accepted offer and closing – is particularly important for both buyer and seller, and understanding this process is essential for both parties. These tips will help you smoothly navigate escrow and avoid any surprises on your way to a smooth transfer of ownership.
Buyer’s Guide: Your Offer Has Been Accepted – Now What?
Once an offer has been accepted, your earnest money will be placed in escrow. In most cases escrow lasts between 30-60 days and, along with your broker, you’ll be scheduling an inspection, appraisal and final walk-through.
From the grocery store to your energy bills, inflation has become a reality of everyday life. And while June’s inflation reading of 9.1% – a 40-year high – has caused many people to reexamine their budgets, hard assets like real estate are still very much in favor because they offer protection against rising prices. Here are a few reasons why real estate can serve as a hedge against inflation.
With a fixed-rate mortgage, the monthly payment (principal and interest) for your home will remain the same, whereas rental costs will rise. On top of that, mortgages become “more affordable” over time as wages increase and the value of the dollar decreases.
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.
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