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Navigating Interest Rates in Chicago’s Real Estate Market

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Chicago’s real estate market is a dynamic landscape, and interest rates play a pivotal role in shaping homebuying decisions. As of May 2025, understanding the current trends and their impact can help buyers and sellers make informed choices in this vibrant city. Current Interest Rate Trends in Chicago Interest rates for mortgages in the Chicago area have been influenced by broader economic factors, including inflation and Federal Reserve policies. Based on recent data, the average 30-year fixed mortgage rate in Illinois hovers around 6.8% to 7.2%, slightly above the national average of 6.7%. This uptick reflects the Fed’s efforts to curb inflation, which has kept rates elevated compared to the historic lows of 2020-2021. For Chicago homebuyers, this means higher borrowing costs. A $400,000 mortgage at 7% over 30 years results in a monthly payment of approximately $2,661, compared to $2,133 at 4%. This difference can stretch budgets, particularly for first-time buyers in neighborhoods l...
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Spring Home Checklist

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Indoor Tasks  1 Deep Clean: Dust and wipe down surfaces, including ceilings, fans, and baseboards. Vacuum carpets, rugs, and upholstery; consider a professional cleaning for heavily used areas.  2 Declutter: Sort through closets, drawers, and storage spaces. Donate or discard items you no longer need.    3 Check Smoke & Carbon Monoxide Detectors: Test batteries and replace them if needed to ensure safety.  4 Wash Windows: Clean interior windows and screens to let in more natural light.  5 Inspect HVAC System: Schedule a professional tune-up for your air conditioning unit and replace air filters.  6 Refresh Bedding: Swap out heavy winter bedding for lighter spring linens and wash pillows or comforters.  7 Organize Kitchen: Clean out the pantry and fridge, tossing expired items and wiping down shelves. Outdoor Tasks  1 Inspect Roof & Gutters: Check for winter damage (e.g., missing shingles) and clear gutters of debris to prevent w...
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Important Disclosures in Real Estate

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  What Needs To Be Disclosed? Once you have decided to  sell your home , the seller’s disclosures are extremely important. Over the years, different real estate brokers have told their clients many opposing views about what is required to disclose. For example, some say that it’s not necessary to disclose that there was a death on the property. Others say you should disclose every single thing that’s ever happened in the house. Actually, the law governs what should and should not be disclosed, not your  real estate broker . While disclosures vary from state to state, there are federal laws that need to be followed, the most notable is regarding lead-based paint. The best procedure, especially if you’ve had a suggestion that seems too extreme one way or another, is to consult a real estate attorney who knows your state’s disclosure laws. Many Disclosure Laws Are Region-specific: Tornado disclosures in Kansas, Oklahoma, Texas, Iowa, Nebraska  California and Nevada have...
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Does A Home Office Appeal To Homebuyers?

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  Working From Home Working from home is clearly a rising trend with all that’s happening today.  Of coarse, even dating back to data from the U.S. Census, almost 8 million people worked at home in 2017, and that number was increasing every day – before the Shelter in Place order! Therefore, having  nice home office space  is definitely an integral part of the millennial home purchaser’s criteria. Here are some tips to help you with your home office: Create a Dedicated Office Space in Your Home One of the most difficult things to overcome when working from home is the distractions. It’s important that you create an atmosphere that is conducive to creativity and professionalism. If your home is large enough to accommodate an office/den dedicated solely to working, this will be a big draw for many millennials who plan to work from home. If you don’t have a dedicated office/ den in your home, you should try to establish a semi-private area in your home where a pote...
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Build Your Home Equity Fast

