Chicago Illinois Real Estate Blog and News

Now’s the Time to Move-Up and Upgrade Your Current Home!

Now’s the Time to Move-Up and Upgrade Your Current Home! | MyKCM
Homes priced at the top 25% of the price range for a particular area of the country are considered "premium homes." In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.

Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.

According to ILHM’s Luxury Reportthis mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $1 million or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that current conditions at...

10 Steps to Buying a Home This Summer [INFOGRAPHIC]

10 Steps to Buying a Home This Summer [INFOGRAPHIC] | MyKCM
Some Highlights:

  • If you are thinking of buying a home, you may not know where to start.
  • Here is a simple list of 10 steps that you will go through to purchase a home.
  • Make sure to ask your agent for details about each step and what else may be required in your area!
...

Is Mortgage Debt out of Control?

Is Mortgage Debt out of Control? | MyKCM
The housing crisis of the last decade was partially caused by unhealthy levels of mortgage debt. Homeowners were using their homes as ATMs by refinancing and swapping their equity for cash.

When prices started to fall, many homeowners found themselves in a negative equity situation (where their mortgage was higher than the value of their home). As a result, they walked away. This caused prices to fall even further.

Headlines are again talking about record levels of mortgage debt, making the comparison to the challenges that preceded the housing crash. However, cumulative debt is not an important data point. If we look at the debt as a percentage of disposable personal income, we are at an all-time low.

Here’s a visual representation of mortgage debt as a percent of income:Is Mortgage Debt out of Control? | MyKCMFurthermore, according to a ...

Millennials Are Increasing the Demand for Condominiums

Millennials Are Increasing the Demand for Condominiums | MyKCM
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!

According to CoreLogic,

Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs... Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”

With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.Millennials Are Increasing the Demand for Condominiums | MyKCM...

Boost Your Energy Efficiency With This Great Program


If you want to save money on your energy bill, check out this great program.

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I recently had the opportunity to interview Michelle Ackmann of ComEd about their energy efficiency program.

Cited below for your convenience are timestamps that will direct you to various points in the interview. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure:

0:43 - When did the ComEd energy efficiency program begin?

1:10 - Who benefits from home energy assessments?

2:12 - What’s the No. 1 question customers should (or do) ask about this program?

3:10 - What happens during a home energy assessment?

5:10 - What holds people back from participating in this program?

5:52 - Why does ComEd offer this program?

7:15 - What kind of savings can people expect from this home energy assessment?

8:10 - How to reach ComEd to schedule an appointment

10:23 - A few closing words

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

...

Top 5 Reasons You Should NOT FSBO

Top 5 Reasons You Should NOT FSBO | MyKCM
Rising home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers.

The top 5 reasons are listed below:

1. Online Strategy for Prospective Purchasers

Recent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

  • 50% on the Internet
  • 7% from a yard sign
  • 28% from a Real Estate Agent
  • 1% from newspapers

The days of selling your house by putting up a sign and listing it in the paper are long gone. Having a strong Internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a ...