Chicago Real Estate News & Neighborhood Notes - August, 2021

Mortgage Rates Still at ALL-TIME LOWS in August Making Now the BEST TIME TO BUY IN DECADES

Mortgage rates have moved even lower thanks to the COVID-19 delta variant continuing to spread at a rapid pace. According to the latest figures, 30-year fixed mortgages spend a considerable amount of time under 3% last month, and 15-year fixed mortgages remained at historic lows.

As of early August, Freddie Mac reported the following national average for mortgage rates, making now about as good of a time as we’ve seen in decades to renovate a home, refinance an existing mortgage, or purchase a new home:

• 30-year fixed-rate mortgages averaged 2.77% during the first week of August, falling from 2.8% the week prior. Around the same time last year, 30-year fixed mortgage averaged 2.88%.

• 15-year fixed mortgages averaged 2.10% during the first…

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Final Close-Out Sale Offers HUGE SAVINGS at Three Sixty West Condos in River North

In case you missed it, only 3 homes remain at Three Sixty West, one of River North’s premier new construction condo developments.

And to celebrate the near-sell-out, Belgravia, the project’s developer, is offering dramatic close-out savings on all remaining units:

Residence 4A

Featuring 3 bedrooms and 3 bathrooms, unit 3A includes 2,273 square feet of living space and is currently listed for $1,533,900, down from $1,632,900.

Residence 4D

Featuring 3 bedrooms and 3 bathrooms, unit 4D includes 2,396 square feet of living space and is currently listed for $1,572,900, down from $1,676,900.

Residence 2A

Featuring 3 bedrooms and 3 bathrooms, unit 4D includes 2,273square feet of living space and is currently listed for $1,599,900, down from…

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What $2 Million Will Buy at The Ultra Luxe One Chicago Condo Tower In River North

Rising up high above the city, One Chicago offers elegance and sophistication in an inspirational setting. From its impressive list of amenities to its sensational finishes, One Chicago certainly doesn’t disappoint when it comes to an upscale condo lifestyle in Chicago.

Lavish Interior finishes

The luxury units of One Chicago are outfitted with wide plank engineered hardwoods and a custom stepped ceiling in the main living area. You’ll additionally find things like floor-to-ceiling windows with pre-wired motorized shades, high ceilings and plenty of attention to detail. Other additions include high-end appliances, slab porcelain countertops and a kitchen island with a breakfast bar.

Buyers can expect to find luxury finishes and clean lines throughout…

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Possible Ontario Place Condo De-conversion Could Be Biggest We've Ever Seen

A plan to turn a 51-story River North condo tower into apartments is back up for a vote. Condo owners at Ontario Place recently had the opportunity to let their voices be heard in terms of a nearly $190 million “deconversion” plan.

The plan’s come up for a vote before and been defeated. Last August, owners at Ontario Place rejected a $188 million proposal that would have resulted in turning the condo building into apartments. 

At the time, some of the owners alleged the condo board was trying to improperly push through the building’s sale. The previous vote failed with less than 74-percent approval from owners.

In order to proceed, a city ordinance requires approval from 85-percent of condo owners. More than 22-percent of owners voted against the…

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Answer These 3 Questions Before Buying a Home or Condo

Buying a home is an expensive investment, so make sure you go into the process prepared. Before you begin, it’s important to be able to answer these three questions:

Why is owning a home important?

To begin with, ask yourself why it’s so important for you to own a home. Sure, owning a home may be your goal, but why? According to a recent survey, Americans seek out homeownership because it provides:

• A life milestone
• A sense of accomplishment
• Safety
• Stability
• Personal pride
• A stake in the community

Will the low mortgage rates last?

It’s also important to have at least a partial understanding of mortgage rates. Ask if the low mortgage rates we’re seeing right now are going to last. Although we’re not expecting huge gains…

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5 Things You Need to Know Before Making an Offer on a Home

If you’re ready to make an offer on a new place to call home, you’re in for some strong competition. Housing inventory is low right now, and demand is high. That’s why you need to come into the process prepared.

Use a professional

To start with, you’ll want to make sure you have a real estate professional on your side. Local agents have the knowledge and experience to help you through the process. They’ll be able to give you some advice on making your offer look more attractive.

Get pre-approved

You also want to know from the start how much house you’re able to afford. It’s important to get with a lender and get pre-approved early on. It shows sellers you’re serious about buying a home and may even give you an edge.

Make a strong offer

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Easy Tips to Declutter a Home Before Selling It

Before a home goes up for sale, it likely needs to be decluttered. For those who just don’t know where to start, here are a few easy tips:

Go room-by-room

Trying to tackle everything at once can end up overwhelming. Instead, go through the house room-by-room. Think about the first overall impression of every room and what may need to be changed.

Clear bookcases/counters/cabinets 

Clear a majority of items off of counters and bookcases, too. Leave a few key home décor items, but nothing personal and definitely not so many items that it detracts from the space. The same goes for cabinets. Buyers will want to see drawers and cabinets so don’t leave them overstuffed.

Clear basements/attics/garages

Don’t forget about basements,…

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5 Reasons to Hire a Realtor When Selling Your Home or Condo

If you’re thinking about selling your home in the near future, you need to hire a realtor. This isn’t the time to go it alone. In fact, there are five good reasons to hire a realtor before putting your home on the market.

To help with pricing

A professional knows the right price to sell your home and how to get the largest profit. They can compare your home to similar homes in the area and the neighborhood. If you try and price it yourself, you may start out too high and scare off potential buyers.

To help with negotiations

A realtor will also be able to help with tricky negotiations. The buyer’s agent advocates for the buyer, and the appraiser assesses the home to protect the lender. You need someone working on your side. Selling a home…

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