If you've been renting for years, nervous about buying a home because of what happened to the economy, it's time to reconsider. The real estate market has recovered and is on the upswing. In some cities in America, such as Phoenix and Las Vegas, the rebound has fully recovered to pre-recession prices.
In the Chicago area, Midwest Real Estate Data, the "MLS" for Chicago-area Realtors, now reports that the number of homes sold, total amount of sales, and percentage increase in home values is now the best since 2007.
Home prices are climbing in the Chicago area, don't wait too long to look into options for buying -- such as locking in today's sales price with a Rent to Own contract. Call Adam at 630-697-4500 to find your new home!
LISLE, Ill., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Midwest Real Estate Data (MRED), Chicagoland's multiple listing service (MLS), reported today that in both dollar volume and total transactions, 2013 is already the best calendar year in area real estate since 2007.
To date MRED sold real estate volume for 2013 totals over $24 billion resulting from nearly 103,000 closed transactions, surpassing all of 2012. MRED has not seen dollar or transaction volumes like this since 2007.
Chicago and the surrounding nine counties have experienced double-digit percentage gains from a year ago. The Chicagoland area has seen eight months of year-over year sales and median price gains. All indicators point in the same direction: a strong housing market.
"This confirms what we all already had a good sense of -- real estate is back," said MRED CEO Russ Bergeron. "The numbers don't lie. Not only are Realtors(R) busier than they've been in years, sellers are benefiting from the hotter market with increased home values. Assuming nothing takes our economy wildly off track, I see nothing but a very positive future for those in the real estate industry and those who own real estate."
Wednesday, October 30, 2013
Tuesday, October 22, 2013
Michael Jordan's 56,000 Square Foot Home Set For Auction November 22nd
HIGHLAND PARK, Ill., Oct. 19, 2013 /PRNewswire/ -- New York-based Concierge Auctions is pleased to announce the November 22nd live auction of Michael Jordan's nearly 20-year residence in the chic Chicago suburb of Highland Park. The 56,000-square-foot estate, known as Legend Point, occupies 7.39 acres and is complete with a regulation-size NBA-quality basketball court, pool pavilion, tennis court, putting green, 9 bedrooms and 15 full and four half bathrooms. Previously offered for $29 million, Legend Point will be sold in cooperation with Katherine Chez Malkin of Baird and Warner Real Estate.
Click for photo tour.
"I have so many amazing, happy memories of my life in the house over the years," Jordan stated. "It's where my kids grew up. It's where I lived during my championship years. I still have business interests in Chicago, including my restaurants, and Chicago will always have a piece of my heart. It's a special place with incredible people, who embraced me from the day I arrived. But my kids are grown now and I don't need a large house there anymore."
"This home is so much more than most people imagine. Once you are behind the gate, the location affords complete privacy. The landscaping and positioning of the estate keep it from feeling overwhelming. The home, most of which was remodeled in 2011, is perfectly maintained, and obviously has all the bells and whistles, but is still very friendly," stated Malkin. "The main living areas are connected to the guest house and the pool and basketball pavilions, but if you weren't going to those areas, you need not pass through this square footage to be where you would typically spend most of your time. I am thrilled that Concierge Auctions is involved in this sale process. It seems like the most rational decision a business person could make. It compresses market time, brings forward interested buyers and affects a sale in the most professional way possible."
The home's family area is expansive and light-filled, featuring floor-to-ceiling windows, plush carpeting, a built-in aquarium and a fireplace. Likewise, the soaring two-story living room showcases the dramatic outdoor landscaping in its series of ten floor-to-ceiling windows. The property includes nine bedrooms, with six located in the primary residence. All include spacious closets and en suite bathrooms.
The contemporary main kitchen is a masterpiece of both design and functionality and includes a ventilated island food prep area with gas Gaggenau cooktop, double convection ovens, a combination steam oven and two dishwashers.
On the lower level of the primary residence, the home boasts an impressive card and cigar room with a custom-built, walk-in humidor, a 500+ bottle wine cellar, wine tasting room, sitting room and a fully-equipped, in-house beauty salon.
In 2001, a full-size, regulation basketball court was built to Jordan's exacting specifications. It features specially cushioned hardwood flooring, adjustable backstops and baskets and competition-quality, high-intensity lighting. The court also includes a custom sound system with speakers expressly tuned for the court space. Adjacent to the basketball court are locker rooms and showers, as well as a circular lounge with comfort table leather chairs and a built-in HDTV.
The home also includes a pool pavilion, built in 2009, that links the primary residence with the guest wing. The design features a retractable electric canopy that, with the touch of a button, can transform the enclosed room to an extraordinary indoor/outdoor experience. Located directly off the pool pavilion, the three-bedroom guest wing offers a gourmet kitchen, en suite bathrooms and built-in furnishings.
Located 23 miles north of Chicago with easy access to the city, Highland Park boasts some of the region's most beautiful and exclusive homes. Here, residents enjoy small town comforts with big city advantages, with a strong emphasis on recreation and culture. The Chicago Symphony summers in Highland Park every year, and the city plays host to the well-known Ravinia Festival, an open-air concert series during the summer. With lakefront parks and beaches on Lake Michigan, Highland Park has plenty of outdoor activities to keep residents busy, and its bustling downtown shopping district is a strong indicator of the vibrancy of this community.
"Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands down leader when it comes to auctioning one-of-a-kind real estate," added Jordan. "By working with them, I know that on November 22nd, the day of the auction, my house will have been seen by a worldwide audience, and I'll have a sale with a closing in 30 days."
"Mr. Jordan hired us because he understands the benefits of the auction process for selling incomparable assets. The value of Legend Point not only lies in its history as his long-time residence but also in every unique facet of the property — the quality of design, extensive amenities and sheer size of the estate," stated Laura Brady, President of Concierge Auctions. "While there is no pre-set minimum or reserve, buyers will have the ability to submit opening bids with their registrations. The ultimate selling price will simply be determined by the bidders on auction day."
The auction of 2700 Point Lane in Highland Park, Illinois will be held on November 22nd. A 2.25% commission is offered to the buyer's representing broker. The property will be open for qualified showings by appointment. See Auction Terms and Conditions for full details. For more information visit ConciergeAuctions.com, call 877.762.9436, or join the social discussion at #MJAuction.
About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-net-worth sellers nationwide through an accelerated marketing process that obtains fair market value for unique, high-end properties in a 60-day timeframe. The company has executed auctions in 25 U.S. states from New York to Hawaii, typically valued between $2.5 million and $20 million, and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all U.S. states and 109 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury properties over the past 10 years. The firm has sold over $400 million in properties since its founding in 2008. For more information, call 888-966-4759 or visit ConciergeAuctions.com.
This property is listed for sale by Baird and Warner (Lic#477.010810), 737 N. Michigan, Ste 1800, Chicago, IL 60611
Click for photo tour.
"I have so many amazing, happy memories of my life in the house over the years," Jordan stated. "It's where my kids grew up. It's where I lived during my championship years. I still have business interests in Chicago, including my restaurants, and Chicago will always have a piece of my heart. It's a special place with incredible people, who embraced me from the day I arrived. But my kids are grown now and I don't need a large house there anymore."
"This home is so much more than most people imagine. Once you are behind the gate, the location affords complete privacy. The landscaping and positioning of the estate keep it from feeling overwhelming. The home, most of which was remodeled in 2011, is perfectly maintained, and obviously has all the bells and whistles, but is still very friendly," stated Malkin. "The main living areas are connected to the guest house and the pool and basketball pavilions, but if you weren't going to those areas, you need not pass through this square footage to be where you would typically spend most of your time. I am thrilled that Concierge Auctions is involved in this sale process. It seems like the most rational decision a business person could make. It compresses market time, brings forward interested buyers and affects a sale in the most professional way possible."
The home's family area is expansive and light-filled, featuring floor-to-ceiling windows, plush carpeting, a built-in aquarium and a fireplace. Likewise, the soaring two-story living room showcases the dramatic outdoor landscaping in its series of ten floor-to-ceiling windows. The property includes nine bedrooms, with six located in the primary residence. All include spacious closets and en suite bathrooms.
