Buyer Broker Chicagoland

Market Flooded With Home Buyers in Downtown Chicago and Suburban Chicagoland Areas

Rick — Mon, 08 Apr 2013 21:05:28 +0000

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Many Home Buyers in Market

Market Flooded With Home Buyers in Downtown Chicago and Suburban Chicagoland Areas.

This trend is due to the fact that home buyers are trying to take advantage of low prices now – before they keep rising – as well as low interest rates making homes more affordable on a monthly payment basis. The Fed’s policies have kept rates low, giving the market a sugar high. Inventory is low in many areas, making it hard for some buyers to find the home that they really want. We’ve been in open houses in downtown Chicago lately where there are anywhere from 20-40 buyers inside – running into each other!

Ukrainian Village New Construction Property / Real Estate

For example single home and land prices in West Town…East Village & Ukrainian Village..Noble Square etc. has shot up 5-8% in the past 3-4 months – with decent land or good tear down or gut re-hab property being snapped up by various builders instantly. So to “get ahead of the curve” – Buyer Broker Chicagoland helps buyers identify properties before they even come onto the market (using a variety of techniques), in order to get our clients a property they want – at a price that they want.

Since early February, the market has been flooded with home buyers in the Chicagoland area. Buyer Broker Chicagoland has logged it’s best quarter in new clients and home closings in it’s ten year history.

532 N Hermitage Sold Out

We’ve represented clients in the $400,000-700,000 range in the Lincoln Park and Lakeview areas, and 700k to $1 million range in Bucktown, Ukranian Village, East Village, Wicker Park and other areas.

We are also representing clients in Arlington Heights, Palatine, Hawthorn Woods, Kildeer, Long Grove, Lake Zurich, Libertyville, Schaumburg, Downers Grove, and Aurora areas from 300-800k.

Most of our clients have been referred to us from past clients. Despite things being less of a buyer’s market than 2012 – we still beat the average price off in the communities we’ve had closings in – by about double the average price off for the entire area.

That kind of performance can be attributed to our extensive credentials – Certified Negotiation Consultant, Certified Negotiation Expert, Accredited Buyer Representative, Competitive Intelligence Professional, Graduate of the Realtor Institute, and Short Sale and Foreclosure Resource expert. and years of specialized expertise as an Exclusive Buyer Broker.

Certified Negotiation Expert

When you want to pay the least possible price for real estate in the Chicagoland area (or be guaranteed to win in multiple offer situations without exceeding your budget), give the specialists at Buyer Broker Chicagoland a call at 847-566-7558 to schedule a no-cost initial consultation.

We are ALWAYS 100% on the Home Buyer’s Side – and NEVER represent sellers. No dual agency – no conflicts of interest. Just pure exceptional expertise for home buyers.

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Illinois Court holds that a title company is not in the business of providing information about title

Rick — Fri, 02 Nov 2012 16:00:58 +0000

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Illinois Court Ruling on Title Insurance in Real Estate

Illinois Court holds that a title company is not in the business of providing information about title…

….but instead is providing a private contract between the title company and the insured for insurance.

Home Buyers Beware!

United Community Bank v. Prairie State Bank & Trust, 4-11-0973 (Ill.App. July 11, 2012).

The title insurance company missed a judgment lien in favor of a third party when it searched the chain of title. Borrower borrowed funds from United Community Bank to buy a duplex. Unbeknownst to borrower and United Community Bank, a judgment lien in favor of Prairie State Bank was filed.

The title insurer for the borrower and United Community Bank was Commonwealth Title Insurance Company. Commonwealth, in its search, failed to discover the judgment lien in favor of Prairie State Bank.

The buyer/borrower argued that it was entitled to rely on the title commitment for information regarding the title, and that because the title commitment did not mention this judgment lien that there was negligence by the title company.

The court ruled, however, that a buyer was not entitled to rely on a title commitment for information regarding title, because the purpose of the title commitment was not to provide information regarding title; rather, the title commitment had a wholly different, contractual purpose, namely, specifying the losses the title insurer was excluding from coverage in its offer to provide title insurance.

Comment — this seems to be a dangerous ruling for home buyers. If buyers and lenders can’t rely on a title commitment – then what good is it?

Comments?

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The Difference Between an Exclusive Buyer Agent and a Buyer Agent

Rick — Wed, 26 Sep 2012 02:31:55 +0000

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When I introduce myself at local Chamber of Commerce events and tell people what I do, I occasionally get someone who states “I know about that. I’m familiar with buyer agents.”

