The Thomas Team is Proud to Sponsor Evanston's Flying Turkey Run!

One of the things we enjoy about being real estate agents in Evanston is the opportunity to tell potential buyers or those relocating to the area what makes Evanston such a great place to call “home.” This vibrant, community-centered town is a unique blend of big city life, with Chicago nearby, and small town atmosphere. Charming turn of the century homes as well as renovated downtown Evanston condos also provide a wide variety of living options!

 

As Evanston Real Estate agents, we want to provide you with up to date Evanston Real Estate market news and pertinent home buying and selling information, but also give you a taste of the Evanston lifestyle. Today, we’re highlighting a a great event taking place in Evanston this month that you won’t want to miss!

 

THURSDAY, NOVEMBER 22ND AT 9AM

REGISTER ONLINE AT WWW.EVANSTONFLYING5K.COM

This certified 5K run and walk will be along the beautiful Evanston lakefront newly paved path beginning at Sheridan Road and Church Street.

Canned goods will be collected before the race to benefit the Evanston Harvest Food Pantry. Please bring non-perishable food items to donate to this worthy cause.

Every registered participant will receive a Goodie Bag for the event. The first 2000 participants will get a sweatshirt.

For full race details: www.evanstonflying5k.com

If you’re currently an Evanston resident, we’re sure you enjoy living in Evanston as much as we enjoy living and working here as Evanston Real Estate agents! Thinking of moving to this great city? Please feel free to contact us! We’ll answer any questions you may have about living in Evanston and can show you some of the gorgeous homes currently on the Evanston Real Estate market.

We look forward to hearing from you!


The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage
Chicago & North Shore Real Estate
Visit Our Website
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House Prices: Looking for the Bottom? We May Be There

 

With sales and prices increasing in most regions of the country, it looks as though housing recovery is in full swing. There are more and more housing analysts declaring that we have turned the corner. A recent article on money-rates.com explains that now may be the time to act if you are thinking of purchasing ahome.
 

“Right now, conditions for buyersare exceptionally good, because current mortgage rates are at record low levels, and housing prices are still well off their peaks. Already though, recent numbers indicate that housing prices are starting to move. If this continues, mortgage rates might follow. In particular, if lower-end housing prices are now making the strongest gains, people looking to enter the housing market for the first time should prepare to act.” 

Others Are Also Calling a Bottom

In a Chicago Sun Times article, co-creator of the Case-Shiller home price index Robert Shiller agreed saying that, even though there are still questions in the overall economy, “it’s a good time to buy a house”.

Ivy Zelman, chief executive at research firm Zelman & Associates, has also said:
       “[Housing] is turning positive and we see the data reflecting that.”
 

Writing in the Financial Times, Roger Altman, former deputy Treasury secretary, said:

       “A turn in the [housing] market is occurring now and it should become a boom by 2015.”
 

And Jamie Dimon says the U.S housing market has “turned the corner” as JPMorgan Chase and Wells Fargo, the two biggest US Banks have seen a surge in mortgage demand. He also warned that interest rates would “probably” rise “sometime in 2013”.

What Does That Mean to You?

If you have been waiting for the bottom in real estate prices, it seems your time may have arrived. As the Money-Rate article concluded:
 

“The housing market may be better off than people know. As many found out during the housing boom, waiting until everyone knows the market is healthy before you buy can be an expensive proposition.”

**Information taken from KCM Blog

 

If you are considering buying or selling a home in Evanston, please let us know.  Your experience should be one that leaves you feeling  satisfied.  Be sure to contact us today so that we can put our expertise in the Evanston Real Estate market to work for you!
 

The Thomas Team
@ Properties
 

Chicago's #1 Real Estate Brokerage

Chicago & North Shore Real Estate
Visit Our Website
View Our Listings
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Top 10 Red Flags for Evanston Homebuyers

Sellers don't always disclose the whole truth to potential homebuyers, especially if they're eager to sell (or "motivated" in real estate lingo). But you can't afford to get a professional inspection of every house you tour. So before you spring for the pro, you and your Evanston Real Estate agent should narrow down your choices by doing your own pre-inspection to spot potential problems.

