Deciding to enter the Chicago real estate market is a serious financial decision. Every step of the real estate process requires careful planning, consideration of all variables involved, and patience.
Your first step should be to review the real estate laws of Illinois and determine how they fit into your current home selling situation. Look into laws pertaining to selling your home on your own in Chicago an determine what the requirements are. When you familiarize yourself with what you can and cannot do, you lower the chance of running into legal obstacles anywhere during the process.
The next important step is to assess the conditions of the real estate market in Chicago. The market relies on more than just economic conditions, with other factors such as demographics, interest rates, and government policies playing a role. You should also review and analyze your finances and organize what assets you do and do not have.
Once you have a better understanding of your resources, you will be able to effectively budget and find ways to save. For example, avoiding hiring a real estate agent to save up to 6% in commission fees. Do this by handling the selling or buying process yourself and personally listing your home for sale on beycome.
Chicago Home Repairs and Upgrades
You will also need to consider what repairs or renovations are necessary to fix up your home; potentials are likely not interested in buying a run-down or unappealing house. It is strongly recommended that you allocate a part of budget to repairs if you do not want to avoid engaging in any major price negotiations.
So, you've decided to buy a house in Chicago? A great decision, considering you will be moving into a city known for its killer deep dish pizza and top notch bar scene. Chicago always has new real estate available to look into, but it is normal for this prime housing to go on the market for a high price. Look into your finances, and plan ahead so that buying your home doesn’t cause more problems than it solves. Consider using the many different types of mortgages available to the average home buyer.
203k Rehab Loan
Taking out a mortgage requires a few preliminary steps. First and foremost, verify your credit history before using credit to pay for anything and void applying for any credit before you have closed your home. Also, consider looking into getting pre-approved.
Mortgage lenders are able to pre-approve you but you’re going to need a good credit score, money down, savings, and steady employment. Each mortgage type comes with general fees, including the extra costs coming with private mortgage insurance.
Having the proper documentation ready will make the process of buying real estate in Chicago much quicker. These are the most common:
Social Security Numbers
Addresses for Involved Properties
Proof of Homeowners Insurance
Working with beycome includes all the legal documents and eliminates the need to work with expensive middlemen, a process which will save you a lot of money. Marketing tools that are on-site include:
Step-by-step guides to marketing online
Videos and a virtual tour
Listing on your local MLS
Listing on top real estate sites
Open House Scheduler
Printable Promotional Ads
Outside Marketing Tools
Home Visit Manager
Full Legal Offers
When you are buying a home in Chicago, you want to find the one that best suits your preferences and tastes. Look through your options and be thorough. Try making a list of questions and/or needs to check off as you look to buy a home in Chicago. Does the home place you closer to the action of city life? Is it more isolated and rural? How convenient is the location in terms of distance from your place of work or your doctor’s office?
Privacy is also important, check around the home and see if you have the right amount to make you comfortable. You need to check a home's amenities, including stationary appliances that come with the house.
Once basic needs are covered, look into the structural aspects of the home. What kind of architectural style do you prefer? Chicago has a rich collection of different neighborhoods, such as Magnificent Mile and Englewood, that each have their own unique flairs and architectural styles. Naturally, these styles come with different:
Closets and other Storage Spaces
Number of Rooms
Numbers of Floors
Garages or Parking
Numbers of Porches or Decks
Additionally. the exterior of the home is just as important as the interior—make sure you are satisfied with both when looking to buy real estate in Chicago. Aesthetics wise, the home could be a dream. But what if it’s in a loud or potentially dangerous neighborhood? Similarly, what if it’s in an area that’s too quiet for your tastes? It is important to consider all aspects of a property in question before making any final commitments.
Chicago is a vibrant, culturally diverse city absolutely filled with storied neighborhoods and districts. The city has a population of millions, with a large immigrant population and plenty of independent stores and small businesses. There is a little something for everyone to enjoy throughout a variety of neighborhoods. When looking for a home, you have plenty of options available to choose from if you know what you want in a home.
Albany Park: The area is known for its diversity of cultures and the sheer size of the immigrant population. There are few bars here but plenty of restaurants for practically every nationality.
Beverly: An area known for its traditional family values and variety of high standard homes. This is a center hub for Chicago Irish and African American families, as well as a variety of other residents. The local food scene includes a variety of different bars and independent restaurants.
Bridgeport: The locally known center of the Chicago working-class, this area is rife with low priced homes and a diverse populace. Bars and restaurants here have history dating back over a century. The area has an old school style that presents the feeling having a small town inside of a much larger city.
Hyde Park: At the high-end of the quality spectrum, this area trumps most others in terms of quality housing and green living. The area is mostly populated with students form the University of Chicago, with a more diverse populace the further away from the school you go. A variety of local businesses and shops also dot the area.
