Are You A New Real Estate Investor?

Are you considering a investing in real estate? If yes, then here are are few things to consider?

1. When you purchase your new investment property, do you have the money or an investment loan to make the necessary changes to rent or flip?

2. Do you know and/or understand the neighborhood you are buying in?

3. Have you done your research? Is there a rental market?

4. What are your long term goals for investing? Ie; Flip, rent, how many homes per year…

5. What are the demographics?

6. Is the home in a flood plain?

7. Does the city require an inspection? If so, if the city repairs are required will you have the money for a possible escrow account.

8. Is the city considered to be stable or depressed?

If you are not sure of most of these questions, do some research before you begin shopping for the investment property.

Are You A New Real Estate Investor?

Are you considering a investing in real estate? If yes, then here are are few things to consider?

1. When you purchase your new investment property, do you have the money or an investment loan to make the necessary changes to rent or flip?

2. Do you know and/or understand the neighborhood you are buying in?

3. Have you done your research? Is there a rental market?

4. What are your long term goals of investing?

5. What are the demographics?

6. Is the home in a flood plain?

7. Does the city require an inspection? If so, if city repairs are required will you have the money for escrow if the city requires it.

8. Is the city considered to be stable or depressed?

If you are not sure of most of these questions, do some research before you begin shopping for the investment property.

What’s Holding You Back

What’s holding you back? Not sure where to begin, no down payment, afraid of the responsibility, I lost a home to foreclosure, I have a prior bankruptcy. Whatever the reason don’t let it hold you back from owning a home.

If you’re not sure where to begin I’ll be glad to provide the steps to owning a home. Many people think they can’t own a home because they don’t have a down payment. This can be easily overcome with a simple savings plan or with the use of the downpayment programs. Many don’t want to take care of the maintenance of a home. If that’s you, consider a condominium or a town home with an association that takes care of the maintenance for you. Yes, there’s an additional fee.

Now if you are someone that lost a home to foreclosure or have a dismissed bankruptcy you can also own again or own a home. You may need to wait at least 3 years and make sure you are paying your bills on time. Also consider opening a few secure credit lines to rebuild your credit.

Whatever is holding you back you don’t have to be afraid of it. Contact me today and I’ll help you with a realistic plan to help you get on the road to home ownership. Click the Illinois homes link and send your contact information today. I look forward to making your dream come true.

http://bit.ly/illinoishomes

To find out if you may qualify for a down payment program click now
http://www.workforce-resource.com/eligibility/consumer?w=CustomerPMT&property_code=CARRIE_BEY

Www.carriebey.com

Most cities are affected by foreclosure.  Some more than others.  The entire State of Illinois has a high foreclosure rate overall.  However, some cities are not as badly affected as others.  When you view the December 2011 Foreclosure Rate Heat Map notice that Illinois is ranked high amoung most tates. 

Click to view: http://www.realtytrac.com/trendcenter/uiservices/heatmap.aspx?width=640&d=V1tGUoZxT3BMCbSlEOybOg%3d%3d

How is your city affected?  There are many factors that may lead to foreclosure: job loss, home owners relocating to new areas and being unable to sell their homes, businesses leaving an area can also lead to job loss.   In addition, some home owners may find themselves being upside down in their mortgages and just walking away from the property.

Can I find out how many homes are in pre-foreclosure or already foreclosed on? Yes,  most real estate websites can provide this information or you can contact your real estate professional to get the information.  For detailed foreclosure information feel free to contact me.

Post the city you are interested and I’ll share the data with everyone.

Have a question about Real Estate? Ask me on Facebook or Twitter

That’s right!  I am answering your Real Estate questions every Thursday on facebook or twitter from 6:30pm – 7:30pm.  Follow me on facebook and twitter today to get the most recent real estate news.

Click now to follow me.  Facebook and Twitter

How Long Will You Wait To Sell Your Home?

Are you thinking about selling your home?  Is your home currently on the market? If your home is on the market for sale are buyers knocking down your door to buy the house?  If you answered NO to buyers knocking down your door, guess what? Your house is overpriced.   So what should you do?

First, An immediate price change is in order.  If you don’t have buyers asking if others are looking at your property,  it’s not price correctly!  The price must be compelling to get buyers motivated.

Don’t wait to get it sold!!!!  If it’s not priced correctly call your Realtor NOW!  Get it priced right and get it sold today.  Otherwise, you are wasting your time and losing money.  Request that your agent tell you the truth.

Months’ of Housing Supply in Northern Illinois 8/22/2011 to 9/22/2011.  There are 44852 single family homes and 25258 attached homes available for sale and only 4448 single family and 2155 attached homes that sold form 8/22 to 9/22.  What does this mean?  It tells us that your house could sit on the market 10.62 months before it sells.

It’s time to wake up to a different reality. If you really want to get your home sold you must make some hard decisions.  Ask me your questions today.

Closed Sales for West Chicago, Illinois

Are you in the market to sell your home in West Chicago Illinois or any city in the Northern Illinois area?  If so, consider this:  Now when you consider a listing price you will be competing with shortsales and bank owned homes.   No longer are appraisers only reviewing traditional sales.  With so many short sales and foreclosed properties on the market all properties are considered when an appraisal is completed.

For example, in city of West Chicago, Illinois non-distressed sales are selling for near the same prices.  This is a trend in most areas.  So when you list your home today buyers aren’t just considering traditional homes they are also considering short sales and bank owned properties.  Click on the link for details.

Closed Sales for 185 – West Chicago.

Home prices as low as they were in 2007 in the Chicagoland area

Check out this great article on the home price changes.  As of April 2011, you can pretty much purchase a home near the same prices as in the year 2007.    If you are on the fence, get off and get on your way to homeownership.  Not sure where to being?  Contact me today for help in purchasing a home or investing in real estate.  carrie.bey@bairdwarner.com or click http://bit.ly/CarrieLewisBeyrealtor

 

http://www.chicagorealestatedaily.com/article/20110628/CRED0701/110629858/chicago-home-price-index-lowest-since-march-2001

Don’t wait! A Shortsale may be the best option.

If you need to sell, SELL.  Don’t wait for the market to come back.  While you wait your home could depreciate more.  In addition, you may lose your right to forgiveness of the debt.  This special tax relief actually applies to anyone who has forgiven mortgage debt during the tax years 2007 through 2012.   But starting in 2013, this tax break goes away.  Whatch the Suze Orman video.

http://www.youtube.com/watch?v=oAktf9sAP_0

Shortsales are here to stay.  If you must sell consider the shortsale.

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