1.      Mass Exodus From the Neighborhood
Don't let a home's curb appeal keep you from glancing down the street. Are there several other homes for sale? Are nearby businesses boarded up or vandalized? Get the scoop from the neighbors and your Evanston agent. If everyone else wants to leave the street, maybe you should, too. Just do it before you're stuck with a bad investment.

2.      Mediocre Maintenance
Three layers of roofing and gutters with plants growing in them are signs the owners aren't big on maintaining their home. What else did they neglect?  More telltale signs of poor maintenance are overgrown lawns with weeds, cracked peeling or dirty painted surfaces, makeshift wiring or plumbing or broken fixtures and appliances.

3.      Foundation Failures
Check out the yard grading. If the yard slopes toward the house, it could cause water to run down the foundation walls or into the basement, which will be costly to repair. Scour the foundation for damage. Bulges or cracks bigger than one-third inch can mean the house has serious structural issues.

4.      Bad Smells (Inside or Outside)
Take a big whiff of the air inside and outside the house. Do you smell anything funky? If you can't smell anything but the huge baskets of potpourri all over the house, this could be a red flag.

5.      Faulty or Old Wiring
While you're probably not an electrician, make sure all the switches and outlets in the house function properly. Flickering lights, circuits that don't work and warm or hot outlets or faceplates are all symptoms of wiring problems.

6.      Fresh Paint on One Wall
New paint can really spruce up drab walls, but it can also hide bigger problems, like water damage, mildew or mold. If the room smells strange or if you see stains or saggy walls or ceilings, have an inspector look for mold and leaks.

7.      Locked Doors and Blockades
Ask about any rooms that are "off limits" during your home tour, and arrange with your Evanston realtor to see them later if you're interested in the house.

8.      Foggy or Nonfunctioning Windows
Check for water in between double-paned windows and make sure all the windows are functional.

 9.      Structural Walls or Floors Have Been Removed
Sure you love the open floor plan, but was the house always open or did the homeowners renovate? If they removed a load-bearing wall without adjusting the framing, it can shift weight to other parts of the house. Hire a structural engineer if you think any renovations are questionable.

10.  Bugs!
No one wants a house with a pest problem, be it roaches, mice or, worst of all, termites. Be on the lookout for unwelcome creatures as you tour the house. Even if no foes pop out while you're there, consider a separate termite inspection if you're thinking of purchasing the property.

BOTTOM LINE: Always get a professional inspection

Yeah, it's a little expensive, but it's worth every penny. Skipping a home inspection is not a good way to cut homebuying costs. You'll end up paying more in the long run when problems inevitably arise.

As you can see, having an Evanston Real Estate agent on your side that can help you navigate through the buying process is imperative to your success in the housing market. If you are considering buying an Evanston home or are hoping to sell your Evanston home please let us know! Our team of experienced Evanston real estate agents would enjoy the opportunity to help you reach your goals!

We look forward to hearing from you!

The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage

Chicago & North Shore Real Estate

Visit Our Website

View Our Listings

Contact Us

Before You Buy an Evanston Short Sale

 

Buyers pursue Evanston shortsales to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask your Thomas Team agent to call the listing agent to find out if the home is a short sale.

Because you might want to think twice about making an offer on a pre-foreclosure, short sale home. It's not as simple as you may believe, and very few can close in 30 days or less.

Many of our Evanston home buyers have waited 4 to 6 months to close on a short sale, sometimes longer.

What is a Short Sale?

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. 

Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

Check the Public Records

Do your research before making an offer to purchase. Your Thomas Team agent can find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer.

If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $160,000 on the first and $40,000 on the second, offering $160,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.

Hire an Evanston Real Estate Agent with Short Sale Experience

It's one strike against you if the listing agent has never handled a short sale, but it's even worse if the agent has no experience in that arena. You need an experienced short sale agent, that’s where the Thomas Team can help you.

The Thomas Team agents have experience in short sales and can help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

Qualifying the Property and Seller for a Short Sale

A lender is unlikely to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven.

