Read the latest news and statistics on property foreclosures and home buying from ILFLS
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Since the start of the pandemic precautions in the US and the closing of many businesses, a big concern for homeowners is job loss and defaulting on home loans. With issues such as foreclosure at the forefront of economic problems, it’s important to find facts about the rate of foreclosure at present and the potential changes we may see in the future.
Renovations seem to go hand in hand with investment properties, whether the purchaser plans to update and resell the home immediately or create their own ideal living space. Either way, they may be wondering how COVID-19 is affecting the renovation business. The good news is that most contractors are continuing to work during this time because they provide an essential service.
With both the demographics of luxury homebuyers and their wish lists evolving over the last few years, homeowners may wish to reevaluate their listings before bringing them to market. First of all, the demographics of the buyers themselves are changing—the millennial generation is beginning to increase their presence in the luxury home market as well as the LGBTQ community, with individuals controlling upwards of $1 trillion in annual buying power. This shift has lead to a move towards more eco-friendly homes, among other things buying wishes.
It’s August, and it is already month five of COVID-19 shutdowns, precautions, and economic uncertainties. Even with all of this upheaval, the real estate market in Chicago has been steady. At the start of the quarantine, many financial and real estate experts were unsure of the impact it would have on the housing market. And while the US economy has suffered, the health of the housing market in Chicago is on solid footing, and gradually rising. Here are a few reasons that experts believe have contributed to the market’s gradual rise and some future predictions.
So you’ve decided you want to invest in your first foreclosed property, and maybe even have one in mind that you’re ready to purchase. However, as a new investor, you don’t have the available capital to make a cash purchase. What should you do? Even though all-cash offers are the strongest and often only payment option (as in foreclosure auctions), you don’t have to wait until you have enough saved in your account to purchase a foreclosure. There are several options available for financing bank-owned properties.
Many financial advisors believe that investing in real estate can be a great way to diversify your portfolio. If you are looking to generate a positive monthly cash flow, buying a multi-family residence might be a good choice for you for several reasons.
A bad home inspection that uncovers many issues might be the tipping point that leads to a failed sale. While many inspection issues are often minor and easily fixed, some can lead to a major headache, not to mention a big expense. Here are five issues that might make you want to rethink your purchase.
Perhaps you are trying to estimate your current property’s market value or you found a new home you like, but aren’t sure it is priced fairly, here are some hints for determining values yourself.
In the Chicagoland area, and throughout the state of Illinois, the citizens are slowly getting back into “business as usual” in the midst of COVID-19 precautions. However, as many other states haven’t been as slow to reopen, they are seeing resurgences in the coronavirus and are reinstating some, if not all, of their quarantine rules. So, the question is, how will the economy and housing market be affected in the state of Illinois and the rest of the country? Is now still a good time to invest in real estate?
Maybe you’ve been researching foreclosure investment for some time and are ready to make a purchase, or maybe you are just starting to think about it—wherever you are in the process, these five tips can help you along the way.