Tuesday, June 7, 2011

4 Tips for Securing your Dream Home on Chicago's North Shore

As many of you know, now is a great time to buy a home in Chicago’s North Shore!  Low mortgage rates and historically low home prices make it a great environment for those hoping to buy a North Shore home this year.  While the spring season tends to be the most active time for buyers and sellers in the North Shore, as North Shore Real Estate agents, we can attest that the market is still very lively with new homes coming on the market each week.
If you’ve been considering purchasing a home, you may still be a little leery of the competition and how that will translate into what type of home you’ll actually end up being able to buy.  We know that it’s disappointing to find your dream home in Chicago’s North Shore only to be outbid by another buyer.  Our goal as Chicago North Shore Real Estate agents is to not just help you find the home in the North Shore that fits your needs and lifestyle, but to make sure you get your ideal home! 
Here are four tips to avoid being outbid and to secure your new North Shore home.

1. Beat the Crowd- Make it clear to your agent that you want to be made aware of new North Shore homes as soon as they come on the market. This will help ensure that you are on top of the competition in seeing new homes and being able to make the first offer. You’ll also want to keep your offer deadline as tight as possible so the listing agent has less of a chance to entertain other offers. 
2. Do Your Homework- Many people are not able to pay all cash for a home. However, having a letter from your lender stating how much you’re qualified for will give you a boost! Be aware that the average down payment in today’s Chicago North Shore Real Estate market is 20%. This type of preparation will help set you a part from other bids.
3. Aim High- If you’re still worried about an all-cash offer taking precedence over your bid; make sure your bid is the highest. Sellers want to get the most they can from their home and will almost always take the higher bid over an all cash one. Your North Shore Real Estate agent should provide a Comparative Market Analysis (CMA) of homes in the Chicago North Shore area. This will give you a good idea of what other homes like the one you’re bidding on are selling for and will help you come up with a reasonable offer. 
4. Relax- A demanding buyer can deter sellers. We know the strains the economy has put on home owners over the past few years and many sellers have their home on the market because they have no other option.   Be willing to work with the sellers’ time constraints on closing dates and don’t demand help with closing costs. Being sensitive to the sellers needs can be a great way to make the seller feel good about accepting your offer.  Of course your Chicago North Shore Real Estate agent will be able to help you determine when to push for your wants and when to back off for the seller.
If you have questions about the Chicago North Shore Real Estate market, or are ready to begin searching for homes in the North Shore; please let us know!  Our team of experienced Chicago North Shore Real Estate agents is here to help you throughout each step of the home buying process.  Feel free to contact us today to get started!

The Thomas Team
Chicago's #1 Real Estate Brokerage

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