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Equity is the current value of your property minus the amount of liens against it. If you own  property that’s worth  $350,000, and you have a mortgage with a balance of $100,000, your equity in the property is $250,000. Many home buyers often rely to some extent on the equity in their current home to help buy their next home. The more equity you have, the greater the possible down payment for a trade-up home. Home equity can equal security. The more you have, the better off you are, and the more stable you feel. So let’s talk about how to build home equity faster.  Making Larger Payments Building home equity comes at a price, typically in the form of a larger  mortgage payment . A trap that you definitely want to avoid is becoming house-rich and cash-poor.  If building home equity means incurring too much debt to live comfortably, then you’ve defeated the purpose of building home equity in the first place. A good option in building your home equity is to make a...
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Keep The Out Mice This Winter

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In the cold weather, mice have even more reason than usual to try to move into your home. There really isn’t anything good about mice sneaking in your home. Mice don’t just gnaw holes into walls and floors and destroy your wiring, they can also bring in germs and disease. Oh, and one more reason to seriously want mice gone – if your home is  on the market , or going to be on the market, mice will scare away  potential buyers . Here are some tips to help keep them out. 1.  Prevention is the Always Your Best Defense Don’t keep yucky rodent hangouts like trash cans, piles of junk and old firewood close to your house. Make sure your garage and outside areas are clear of these. Don’t forget to bring your garbage out on garbage day every week. Look around to see where the pests have been getting in, then stuff those holes with steel wool or aluminum foil — both of these will stand up against the sharp mouse teeth. Make sure you are careful to seal up both the inside and the out...
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What Home Sellers Need to Know

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When you decide to put your  home on the market , it’s natural to have some questions. You may be wondering how to increase the value of your home, or how to avoid common mistakes when you start searching for your dream home. One thing that is always true is, the real estate market is always changing. It doesn’t matter if you have sold several homes in your lifetime, or it’s the first time putting your house on the market, I can help you. Here are some common questions and answers: 1. What should I expect when I put my house on the market? Once you have you  home listed for sale , the best of advice I can give you is to have realistic expectations. With the real estate market constantly changing, you need to remember that these market ups and downs will affect things like the price you can get for your home and the expected market time. When you work with me, I promise to keep an open line of communication and keep you posted on any changes in the market that may affect y...
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Winter Pet Safety

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  Keeping our Furry Friends Safe In the  Chicago area , wintertime presents significant challenges for pet owners. Even though most household pets are covered in fur, it doesn’t mean that you can let them out for hours or days at a time to let them fend for themselves. Responsible pet owners understand that they need to adjust their routine to keep their furry family members from danger and even death. When the outside temperature drops below 20 degrees, it’s best to keep all your animals indoors – except when exercising or relieving themselves. Even “outdoor” dogs should have a dry, comfortable, draft-free doghouse that is big enough to allow the dog to sit and lie down, but small enough to hold in his body heat. The floor should be raised a few inches off the ground and covered with cedar shavings or straw. Pet stores carry safe heated floor mats and non-electric warm bedding. The doorway should be covered with waterproof burlap or heavy plastic. During the Winter, There is ...
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Have Buyer’s Remorse?

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You  searched for homes , researched and investigated neighborhoods and school districts, you made the offer, and—boom!—you’re a new homeowner! This should be one of the happiest times of your life…so why do you feel like you may have made a mistake? This is called buyer’s remorse, and it’s as typical as the common cold. Don’t worry…Statistics say: 74 percent of first-time buyers like their new home better than their previous residence, and 67 percent of repeat home buyers like their  new home  better. What Does the Law Say? You legally have three days to change your mind and cancel the contract. Right? Wrong! No law actually exists. The only way to cancel your contract is if cancellation rights are written in your purchase contract. Usually, a buyer can cancel only for failure to qualify for mortgage financing after a good-faith effort, or based on the reasonable disapproval of some aspect of the home. What constitutes “reasonable disapproval of some aspect of the home”?...
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Sell Your Home This Fall