I have to gently inform them that an Exclusive Buyer Agent is in no way shape or form like a Buyer Agent. It is only then that they start getting a glazed look on their face….

They say “Uh, uh…. I thought that every buyer agent is the same….right?”

“No. You can only really have your own agent when buying a home when you work with an agent who never represents sellers, and their company never represents sellers. A buyer agent represents sellers, as does their company. An Exclusive Buyer Agent and their company never represent sellers.”

I Didn't Realize the Difference between a Buyer Agent and an Exclusive Buyer Agent

“Oh – I’ve never heard of that…”

“That is what we do.”

“Oh – and why is that better than using a buyer agent?”

“Because a buyer agent may show you more of their own company’s listings or their own listing and then suddenly – when you become interested in one of those homes, and thought you were fully represented, your agent is also on the seller’s side. That is like trying to coach two football teams at the same time. It doesn’t work very well for either team. That situation is called dual agency, and that is very very bad for your best interests. You might be sacrificing 10′s of thousands of dollars in negotiation as a result — and critical information that you needed to know about the area or the property, you never receive. Your buyer agent that turned into a dual agent may try to “sell” you on the home because they are pushing one that has a higher payout, or they may refer you to an inspector that “doesn’t blow the deal” instead of an aggressive one that takes hours longer to inspect. While they try to get you to buy – we always advise you of why you shouldn’t buy. And their financial interests are not aligned with your best interests. Ours are.”

“Oh – I see.”

But even then, they really don’t fully grasp the severity of using an agent that won’t be on their side 100% of the time. The implications can be very very costly on the most important financial transaction of their life.

Do you have excellent credit?
Do you plan to purchase a $200,000-$10,000,000 home within 90 days?
Do you have a good down payment, or are you paying cash for your next home?

Your agent should be on YOUR side! If you plan on looking for homes in the Chicagoland area, including the Northwest Suburbs (Barrington, Arlington Heights, Lake Zurich, Hoffman Estates, Vernon Hills, Libertyville, Palatine, Buffalo Grove, Wheeling, Grayslake, Wauconda etc.) —

Call us at 847-566-7558 for a free consultation.

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Another Home With Even More Square Footage for The Money in Barrington IL

Rick — Wed, 26 Sep 2012 01:55:07 +0000

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Another Home With Even More Square Footage for The Money in Barrington IL. Please contact us if you will be in the market for homes in the Barrington area within the next 1-3 months, and you are pre-qualified. As Exclusive Buyer Agents – we are always on the buyer’s side 100% of the time, fighting for the buyer’s best interests – instead of conflicted, as a so-called buyer agent can be.

We're sorry, but we couldn't find MLS # 08105453 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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Lot of Square Footage for the Money in Barrington

Rick — Wed, 26 Sep 2012 01:50:39 +0000

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The following home has a lot of square footage for the money. Feel free to contact us if you’d like to learn more about the home and it’s drawbacks.

We're sorry, but we couldn't find MLS # 08126296 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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Land for Sale in Barrington Illinois

Rick — Thu, 06 Sep 2012 22:15:20 +0000

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Land for Sale in Barrington Illinois

Showing properties 1 - 30 of 38. See more Real estate in the city of Barrington.
(all data current as of 6/18/2013)