The contemporary main kitchen is a masterpiece of both design and functionality and includes a ventilated island food prep area with gas Gaggenau cooktop, double convection ovens, a combination steam oven and two dishwashers.
On the lower level of the primary residence, the home boasts an impressive card and cigar room with a custom-built, walk-in humidor, a 500+ bottle wine cellar, wine tasting room, sitting room and a fully-equipped, in-house beauty salon.
In 2001, a full-size, regulation basketball court was built to Jordan's exacting specifications. It features specially cushioned hardwood flooring, adjustable backstops and baskets and competition-quality, high-intensity lighting. The court also includes a custom sound system with speakers expressly tuned for the court space. Adjacent to the basketball court are locker rooms and showers, as well as a circular lounge with comfort table leather chairs and a built-in HDTV.
The home also includes a pool pavilion, built in 2009, that links the primary residence with the guest wing. The design features a retractable electric canopy that, with the touch of a button, can transform the enclosed room to an extraordinary indoor/outdoor experience. Located directly off the pool pavilion, the three-bedroom guest wing offers a gourmet kitchen, en suite bathrooms and built-in furnishings.
Located 23 miles north of Chicago with easy access to the city, Highland Park boasts some of the region's most beautiful and exclusive homes. Here, residents enjoy small town comforts with big city advantages, with a strong emphasis on recreation and culture. The Chicago Symphony summers in Highland Park every year, and the city plays host to the well-known Ravinia Festival, an open-air concert series during the summer. With lakefront parks and beaches on Lake Michigan, Highland Park has plenty of outdoor activities to keep residents busy, and its bustling downtown shopping district is a strong indicator of the vibrancy of this community.
"Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands down leader when it comes to auctioning one-of-a-kind real estate," added Jordan. "By working with them, I know that on November 22nd, the day of the auction, my house will have been seen by a worldwide audience, and I'll have a sale with a closing in 30 days."
"Mr. Jordan hired us because he understands the benefits of the auction process for selling incomparable assets. The value of Legend Point not only lies in its history as his long-time residence but also in every unique facet of the property — the quality of design, extensive amenities and sheer size of the estate," stated Laura Brady, President of Concierge Auctions. "While there is no pre-set minimum or reserve, buyers will have the ability to submit opening bids with their registrations. The ultimate selling price will simply be determined by the bidders on auction day."
The auction of 2700 Point Lane in Highland Park, Illinois will be held on November 22nd. A 2.25% commission is offered to the buyer's representing broker. The property will be open for qualified showings by appointment. See Auction Terms and Conditions for full details. For more information visit ConciergeAuctions.com, call 877.762.9436, or join the social discussion at #MJAuction.
About Concierge Auctions: Concierge Auctions is the preeminent luxury real estate auction firm serving high-net-worth sellers nationwide through an accelerated marketing process that obtains fair market value for unique, high-end properties in a 60-day timeframe. The company has executed auctions in 25 U.S. states from New York to Hawaii, typically valued between $2.5 million and $20 million, and hosts a database that includes more than 100,000 luxury real estate buyers and agents from all U.S. states and 109 countries and territories. The principals of Concierge Auctions have been involved in the transfer of more than $2 billion in luxury properties over the past 10 years. The firm has sold over $400 million in properties since its founding in 2008. For more information, call 888-966-4759 or visit ConciergeAuctions.com.
This property is listed for sale by Baird and Warner (Lic#477.010810), 737 N. Michigan, Ste 1800, Chicago, IL 60611
Tuesday, September 10, 2013
Even the Mega-Rich Rent to Own Their Dream Homes
Why Do Even the Mega-Rich Often Rent to Own Their Homes?
Because it Makes Sense. On many levels.
* Get to experience the home and the neighborhood before you commit to the actual purchase.
* Instead of just throwing away money on rent, which you will never get back, you can apply part -- or sometimes even ALL -- of your rent payments toward the purchase price of the home, helping you build up the down payment amount mortgage brokers and banks will require you to put down before they give you a loan. Is there any other way you are going to save up $10,000 or $20,000 or more?
Here's a Rent to Own success story about the former President of Facebook (now a mega-rich investment fund director, and founder of the newly popular music-sharing website, Spotify) and how he rented his new $20 million dollar home from some other mega-rich person before finally making the purchase.
Sean Parker, Spotify and Founder's Fund
Location: New York
Cost: $20 million
Bedrooms: 6
Bathrooms: 7 full, 1 half
Square footage: 7,500
Sean Parker disputes his bad boy portrayal by Justin Timberlake in the 2010 film "The Social Network." But the former Facebook president and Napster co-founder is certainly living it up in his new home, a $20 million West Village townhouse known as the Bacchus House.
Formerly owned by Italian liquor heir Enrico Cinzano, it includes an indoor pool and gym, garage, theater, a chef's kitchen and an elevator.
Parker, now a managing director at the Founders Fund, a San Francisco venture capital firm, and a director of Spotify, an online music service, PURCHASED THE HOME LAST YEAR, AFTER RENTING IT FOR SOME TIME, and throwing his share of over-the-top parties.
Call us at 630-697-4500 and we'll help you rent to own your dream home too!
Adam and Diane St. James
MyHappyHomeSolutions.com
Because it Makes Sense. On many levels.
* Get to experience the home and the neighborhood before you commit to the actual purchase.
* Instead of just throwing away money on rent, which you will never get back, you can apply part -- or sometimes even ALL -- of your rent payments toward the purchase price of the home, helping you build up the down payment amount mortgage brokers and banks will require you to put down before they give you a loan. Is there any other way you are going to save up $10,000 or $20,000 or more?
Here's a Rent to Own success story about the former President of Facebook (now a mega-rich investment fund director, and founder of the newly popular music-sharing website, Spotify) and how he rented his new $20 million dollar home from some other mega-rich person before finally making the purchase.
Sean Parker, Spotify and Founder's Fund
Location: New York
Cost: $20 million
Bedrooms: 6
Bathrooms: 7 full, 1 half
Square footage: 7,500
Sean Parker disputes his bad boy portrayal by Justin Timberlake in the 2010 film "The Social Network." But the former Facebook president and Napster co-founder is certainly living it up in his new home, a $20 million West Village townhouse known as the Bacchus House.
Formerly owned by Italian liquor heir Enrico Cinzano, it includes an indoor pool and gym, garage, theater, a chef's kitchen and an elevator.
Parker, now a managing director at the Founders Fund, a San Francisco venture capital firm, and a director of Spotify, an online music service, PURCHASED THE HOME LAST YEAR, AFTER RENTING IT FOR SOME TIME, and throwing his share of over-the-top parties.
Call us at 630-697-4500 and we'll help you rent to own your dream home too!
Adam and Diane St. James
MyHappyHomeSolutions.com
Tuesday, September 3, 2013
Still More Reasons to Rent to Own Your Next Home!
I've previously written about 10 good reasons to Rent to Own your next home.
Here are a few more:
11. Opportunity: Rent to Own gives the long-time renter a chance to break out of the cycle of renting and paying off one landlords mortgage after another. And believe me, I've done it too. I rented for 15+ years before purchasing my first home, spending hundreds of thousands of dollars in rent that could have gone toward my own financial future. Owning a home is the number one way Americans build wealth. Renting is a dead-end road that you don't want to stay on too long. Rent to Own gives you the opportunity to move off that road and into the American dream with relatively little down. If you can't afford a conventional down payment (think like $40 grand or more for a typical home), then Rent to Own is the way to go!
12. No Taxes To Pay: Or homeowners association dues either! The owner continues to pay all taxes and homeowners fees (if there is a homeowners association -- not all properties have them) on the property until you actually purchase the home. When you do complete the purchase, you'll get to write these expenses off your income tax, thus reducing your annual tax bill, and earning yourself potentially large tax refunds for years and years to come! Real Estate is the number one tax shelter accountants and financial planners recommend.
13. Pride of Ownership: It's a wonderful feeling to leave renting behind and become the owner of your own home. We've been fortunate to help many of our tenant buyers complete the purchase of a Rent to Own home and realize the great American dream of home ownership. Isn't it your turn?
