Opening New Doors: Making the Move from Renter to Homeowner
Are you a Chicago renter dreaming of homeownership? The journey from paying rent to owning a home is an exciting venture that many hesitate to take due to concerns about credit scores, hefty down payments, and mortgage intricacies. The Crotty Group presents a comprehensive video series, guided by expert agent Joe Deardurff, to demystify the process and empower you to make informed decisions about your future. Say goodbye to paying your landlord and hello to building equity! Mastering Your Credit Score Your credit score isn't just a number; it's your key to the world of mortgages, influencing the type of loan you qualify for and even your interest rate. The video not only highlights the importance of knowing your credit score early on but also provides strategies to improve it over time. You should plan to allocate 4-8 months for credit repair, meaning you should start your credit repair journey well in advance of starting to search for homes. Building Financial Foundations Moving beyond credit scores, the second part of the series tackles the financial foundations of homeownership. This covers evaluating income, managing debts, and setting strategic savings goals for down payments. From understanding debt-to-income ratios to providing insights on achievable savings goals, this video lays the groundwork for a successful transition. The Pivotal Role of a Realtor Recognizing the pivotal role of a realtor in your home-buying journey is crucial. A realtor is more than an agent; they are an ally, resource, and guide. Connecting with a realtor provides access to a network of professionals, including lenders and real estate attorneys, ensuring you're well-informed throughout the process. Maximizing Your Budget Exploring financial lifelines can help speed up the home-buying process and maximize your budget. Covering topics like family gifts, utilizing retirement funds, down payment assistance, and negotiating seller credits, this video provides valuable insights into financial strategies for aspiring homeowners. Establishing a Relationship with Your Lender Transitioning from renting to homeownership requires a trusted mortgage lender. It's important to establish this connection early in your journey, as the dynamic duo of a lender and a realtor can help guide you through the entire process. Understanding Monthly Payments Breaking down the components of a mortgage payment, the accompanying video explains the crucial differences between paying rent and a mortgage. Property taxes have a big impact on monthly payments, so you'll need to ensure you're well-prepared for the financial aspects of homeownership. Lease Management and Time Budgeting Understanding your lease end date and managing renewal options are essential steps when transitioning away from renting. Stay lease-aware and ensure that your lease has enough time left to find a home and get under contract. Work closely with your realtor to initiate your home search at least 4 months before your lease expires. Efficient time management is your secret weapon! Navigating a Low Inventory Market Chicago's real estate market is currently characterized by low inventory. This means there are more buyers than available homes, often resulting in multiple buyers competing for the same property. Be prepared to make strong offers and trust your realtor's advice on pricing and contract negotiation. Critical Steps After Offer Acceptance Maintaining financial stability and consistency is crucial after offer acceptance, as major changes during this time can jeopardize your loan approval. Take note of the essential do's and don'ts to ensure a smooth closing process, which includes keeping your financial house in order and maintaining employment consistency. Once you're under contract, you'll likely be scheduling an inspection and having your real estate attorney handle contract-related matters and prepare you for closing. Post-Closing Homeownership While homeownership comes with responsibilities, it also offers opportunities for personalization and investment. Unlike renting, when something breaks in your home, it's your responsibility to have it fixed. Prepare your budget for monthly maintenance and repairs to ensure a smooth homeownership experience. Don't hesitate to reach out to your realtor for expert referral partners who can assist with remodeling, maintenance, and more. They're your trusted resource for keeping your new home in top shape. Enjoy making your house a home and building equity for your future- you’re investing in yourself after all! If you're ready to embark on the path from renter to homeowner or have any questions about the topics in this series, reach out to Joe Deardurff at The Crotty Group – your local real estate expert. Welcome to the world of homeownership in Chicago!
Move on up to Andersonville: One of the Coolest Neighborhoods in the World!
If you thought a neighborhood couldn’t be both an inclusive, family-friendly community hub and a hip, big city destination, Andersonville is here to prove otherwise! Nestled within the vibrant Uptown and Edgewater community areas on Chicago's far north side, Andersonville is a neighborhood that seamlessly blends its rich history with contemporary diversity. In 2021 it was voted the second-coolest neighborhood in the world and the coolest neighborhood in the U.S. in a Time Out survey, and has been named the “shop local capital of Chicago” for its huge number of independent and local businesses. Andersonville proudly wears its Swedish heritage on its sleeve. Once the epicenter of Chicago's Swedish population in the early 19th century, the neighborhood preserves this legacy through iconic landmarks like the water tower adorned with the Swedish flag, which serves as a welcoming entry point to the bustling Clark Street corridor. The neighborhood is now home to many diverse cultural backgrounds and businesses, so in addition to Nordic food and culture, you can also find some of the best shawarma in the city at Taste of Lebanon, have a fabulous Korean Sojutini at Jin Ju, or try the Turkish pide at Konak, among many other options! In recent years, Andersonville has emerged as a prominent LGBTQIA+ hub in Chicago. The neighborhood radiates a palpable sense of acceptance and inclusivity, evident in the rainbow flags that decorate many of its homes and businesses. As you explore, you'll find a myriad of LGBTQIA+ friendly establishments, making Andersonville a safe and welcoming space for everyone. A stroll through Andersonville unveils a vibrant tapestry of locally-owned shops, restaurants, and bars. These contribute to the neighborhood's unique character, showcasing a commitment to community and individuality. From quaint cafes to eclectic boutiques, Andersonville's diverse business scene ensures there's always something new to discover. A highlight on Andersonville's event calendar is the annual Midsommarfest. Initially a celebration of its Swedish roots, the festival has transformed into a massive LGBTQIA+ street party. Attendees can expect a colorful array of performances, lively entertainment, and, of course, a joyful homage to Abba. Other standout community events throughout the year include the Taste of Andersonville and the Viking Pub Crawl. Beyond its cultural and social attractions, Andersonville offers an array of housing options, reflecting the neighborhood's diverse population. From well-preserved vintage 2-3 flats radiating old-world charm to historic single-family homes with captivating stories, the architecture tells a tale of Andersonville's evolution. Modern living enthusiasts will also find chic new-construction condos seamlessly integrated into the fabric of this dynamic neighborhood. Andersonville is more than just a neighborhood; it's a community that embraces its past while celebrating the diversity that defines its present. Whether you're immersing yourself in the history along Clark Street, experiencing the energy of Midsommarfest, or relishing the eclectic local scene at one of the many independent shops and eateries, Andersonville invites you to become part of its inclusive tapestry. Come and explore a neighborhood that honors its roots and warmly welcomes all who choose to call it home- you might even make a new friend or 2 while you’re out and about!