$1,300,000 : 1 Brinker, BARRINGTON

0 beds, 0 baths

Lot size: 5.24 ac

Days on market: 5
$350,000 : 25350 Scott Road, BARRINGTON

0 beds, 0 baths

Lot size: 8.00 ac

Days on market: 26
$375,000 : 26627 W Il Route 22, BARRINGTON

0 beds, 0 baths

Lot size: 5.00 ac

Days on market: 30
$475,900 : 903 Division Street, BARRINGTON

0 beds, 0 baths

Lot size: 1.20 ac

Days on market: 34
$300,000 : 140 Roslyn Road, BARRINGTON

0 beds, 0 baths

Lot size: 38,040 sqft

Days on market: 38
$495,000 : 25597 W Chatham Road, BARRINGTON

0 beds, 0 baths

Lot size: 7.65 ac

Days on market: 47
$180,000 : LOT 9 Foxglove Lane, BARRINGTON

0 beds, 0 baths

Lot size: 20,038 sqft

Days on market: 47
$239,900 : LOT 8 Fox Glove Lane, BARRINGTON

0 beds, 0 baths

Lot size: 22,950 sqft

Days on market: 69
$59,000 : 214 N Northwest Highway, BARRINGTON

0 beds, 0 baths

Lot size: 2,546 sqft

Days on market: 76
$275,000 : 206 Tower Road, BARRINGTON

0 beds, 0 baths

Lot size: 18,900 sqft

Days on market: 86
$99,500 : 26370 E Lake Shore Drive, BARRINGTON

0 beds, 0 baths

Lot size: 43,560 sqft

Days on market: 89
$489,700 : 21880 N Old Barrington Road, BARRINGTON

0 beds, 0 baths

Lot size: 9.63 ac

Days on market: 89
$279,900 : 120 Kainer Avenue, BARRINGTON

0 beds, 0 baths

Lot size: 7,841 sqft

Days on market: 95
$349,900 : 25445 N Wagon Wheel Court, BARRINGTON

0 beds, 0 baths

Lot size: 2.02 ac

Days on market: 96
$375,000 : 114 W Liberty Street, BARRINGTON

0 beds, 0 baths

Lot size: 1.38 ac

Days on market: 105
$249,000 : 25644 N Canyon Creek Court, BARRINGTON

0 beds, 0 baths

Lot size: 2.00 ac

Days on market: 110
$2,500,000 : 190 W Penny Road, BARRINGTON

0 beds, 0 baths

Lot size: 5.59 ac

Days on market: 114
$690,000 : MLS # 08272919 in BARRINGTON

0 beds, 0 baths

Lot size: 6.00 ac

Days on market: 123
$99,000 : LOT 13 Raymond Avenue, BARRINGTON

0 beds, 0 baths

Lot size: 43,010 sqft

Days on market: 138
$139,900 : 411&415 Illinois Avenue, BARRINGTON

0 beds, 0 baths

Lot size: 21,780 sqft

Days on market: 149
$160,000 : 20991 N 21st Street, BARRINGTON

0 beds, 0 baths

Lot size: 1.50 ac

Days on market: 205
$289,000 : 26303 W Merton Avenue, BARRINGTON

0 beds, 0 baths

Lot size: 30,000 sqft

Days on market: 217
$335,000 : 407 E Main Street, BARRINGTON

0 beds, 0 baths

Lot size: 10,890 sqft

Days on market: 244
$299,000 : 21911 N Il Route 59, BARRINGTON

0 beds, 0 baths

Lot size: 4.62 ac

Days on market: 257
$550,000 : 1416 Dunheath Drive, Barrington

0 beds, 0 baths

Lot size: 1.15 ac

Days on market: 296
$235,000 : 30 Royal Way, BARRINGTON

0 beds, 0 baths

Lot size: 5.00 ac

Days on market: 297
$849,000 : 24611 Miller Road, BARRINGTON

0 beds, 1 full bath

Lot size: 3.40 ac

Days on market: 300
$100,000 : 1213 S Hough Street, BARRINGTON

0 beds, 0 baths

Lot size: 21,600 sqft

Days on market: 330
$424,000 : 6 S Barrington Road, BARRINGTON

0 beds, 0 baths

Lot size: 21,702 sqft

Days on market: 391
$99,500 : 21236 N 21st Street, BARRINGTON

0 beds, 0 baths

Lot size: 16,000 sqft

Days on market: 425

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Some Homes and Real Estate in Arlington Heights Illinois

Rick — Thu, 06 Sep 2012 22:11:22 +0000

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Some Homes and Real Estate in Arlington Heights Illinois

Showing properties 1 - 12 of 203. See more Real estate in the city of Arlington Heights.
(all data current as of 6/18/2013)

$149,900 : 225 E Wing Street ,Unit Number 503, ARLINGTON HEIGHTS

1 bed, 1 full bath

Home size: 1,100 sq ft

Year built: 1986

Parking spots: 1

Days on market: 1
$219,000 : 1634 N Douglas Court ,Unit Number 6-1, ARLINGTON HEIGHTS

2 beds, 2 full baths

Home size: 1,500 sq ft

Year built: 1986

Parking spots: 1

Days on market: 2
$74,900 : 2636 N Windsor Drive ,Unit Number 104, ARLINGTON HEIGHTS

2 beds, 2 full baths

Year built: 1977

Parking spots: 1

Days on market: 2
$225,000 : 2697 S Embers Lane, ARLINGTON HEIGHTS

3 beds, 3 full baths

Year built: 1994

Parking spots: 2

Days on market: 3
$99,900 : 1206 Fairview Street ,Unit Number 306, ARLINGTON HEIGHTS