We've always got Rent to Own homes available, with more coming in week by week. Visit our website to find out more: MyHappyHomeSolutions.com
Here are a few more:
11. Opportunity: Rent to Own gives the long-time renter a chance to break out of the cycle of renting and paying off one landlords mortgage after another. And believe me, I've done it too. I rented for 15+ years before purchasing my first home, spending hundreds of thousands of dollars in rent that could have gone toward my own financial future. Owning a home is the number one way Americans build wealth. Renting is a dead-end road that you don't want to stay on too long. Rent to Own gives you the opportunity to move off that road and into the American dream with relatively little down. If you can't afford a conventional down payment (think like $40 grand or more for a typical home), then Rent to Own is the way to go!
12. No Taxes To Pay: Or homeowners association dues either! The owner continues to pay all taxes and homeowners fees (if there is a homeowners association -- not all properties have them) on the property until you actually purchase the home. When you do complete the purchase, you'll get to write these expenses off your income tax, thus reducing your annual tax bill, and earning yourself potentially large tax refunds for years and years to come! Real Estate is the number one tax shelter accountants and financial planners recommend.
13. Pride of Ownership: It's a wonderful feeling to leave renting behind and become the owner of your own home. We've been fortunate to help many of our tenant buyers complete the purchase of a Rent to Own home and realize the great American dream of home ownership. Isn't it your turn?
We've always got Rent to Own homes available, with more coming in week by week. Visit our website to find out more: MyHappyHomeSolutions.com
Tuesday, August 27, 2013
Home Prices Still Surging
NEW YORK (CNNMoney)
Home prices are still surging, but the pace of the gains has steadied as interest rates continue to rise.
Prices for homes in the nation's 20 largest cities in June rose 12.1% over the last year, according to a report Tuesday from S&P/Case-Shiller home price index.
While that gain is still robust, it didn't quite match the gain of 12.2% reported for May. Rising mortgage rates may be to blame.
"With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened," David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in a press release.
Home prices have been on a tear for the last twelve months. June marks the first time in over a year that the overall increase has been smaller than the month before. While prices rose in all 20 cities measured by the index, only six cities in June saw price increases larger than the month before, down from 10 cities in May.
Prices in Dallas and Denver hit all-time highs, while San Francisco housing prices notched the biggest rebound, rising 47% from their low in March 2009.
U.S. home prices are now at early 2004 levels -- still 23% below their peak in mid-2006.
And while mortgage rates have been steadily rising for the last few months, they're still at historically low levels.
Record-low rates, a lack of new homes on the market and years of pent up demand have been the driving forces behind the recent home price spike, according to Erik Johnson, senior U.S. economist at IHS Global Insight.
"The shortages are likely to get larger before getting smaller," Johnson wrote in a note Tuesday. "We still expect housing to remain a key driver of growth for at least the next couple of years."
Related: How the Fed can taper without killing housing
The recovering housing market has been a big part of the nation's economic recovery since the Great Recession. But many fear that rising mortgage rates could put a damper on that growth.
Rates have risen more than a full percentage point since May, when Federal Reserve Chairman Ben Bernanke indicated the Fed may soon ease its bond buying program that's helped keep interest rates at record lows.
While some cheer the Fed stepping back from its unusual bond purchases amid fears the buying will spark inflation, others worry that it may be too soon.
First Published: August 27, 2013: 9:19 AM ET
Five More Advantages of Rent to Own
A week ago I wrote about five great advantages of the Rent to Own method of buying real estate.
Here are five more good reasons to consider this option when searching for a new home:
6. Time to Check out the House: When you Rent to Own, you have time to live in the home before making the full purchase commitment. This give's you time to find out all the pros and cons of the home before you buy. If you find things wrong with the home that you didn't see before moving in, you have the opportunity to resolve those issues, possibly by getting the owner to correct them, or by renegotiating a lower purchase price. If you find the home just isn't all you wanted it to be, you can simply stay in the home as a renter and/or find another home, without the full commitment of a purchase.
7. Time to Check out the Neighborhood: Just as above, when you Rent to Own a home, you'll have ample time to get to know the neighborhood, and the neighbors. The homes we offer for Rent to Own are typically in very nice neighborhoods, with good schools and friendly neighbors. By doing a Rent to Own on one of these homes, you'll have the opportunity to verify that for yourself before making the full purchase commitment.
8. Control: When you Rent to Own a home you control the property in the sense that, while you are renting, the home cannot be sold, except to you -- if you choose to buy. You are in control of the destiny of that home during the period of your Rent to Own contract!
9. Time to Obtain the Best Financing: While you are renting in a Rent to Own home, you have time to shop around for the best mortgage rates, the best terms, the best interest rate. We work with many different mortgage brokers, and while you are not obligated to work with any of them, we're happy to give you a list of professional mortgage brokers who can work with you to get the best deal.
10. Leverage: When you Rent to Own a home, you are typically putting down much less to purchase the home than in a conventional mortgage or purchase. The less money you put down toward a home, the more "leverage" you have. In other words, the more profit through appreciation you stand to make with the least amount of up-front cash at risk. In any investment situation, making more off less is preferable to making some off a lot of up-front cash.
We always have Rent to Own opportunities available. Visit our website to learn more: MyHappyHomeSolutions.com
Here are five more good reasons to consider this option when searching for a new home:
6. Time to Check out the House: When you Rent to Own, you have time to live in the home before making the full purchase commitment. This give's you time to find out all the pros and cons of the home before you buy. If you find things wrong with the home that you didn't see before moving in, you have the opportunity to resolve those issues, possibly by getting the owner to correct them, or by renegotiating a lower purchase price. If you find the home just isn't all you wanted it to be, you can simply stay in the home as a renter and/or find another home, without the full commitment of a purchase.
7. Time to Check out the Neighborhood: Just as above, when you Rent to Own a home, you'll have ample time to get to know the neighborhood, and the neighbors. The homes we offer for Rent to Own are typically in very nice neighborhoods, with good schools and friendly neighbors. By doing a Rent to Own on one of these homes, you'll have the opportunity to verify that for yourself before making the full purchase commitment.
8. Control: When you Rent to Own a home you control the property in the sense that, while you are renting, the home cannot be sold, except to you -- if you choose to buy. You are in control of the destiny of that home during the period of your Rent to Own contract!
9. Time to Obtain the Best Financing: While you are renting in a Rent to Own home, you have time to shop around for the best mortgage rates, the best terms, the best interest rate. We work with many different mortgage brokers, and while you are not obligated to work with any of them, we're happy to give you a list of professional mortgage brokers who can work with you to get the best deal.
10. Leverage: When you Rent to Own a home, you are typically putting down much less to purchase the home than in a conventional mortgage or purchase. The less money you put down toward a home, the more "leverage" you have. In other words, the more profit through appreciation you stand to make with the least amount of up-front cash at risk. In any investment situation, making more off less is preferable to making some off a lot of up-front cash.
We always have Rent to Own opportunities available. Visit our website to learn more: MyHappyHomeSolutions.com
Tuesday, August 20, 2013
Five Great Advantages of Rent to Own
There are many advantages to buying a home through the Rent to Own process. Whether you call it Rent to Own, Lease Purchase, Lease with an Option to buy, or by any other name, there are many good reasons to move toward home ownership this way.
Here are five good reasons to start with:
1. Low Down Payment: A conventional purchase of a home requires a substantial down payment, sometimes as much as 20 to 30 percent of the purchase price. If you don't have a spare $40,000 or more burning a hole in your pocket, Rent to Own is your ticket to home ownership.
2. Rent Money Is Working For You: Rich people know that putting their money to work is essential to financial stability. When you enter into a Rent to Own contract, you are putting your rent money to work for you and your financial future. In most Rent to Own situations, a portion of your monthy rent -- sometimes even 100 percent -- is credited toward the purchase price of your new home.
3. Option Consideration is Credited: The money you put down toward a Rent to Own home is called "option consideration." This money goes toward the purchase price of the home, and the amount you put down is then increased with monthly rent credit as well.
