How Rising Gas Prices are Affecting the Real Estate Purchasing Process

Gas prices have been rising, and everyone who is strapped for cash has certainly noticed. What does this have to do with the housing market; one might ask. Well as you already know, the commute to work these days seems longer and longer when you start to consider the cost of gas. Everyone on a budget dreads the day they have to fill up, so if you are one of these people; you are most likely NOT in the market to buy.

                                                                                    Chicagoland realtor

People who are financially stable are the ones who may be looking for a new home, and you better believe they are thinking about the location. This is why more rural areas may be taking a hit; people want to be closer to their workplace, and with gas being at nearly five dollars a gallon it really does have a huge impact on peoples decisions.

                                                                                    Chicagoland realtor

On the other hand, it doesn’t necessarily have much of an impact on housing cost. The upturn in the market has been moving in the right direction for the first time in six years, so the rise in oil prices shouldn’t be a massive game changer. This doesn’t mean that people aren’t being cautious, because they are. It is in the back of people’s minds and it could make buyers a little more hesitant when considering a home.

                                                                                    Chicagoland realtor

The one market that has been doing well and is continuing to do well; is in the urban areas. These homes and apartments are much more appealing in an economy like ours. Your Chicagoland realtor can help you find a suitable home that will be beneficial as well as economical to you and your family.

                                                                                    Chicagoland realtor

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The Homeowners Guide to Selling

1.     Find an agent

When it comes to selling your home, the first thing you should is find a real estate agent that knows your area and is familiar with buyer desires. Once you find a Realtor that is right for you, negotiate a contract and listing agreement.

2.     Prepare your home

Now is when you should start getting your home ready for sale. This includes tidying up your home and making the imperfections less noticeable, taking care of issues with plumbing and electric, and most importantly keep up appearences of the outside. Curb appeal is sometimes overlooked, but that is the first thing people see so making your home more inviting can often bring in a lot more perspective buyers.

3.     How much is your home really worth?

This is a huge step that many sellers have problems with. Though your home may be your idea of perfection, it isn’t always the case. Get your home appraised and find out what it is actually worth. A lot of times it will be less than expected, but overpricing your home will deter buyers and leave you with a home for sale and no prospects.

4.     Getting in the public eye

This stage of the process is also a very important one, but many times is put off and never gets done. Making sure people know your house is for sale has become much easier considering advantages of the Internet. Your Chicagoland realtor will draw up a marketing plan that is right for you, making your house available for buyers to see.

5.      Know when to hold em', and know when to SHOW em'

Showing your home will give buyers an inside look and give them a surreal feeling that this could potentially be their home. Timing is crucial, your realtor will tell you that. A home will have more interested buyers in the springtime. And who can blame them; nobody wants the go out in the blistering cold to see a house. The weather has an outstanding effect on people and choosing there right time to show your house can be critical.

6.     Negotiate existing offers

If someone makes you an offer, don’t jump the gun and sell right away. Your Chicagoland realtor is aware of the tactics that buyers may use when making an offer. The lowball approach is a popular one which slows the process drastically. If the buyer doesn’t give you a realistic offer it is best to just wait for a serious buyer that is willing to work with the listing price.

7.     Open escrow time!

After finding a price that works for both parties there is a hold put on the finalization of the sale. There is a neutral third party that holds the purchasing funds on behalf of the buyer, and makes sure everything is in order before any exchange is made.  The realtor you choose will guide you through the process and help you understand why it is important.

                                                                                                      Realtor in Addison

8.     Be Prepared for inspection

Your Chicagoland realtor will provide you with a checklist prior to inspection. It is ultimately up to you as far as fixing problems goes. The smoother the inspection the faster you can sell, so making your home up to code is before your forced to is definitely a good idea. Also keep in mind that the buyer is given all the information about the house.

9.     Disclose all necessary information

The buyer must be informed on all manufacturing and material facts. For instance, all homes are subject to lead-base paint disclosures. There are also restrictions the homeowner must obey. These are non-negotiable regulations that will be provided in the CC&R’s.

