Read the latest news and statistics on property foreclosures and home buying from ILFLS
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As a Realtor, there is great satisfaction in helping our buyer clients find a home. Purchasing a new home is a big financial commitment and the process can be nerve-wracking even for a non-first time homebuyer. That’s where we as agents step in to help alleviate the anxiety and execute a smooth home buying experience.
With a new president in the White House, there will be changes to the real estate market. The most obvious change will be a delay in foreclosures, but there will also likely be other long-reaching effects on the real estate market as a whole.
When it comes to investing in foreclosures and other properties, you can do so at several different stages of the foreclosure process. REO or real estate-owned properties are at the end of the foreclosure process. In these cases, there was no buyer during the auction, and now the bank owns the property.
With a zombie apocalypse looming (Dawn of the Dead), foreclosures are one situation that you have to be careful about. If you are currently facing a foreclosure, it's best not to move out too soon as you may be "haunted" by a zombie foreclosure.
One of the common misconceptions regarding real estate is that you do not need any formal education to be successful. In reality, the more you learn, the better prepared you will be to achieve your goals. Real estate investors want to learn more, so they can make better decisions as to which properties to invest in, what changes to make, and how to price them. Real estate agents want to learn more than the minimum requirements to pass their licensing exam. This way, they can better serve clients, resulting in more satisfied customers and better profits.
Buying Chicago foreclosures is a popular strategy among savvy investors to help reduce their initial costs and increase profits. There are pros and cons of buying foreclosures compared with properties that are not foreclosed. Take a closer look at the most important factors on each side to confirm whether buying foreclosures in Chicago is right for you.
After purchasing a foreclosure as an investment property, it may be necessary to make a few repairs or do a complete gut rehab. With any investment, it’s important to stick to a budget. While some things can be easily done yourself, it’s also very important to hire professionals to do certain tasks for both safety and economic reasons. Here are a few areas where you should spend and a few where you should save.
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.