4. Purchase Price is Locked In: In most Rent to Own agreements, the purchase price of the home is locked in for a specified period of time. This is typically one year, though it may be more. In some cases the price may increase after one or more years, but you'll still have the benefit of locking in a reasonable price.
5. Appreciation: After several lean years, the housing market and home prices are now back to what they have done for the majority of the past 200 years in America -- appreciate in value! Yes, home values are rising nationwide and have been doing so since early 2012 or even 2011 in some markets. If the home you Rent to Own appreciates while you are renting, you will have earned valuable equity even before you've completed the purchase!
We always have a variety of Rent to Own homes available, with more coming in week by week. Visit our website to see what's available now, and be sure to join our mailing list so you won't miss any good opportunities!
Stop by our site today: MyHappyHomeSolutions.com
Here are five good reasons to start with:
1. Low Down Payment: A conventional purchase of a home requires a substantial down payment, sometimes as much as 20 to 30 percent of the purchase price. If you don't have a spare $40,000 or more burning a hole in your pocket, Rent to Own is your ticket to home ownership.
2. Rent Money Is Working For You: Rich people know that putting their money to work is essential to financial stability. When you enter into a Rent to Own contract, you are putting your rent money to work for you and your financial future. In most Rent to Own situations, a portion of your monthy rent -- sometimes even 100 percent -- is credited toward the purchase price of your new home.
3. Option Consideration is Credited: The money you put down toward a Rent to Own home is called "option consideration." This money goes toward the purchase price of the home, and the amount you put down is then increased with monthly rent credit as well.
4. Purchase Price is Locked In: In most Rent to Own agreements, the purchase price of the home is locked in for a specified period of time. This is typically one year, though it may be more. In some cases the price may increase after one or more years, but you'll still have the benefit of locking in a reasonable price.
5. Appreciation: After several lean years, the housing market and home prices are now back to what they have done for the majority of the past 200 years in America -- appreciate in value! Yes, home values are rising nationwide and have been doing so since early 2012 or even 2011 in some markets. If the home you Rent to Own appreciates while you are renting, you will have earned valuable equity even before you've completed the purchase!
We always have a variety of Rent to Own homes available, with more coming in week by week. Visit our website to see what's available now, and be sure to join our mailing list so you won't miss any good opportunities!
Stop by our site today: MyHappyHomeSolutions.com
Tuesday, August 13, 2013
Rent to Own From the Buyer's Viewpoint
Who is a candidate for Rent to Own?
Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.
The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.
Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.
The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.
We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.
To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com
Thanks to Claude Diamond for some of the above!
Generally this is a person who can't purchase a home through conventional means (or is just too smart to want to). This buyer does not have a large enough down payment, poor credit, high loan to debt ratio, or 20 other reaons that make the traditional purchase of a home impractical.
The buyer is aware of the advantages of home ownership (tax shelter, appreciation, security, etc.) and is eager for a chance to get involved in a home of his or her own. This property is their potential new home and their rent money is working toward the down payment or off the sales price.
Everyone is happy because all parties are getting what they want from the transaction -- the buyer is able to take an ownership interest in a home while still renting, and the seller is able to find a quality tenant who is eager to purchase the home.
The lack of third parties such as banks, mortgage brokers, lawyers, and complicated escrows enable the seller to be flexible with the price and the terms, and the buyer to avoid the usual road blocks of home ownership.
We always have Rent to Own homes available, from condos and townhouses, to single family homes in a variety of price ranges. And we get more on a weekly basis.
To find out more, watch our video "How Rent to Own Works" in the top right corner of our website: MyHappyHomeSolutions.com
Thanks to Claude Diamond for some of the above!
Tuesday, August 6, 2013
Should You Rent-to-Own a Home?
Rent to Own has been around for decades. The housing and credit market crunch of the past several years made it a more popular method of getting into home ownership. Here is what Fox Chicago recently had to say on the matter:
Should you rent-to-own a home?
By Andrew Housser
It's a buyer's market right now in real estate. This is good news if you're in the market for a new home, but bad news if your credit rating prevents you from qualifying for a loan. Yet even if you've had some setbacks, it may still be possible for you to realize your dream of home ownership. The option to rent-to-own or lease a home has risen in popularity over the last several years, in part because it benefits both buyers and sellers. Renting (or leasing) can be a good stepping stone toward home ownership, but before you sign on the dotted line, find out the answers to these all-important questions.
How does rent-to-own work?
As the prospective buyer, you sign a contract agreeing to pay an option fee (generally around $5,000 for a low- to mid-priced home), as well as rent and rent premiums to the home seller. The homeowner will put your rent money toward his mortgage expenses. The extra rent or rent premium, if any, goes toward your future purchase of the home. The option fee will become part of your down payment when you buy the house, but the seller can keep this money if you back out of the purchase.
Who should I consult before signing?
Because there's no standard rent-to-own contract and every state has its own regulations, you should talk to an attorney or a real estate agent to ensure you fully understand the financial implications of the contract. This process will also ensure there aren't any problems with the home's title and that it's not in foreclosure. Get a home inspection and appraisal -- just as you would if you were buying the home right now. And talk to a mortgage lender to determine what you need to do to qualify for a loan when your rental option is up.
Is this a good option for me?
Rent-to-own or lease options give you an opportunity to save up a down payment while working to up your credit score. If you were to pay a $400 monthly rent premium on top of a $1,000 monthly rental payment, you'd have $4,800 saved for a home purchase after one year. Add that to your option fee, and you'll have close to $10,000 already saved for your new home. Renting also enables you to try out a home and surrounding neighborhood before buying.
What are some of the cons?
Before entering into a rent-to-own agreement, you and the seller must decide on the purchase price of the home. Leasing options usually last for one to two years, but can last for three to five years, and the housing market can change significantly during that time period. As a renter, this can work to your advantage if the market improves and the home's value increases above the agreed-upon contract amount (clearly, that's a negative if you're the seller). Of course, the home could be worth less than the agreed-upon price by the time your contract is up. At this point, you can either try to renegotiate with the seller, go through with the purchase as is, or move out and lose your investments.
What are my rights as a future home buyer?
Until you purchase, you are still a renter and subject to all rules that apply to renters. You can be evicted for failing to make rent payments on time. If that happens, you can also lose your upfront fees and rent premiums. If you still don't qualify for a loan at the end of the rental agreement, you may have to forfeit the extra cash you've invested.
What should I know if I'm the homeowner?
Renting to potential home buyers can be a good decision if your house has been on the market for a while, the housing market in your area is stagnant, or you must relocate quickly for employment or other reasons. The rent income can help cover your mortgage, freeing you to move to your new location. Another upside: Potential buyers are more likely to take good care of your home, since they hope to call it their own someday. But if your renters can't make their payments, you could be liable for two mortgages, a situation that could lead to financial difficulty, and in some cases, foreclosures.
Buying a home may well be the biggest purchasing decision you'll ever make, so it's important to carefully weigh the pros and cons of renting to own. Talk to a real estate expert who can help you determine whether renting-to-own is right for you.
We always have Rent to Own homes available, with more coming in weekly. To see what we have available right now, or to join our mailing list so you'll be alerted to new Rent to Own opportunities, visit our website: MyHappyHomeSolutions.com
Should you rent-to-own a home?
By Andrew Housser
It's a buyer's market right now in real estate. This is good news if you're in the market for a new home, but bad news if your credit rating prevents you from qualifying for a loan. Yet even if you've had some setbacks, it may still be possible for you to realize your dream of home ownership. The option to rent-to-own or lease a home has risen in popularity over the last several years, in part because it benefits both buyers and sellers. Renting (or leasing) can be a good stepping stone toward home ownership, but before you sign on the dotted line, find out the answers to these all-important questions.
How does rent-to-own work?
As the prospective buyer, you sign a contract agreeing to pay an option fee (generally around $5,000 for a low- to mid-priced home), as well as rent and rent premiums to the home seller. The homeowner will put your rent money toward his mortgage expenses. The extra rent or rent premium, if any, goes toward your future purchase of the home. The option fee will become part of your down payment when you buy the house, but the seller can keep this money if you back out of the purchase.
Who should I consult before signing?
Because there's no standard rent-to-own contract and every state has its own regulations, you should talk to an attorney or a real estate agent to ensure you fully understand the financial implications of the contract. This process will also ensure there aren't any problems with the home's title and that it's not in foreclosure. Get a home inspection and appraisal -- just as you would if you were buying the home right now. And talk to a mortgage lender to determine what you need to do to qualify for a loan when your rental option is up.
Is this a good option for me?
Rent-to-own or lease options give you an opportunity to save up a down payment while working to up your credit score. If you were to pay a $400 monthly rent premium on top of a $1,000 monthly rental payment, you'd have $4,800 saved for a home purchase after one year. Add that to your option fee, and you'll have close to $10,000 already saved for your new home. Renting also enables you to try out a home and surrounding neighborhood before buying.
What are some of the cons?
Before entering into a rent-to-own agreement, you and the seller must decide on the purchase price of the home. Leasing options usually last for one to two years, but can last for three to five years, and the housing market can change significantly during that time period. As a renter, this can work to your advantage if the market improves and the home's value increases above the agreed-upon contract amount (clearly, that's a negative if you're the seller). Of course, the home could be worth less than the agreed-upon price by the time your contract is up. At this point, you can either try to renegotiate with the seller, go through with the purchase as is, or move out and lose your investments.
What are my rights as a future home buyer?
Until you purchase, you are still a renter and subject to all rules that apply to renters. You can be evicted for failing to make rent payments on time. If that happens, you can also lose your upfront fees and rent premiums. If you still don't qualify for a loan at the end of the rental agreement, you may have to forfeit the extra cash you've invested.
What should I know if I'm the homeowner?
Renting to potential home buyers can be a good decision if your house has been on the market for a while, the housing market in your area is stagnant, or you must relocate quickly for employment or other reasons. The rent income can help cover your mortgage, freeing you to move to your new location. Another upside: Potential buyers are more likely to take good care of your home, since they hope to call it their own someday. But if your renters can't make their payments, you could be liable for two mortgages, a situation that could lead to financial difficulty, and in some cases, foreclosures.
Buying a home may well be the biggest purchasing decision you'll ever make, so it's important to carefully weigh the pros and cons of renting to own. Talk to a real estate expert who can help you determine whether renting-to-own is right for you.
We always have Rent to Own homes available, with more coming in weekly. To see what we have available right now, or to join our mailing list so you'll be alerted to new Rent to Own opportunities, visit our website: MyHappyHomeSolutions.com
Tuesday, July 30, 2013
Home Prices Keep Soaring
A new report on CNN money today, July 30, 2013, confirms what realtors have been saying for a year now: The housing market is coming back very strong, with prices increasing every month for the past 12 months. Some cities are now seeing prices as high or higher than before the "bubble" of 2007.
At this point, the longer you wait to buy a home, or to lock in a price with a Rent to Own option, the higher the price you'll eventually pay for your next home.
Read what CNN has to say:
Home Prices Keep Soaring
By Chris Isidore @CNNMoney July 30, 2013: 9:28 AM ET
NEW YORK (CNNMoney)
Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.
The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
At this point, the longer you wait to buy a home, or to lock in a price with a Rent to Own option, the higher the price you'll eventually pay for your next home.
Read what CNN has to say:
Home Prices Keep Soaring
By Chris Isidore @CNNMoney July 30, 2013: 9:28 AM ET
NEW YORK (CNNMoney)
Home prices continued to gain steam in May according to a closely-watched reading, even as mortgage rates climbed.
The S&P/Case-Shiller home price index was up 12.2% compared to a year ago, slightly better than the 12.1% rise in April. It was the biggest year-over-year jump in prices since March 2006, near the peak of the housing bubble.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Just a year ago, the index showed a 12-month decline in prices. But they have increased every month since June 2012, and each month the increase has been greater than the month before.
Home values have been rising due to a combination of factors, including a drop in foreclosures that had been putting downward pressure on prices, and a tight supply of houses available for sale. But the record low mortgage rates of earlier this year have risen significantly since then, crimping the purchasing power of potential home buyers.
Still, at least in this May reading, the mortgage rates have not slowed the rapid increase in prices.
Related: 5 things to know about rising mortgage rates
"Home prices continue to strengthen," says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. All 20 markets measured in the index have higher prices than they did in April. And two cities - Dallas and Denver -- now have prices that are even higher than they were at the height of the bubble.
Home recovery spurs renovation boom
Many of the markets with the biggest year-over-year changes in prices are those that were hit hardest by the collapse of housing. Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. New York had the most modest rise with a 3.3% increase.
But the rapid price gains over the last year are at a level that no expert thinks can be sustained. Some had even suggested it was unhealthy for the market, raising the risk of a new housing bubble, at least in some regions. The rapid rise of housing prices in the middle of the decade eventually sparked the crisis in the financial markets and the Great Recession.
Monday, July 29, 2013
Buyer Benefits for Rent To Own Homes
There are many benefits to buying a home through the Rent to Own process, especially if you can't currently qualify for a mortgage, but don't want to just throw away money making the landlord rich, while you end up with nothing.
Here is what Zillow has to say about the Benefits of Buying a home through Rent to Own:
• Opportunity to Own Your Dream Home. Many people find their dream home but need time to make their purchase. The Rent To Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.
• Make Your Rent an Investment. Both a portion of your monthly rent and your entire down payment at closing will be credited to your purchase price at the time of sale.
• Potential to Own With Any Credit. Whether you’ve had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent To Own home may enable you to build equity and repair credit while renting to own your home.
• Maintain Your Flexibility. Rent To Own enables you to build your equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, should you decide you don’t want to make the purchase.
• Profits from Appreciation. The purchase price is fixed in the beginning and is not negotiable after an agreement is signed by both the buyer and seller. Fast growth markets may enable extra equity gains for the buyer.
• Upfront Timing. The timing for moving into a Rent to Own home can be much shorter than purchasing a home, as much of the paperwork takes place at the end of your lease, should you exercise your option to purchase and be approved for a mortgage.
• Credit Improvement Specialists Available. There are credit experts that can help you build your credit to the point of making a purchase at the end of your lease.
• Preparation for Home Ownership. The Rent To Own process affords you, as the buyer, the opportunity to prepare for what is necessary when owning your own home. Typically, you will be responsible for the daily maintenance and upkeep of the home and yard depending on the terms of the Rent To Own agreement.
• Privacy. The renter is not the owner on the deed in public county records.
We have Rent to Own homes available now, and always have more coming in, week by week. Take a look at our website to see what we have available now, and if you're not already on our mailing list, join so you can find out about newer Rent to Own homes -- sometimes even before we post them on our site or begin marketing them on the Internet.
Go here to find out more: MyHappyHomeSolutions.com
Here is what Zillow has to say about the Benefits of Buying a home through Rent to Own:
• Opportunity to Own Your Dream Home. Many people find their dream home but need time to make their purchase. The Rent To Own purchase not only allows you to have that time, but also allows you to live in your home before you decide on exercising the option to purchase.
• Make Your Rent an Investment. Both a portion of your monthly rent and your entire down payment at closing will be credited to your purchase price at the time of sale.
• Potential to Own With Any Credit. Whether you’ve had late payments, a bankruptcy or simply haven’t had enough time to build up your credit, a Rent To Own home may enable you to build equity and repair credit while renting to own your home.
• Maintain Your Flexibility. Rent To Own enables you to build your equity in a home, but also gives you the flexibility to walk away from the property at the end of your lease term, should you decide you don’t want to make the purchase.
• Profits from Appreciation. The purchase price is fixed in the beginning and is not negotiable after an agreement is signed by both the buyer and seller. Fast growth markets may enable extra equity gains for the buyer.
• Upfront Timing. The timing for moving into a Rent to Own home can be much shorter than purchasing a home, as much of the paperwork takes place at the end of your lease, should you exercise your option to purchase and be approved for a mortgage.