List, Laugh, Love: Seller Success Stories
When it comes time to sell your home, the last thing you want is to have it sit on the market for ages or to have to settle for a lower purchase price than you were expecting. While many factors go into determining when and how your home sells, there are certain tips and tricks that your real estate agent can utilize to get you the best possible outcome. Let’s look at 3 recent examples demonstrating the specific recommendations presented to each seller to help them best prepare their home for the market. 1804 Bristol Walk, Hoffman Estates, IL 60169 2 bed, 1.5 bath two-story townhome style condo built in 1979 Located in Hoffman Estates (northwest suburbs) Because this condo is in a large development containing many other identical units with the same floorplan and features, the listing price of this home was largely determined by two things: What price similar floorplans closed for in the last 6-9 months within the community and what condition they were in (think flooring type, kitchen and bathroom finishes, and overall condition). This home was already nicely updated with plank flooring and fresh paint, but the AC was due to be replaced. Crotty Group agent Joe Deardurff discussed with the seller the implications of selling the home with an old AC vs investing in a new AC before listing to improve the sales price. Ultimately, the seller decided to make the investment and install a new AC. We then listed at a price just below the other recently sold and currently listed condos in the community, not wanting to be the most expensive or the least expensive. This strategy worked, and the seller received 16 offers in the first 48 hours and sold for 7% over the list price! 1701 Shady Oak Rd, Joliet, IL 60431 4 bed, 2.5 bath single-family home with a finished basement Located in Joliet on the Plainfield border (far southwest suburbs) This house was built in 2014 so all the major mechanicals like the furnace, AC, and water heater were still in great shape. The home already had beautiful curb appeal and a fully updated interior with neutral colors. The seller of this home was very motivated and was ready to do whatever he needed to properly prepare his home to sell, but at less than 10 years old, this is still very much a young house, so there wasn’t much to do other than ensure we were taking great photographs to highlight all this home’s best features. Great photography starts with cleaning, decluttering, and neutralizing. In the Kitchen and Living Room, we cleared off counters, opened all the blinds and curtains, removed non-essential furniture, and limited décor to select items. The Office/Piano Room was formerly a playroom, so we removed all the toys and emptied the room except for the piano. In the Bathroom, we opened the shower, removed all personal items, and freshened up the bathmat and towels. It may seem simple, but these efforts had the intended effect. The photography allowed us to create a beautiful online listing that produced a flurry of showing activity in the first 10 days and resulted in receiving an offer that the seller was very happy with. He closed less than 30 days later! 9510 S Kolmar Ave #304, Oak Lawn, IL 60453 1 bed 1 bath attached condo Located in Oak Lawn (south suburbs) Just like the townhome condo in Hoffman Estates, this home is in a condominium building with other similar units. There weren’t many recent sales in the building, so we had to look at other condos in similar buildings within the Oak Lawn area to start formulating our price. In this area, there are two types of condos- renovated and non-renovated. Almost all the condominiums in this area were built 30 to 60 years ago, with some being sold at lower prices in their original condition and others that were renovated selling at much higher prices. When first viewing the home, Joe reviewed with the seller these two options: we could list the condo in its current condition (unrenovated), or the seller could fully empty the condo and do a light remodel to refresh the appearance and garner a much higher price, as we saw with similar sales in the neighborhood. They brought in a remodeling contractor to go over upgrade options and prices and decided to replace all the floors, paint the cabinets, and install new appliances, countertops, doors, trim, and a new bathroom vanity. The result was a spectacular and beautiful condo that looked just like new. We priced it in line with other renovated 1-bedroom units that had recently sold in the vicinity, and our strategy brought in a nearly full-price offer that the seller was thrilled with! Working with a real estate professional was crucial to each of these deals, as they not only consulted with each seller on their motivations and desired end goals but also made sure to lay out all the options and potential outcomes so each seller could make informed decisions before listing their property. With those two paramount factors in mind, Crotty Group agent Joe Deardurff created a strategic sales plan that worked for each seller’s budget and timeline and produced a successful home closing! Contact The Crotty Group when you’re ready to start writing your own seller success story!
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