The housing market is in the midst of a significant rebound, and as such, Chicago property is in great demand. Prospective homeowners, eager to find wonderful homes for sale in Chicago, are currently willing to take on mortgages that, as of a few years ago, would have been summarily rejected. Although the desire to score that dream home is understandable, it is important to take care while negotiating a mortgage. The following three tips will make it easy to avoid overpaying for a mortgage:

1. Consider how long you plan on sticking around.

Discount points are not ideal for short-term property investments. However, this approach allows long-term buyers to enjoy significant savings through reduced interest rates.

2. Compare APR rates and fees.

It is definitely not a good idea to automatically opt for the first lender that comes to mind. Instead, prospective homeowners are advised to shop around, paying careful attention to each lenders APR rates and associated fees. After examining all good faith estimates, consider negotiating with preferred lenders to score lower rates and fees.

3. Be careful when making a first offer.

The art of negotiating a mortgage is complex, but if there is one move that should be avoided at all costs, its revealing exactly how much you are willing to pay for a given home. Ideally, multiple offers should take place and the first offer should be significantly lower than the final offer.

This is an exciting time to look for homes for sale in Chicago. Feel free to contact us to learn how a Chicago real estate agent can help you as you hunt for your dream home.

Flipping Chicago real estate has become a very enticing venture for many people. With all the latest television shows making the process seem so simple and many of them telling you that you can flip a house with no money down. Sometimes its hard to know who or what to believe. Buying a home in Chicago to flip can be done, but you really need to learn the facts before you begin.

Seven Things You Need To Know About Flipping Houses

1. You are going to need cash if you want to buy and flip luxury Chicago real estate.

2. You will need a team to help you. Its almost impossible to try to do everything yourself.

3. Thoroughly study the market trends and the market comps before you buy anything.

4. Find an undervalued property and, if possible, thoroughly inspect it before you submit a bid.

5. Learn and follow the 70% rule.

6. The quicker you get the house completed and sold, the more money you will keep in your pocket.

7. Expect the unexpected. No matter how hard to try to prepare for possible contingencies, sometimes things happen that are out of your control and you will have to shell out some money to take care of those issues, even if you didnt budget for them.

Flipping houses can be exciting, but you really shouldnt go it alone. If you are interested in flipping houses in Chicago, please contact us today.