• Credit Improvement Specialists Available. There are credit experts that can help you build your credit to the point of making a purchase at the end of your lease.
• Preparation for Home Ownership. The Rent To Own process affords you, as the buyer, the opportunity to prepare for what is necessary when owning your own home. Typically, you will be responsible for the daily maintenance and upkeep of the home and yard depending on the terms of the Rent To Own agreement.
• Privacy. The renter is not the owner on the deed in public county records.
We have Rent to Own homes available now, and always have more coming in, week by week. Take a look at our website to see what we have available now, and if you're not already on our mailing list, join so you can find out about newer Rent to Own homes -- sometimes even before we post them on our site or begin marketing them on the Internet.
Go here to find out more: MyHappyHomeSolutions.com
Friday, July 19, 2013
June Home Sales: Woodridge Experiences Slight Increase in Prices, Sales
Posted in the Woodridge Patch by Mary Ann Lopez (Editor), July 16, 2013
Year-over-year, sales and prices increased slightly in Woodridge, while sales in DuPage County are up about 17 percent, according to the Mainstreet Organization of Realtors.
The 28 single, detached homes sold in Woodridge during June 2013 represented a 7.7 percent increase over June 2012, when 26 homes were sold, according to the Mainstreet Organization of Realtors (MORe). There were 30 homes sold in Woodridge during May.
As the number of homes sold increased slightly in Woodridge, the median home price also experienced some growth. The median price increased 4.3 percent to $242,500 from $232,500 in June 2012, according to the statistics.
Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.
In DuPage County, Clarendon Hills experienced the most significant increase in sales over the same period last year. Several Patch communities in DuPage County experienced a decline in the median sales price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.
Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.
Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.
Year-over-year, sales and prices increased slightly in Woodridge, while sales in DuPage County are up about 17 percent, according to the Mainstreet Organization of Realtors.
The 28 single, detached homes sold in Woodridge during June 2013 represented a 7.7 percent increase over June 2012, when 26 homes were sold, according to the Mainstreet Organization of Realtors (MORe). There were 30 homes sold in Woodridge during May.
As the number of homes sold increased slightly in Woodridge, the median home price also experienced some growth. The median price increased 4.3 percent to $242,500 from $232,500 in June 2012, according to the statistics.
Sales of single-family, detached homes in suburban Chicago increased 17.1 percent in June 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in June grew by 36.5 percent in those same communities, according to MORe. The median sale price for detached homes also increased 9.5 percent from the previous June, and according to MORe this marks the fourth month in a row of year-over-year price growth.
In DuPage County, Clarendon Hills experienced the most significant increase in sales over the same period last year. Several Patch communities in DuPage County experienced a decline in the median sales price during June, but Downers Grove saw the largest decrease in price. Sales prices dropped -13.7 percent with sales prices declining from $355,000 in June 2012 to $306,500 in June 2013, according to the statistics.
Darien experienced the most significant decline in the number of homes sold, dropping -18.2 percent from June 2012.
Buyers should look to act soon if they are interested in buying so they lock in today’s low interest rates, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers,” she said.
Tuesday, June 18, 2013
May Home Sales: Woodridge Experiences Major Sales Growth, Prices Rise Steadily
from the Woodridge Patch - June 18, 2013
Woodridge experienced significant growth in home sales during May, while prices showed steady increases, according to the Mainstreet Organization of Realtors.
The 30 single, detached homes sold in Woodridge during May 2013 represented a 87.5 percent increase over May 2012, when 16 homes were sold, according to the Mainstreet Organization of Realtors (MORe).
There were 32 homes sold in Woodridge during April.
While the number of homes sold increasing significantly in Woodridge, the median home price also showed steady gains in May. The median price increased 13.4 percent to $241,000 from $212,500 in May 2012.
Sales of single-family, detached homes in suburban Chicago increased 29.1 percent in May 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in May grew by 45 percent in those same communities, according to MORe.
In DuPage County, Burr Ridge experienced a significant increase in sales over the same period last year. In May, 17 homes sold compared with 6 in 2012.
The only Patch community in DuPage County to experience a slight decrease in sales during May was Hinsdale, which had -33.3 percent sales declining from 33 homes sold in May 2012 to 22 homes sold in May 2013, according to the statistics.
Competition in the housing market is going to continue as the market works through a backlog of distressed properties, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” Corder said “We are seeing multiple offers and people writing contracts on properties the day they come onto the market. ... There is a buzz going on in real estate right now. People want to take advantage of this market.”
Woodridge experienced significant growth in home sales during May, while prices showed steady increases, according to the Mainstreet Organization of Realtors.
The 30 single, detached homes sold in Woodridge during May 2013 represented a 87.5 percent increase over May 2012, when 16 homes were sold, according to the Mainstreet Organization of Realtors (MORe).
There were 32 homes sold in Woodridge during April.
While the number of homes sold increasing significantly in Woodridge, the median home price also showed steady gains in May. The median price increased 13.4 percent to $241,000 from $212,500 in May 2012.
Sales of single-family, detached homes in suburban Chicago increased 29.1 percent in May 2013 compared with the same period a year ago, MORe reported. Sales in the 200 communities MORe gathers information on in DuPage, Lake and suburban Cook counties – experienced notable sales gains last month.
Sales momentum is expected to continue in those communities, as the number of detached homes under contract in May grew by 45 percent in those same communities, according to MORe.
In DuPage County, Burr Ridge experienced a significant increase in sales over the same period last year. In May, 17 homes sold compared with 6 in 2012.
The only Patch community in DuPage County to experience a slight decrease in sales during May was Hinsdale, which had -33.3 percent sales declining from 33 homes sold in May 2012 to 22 homes sold in May 2013, according to the statistics.
Competition in the housing market is going to continue as the market works through a backlog of distressed properties, said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park.
“Buyers need to come in aggressively with their first price, especially on moderately priced homes in good condition,” Corder said “We are seeing multiple offers and people writing contracts on properties the day they come onto the market. ... There is a buzz going on in real estate right now. People want to take advantage of this market.”
Thursday, May 9, 2013
Homebuyers clueless about mortgages
By Les Christie @CNNMoney May 9, 2013: 12:24 AM ET
The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives. When it comes to mortgages, homebuyers answered basic questions about terms, how to choose a lender and financing wrong nearly one-third of the time, according to an April survey of more than 1,000 current and prospective homeowners by real estate website Zillow.
Among the survey's findings, 31% of buyers don't think it's possible to get a mortgage for less than 5% down; 34% don't know what the term "annual percentage rate" (APR) means and one in four believe you must close with the lender that pre-approves your mortgage.
Related: Tips for buying a home
"All too often buyers focus on negotiating a lower home price and ignore the importance of finding the right loan," said Erin Lantz, director of mortgages for Zillow. "Buyers should always shop multiple lenders and compare rates and fees and read lender reviews in order to find the best loan for their situation."
One example: 34% of respondents believe lenders are required by law to charge the same fees to all clients for credit reports, appraisals and the like. That's wrong. Fees vary from bank to bank and can often be negotiated.
Related: 5 best markets to buy a home
But it's hard to compare those deals if you don't understand what mortgage terms, like "annual percentage rate," mean. The APR factors into fees, upfront points, origination and underwriting fees and other costs that borrowers use to compare the actual cost of loans.
Such knowledge gaps can have long-term consequences. About 34% of first-time homebuyers think they need a down payment of at least 5% to make a home purchase, but loans insured by the Federal Housing Administration can require as little as 3.5% down.
Related: How much house can you afford?
And 24% of buyers believe the best mortgage deals are available through the banks where they currently have their savings and checking accounts, but often competing lenders can undercut those banks by large margins."If a homebuyer can lower their interest rate by even half a percentage point, they can not only increase their purchasing power, but save thousands of dollars over the life of the loan," said Lantz.
For every $100,000 borrowed, a half percentage point lower rate would reduce payments by $28 a month on a 30-year, fixed rate loan. That adds up to more than $10,000 over 30 years. Or borrowers could choose to add that $28 savings to each monthly payment. That would shorten the term of the mortgage from 30 years to just over 27 and save $6,500 in interest paid.
