Chicago Real Estate News & Neighborhood Notes

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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What's Currently For Rent at St. Regis—The New Supertall Tower EVERYONE is Talking About

St. Regis, or Vista Tower as some Chicagoans still refer to it as, is one of the city’s hottest, and most spectacular, high rises to be built to date. Standing over 100 stories high, the supertall skyscraper not only features a luxury hotel, a wealth of five-star amenities, and some of Chicago’s priciest condos for sale but also a number of upscale rentals that offer all the same benefits of a condo, only without the commitment of owning.

As of the time of this writing, just 5 rentals at St. Regis are active on the market, down from 10 just a few weeks ago.

Unit #1607 - 1 Bed/2 Bath

Priced at $5,610, this one-bedroom rental is a spacious corner unit with the desirable Amethyst finish package. The rent price also include parking for one car and this…

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Check Out The New Patio at Navy Pier's Lirica

The restaurant at Navy Pier’s recently opened hotel unveiled a lovely 150-seat lakeside patio and it’s one Chicagoans should definitely try to visit before the end of the summer.

Called Lirica, the restaurant officially debuted back in March and serves up a variety of Latin-inspired tapas dishes, including fish tacos and skirt steak, but there’s even a cheeseburger on the menu as well in case you’re not up for a little spice.

Because of its location inside a hotel, Lirica will be open all-day and available to serve hotel guests a great breakfast menu as well.

Spanish omelettes anyone?

Outside, the roomy 150-seat patio makes for a great place to enjoy a margarita or mojito while also enjoying breathtaking views of Lake Michigan. And according to Eater, the…

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New Analysis Shows Homes Sell FASTER When Listed on a Thursday

With summer in full swing and the busy fall season right around the corner, you might be prepping your home or condo to be listed as you prepare for an upcoming move. And with market conditions a little wild and crazy right now, everything you do can have an impact on how quickly you get your home sold.

If this sounds familiar, you might be interested in new findings from Zillow.

According to their analysis, homes listed in on a Thursday in Chicago sell faster than any other day of the week, while homes listed on a Saturday tend to linger on the market longer.

This trend also rings true for homes listed nationwide, with new Thursday listings moving 3 days faster on average.

Although this might seem like a minor detail, homes sitting on the market for even…

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Peek Inside the Luxurious New St. Regis Tower in Downtown Chicago

From its high-end amenities to its sophisticated finishes, the luxurious St Regis Tower is one of the most impressive new buildings to come to Downtown Chicago.

The Interior finishes

The 101-story tower is filled with upscale additions, beginning with some of its interior finishes. The nearly 400 private residences come with spa-inspired baths and gourmet kitchens with quartz and stone countertops. 

Other common features of the condos of St Regis Tower include a mix of hardwood flooring and natural stone, plus the addition of luxury appliances. The condos of St Regis additionally come with high ceilings and floor-to-ceiling windows for maximizing the views.  

Buyers can choose from four distinct color palettes inspired by gemstones such as the…

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Market Update: A Look Back at Chicago's Spring Market & How It Stacks Up to Last Year

The spring season leading into summer has traditionally been a busy time for the housing market nationwide. This year, however, the average number of sales actually dropped 0.2% from April to May.

But even despite the slight decline on a national scale, home sales in Chicago actually climbed 4.3% in early-to-late spring, according to the May National Housing Report from  RE/MAX LLC.

Across the country, lack of inventory has continued to be an issue facing most markets, and in many cases that can be directly linked to fewer people buying this spring season. The demand, as noted just about anywhere, has certainly been there. But supply has prevented some would-be buyers from successfully securing a new place to call home.

In Chicago, the number of months’…

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You Can Buy a Hotel-Condo Inside Chicago's Iconic Trump Tower For $125,000 (Seriously)

It goes without saying that everybody loves a good deal, and that especially rings true for local real estate investors. As you might have previously heard about or read, bargain shoppers are already in the process of gobbling up units inside any number of Trump buildings scattered throughout the country, including the one right here in downtown Chicago.  

Most are crediting the combination of the COVID-19 pandemic and the former president’s polarizing persona as the driving force behind the incredible price cuts we’re seeing, which are anywhere from hundreds of thousands of dollars to up to a million dollars in some cases. 

According to a recent piece in the Chicago Tribune, some condo values inside Trump Tower Chicago are down 34% since Trump took…

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