10.   Have the buyer release contingencies

Once everything is properly covered, all inspections are passed, and all the information is disclosed, yourwill advise you to ask the buyer if the would release the contingencies. If they do not provide a release, then there is no obligation to buy. Meaning the buyer can back out at any time, and you will have gone through all that work for nothing.

                                                                                                       Realtor in Itasca

11.   Sign the title and close the escrow

This is the final stage of the selling process. You will normally sign the deed to a title company who then sends the information to escrow. If everything goes accordingly, the house should be able to close soon after. If you are not familiar with this process, your Chicagoland realtor sure is, and he will help you get everything in order to help close your house.

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Top Reasons Your Home Isn't Selling

Five reasons houses don't sell, and how to go about addressing these issues.

·      Buyer's Market


o   The number one problem is overpricing a home. A high price can quickly turn away buyers and prevent them from even taking a look at the property. It's the hardest thing you'll have to ever do but your Chicagoland realtor will help you find a reasonable asking price.

·      Poor Investment Choices

o   You've spent a lot of time and energy refurbishing your home, but did you use it in all the wrong places? The biggest sellers are kitchens and bathrooms. Other rooms may need a little help, but these two areas are very important to buyers. Something as simple as a few new appliances easily double the appeal of a room. Your Chicagoland realtor has seen a lot of houses and knows what works well and what doesn’t, so be sure to ask for a few suggestions.

·      Lighting Issues


o   Buyers want their future house to be inviting, so adding just a few brightening installations, such as lighter paint and opening the curtains, can help a small room become roomier. It is important to capitalize on lighting during the selling process.

                                                ChicagolandRealtor

·      Too Personal!

o   You've made your house a home. You gave it character, but remember that most people do not have the same taste in decor. Keep your home as neutral as possible so that the buyers can envision themselves there and not be overwhelmed by your particular style. This doesn't mean you have to go overboard and paint every wall white. Just eliminate anything that appears unusual to the rest of the general population.
                                                Chicagoland Realtor

·      Eyesores

o   The last thing people want to see when viewing a home is things they will have to fix or replace in the future. Have your Chicagoland Realtor take a look at what needs to be done in order to make your home more desirable to buyers. Even taking steps like covering an old couch, or placing a rug over a carpet stain can make a big difference. After that, be sure to enhance the selling points by cleaning the windows, making sure you have a well-manicured lawn, and something as simple as lighting candles in the bathroom can make the house more appealing. If you're already moved out, it isn’t a bad idea to rent some furniture for the open house: a furnished home always looks better than an empty space.

                                                                                    ChicagolandRealtor

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Chicagoland Realtor - How to Negotiate in a real estate transation

There are many things that are done in the negotiation process. The following is a list of common ways to negotiate. 

·      Make A Low Reasonable Offer

o   Simply make a lower offer than the Seller's price. Some Sellers may refuse to counter low offers, but a good Realtor in Chicagoland will convince them to counter if you are a qualified buyer.

·      Making the best offer Possible

o   Present the top price you are willing to pay, and try to avoid the negotiation process altogether. Your Chicagoland realtor can help find a price that works for you, so you can make a higher offer as a starting point in negotiations.

·      Fair Priced Home

o   If you find a desirable property that is fairly priced, make an offer near the asking price bringing about a quick and easy compromise. If the price is fair then others may also be interested, so don't get caught up in negotiating just to save a few dollars.

·      Homeowner Information

o   Your Realtor in Chicagoland will collect data that will give you a strategic edge in negotiations. Do they need to close sooner or later? Are they planning to keep certain fixtures or appliances? Is there work that still needs to be done on the house? These variables may give you an opportunity to offer a lower price simply to accommodate the seller.

·      Patience is Your Friend

o   When you find a home you really like, but the asking price is unfair, don’t be afraid to take it slow. Place a low bid, and only raise your bid in small increments. See whether they are interested in your offer. If the Seller is unsatisfied and you still want the home, communicate with your Chicagoland realtor to find a price that shows interest and convinces the Seller to settle.

·      Double Mortgage

o   If you need to sell your home, but don't want to or cannot carry two mortgages. You can offer to pay a lower price with no contingency on the sale, or a higher price with the contingency. An experienced realtor will help guide you through the decision process.

Chicagoland Realtor Bob Rizza 

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