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Home Buying in Bucktown : Real Estate Advice

  • All34
  • Local Info3
  • Home Buying13
  • Home Selling5
  • Market Conditions1

Activity 13
Thu Apr 14, 2016
Edintuen asked:
Sun Mar 22, 2015
Kim Katsenes answered:
I practice Real Estate in the far S.W. Suburbs and the Buyers are out in full force. The demand is there however, like many states, we are experiencing very low inventory. Many of the Sellers I spoke with last year and this year, still seem to be sitting on the fence about listing hoping to gain more traction with their equity growth; although many may be surprised to learn our area has made significant value gains year over year. If interest rates do go up, I agree that this will motivate many to move forward and list as well as buy. What I have been communicating to my Seller clients, is that if interest rates go up they could potentially shrink their pool of buyers. A +1% raise in rates would mean a much higher monthly payment for buyers. 1% seems insignificant but on a 250K property today at 3.66% the P&I would be $1145 and with housing prices rising, that same home at $260K at 4.5% the P&I would rise to $1317/month. That's a difference of $172./month this would be enough to shrink the buyer pool significantly, especially 1st time buyers and perhaps Millennial buyers? ... more
0 votes 8 answers Share Flag
Fri Mar 20, 2015
Ron Krauch answered:
An old question, but one still heard from buyers...

Asking price may well be spot-on. Then again, it may be way off. So, in either case, basing an offer solely on a percent discount off asking really doesn't say if the offer is what the market will bear.

Seek guidance from a Realtor who works in the market area. They will guide you to arriving at the value. From there, price AND terms will affect how likely an offer is accepted. An extreme example is a cash offer of $153,000 in your example versus an offer of $1,000,000... paid at a rate of $1.00 per year for 1,000,000 years.

Ron Krauch - SRS
Managing Broker
Emerald Estates Realty, Inc.
Palos Heights, IL 60463
... more
0 votes 3 answers Share Flag
Thu Mar 12, 2015
Noah Seidenberg answered:
operafan You need to speak with a commercial Realtor who specializes in this type of transaction
Call me at Coldwell Banker Evanston and I can give you some leads.
Best I can do.
0 votes 4 answers Share Flag
Mon Feb 2, 2015
Noah Seidenberg answered:
There are so many different circumstances that the answer is no. You need the help of a professional Realtor who has can use the MLS and a phone to find out what you need.
Sorry but developers can sell in many different ways.
Good luck
... more
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Wed Oct 31, 2012
Dennie answered:
But what is the city's tax rate? http://www.cookcountypropertyinfo.com/PropertyTaxSystem/Pages/How-The-Property-Tax-System-Works.aspx

The assessor assesses a value on the property which you're free to appeal.

Tax Rate History for this areas
The composite tax rate is the sum of all tax rates of the taxing agencies for a given tax code. Taxes owed are calculated by multiplying the composite tax rate by the equalized assessed valuation of a property, creating a total amount billed.

2011 5.455
2010 4.931
2009 4.627
2008 4.816
2007 4.994
2006 5.302
... more
1 vote 5 answers Share Flag
Sat Jul 14, 2012
Sarah Ziehr answered:
You can get more for your money in Ukrainian Village, however not by much as it is becoming an increasingly more popular place to live. Rentals in Wicker Park, Bucktown and Roscoe Village go fast - lightening speed.

Property taxes are higher in Wicker Park and Roscoe Village by a few hundred dollars.

If I were deciding on these neighborhoods, one thing that would influence my decision is where I will be commuting to everyday. They are all great neighborhoods if you need to get out to the suburbs, however if you are trekking down to the loop every day your commute time will be a lot more desirable if you live in Wicker Park or Ukrainian Village. If you need to be in Lincolnshire every morning at 8am, then you probably are going to want to reside in Roscoe Village.

Another thing to think about is if you prefer new construction or an older building with more character. If the interior of your space is more important to you, then I would keep an open mind to neighborhood and focus on finding the perfect space.
... more
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Mon Feb 8, 2010
Steve Roake answered:
I don't know about Franklin, NH, but I'd imagine that the percentage is pretty close to the same around the country. The last market survey I did came in at 93.6% of list price. Use this as a guide and not as the rule and you should be ok. Of course a Realtor will be able to provide you with expert advice in the matter. ... more
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Mon Jul 14, 2008
Carlin answered:
Your agent should be able to answer these questions for you George.
0 votes 7 answers Share Flag
Thu Jun 19, 2008
Don Tepper answered:
I agree with Jim. It actually sounds like your agent is doing a very good job in finding houses that are great values. Once that occurs, as others suggest, make sure that your offer is as strong as possible. Make sure you're at least prequalified, if not preapproved, and make sure the seller knows that.

Know the true value of the property, which may be less, the same as, or even greater than the listed price. If the houses you wanted were significantly underpriced, then perhaps an offer even higher than the listing price would have been appropriate. Keep your offer at or under what you determine to be its value. But adjust it, as Tom suggests, based on how much you want (or can live without) the house.

And try to get feedback from your Realtor on how you could have strengthened your offers on the properties you didn't get.

Good luck.
... more
0 votes 7 answers Share Flag
Fri Jun 6, 2008
Loganguy answered:
I know all about this one from working with the Streets/Sanitation dept and the CPD. There are guidelines on improvement but essentially, don't have anything that will obstruct views, hinder people entering/exiting their cars parked by the curb, or that will interfere with public saftey/city department access.

A crazy neighbor was fined for her 'garden' a few years back...but when I saw the violation, it was for not mowing. cuz she had a weedpatch! This is the greenest mayor in the history of civilization. Don't worry about putting in a short garden (Don't quote me, but I think plants have to be under 24 inches.
... more
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Wed Mar 26, 2008
Kim Korber answered:
If a property is priced correctly, typically 3 to 7% is a reasonable expectation to negotiate off.
0 votes 8 answers Share Flag
Sat Feb 9, 2008
ruby smith answered:
ask for referrals from people you know Interview at least 4, call all their references,check the BBB for any compalints and you might also check the Building Dept to see if there are anycomplaints ... more
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