The pandemic is furthering the divide between luxury homeowners who experienced a boom in equity accumulation and lower- and middle-income families struggling to purchase their first home. Sales of high-priced and luxury homes (priced above $750,000 and $1M) respectively increased by 85% and 88% … [read more]
In 2020, home prices climbed to record highs as upper-middle-class and wealthy families went on a buying spree thanks to the climbing stock market and remote work. Millions of wealthier families moved to larger homes with more space and better conditions for remote work. According to the National … [read more]
A new home construction trend is repurposing shipping containers to create standalone tiny homes, multilevel single-family homes, and even multi-family dwellings. Millions of shipping containers are sitting unused worldwide, which provide ample supply for thousands of container homes. Supporters of … [read more]
Recreational marijuana is now legal in Illinois. This can impact Illinois divorce cases if one spouse is a cannabis user, specifically in asset distribution and child custody. Because it is legal in Illinois, recreational cannabis use will have little effect on most divorce cases. However, in some … [read more]
A recent study conducted by Fannie Mae found that Millennial and Generation Z home buyers look for smaller homes designed for more modest budgets. The market isn’t meeting the needs of these populations. Contrary to some opinions expressed, Millennials and Gen Z’ers say they do want to purchase … [read more]
For the past 40 years, home prices have sharply risen and homeownership has become increasingly out of reach for many American families. However, a collaborative approach involving builders and lenders can begin to bridge this gap. Wages have only risen 16% since 2012. Home prices … [read more]
Buying a house at auction presents many opportunities and risks. For example, auctions usually don’t allow buyers to inspect a property before placing a bid. Only people who are intimately familiar with the ins and outs of purchasing a home should try their luck at an auction. How Properties End … [read more]
Purchasing a home takes time and planning. Preparing for homeownership means reducing debt, narrowing expectations, and collecting savings. There are nine things every future homeowner should monitor, complete, or avoid when planning to purchase a home. Credit Score The first thing a loan … [read more]
According to the Mortgage Bankers Association (MBA), experts predict that mortgage rates will rise in 2021 despite the Federal Reserve's efforts to keep rates low. The MBA also asserts that the 2020 mortgage market will exceed $3 trillion – an amount not seen since the boom in 2003. However, 2021 is … [read more]
Domestic violence charges can negatively impact a parent’s case for child custody and visitation rights. While Illinois does recognize that having both parents involved in the child’s life is in the best interests of the child, that is disregarded if one or both parents face credible charges of … [read more]