2 beds, 2 full baths

Year built: 1972

Parking spots: 1

Days on market: 5
$449,000 : 862 N Illinois Avenue, ARLINGTON HEIGHTS

3 beds, 2 full, 1 part baths

Home size: 2,500 sq ft

Lot size: 2,622 sqft

Year built: 2008

Parking spots: 2

Days on market: 5
$139,900 : 102 E Lillian Avenue ,Unit Number 2D, ARLINGTON HEIGHTS

2 beds, 1 full, 1 part baths

Home size: 1,300 sq ft

Year built: 1978

Parking spots: 4

Days on market: 5
$124,000 : 1515 E Central Road ,Unit Number 458A, ARLINGTON HEIGHTS

2 beds, 2 full baths

Home size: 1,325 sq ft

Year built: 1970

Days on market: 6
$199,900 : 2484 Towne Boulevard ,Unit Number 14-3, ARLINGTON HEIGHTS

2 beds, 2 full, 1 part baths

Home size: 1,300 sq ft

Parking spots: 1

Days on market: 6
$314,900 : 2057 N Juniper Lane, ARLINGTON HEIGHTS

2 beds, 2 full, 1 part baths

Home size: 2,200 sq ft

Year built: 1993

Parking spots: 2

Days on market: 6
$183,500 : 100 S Vail Avenue ,Unit Number 406, ARLINGTON HEIGHTS

2 beds, 2 full baths

Home size: 1,050 sq ft

Year built: 1971

Parking spots: 2

Days on market: 7
$124,900 : 110 S Dunton Avenue ,Unit Number 5J, ARLINGTON HEIGHTS

2 beds, 2 full baths

Home size: 1,400 sq ft

Year built: 1969

Parking spots: 1

Days on market: 7

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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105 W Hillside, Barrington IL – Buyer Broker Chicagoland Critique

Rick — Tue, 21 Aug 2012 01:31:11 +0000

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105 W Hillside, A Contemporary Custom Home in Barrington IL – Buyer Broker Chicagoland Critique

I have to say – this home was very cool from a design perspective, but like many Frank Lloyd Wright inspired homes, they have “issues.”

Interior of Contemporary Frank Lloyd Wright Inspired Home in Barrington IL

The owner is Dennis Blair, who apprenticed under Frank Lloyd Wright. And true to his typical design preferences, the kitchen is in the front of the home, and there were a lot of slats on the front door and garage doors.

My client didn’t like the home after I covered some of the disadvantages and issues that I see with it, and gave me permission to post this report. Unlike traditional so-called buyer agents (they and their company list property for sale) – I and my company never represent sellers. I enjoy telling people about the negatives as I see it – versus “selling” them on a home.

(If you’d like to learn more about Exclusive Buyer Agents and the differences – feel free to call me at 847-566-7558. As a Certified Negotiation Expert – I enjoy getting people amazingly good prices on homes.)

I can tell you that after showing over 8,000 homes in the past ten years, most people in the Chicago area prefer “normal” “boring” traditional homes. So the potential market of people that would like this home is somewhat limited.

I’ve always been attracted to these types of unique homes – but most unique homes tend to be in bad shape for some reason.

Indoor Garden Area - Barrington IL Frank Lloyd Wright Inspired Home

Of interest, when you walk into the door – you run into a rectangular dirt area that a person could use to grow flowers and veggies etc. inside. There is plenty of natural light from above for growing things. The nice thing about the home is that is is very well lit with sunshine — which would be a super feature in the dreary Chicago winter season. Unfortunately, the dirt area smelled like a former cat occupant liked to pee in it!

If the cat pee smell wasn’t from that area, then it would likely be from under the newer carpet. Cat pee smell can be hard to remove from floors unless they are bleached and sealed very very well. I know – because I had to remedy that with a home I lived in, in the 90′s in the Chicago area, before I put down new carpet. But my guess is – the cat did it’s numbers in the dirt area!

My video comments

The other issues with this home were:

1. It is next to a busy street and you can hear the street noise inside because of the older windows

2. To replace all the windows with excellent ones blocking the road noise, will likely run about $20-30,000 (the home also has an interior window slider) Many of the windows are fogged. While new glass would be a short term fix – it would be best to just get new windows in this home.