Related: Was my home a good investment?
Another costly mistake: Many house hunters go shopping with financing in place because it enables them to act more quickly if they see a home they want. But 26% of buyers believe that once they're pre-approved, they're obligated to close the deal with those loans, according to the survey. In reality, there's no obligation. If buyers see better terms available they should take them.
Existing homeowners can also be guilty of ignorance. Some 20% of homeowners surveyed didn't know that underwater mortgages -- those in which borrowers owe more than their homes are worth -- can be refinanced into lower rate loans.
Related: Boomerang buyers return to market after foreclosure
Finally, the survey found that nearly a third of homeowners are unaware that if they go through a foreclosure or short sale, they may not have to wait the full seven years it takes for their credit score to recover and they can buy a home again. In reality, some homeowners who do short sales can obtain financing to buy another home in as little as two years.
The Consumer Financial Protection Bureau is hoping to make it easier for homebuyers with simplified mortgage forms that help them compare terms and costs and by creating new rules that will protect homeowners from getting into loans they can't afford.
The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives. When it comes to mortgages, homebuyers answered basic questions about terms, how to choose a lender and financing wrong nearly one-third of the time, according to an April survey of more than 1,000 current and prospective homeowners by real estate website Zillow.
Among the survey's findings, 31% of buyers don't think it's possible to get a mortgage for less than 5% down; 34% don't know what the term "annual percentage rate" (APR) means and one in four believe you must close with the lender that pre-approves your mortgage.
Related: Tips for buying a home
"All too often buyers focus on negotiating a lower home price and ignore the importance of finding the right loan," said Erin Lantz, director of mortgages for Zillow. "Buyers should always shop multiple lenders and compare rates and fees and read lender reviews in order to find the best loan for their situation."
One example: 34% of respondents believe lenders are required by law to charge the same fees to all clients for credit reports, appraisals and the like. That's wrong. Fees vary from bank to bank and can often be negotiated.
Related: 5 best markets to buy a home
But it's hard to compare those deals if you don't understand what mortgage terms, like "annual percentage rate," mean. The APR factors into fees, upfront points, origination and underwriting fees and other costs that borrowers use to compare the actual cost of loans.
Such knowledge gaps can have long-term consequences. About 34% of first-time homebuyers think they need a down payment of at least 5% to make a home purchase, but loans insured by the Federal Housing Administration can require as little as 3.5% down.
Related: How much house can you afford?
And 24% of buyers believe the best mortgage deals are available through the banks where they currently have their savings and checking accounts, but often competing lenders can undercut those banks by large margins."If a homebuyer can lower their interest rate by even half a percentage point, they can not only increase their purchasing power, but save thousands of dollars over the life of the loan," said Lantz.
For every $100,000 borrowed, a half percentage point lower rate would reduce payments by $28 a month on a 30-year, fixed rate loan. That adds up to more than $10,000 over 30 years. Or borrowers could choose to add that $28 savings to each monthly payment. That would shorten the term of the mortgage from 30 years to just over 27 and save $6,500 in interest paid.
Related: Was my home a good investment?
Another costly mistake: Many house hunters go shopping with financing in place because it enables them to act more quickly if they see a home they want. But 26% of buyers believe that once they're pre-approved, they're obligated to close the deal with those loans, according to the survey. In reality, there's no obligation. If buyers see better terms available they should take them.
Existing homeowners can also be guilty of ignorance. Some 20% of homeowners surveyed didn't know that underwater mortgages -- those in which borrowers owe more than their homes are worth -- can be refinanced into lower rate loans.
Related: Boomerang buyers return to market after foreclosure
Finally, the survey found that nearly a third of homeowners are unaware that if they go through a foreclosure or short sale, they may not have to wait the full seven years it takes for their credit score to recover and they can buy a home again. In reality, some homeowners who do short sales can obtain financing to buy another home in as little as two years.
The Consumer Financial Protection Bureau is hoping to make it easier for homebuyers with simplified mortgage forms that help them compare terms and costs and by creating new rules that will protect homeowners from getting into loans they can't afford.
Wednesday, April 24, 2013
March Home Sales: Woodridge Market Shows Decline; Median Price Makes Gains
Republished from an article in the Woodridge Patch by Mary Ann Lopez on April 23, 2013
Woodridge saw a moderate decrease in the number of homes sold during the month of March. The median home price rose more than 25 percent, according to the Mainstreet Organization of Realtors.
The 9 homes sold in Woodridge during March 2013 represented a -18.2 percent decrease over March 2012, when 11 homes were sold, according to the Mainstreet Organization of Realtors (MORe). While the number of homes sold decreased, the median price of homes sold in March increased moderately in Woodridge. The median price increased 27.7 percent to $212,000 from $166,000 in March 2012.
The market for detached, single-family homes in suburbs throughout DuPage County experienced notable sales gains in March, MORe reported. MORe gets its statistics from Midwest Real Estate Data.
Hinsdale had the biggest percentage drop in the number of homes sold, with -37.9 percent fewer homes sold year over year. That adds up to 18 homes sold during March 2013 compared with 29 sold in March 2012.
Elmhurst had the biggest percentage increase, with 64.3 percent more homes sold year over year. That adds up to 46 homes sold during March 2013 compared with 28 sold in March 2012.
Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park, cautioned sellers that the market still needs to shed more distressed properties before home prices make a complete recovery.
“The spring market hasn’t been this busy since 2007,” Corder said. “For homes that are priced right, multiple offers are coming in.”
Woodridge saw a moderate decrease in the number of homes sold during the month of March. The median home price rose more than 25 percent, according to the Mainstreet Organization of Realtors.
The 9 homes sold in Woodridge during March 2013 represented a -18.2 percent decrease over March 2012, when 11 homes were sold, according to the Mainstreet Organization of Realtors (MORe). While the number of homes sold decreased, the median price of homes sold in March increased moderately in Woodridge. The median price increased 27.7 percent to $212,000 from $166,000 in March 2012.
The market for detached, single-family homes in suburbs throughout DuPage County experienced notable sales gains in March, MORe reported. MORe gets its statistics from Midwest Real Estate Data.
Hinsdale had the biggest percentage drop in the number of homes sold, with -37.9 percent fewer homes sold year over year. That adds up to 18 homes sold during March 2013 compared with 29 sold in March 2012.
Elmhurst had the biggest percentage increase, with 64.3 percent more homes sold year over year. That adds up to 46 homes sold during March 2013 compared with 28 sold in March 2012.
Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park, cautioned sellers that the market still needs to shed more distressed properties before home prices make a complete recovery.
“The spring market hasn’t been this busy since 2007,” Corder said. “For homes that are priced right, multiple offers are coming in.”
#
of homes sold
|
Median
sale price
|
|||||
Town
|
2013
|
2012
|
%
change
|
2013
|
2012
|
%
change
|
Burr
Ridge
|
15
|
19
|
-21.1%
|
655,000
|
658,000
|
-0.5%
|
Darien
|
7
|
10
|
-30%
|
246,000
|
239,500
|
2.7%
|
Downers
Grove
|
39
|
25
|
56%
|
274,000
|
267,000
|
2.6%
|
Elmhurst
|
46
|
28
|
64.3%
|
375,500
|
351,500
|
6.8%
|
Glen
Ellyn
|
32
|
32
|
0%
|
338,500
|
255,625
|
32.4%
|
Hinsdale
|
18
|
29
|
-37.9%
|
775,000
|
780,000
|
-0.6%
|
Lemont
|
16
|
13
|
23%
|
326,250
|
192,000
|
69.9%
|
Lisle
|
8
|
12
|
-33.3%
|
272,050
|
261,000
|
4.2%
|
Naperville
|
102
|
85
|
20%
|
379,950
|
335,000
|
13.4%
|
Wheaton
|
44
|
35
|
25.7%
|
324,000
|
285,500
|
13.5%
|
Woodridge
|
9
|
11
|
-18.2%
|
212,000
|
166,000
|
27.7%
|
Saturday, March 23, 2013
Rent To Own - Frequently Asked Questions
Here are some answers to the most common questions we receive about rent to own.
