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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Streetcars to Museum Campus in Chicago

If you've ever been to the Shedd Aquarium, the Field Museum, or even Chicago's famed Solider Field, chances are you found it somewhat difficult to even make it over to Museum Campus, let alone find parking, avoid congestion, and eventually find an easy way out.  

Earlier this week, Curbed Chicago reiterated Mayor Rahm Emanuel's desire to make it easier for tourists and locals alike to visit one downtown Chicago's top attractions, highlighting a unique and interesting proposal from a group called the Chicago Streetcar Renaissance.  

The idea, of course, revolves around brining back one of the primary forms of public transportation in major cities all over the world back in the 20th century—the Streetcar. Although the idea may sound a bit…

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Home Buying Truths | Chicago Real Estate

Last week we covered a number of different myths and false ideas relating to today's difficult and complex home buying process. Today however, we're offering one particular tip to home buyers that's absolutely true, and perhaps the most important piece of advice we can give, should you be in the market for a new home or condo in downtown Chicago.  

With so much information readily available online, searching available homes and MLS listings in the Chicago area really couldn’t be much easier. But while browsing through the dozens of property listings that may fit your individual criteria for a new place, remember that educating you about current market conditions, as well as what it takes to make an offer and secure a home you like is not only…

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Home Buying Myths: Buying Real Estate Guarantees Appreciation

While it’s true the real estate market has bounced back in many parts of the country, including downtown Chicago, the housing landscape is certainly much different than it was just a decade ago. Prior to the credit crisis that started around 2008, homes in many parts of the U.S. were seeing appreciation rates of roughly 15% year-over-year, and in some cases, even higher.
 
Even in a recovering market, home values still aren’t dramatically increasing like they used to back in the 90s and early 2000s. With so much information available to today’s consumers, tracking home values and market statistics has become much easier for potential home buyers, making it much harder to skew a home’s value one way or the other.
 
In addition, home buyers aren’t staying put…

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Home Buying Myths

In recent months, there’s been a fairly substantial increase in cash buyers and big-time investors buying up real estate all over the country, especially in larger cities like Chicago. For a lot of first-time buyers, hearing this kind of chatter can sometimes be discouraging and often lead to the assumption that if they have to secure a mortgage, they won’t be able to compete for the same properties.
 
There’s no doubt this influx of cash buyers has kept some would-be home buyers from ultimately making that leap from renting to home ownership, but if you’re someone who is still considering buying a home, it’s important to realize that cash isn’t always king in the real estate game.
 
The first thing you need to know is that cash buyers almost always expect…

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Home Buying Myth: A Home Buyer Must Put 20% Down

We’ve all heard various claims about buyers needing at least 20% down in order to secure a loan for their new home or condo, and traditionally, this has more or less been the case. But like most things, the mortgage industry has changed significantly over the years, and as home values have continued to rise in recent years, the need for innovative and creative loan products has drastically increased.
 
A number of government-backed loans, such as those from the Federal Housing Administration (FHA) for example, allow for as little as 3% down, but can be somewhat more difficult to secure. Borrowers with a strong credit and income history are eligible for a FHA loan, but there’s certainly a few extra layers of terms and conditions before such loans are…

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Home Buying Myths Explained

When it comes to buying a new home, an inspection can sometimes make or break any chances of getting a final deal completed. Many buyers will go into a negotiation thinking the seller has left room on the table for future price negotiations after the home or condo has been inspected, therefore assuming they too should also leave a little bit of wiggle room when first presenting an offer.  In theory, this approach might seem somewhat logical, but in reality, it’s one of the most common ways to lose out on a home you may really want.

Despite common assumptions about sellers, most go through all the necessary motions of getting their home or condo in tip-top-shape before going to market, helping ensure any possible transaction will go as smoothly as…

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