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Real Estate

The Housing Market Great Divide

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% … [...]

Home Sellers In Chicago Are Reaping Record Profits

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 … [...]

Is a Shipping Container Home Right for You?

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 … [...]

Understanding Future Homebuyers

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 … [...]

Creating Opportunities for People to Achieve Long-Term Homeownership

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 … [...]

Buying a House at Auction?

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 … [...]

Preparing for Homeownership in Chicago

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 … [...]

Will Mortgage Rates Rise in 2021?

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 … [...]

The Real Estate Closing Process for Homebuyers

The closing process occurs after the Seller accepts an offer but before the property is transferred to new ownership. In general, the closing process entails three things (1) final approval for the loan, (2) home inspection, and (3) getting homeowners and title insurance. The closing process is … [...]

What You Should Know About Inverse Condemnation in Chicago

Inverse condemnation refers to a legal process in which the government seizes private property and fails to provide just compensation for the taken property. When the government takes property, it is called “condemning” it through eminent domain. If the government fails to provide just compensation, … [...]