We are now approved for a homeloan and we want to view Hoffman Estates homes for sale.

You are now approved for a home loan.  Now, what's your action plan?

I hope by now that you and your partner have decided where you want to live.   If you haven't, then the first step you want to take is to search for homes for sale in the general area that you want to live.   You and your partner should talk about:

How close do you want to be to:

Train
Work
Shopping
Entertainment
Family
Friends

What type of needs do we have?

What would we like to have if our budget would allow?

Once you have determined where you wish to live, contact a trusted real estate advisor.   He'll help you to facilitate viewing the homes you choose, and advise you through this extermely complicated buyers' market.   You need an agent that has got your back.

You are invited to check out mls listings Chicago on our web site.  You will not be required to sign in unless you would like to sign up for our Free Good Value automatic home search.

Chicago Housing Market

How do I buy a home in a turbulent market?

The number one answer is you have to know the numbers as they are now, and you need to figure in the shadow inventory of foreclosures that are about to hit the market. 

To buy safely and not end up upside down a year from now what you need to know is that it will take 12-15 months for the new inventory of foreclosures to clear the market and create a stable or even market.  Until this happens prices will continue to slide 8-12% more.  What I am recommending my valued clients is to start the negotiation 15% below the estimated current market value.  Example you view a home listed for $120,000, however the actual home is only estimated to be worth $100,000.   We would recommend that our clients offer $85,000 and accept an offer no higher than $90,000.  If the market drops over the next 15 months only 5%,  you actually end up with a equity increase. 

The Good News is, January homes sales activity was up 14% and the price increased by .20% a modest annualized gain of 2.4%.  Take these figures into consideration, the risk is much less purchasing a home and having it decline in the first  twelve months.

Here are some things to consider before you start looking for a home.

Determine your needs based on a comfortable life style that your living a life and not for a home.

Determine what you are qualified to purchase.  If you have more questions about the loan qualification process send us a quick email and we will respond to you within 24 hours or for quicker service call 847-381-9500 ask for Art Dusenbury. 

Decide what your target move in date is.   Then give yourself at least 120 days to complete the home buying process.  It is taking much longer to close on a purchase then it has in the past. 

Know how the market is going to affect you in the future.   The only way to really know what the market is doing is by selecting a real estate agent that will look out for your best interests.  You need an agent with experience and knows how to navigate the turbulent Chicago Real Estate Market.

Join us next Wednesday when the topic is "Now I am pre approved for a home loan; whats next?"  In the mean time feel free to search our extensive data base of homes and foreclosures that are a Great Buy in this highly affordable market.

Shadow Inventory of Fine Chicago Foreclosed Homes Coming!

Some Folks Just Don't Get It?

Word is in that there is a new wave shadow inventories (Video by trusted CNN Faber Report and Amherst Security Analysts) of Chicago foreclosures coming down the tracks for the 1st and 2nd quarter of 2010. What is a shadow inventory? It is 2 things:

• Rentals that Fannie Mae has had in rental inventory homes in Chicago that Fannie Mae intends to release back into the market this spring.

• Banks are again getting shot in the foot! Loans that were modified 12-24 months ago are now in foreclosure again. The best predictor of consumer behavior is the recent past. Our government is trying to save consumers that don't have a clue how to be responsible. It's responsible folks that are flitting the bill! This is for another blog.

What does this mean for home sellers and home buyers? Good news and Bad News! The Good News for Buyers is that home prices are going to drop another 12% through 2010. By this time analyst's and I agree the Chicago Homes inventory will the hit bottom by March of 2011.

I'm a buyer that needs or wants to buy a home and I have a credit score higher then 620, do I qualify for a Chicago home loan by FHA? Yes you do if you have a job and a qualified income for the price of Chicago homes for sale and low debt ratio qualification.

I hear the market is still dropping! What do I do to not pay to much? You must work with Chicago real estate agents who will act as your trusted advisor that knows the numbers. Have your advisor calculate and estimated Market Evaluation minus at least 15-18% below current market value. Then start with and offer 3% lower then that as a starting bid. You must be willing to walk away from a home. That emotional decision may come back to bite you down the road. Don't plan on selling your home for at least 7 years.

Check back next week for more helpful real estate information from "The Art of Real Estate".

Next weeks topic: How do I buy a home in a turbulent Chicago real estate market.