A seller we know once demanded that the buyer slip the seller $1,000 to be given the right to purchase the seller's property. We said no. This is fraud. The lender legally pursued that seller. Do not be lured by sellers who suggest this practice. In a short sale, the seller receives no money because the lender is losing money.

Submit Documentation and Purchase Offer to Lender

Once the seller has accepted your offer, it gets sent to the lender for approval. You do not have a deal until the lender accepts. Also, send the lender a copy of your earnest money deposit. Do not be astonished if the lender asks you to increase it. 

In addition, the lender will want to see that you have your own loan available and you are pre-approved. Send a pre-approval letter to the lender. It will help if your real estate agent sends a list of comparable sales that support the price you are offering to pay for the home.

Give the Short Sale Lender Time to Respond

You and your real estate agent should make your offer contingent upon the lender's acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. 

Some lenders submit short sales to committee, but most can make a decision within two to three months. Get a name and phone number for the appropriate contact at the lender. The Thomas Team won’t send an offer blindly to a department.

Reserve the Right to Conduct Inspections

Generally, the lender will not pay for customary items that a seller would pay. These include home protection plans for the buyer, buyer credits of any kind and pest / termite inspections. A buyer will be asked to purchase the property "as is," which means no repairs.  It is extremely important that a buyer obtain a home inspection. The Thomas Team can help with this.

If you have any questions about buying an Evanston short sale, please let us know.  We're here to help in any way we can and would enjoy the opportunity to help you make Evanston your new home.

We look forward to hearing from you.

The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage

Chicago & North Shore Real Estate

Visit Our Website

View Our Listings

Contact Us

Before You Buy Your First Evanston Home - Tips for a First-time Home Buyer

It's not uncommon for a first-timehome buyer to say to me, "Gosh, just last week I called you about buying an Evanston home and now I'm in escrow! How did this happen so fast?"

The answer is it didn't. First-time home buyers start the search long before most even realize it.

Here's what you can expect from your home shopping experience.

Benefits for a First-Time Home Buyer

You should buy an Evanston home. That's what you've been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that Evanston home ownership was the best decision for you. That's a major hurdle now passed. You are focused and certain. Good.

Defining Search Parameters for a First-Time Evanston Home Buyer

Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach The Thomas Team realestate agent's office, you are halfway to home ownership.

How Long Should It Take to Buy Your Evanston First Home?

In sellers’ markets, often we show only one home. After all, how many homes does one family need?  A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks. Most of our buyers find a home within two days.

Good Evanston real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Your ThomasTeam agent should preview homes before showing them to you as well.

How Many Homes Will a Home Buyer See?

Studies show that your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, lay off the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that we at the ThomasTeam show to a buyer in one day is five. Any more than that, and the brain is on overload. Therefore, don't expect to see 20 or 30 homes; although it's physically possible to do so, you probably will not remember specific details about any of them.

The "Red Shoes" Experience for an Evanston Home Buyer

Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes. Do not shop for an Evanston home this way. When you find the perfect home, buy it.

How a First-Time Home Buyer Can Rate Inventory

·   Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.

·   Take copious notes of unusual features, colors and design elements.

·   Pay attention to the home's surroundings. What is next door? Do 2-story homes tower over your single story?

·   Do you like the location? Is it near a park or a power plant?

·   Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

View Top Choices a Second Time Before Buying That First Home

After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask the Thomas Team to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.

At this point, your Thomas Team agent will call the listing agents to find out more about the sellers' motivation and to double-check that an offer hasn't come in, making sure these homes are still available to purchase.

Making the Selection To Buy an Evanston Home

I'll let you in on a little secret. We generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It's an intuition. But we at the ThomasTeam make it a practice not to steer buyers, and we insist that buyers choose the home without interference from us. It's not our choice to make.

Real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer's search parameters. 

If you have any questions about buying your first Evanston Home,  please let us know.  We’re here to help in any way we can and would enjoy the opportunity to help you make Evanston your new home!

We look forward to hearing from you!

The Thomas Team
@ Properties

Chicago's #1 Real Estate Brokerage

Chicago & North Shore Real Estate

Visit Our Website

View Our Listings

Contact Us