August 2018

Found 5 blog entries for August 2018.

Insurance and replacement Costs

How can you make sure that you have adequate insurance coverage for your home and its contents? Your lender may require you to have a basic policy that covers your dwelling, but you are responsible to figure out how much coverage is right for you for everything you own.

A replacement cost is the amount it tales to rebuild your home or repair damages with similar materials and quality. If you live in a condo or coop, the association carries insurance to replace the building in case of a total loss, or, and that happens more frequently, repair damages to the common elements of the building. You are only responsible to have insurance for everything within your demising walls of your unit.  This usually includes all built-ins such as bathroom fixtures,

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Are you ready to sell?

So you have decided to sell your home and figured out some strategies that you think will yield the highest price and shortest time on market. Your real estate agent might not necessarily agree and in fact, will most probable tell you that these techniques may well be hurting your chances of selling the house quickly and at for the most money possible.  

“I’m not making any repairs.”  Today's buyer prefers to buy a new home or a home that was recently renovated and is in perfect move-in condition. Many buyers don't have the time or patience to go through a renovation project. It pays for the seller to make all necessary repairs and possibly some remodeling to bring their house in top shape before listing it. 

"My home has to be worth more than

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Welcome to "How's The Market?"

Lincoln Park in Summer

National overview: The U.S. housing market is becoming more and more regionalized. High priced markets in the West are experiencing a slow-down with fewer showings and sales. The Midwest appears to be stable with increased listings and sales, while inventory is slightly growing. Many Northeast markets have had trouble keeping pace with the overall U.S. economic recovery. And the South is experiencing more showings and sales than the rest of the nation. 

Here are some highlights in the Chicago region:

  • 2,776 properties were sold in the City of Chicago in July; a 2.9% increase from July 2017
  • The median sales price was $305,000, up 1.7% from the same time last year
  • Days on market from listing to contract
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Welcome To "How's The Market!" 

Chicago how's the market

If you have been following my weekly market updates, you notice that today's report has a different format. I think this format is easier to understand as it gives you a snapshot of whats going on in different neighborhoods. Today we start with an analysis of three areas - Near North (Gold Coast, Streeterville and River North), Lincoln Park and Lake View. I hope you enjoy reading and I would love to hear your feed back!

Market  Overview:

You may hear some talk about another real estate pricing bubble. While there are some indicators that might point in that direction, they are weak and any prognosis is premature.  As prices continue to rise and inventory is still tight, while wages don't rise as quickly, we

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What contingencies are typical in a purchase contract and what do they mean for buyer and seller?

 

purchase contingencies

When I work with buyers looking for homes for sale, they often send me listings they saw on-line but are not available. Why? Because the listing status is "contingent", meaning that the contract includes one or more contingencies which have not been met. For the buyer a contingency is a protection from a condition that may not be met and it gives the buyer a way to get out of the contract. For the seller, some contingencies in a contract are not a problem, while others can make an offer very weak because the contingency is likely not to be met. 

As a buyer, a home purchase is one of the largest financial commitments you ever make and you want

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