How to: Get Your Home Ready For Today's Chicago Buyer

Are you selling your home?? there are a bunch of things that you can do to make your property stand out in today's market.

1) Pictures Pictures Pictures

Your property will most likely be listed on multiple sites and good pictures are a way to catch the eye of the potential Buyer.  If you can, have your realtor take professional pictures that will make your home look its best.  If that isn't possible, make sure to have each room be as uncluttered as possible.  Remove kid's toys and all unnecessary furniture to make the space look as big as possible.  Remember that these are not ordinary photos of your home, they should be viewed as advertising material, so go over every room with a critical eye.

2) Clean... Like really clean:

If you are still living in the property while you are selling it, it is important to keep everything spotless and tidy. Especially before the open house.  Put as much bulky furniture in storage as you can, you want the Buyers to see how big your space is.

3) Make small repairs:

Now is the time to fix small things that are broken around your home.  Give your walls and ceiling a fresh coat of paint.  Stay away from bold colors and focus on light neutral colors that everyone can get on board with.

4) Talk to your realtor:

You may have an idea of what you want to list your home for, but a good realtor will know the price your property will move at.  Nothing's worst than a property that sits on the market and gets stale.

Good Luck!!

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
10 S. LaSalle, Suite 2920
Chicago, IL 60603

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, Chicago building code violations, Short sale attorney Chicago. This is intended to be advertising.  Please consult with an attorney before acting on any information given here.

Housing Affordability Index Hits Record High

Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.

NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small downpayments, the affordability levels are relatively lower.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”

Courtesy of the National Association of Realtors

Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com


Offering free legal representation to homeowners seeking a short sale


Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising.  Please consult with an attorney before acting on any information given here.

Low mortgage rates likely to continue through 2012, experts say

Low mortgage rates likely to continue through 2012, experts say.

See http://www.latimes.com/business/la-fi-mortgage-rates-20120103,0,2240865.story

Its a great time to be a buyer. Whether you are a first time homebuyer, repeat homebuyer, or seasoned investor, Bradford Miller Law, P.C. can help you. We represent buyers every day protecting their interests in Contracts. Feel free to give us a call for a free consultation.

Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

78% of recent home buyers said their home is a good investment

I just read an interesting press release by the National Association of Realtors. Here is the link: http://www.realtor.org/press_room/news_releases/2011/11/home_buyer_and_seller?cid=WR11172011:34813&ed_rid=580659

The highlights include...
Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s better than stocks. According to survey results, most buyers believe in the long-term value of home ownership.

The study shows the median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794. The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile. Repeat buyers purchased a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.

Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

The Buyer who had no attorney

This is the story of a Buyer who thought he didnt need an attorney when buying a house in Chicago.  He told his Realtor "I dont need an attorney, this is all standard stuff.  I know what I am doing.  After all, I have bought a house before."

He handed over a total of 5% in earnest money.  Which was a total of $15,000.  The Realtor then told him again, you really need to hire an attorney.  Again, he shrugged it off.  $500?  I dont need to spend $500 on an attorney.

A little over a month later, I get a phone call from my office.  Its the Buyer.  He's nervous and panicked.  He apparently did not send a proper notice that he needed more time to get his mortgage completed.  The deadline came and went.  The closing was supposed to take yesterday.  "Can you help me?" he asked, hoping for a miracle.  "No, I'm sorry, there is nothing I can do at this point."

The Seller kept the $15,000 as a penalty.  All because this guy thought he would save $500 by not hiring an attorney. 

Buyers - you need to hire an attorney for a variety of reasons.  See http://www.bradfordmillerlaw.com/Buyers/10-Reasons-for-Buyers-to-Hire-an-Attorney.shtml

Dont let this happen to you - call our office today!

Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer.

This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Square footage issues

Well, it happened again.  A buyer walked away from a deal because they thought the condo they were purchasing was 1600 square feet when it was only 1450 square feet.  The buyer apparently went off the MLS sheet - which did in fact say 1600.  Obviously, the Seller's Realtor did not know the exact square footage.

I always recommend that unless you have a floor plan to back it up, dont guess at square footage.  In today's market, even the simplest mistake can give a buyer cold feet.  We know the condo is the same size as it has always been - and the buyer loved it all three times he saw it.  But the minute he found out it was actually smaller than he originally thought - he backed out of the deal.

In my opinion, this could have been avoided!

Posted by Bradford Miller Law, P.C.

Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298

Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer