Chicago First Time Home Buyer News

As Chicago's top brokerage for helping first-time home buyers, there's no better place to stay on top of current rates, where to search available properties, and anything else related to the first-time home buying market in Chicago. To learn more about the home buying process and how we can help you make the transition from renting to owning, contact us at your earliest convenience or check out our first-time condo buyer guide now for additional information.

There are currently 12 blog entries related to this category.

Buying a home or condo with 20 percent down is easier said than done, especially in a major market like Chicago. But the good news for active home buyers is that more and more Americans are finding other ways to purchase a home that doesn’t involve spending a decade or more saving for a down payment.

According to a recent survey mentioned in Business Insider, the majority of Millennials are planning to put down less than 20 percent when buying a home in 2020, and the National Association of Realtors also found that a whopping 76 percent of Americans who bought a home in December also put down less than the previous norm of 20 percent.

There’s no doubt we’re seeing a shift in how real estate purchases are financed and if savvy home buyers can secure

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If you’re in the market for a new home this year, there’s good news to report. The new year began with a drop in mortgage rates. Rates recently fell to their lowest level since October.

The average 30-year, fixed mortgage rate now sits at 3.69-percent. The rate drop came as buyer sentiment remained strong at the close of last year.

Fannie Mae’s Home Purchase Sentiment Index comes out monthly. It hit an all-time high in 2019 and stayed close to that to finish the year.

While many people believe it’s a good time to buy, housing demand also remains high. According to CoreLogic, national home prices increase about 3.7-percent annually in late 2019.

Some economists say a drop in mortgage rates is helping support a gain in sales activity and a gain in home prices.

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Preapproval mortgage tips Getting preapproved for a home loan can make or break your home or condo buying experience. To sellers, it’s a signal that you’re a serious buyer, and getting preapproved also helps give you a one-up over other buyers who might be interested in the same property you’re considering.

If you’re smart, you’ll start your home or condo buying experience with getting pre-approved. But before you apply, here’s a quick look at several tips to keep in mind that will also go a long way in securing the new home or condo you truly want…

Work on raising your credit score

Even if you already have a strong credit score, it doesn’t hurt to maximize it any way you can. The better your score, the better your rate.

Improve your DTI

By default, improving your

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Chicago First Time Condo BuyingBuying your first condo in Chicago should be a fun experience, but it can also be scary and stressful too if you’re not fully prepared and put yourself in the best possible position when it comes time to make some serious decisions. So if you’re planning to be in the market for a new home or condo and also happen to be a first-time home buyer, here’s our shortlist of missteps to avoid.

Start shopping for a condo before you’ve applied for a mortgage

We get it—looking around at available condos for sale is exciting and probably the most enjoyable part of the whole home buyer process. But if you aren’t already pre-approved, chances are other buyers will be and you’ll ultimately miss out on what could be your dream place. Plus, you never really know how

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If you're a first time home buyer looking for a condo in Lincoln Park, there are lots of different possibilities to consider. So to help get your search started, we've highlighted 4 unique buildings in the Lincoln Park neighborhood that might be a perfect fit, both in terms of lifestyle AND budget.

2600 N. Southport

2600 N. Southport is an awe-inspiring brick facade condo building  in an unbeatable location. The property is close to all that Lincoln Park and the Southport Corridor have to offer, including transit, fine dining, entertainment, shopping, theater, green parks, and so much more! The property built in 1978 has only 65 units varying in size which provides exclusivity and boutique style living at its finest.

345 W Fullerton

Located at

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Recent financial forecasts show that due to interest rates still being at historically low levels, home purchases are likely to elevate in 2020, especially among young and first-time home buyers. In fact, Washington D.C.-based Mortgage Bankers Association is also estimating that mortgage origination will grow 1.6% next year while home prices could in fact drop 2020, leading to more availability and options for buyers to consider.     

A strong job market is also helping home buyers obtain more purchasing power and placing more first time buyers in a position to finally make the transition to home ownership.

Anywhere between 8.3 to 9.2 million first-time home buyers are projected to become homeowners in the next 3 years, according to credit bureau

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2020 Millennial Home BuyersIf you're looking to buy your first home or condo next year, chances are you won't be alone in your quest to transition from renting to owning in 2020.

In fact, millennials are expected to drive the U.S. housing market forward more than ever before with large volumes expected to either purchase their first home or perhaps even relocate from urban areas to the suburbs, according to multiple economic forecasts.

While it seems like we've heard this story before, the millennial home buying movement in 2020 is expected to be fueled by the expectation of mortgage rates remaining low for the duration of the new year. According to a recent market analysis by Transunion, the number of new mortgages that will be extended to first time buyers is projected to

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First-Time Condo Buyer NewsIf you’re planning to buy a home or condo for the first-time in the near future, your credit score is going to play a big role in the process. While there isn’t a uniform algorithm or equation used by lenders and other financial companies, your credit score tends to be similar across the board and is based on a variety of factors.

For now, we won’t take a deep dive into how a credit score is determined. But if you’re somebody that already knows your credit score could use some work, here’s a quick look at several ways to make that happen.

Pay Your Bills on Time

It sounds easy but paying your bills on time will have a positive impact on your credit score. Payment performance is usually a strong indicator of what type of borrower you are and what kind

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River North First Time Home BuyersPlanning to be in the market for a River North condo as a first-time home buyer? Take a closer look at several top buildings that won't break the bank...

Marina Towers

Marina Towers, designed by the architect, Bertrand Goldberg are often referred to as Chicago’s round towers, the corn on the cob, or the corn cob buildings. There are a total of 896 condos ranging from studios to 3 bedrooms. The studios have 500-600 sq ft,  the 1-bedroom condos have 575-800 sq ft, the 2-bedroom condos have 1,200-1,500 sq ft, and the 3-bedroom condos have 2,500 sq ft. Amenities at Marina Towers include a 24 hr. door staff, gym, bike room, sundeck, and storage. Marina Towers is one of the few condos in Chicago with its own boat dock. The building also has the

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Planning to be in the market for a new Old Town condo soon? Take a closer look at several condo towers in the neighborhood that combine affordability and desirability below...

1212 N. LaSalle

Found at 1212 N LaSalle, LaSalle Private Residences offers a desirable location and some incredible views. The modern building also supplies a gym, optional indoor parking and 24-hour door service, with some affordable one-bedroom floor plans currently on the market.

88 W. Schiller

Lowell House is another Old Town condo building to check out. Located at 88 W Schiller the property has studio, one-, and two-bedroom floor plans on the market, some of which have been newly renovated.

1555 N. Sandburg Terrace

Found at 1555 N Sandburg Terrace, Kilmer

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