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  Everyone knows that spring and summer are the best times to  sell your home  right? They say the fall real estate market is as dead as the leaves falling on your lawn. Well, that’s actually not the case at all, especially in the cure seller’s market. Seller’s Market This Fall In a  seller’s market , fall is the ideal season to sell your home. There’s not much competition out there, and there are plenty of buyers. The market is still very active. So if your house is on the market, or you’re considering selling, be glad! Home Staging with Autumn Decor No one can deny that Autumn colors are beautiful. Home staging this time of year has many advantages. Let’s look at a few tips. Focus on Curb Appeal This is a perfect way to get off on the right foot and make a great  first impression.  Try placing potted mums in seasonal colors by your front door, and add a simple fall- leaf wreath. A couple of pumpkins is a nice touch too, but, make sure they stay fresh. Top...
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Enhance Your Home’s Curb Appeal

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You know the old saying: You never get a second chance to make a first impression. The same holds true for your home, so make sure that the first glimpse a person — or potential home buyer! — gets of your house leaves a lasting impact. Play up the curb appeal of your residence with these easy tricks of the trade (including some you may not have thought of) and roll out the welcome mat for compliments and inquiries.  Top Tips to Enhance Your Home’s Curb Appeal  Power wash the windows outside and clean them thoroughly on the inside. Be sure to remove debris and cobwebs — these will make windows look dull, and you want them to sparkle and shine. Affix or replace loose roof shingles. Clean out gutters and replace if they’re rusty, bent or look old and in disrepair. Rake up leaves and tidy up flower beds and gardens. Keep your lawn mowed and manicured throughout the sales process. Make sure sidewalks and walkways are edged neatly. Get rid of weeds, dandelions and grass gr...
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Why the Color of Your Living Room Matters

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If you look around the rooms in your house, you’ll probably discover a color theme. Maybe you have a sea of blues and greens—or a variety of sunset shades. What is the meaning behind your favorite colors? What does it say about your personality? Take a look at how you can best reflect your personality with a fresh new coat of paint. 1) Painting Your Walls Red If you are a “take action” kind of person, and have a dominant personality, RED is probably your color. Painting your walls red will stimulate the body and mind, plus it will increase your circulation. 2) Painting Your Walls a Shade of Blue Are you a calm and relaxed person? Then BLUE probably appeals to you. And if you’re not usually a relaxed person, this color can decrease the stress. Blue is also considered to soothe illness and even treat pain. 3) Painting Your Walls a Shade of Yellow Often called the cheeriest of colors, YELLOW signifies fun-loving, happy people (however, it also links to those w...
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7 Tips for Achieving Maximum Home Coziness

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Cozy homes are a new trend in 2019 for  homebuyers . However, there are more reasons to having a cozy home other than putting it on the market to sell.  You should enjoy your home – whether you’re planning on staying there for years to come, or even if you’re  moving  within the next few months. During this time of year we see more than our fair share of cold, rainy nights. If you’d like a satisfying way to spend a chilly evening at home, here are a few tips:  1. Setting a Cozy Mood Scented candles are key to an extremely comfortable atmosphere. Not only do they provide a pleasant scent and soft lighting, but they also add a sense of warmth and help you feel comfy. Choose a summery scent, such as lilac to help combat the seasonal blues.  (A nice smelling home is also a bonus  when showing your home .) 2. Bake Something Yummy Cookies, pies and cakes are central to the cozy experience. However, it doesn’t begin when you start eating the desserts — it beg...
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What is Radon Gas

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Radon is a cancer-causing radioactive gas that you cannot see, and has no odor or taste. According to the Surgeon General, it’s the second leading cause of lung cancer in the USA. Radon gas is found in homes all over the country. The EPA recommends that everyone knows what the indoor radon level is in a home they are  considering buying . Remember to ask the seller for their radon test results. If the home has a radon-reduction system, ask the  seller  for information they have about the system. And, if the house hasn’t been tested, you should definitely have a test ordered. If you are having a home built, there are some things that can be incorporated into the home during construction to reduce the radon levels. If you are considering buying a home, you may want to accept an earlier test result from the seller, or you can ask the seller for a new test to be conducted by a qualified radon tester. Before you accept the seller’s test results, make sure to consider the follo...
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