3. If you have kids – it isn’t in as good of a neighborhood for kids as others, based on a number of things.

4. Decks are deteriorating to some extent -= and there were visible cracks in some of the Dryvit (EIFS) on the exterior. Dryvit and what is under it – isn’t cheap to replace – and then you still have the issues later down the line, even if you fix it now. Expensive!

5. Driveway needs major seal coating – and the yard need a lot of work.

6. The kitchen needs a total gut rehab and is small.

7. The greenhouse type part of the roof might bleed off a lot of heat from the home in the winter – making it costly to heat.

It appears that the owner / architect lived there until perhaps early 2009 based on the architectural magazines in the garage with dates of 2008 on it. The listing agent stated that she didn’t know how long it had been unoccupied since she had taken over the listing from a cancelled listing. Apparently, she either doesn’t talk to the owner, or just never asked the question. The address on the web still shows the place as the owner’s home office address

We're sorry, but we couldn't find MLS # 07779500 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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A Few Homes in Arlington Heights IL That Have Natural Good Natural Sunlight

Rick — Mon, 23 Jul 2012 16:52:49 +0000

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A Few Homes in Arlington Heights IL That Have Good Natural Sunlight

Homes With Natural Light - in Arlington Heights IL

The stock of Real Estate in Arlington Heights can tend to be fairly “boring’ – with a lot of fairly “blah” homes with very little sunlight or character, according to some of our past home buyer clients. So – we are going to highlight a few Arlington Heights homes that have good natural sunlight flowing in.

Arlington Heights has a lot to offer, with great restaurants with live music. the Metropolis Theater and it’s many events, easy access to a Metra station, various cultural events and much more. Because our company represents home buyers exclusively – and because we’ve had clients in many different Chicago suburbs – we know which suburbs offer which type of housing stock.

The following two homes in Arlington Heights have some good natural light / sunlight coming in, either via skylights or a wall of windows. Based on our past experience, we’ve found that most clients value a light and bright home, especially given the nature of the typical overcast skies in the winters in the Chicagoland area.

If you are interested in learning more about these homes (we do not represent the seller of these homes) – feel free to use the contact us form at the bottom of each home’s detail page (by clicking on their address link) or just call 847-566-7558 for more information. Please note that Buyer Broker Chicagoland is 100% on the home buyer’s side, and never represents sellers.

If You are Looking For Homes in Arlington Heights IL That Have Good Natural Sunlight – Here are a Few of Them:

We're sorry, but we couldn't find MLS # 08111010 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

We're sorry, but we couldn't find MLS # 08113267 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

If you would like to have access to browse more “light and bright” homes in the Arlington Heights IL area – please give us a call at 847-566-7558.

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Some Wells Fargo Statistics – Home Mortgage Origination Business is Strong

Rick — Tue, 17 Jul 2012 18:10:32 +0000

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Mortgage originations are up nationwide

Some Wells Fargo Statistics – Home Mortgage Origination Business is Strong:

Mortgage business revenue was up 90% from a year earlier and 11% from the prior quarter.
Revenue from refinancing was up more than $19 billion, or 43%, from the first quarter, “indicating continued strength in the overall housing market, where we see increases in sales and pricing in markets throughout the country, even some of the hardest hit areas during the slowdown,” according to CEO John Stumpf.
A 31% increase was achieved in commercial loan growth, through portfolio acquisitions and organically increased credit card penetration.
Credit quality continued to improve, with the charge-off ratio declining to 1.15%, the lowest since 2007.
Nonperforming assets declined by $1.8 billion from the first quarter, down 11% from a year earlier.
Record net income rose by 17%, with earnings per share up 17% from a year earlier.
“Mortgage volumes have been much stronger than anyone expected a year ago or even three months ago, for that matter, with originations more than double where they were a year ago, and our mortgage pipeline, which should lead to future revenue and expense growth, has also doubled,” according to CFO Timothy Sloan.

Did you know that Wells Fargo services an astounding $1.9 trillion in residential mortgages?

These Wells Fargo statistics are telling you that housing is back and that it is booming.

Time for a home for your kids?

Are you looking to purchase a home within the next 6 months in the Chicago metro area? Then you should consider hiring a Real Estate company that is on your side – instead of having conflicts of interests with your interests.

Buyer Broker Chicagoland offers the best negotiation expertise in the Chicago area – with over 25 years of experience in high-end negotiation, and as Exclusive Buyer Brokers and Certified Negotiation Experts. Call today to schedule a free initial consultation – 847-566-7558

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