How many year contract do I have to sign to rent?
Rent to own contracts usually range from 1 - 3 years, but occasionally they are shorter or longer depending on the tenant's situation.
When will the buying process begin?
While you are renting to own, you should meet with a mortgage broker to find out what you would need to do to qualify for a loan. (For instance, improve your credit score, save more for down payment, pay off debt, stay at your job longer, get a salary increase, finish school, sign up for credit repair or credit counseling, etc.) Once the mortgage broker says you are pre-approved, then you start the formal process to get a loan to buy the home.
How much down payment do I need?
Rent to own contracts usually require the tenant-buyer to pay 3-5% of the purchase price before moving in. For a $100,000 home, you would need about $4000. For a $200,000 home, you would need about $8000.
Are there any closing cost?
You would only pay closing costs if your loan is approved and you purchase the house and become the homeowner with the title in your name. The bank providing a loan would work with you to determine those closing costs.
How much monthly payment do I have pay?
Rent to own homes generally range from about $1200 to $2500 per month depending on the size and condition of the home, but occasionally we have homes available for less or for more than those amounts.
Who is responsible if something goes wrong?
During the rent to own process, tenant-buyers usually handle the costs of minor repairs and maintenance as they work to become the owner of the home, and the landlord-seller will continue to handle larger capitol improvement costs -- such as a new furnace or new roof.
What if I don't want to buy by the end of my rental agreement?
Rent to own is also called Lease-Option because you have the option to purchase but you do not have to buy the home! If you decide to move out at the end of the rental agreement, you are free to do so. You will not receive any refund of any monies paid, and you will be responsible for any outstanding charges for rent, late fees, damages, etc. Sometimes people choose rent-to-own to "try out" a neighborhood, and then decide to buy somewhere else when the lease ends.
How many year contract do I have to sign to rent?
Rent to own contracts usually range from 1 - 3 years, but occasionally they are shorter or longer depending on the tenant's situation.
When will the buying process begin?
While you are renting to own, you should meet with a mortgage broker to find out what you would need to do to qualify for a loan. (For instance, improve your credit score, save more for down payment, pay off debt, stay at your job longer, get a salary increase, finish school, sign up for credit repair or credit counseling, etc.) Once the mortgage broker says you are pre-approved, then you start the formal process to get a loan to buy the home.
How much down payment do I need?
Rent to own contracts usually require the tenant-buyer to pay 3-5% of the purchase price before moving in. For a $100,000 home, you would need about $4000. For a $200,000 home, you would need about $8000.
Are there any closing cost?
You would only pay closing costs if your loan is approved and you purchase the house and become the homeowner with the title in your name. The bank providing a loan would work with you to determine those closing costs.
How much monthly payment do I have pay?
Rent to own homes generally range from about $1200 to $2500 per month depending on the size and condition of the home, but occasionally we have homes available for less or for more than those amounts.
Who is responsible if something goes wrong?
During the rent to own process, tenant-buyers usually handle the costs of minor repairs and maintenance as they work to become the owner of the home, and the landlord-seller will continue to handle larger capitol improvement costs -- such as a new furnace or new roof.
What if I don't want to buy by the end of my rental agreement?
Rent to own is also called Lease-Option because you have the option to purchase but you do not have to buy the home! If you decide to move out at the end of the rental agreement, you are free to do so. You will not receive any refund of any monies paid, and you will be responsible for any outstanding charges for rent, late fees, damages, etc. Sometimes people choose rent-to-own to "try out" a neighborhood, and then decide to buy somewhere else when the lease ends.
Thursday, February 28, 2013
Illinois Supreme Court Rolls Out New Foreclosure Rules
On Feb. 22, the Illinois Supreme Court announced new rules establishing a uniform protocol when it comes to the foreclosure process. Among the rules outlined in the court's news release:
- Lenders must provide homeowners with information about the process and consequences of foreclosure.
- Lenders must seek modifications with eligible homeowners before completing a foreclosure.
- Improved legal notices to owners are required throughout the process and before a foreclosure sale.
Tuesday, January 15, 2013
Just Bought His First House!
Adam and Diane from Happy Home Solutions were so excited that our client Tyree was so excited about buying his first house, we thought we'd show you!
Watch this short 20-second video clip and you'll see what we mean: Tyree Just Bought His First House!
Neither Tyree's mother or father ever owned their own home -- they were renters their entire lives and just paid off their landlords' mortgage instead of their own.
That's a fatal financial flaw made by far too many Americans.
Don't let it happen to you -- buy a house as soon as you can and start realizing the many benefits of home ownership, including:
* Pride of Ownership
* Security
* The ability to make changes you want to the home without having to ask your landlord's permission
* Appreciation in the value of the home (yes, appreciation is back!)
* Historically low interest rates
* Tax advantages like rich people get even richer off, as in, you might not have to pay any more taxes because you can write off so many expenses from home ownership!
* Get all or most of your withholding tax back too! Once you own a home, you can probably just stop letting your employer even take them out of your paycheck to begin with!
If you can't qualify for a traditional mortgage, you can probably qualify for Rent to Own and possibly even seller financing.
Call Adam today at 630-697-4500 to find out how you can become a homeowner!
Visit us on the web at MyHappyHomeSolutions.com
Watch this short 20-second video clip and you'll see what we mean: Tyree Just Bought His First House!
Neither Tyree's mother or father ever owned their own home -- they were renters their entire lives and just paid off their landlords' mortgage instead of their own.
That's a fatal financial flaw made by far too many Americans.
Don't let it happen to you -- buy a house as soon as you can and start realizing the many benefits of home ownership, including:
* Pride of Ownership
* Security
* The ability to make changes you want to the home without having to ask your landlord's permission
* Appreciation in the value of the home (yes, appreciation is back!)
* Historically low interest rates
* Tax advantages like rich people get even richer off, as in, you might not have to pay any more taxes because you can write off so many expenses from home ownership!
* Get all or most of your withholding tax back too! Once you own a home, you can probably just stop letting your employer even take them out of your paycheck to begin with!
If you can't qualify for a traditional mortgage, you can probably qualify for Rent to Own and possibly even seller financing.
Call Adam today at 630-697-4500 to find out how you can become a homeowner!
Visit us on the web at MyHappyHomeSolutions.com
Monday, January 14, 2013
Tips for your Home Inspection
An inspection may seem like an inconvenient cost when buying a home, but in the long run it can save you a lot of money and heartache.
(reprinted from W.J. Bradley's Insight)
An inspector, if they do their job well, will make you aware of issues with your prospective home, such as needed repairs or structural damage. If the inspector finds problems with the home, you may decide you can overlook them, you may try to negotiate the price of the home in anticipation of costs associated with the problems, or you may decide the house is not for you and keep looking. The point is that you are aware of the problems before they become yours to solve.
Finding an Inspector
Now that you know why you need a home inspection, how do you find a good home inspector?
Hire Your Own:
A seller may offer up an inspection report. While they may have the best intentions, it is always better to hire an individual you've vetted who is working for you.
Certification:
Ask your inspector if they hold any certifications or memberships that qualify them as a home inspector. An inspector can be accredited through the American Society of Home Inspectors. In addition, they may be a member of the National Association of Certified Home Inspectors.
Experience:
Ask how long they have been inspecting homes and request they provide references. In addition, ask if home inspection is their primary occupation.
Comprehensiveness:
What does the inspector cover in their inspection report? They should be able to provide you with a list. In addition, ask how long the inspector thinks the inspection should take. A normal inspection should take as long as 2 to 3 hours.
Errors and Omissions Insurance:
Even the best inspectors make mistakes, so ask if your inspector carries errors and omissions coverage.
The Inspection
Once you are ready for the inspection, make sure you are present when it occurs. Ask questions and pay attention to comments the inspector makes as you walk through the home. While a good inspector should have a camera, you may also want to bring your own to keep record and help you remember where the inspector found problems.
Finally, make sure you thoroughly read the inspection report. It may elaborate on problems the inspector pointed out during the inspection, or even include issues the inspector failed to mention during the walk through.
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