Home Buying Secrets

The home buying process can be a lengthy endeavor that can take weeks, sometimes even months. So now that you've spent countless hours researching different neighborhoods and viewing dozens of different properties online and in person, just what do you do once you've found that perfect new place to call home?

Well, along with all that time you've spent finding the right home, hopefully you've also made a significant effort in finding a smart and efficient real estate agent who knows the secrets and science behind the art of bidding and negotiating.  

Regardless of what the list price is of your dream home or condo in Chicago, your opening bid should always be based on two factors: what you can afford, and what you truly believe the property is worth.…

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Back in February, chatter about the defunct Chicago Spire project was starting to pick up again, with perhaps a resurrection plan possibly in the works. Initial reports claimed new investors were interested in the project and considering the idea of relieving it from bankruptcy and breathing some life back into this long-stalled, highly-publicized development.  

However, after nearly 9 more months of waiting, it seems The Chicago Spire project is now dead again, and this time for good. According to a report from Curbed, Spire developers were unable to make a $22 million payment by last week's deadline, pretty much sealing the fate of what would have been the tallest building in the Western Hemisphere.  

But in an interesting twist, those same…

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Home Buying Secrets

If you've ever been in the market for a used car, some of the first things that usually come to mind during a search are what kind of condition a car may be in, how well it runs, and what kind of potential problems could arise should you decide to make the purchase. In some cases, you might even look under the hood to do a quick once-over, or take it to a mechanic to do a full-blown inspection.  

Well, given most homes are a much larger financial commitment than any car or truck you'll buy, it's always a good idea to do the same kind of thorough inspection prior to making an offer, even if it's an out-of-pocket cost to you—the buyer.  

Of course during any home buying process, there's always an inspection period that acts as a systematic evaluation…

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Home Buying Secrets

It goes without saying that the primary objective when buying a home or condo is to find something you like, in addition to finding something that fits all your needs and wants. Location, exterior features, interior finishes, and lifestyle amenities will undoubtedly all play a role in what might put a home over the edge or what might take a home out of contention, but during any home search, it's always important for a buyer to take as much emotion out of the final decision as possible.  

Making a savvy home purchase is all about finding that perfect balance between choosing a home you love and choosing a home that’s also a good short- or long-term investment. Even the homes that seemingly check off all the boxes on your wish list can have hidden red…

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Home Buying Secrets

Of course buying a home is one of the biggest financial commitments you'll ever have to make, and deciding which home or condo in downtown Chicago is right for you is no small decision. As seasoned home buyers already know, there's much more to home ownership than just the mortgage payment, so paying close attention to additional expenses, often called "sleeper costs," is a vital detail in what's sometimes a very complex home buying process, especially if you're a first time home buyer.

Over the past 12-18 months, downtown Chicago's rental market has been red hot, but if you're considering trading in that chic downtown apartment for a brand new home or condo of your very own, it's important to prepare yourself now for those pesky little expenditures…

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Two months after ground first broke for the 24-story, 35-unit glass tower at 4 E. Elm, more development looks to be on the way in Chicago's Gold Coast neighborhood. As first reported in Crain's Chicago Business yesterday, billionaire investor Col. Jennifer Pritzker is planning an 8 row-home development on a vacant lot at Clark and Chestnut—a project that will be inspired by some of the most historic 19th century houses just down the street at 116-120 W. Chestnut.  

“Not everybody wants a doorman, believe it or not,” said Gold Coast Realty Chicago owner Leo Clark. “A lot of these people are moving from the suburbs to the city and space is hard to come by down here.”

The new Gold Coast project will be the first new construction downtown…

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When browsing the downtown Chicago real estate market, it's only natural to be drawn to some of the biggest, baddest, and most expensive condos you can find, regardless of your budget. Condos for sale in buildings like Trump Tower, the Ritz Carlton Residences, and Waldorf Astoria offer incredible views, impeccable finishes, and some of the finest amenities in town—so who wouldn't want to see what's offered in these and other luxury condo buildings across the city?  

But even if your budget does exceed that multi million dollar threshold, it's still important to acknowledge that bigger isn't always better when searching for a new place to call home. In fact, savvy luxury home buyers will always take market conditions and general market…

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Home Buying Secrets | Gold Coast Realty

 At some point during your home search, you might have heard the falsehood that spring and fall are the best times to buy. And while it may be true that the Chicago real estate market is traditionally more active during certain times of the year, one of the biggest mistakes a home buyer can make is to make an attempt at strategically timing the market when purchasing a new home or condo here in the Windy City.  

The fact of the matter is that anticipating housing market conditions is impossible, not to mention certain cycles can take weeks, months, or even years before a dramatic shift occurs. It goes without saying that most home buyers always put together a pretty extensive wish list prior to even beginning any sort of home search, so when a…

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Home Buying Secrets - Chicago Real Estate

It's easy to get "pre-qualified" and "pre-approved" mixed up during the home buying process, and if you're someone interested in perhaps purchasing a new home or condo in downtown Chicago, it's important to recognize the difference. Getting pre-qualified is only the first step in the complex mortgage approval process, and generally, it's a rather simple procedure.   

In most pre-qualification cases, potential home buyers will provide their most basic financial information to a lender or mortgage company, which includes your debt, your income, and your assets, and a quick evaluation is done to give buyers an idea of whether or not they qualify for a home loan. Pre-qualification can be done over the phone or on the internet, and can take as little as a…

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Home Buying Secrets

Just a couple weeks ago, we detailed some of the most common home buying myths associated with today's marketplace, and after such a positive reception, we thought we'd offer our readers a new mini series that clues home buyers in on some of the best kept secrets you should follow during the home buying process.  

It goes without saying that purchasing a new home is a pretty major investment, and if you're like the majority of home buyers who need to finance a new home or condo in Chicago, its vital your credit score is as high as possible. After the housing and financial crash of 2008, lenders need to see that you're a reliable borrower, and being able to provide a detailed paper trail that proves you're worth the risk is perhaps the most…

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