Lakeview: This is the jack-of-all-trades neighborhood with a little something for everyone. Every type of culture and nationality is found here, with all kinds of experiences just waiting for you.
Chicago Transit Authority:
Buses: WIth over 2,000 buses that operate in a system that amounts to the one of the largest public transportation system in the United States. This system has over 150 routes, covers over 2,000 miles, services above 12,000 posted stops, and carries out close to a million passenger trips a day.
Trains: The Chicago train system use over a thousand trains to travel across hundreds of miles of tracks along eight routes. The trains service about 144 stations daily.
University of Chicago: University of Chicago is an urban research university, established in 1890. The university also boasts 89 recipients of the Nobel Prize and is fairly close to Obama’s home in Hyde Park.
Loyola University Chicago: Loyola University is a private Catholic research university, founded in 1870 by the Jesuits. Today Loyola is one of the largest Catholic universities in the United States.
University of Illinois at Chicago: UIC is a public research university, located in the Near West Side community area. UIC also offers 86 undergraduate degrees and more than 70 minors.
DePaul University: Depaul is the largest Catholic university in the United States. Founded by the Vincentians in 1898, the University takes its name from the 17th-century French priest Saint Vincent de Paul.
Convenience Stores: 7-Eleven, Circle K
Grocery Stores: Harvestime Foods, Mariano's, Morse Fresh Market, Treasure Island, Treasure Island Foods, Ted's Fresh Market, Cermak Fresh Market, Farmers Pride Produce, Go Grocer, Whole Foods Market, Trader Joe's
Pharmacies: Deitch Pharmacy, Well Future Pharmacy, CVS Pharmacy, Walgreens Pharmacy
Once basic needs are covered, look into the structural aspects of the home. The exterior of the home is just as important as the interior—make sure you are satisfied with both when looking to buy real estate in Chicago. Aesthetics wise, the home could be a dream. But what if it’s in a loud or potentially dangerous neighborhood? Similarly, what if it’s in an area that’s too quiet for your tastes? It is important to consider all aspects of a property in question before making any final commitments. What kind of architectural style do you prefer? Chicago has a rich collection of different neighborhoods, such as Magnificent Mile and Englewood, that each have their own unique flairs and architectural styles. Naturally, these styles come with different:
Closets and other Storage Spaces
Number of Rooms
Numbers of Floors
Garages or Parking
Numbers of Porches or Decks
When you are looking to buy real estate in Chicago, assess all your options. Put together a plan and find the neighborhood and house that closely fits that plan. But, don’t be afraid to change your plans! As you start your search, it’s okay to add on new elements of consideration or remove some. Use the internet, call the owner(s), introduce yourself to your potential neighbors, and visit open houses to gather as much information as possible before you make a final decision.
It is always good to come prepared with some questions. This is particularly useful when trying to determine which houses fit your minimum criteria.
How do the price comparisons look?
How long have the homes in question been listed for sale by their owner?
Is there a deadline?
How much time do you have to make a decision?
Why are the owners selling the home?
Has it recently been refurbished, redecorated or renovated?
Are there any association fees?
How much are the current utilities per month?
Do not be afraid to ask questions.
Purchasing real estate is a significant decision, that requires a lot of planning and consideration. Make sure to own your deal and keep yourself as informed as possible.
As you look to buy a home in Chicago, sometimes the Internet isn’t the only medium in which to find information. As high-quality and thorough as a listing may be, it is imperative to take things a step further and actually visit the houses you are interested in. There a variety of ways to do this, though the simplest option is seeing when an open house would be at your desired property. You may also contact the home seller and arrange for a private tour.
When you go and look at real estate, you should take advantage of the opportunity and gather as much information as possible for later. Take notes and photos of anything that may become important later, especially anything broken or faulty. Check and record any issues with locks, windows, doors, floors, plumbing, water pressure, outlet number and locations, lighting appliances and pests.
When you are finally ready to commit to your brand new home, know the process is not easy! There’s far more involved than merely signing your name. Look into comparative market analysis and examine how homes in the area are normally priced. Consider the different markets, and how the buyers, sellers and balanced markets are doing in Chicago. Based off of this information, be prepared to negotiate.
You do not want your time to be wasted, or for any problems to affect your offer and agreed upon contract. This is what contingencies are for, as they act as legal tools and safety nets to allow you to back out of a home sale contract if certain conditions transpire. You can add as many contingencies as you want, as per agreed upon by both parties, but it might be best to stick to the basics. Beware, the seller may also back out of the deal if you scare them away with too many contingencies. A few examples include:
Home inspection Contingency
Home Appraisal Contingency
For a property that is in high demand, you may need to strengthen your offer. It is preferable to work with a lender preferred by your listing agent. From there, you should work with the professional to go over all the options available. Consider shortening the contingency periods for the clauses or waiving them entirely.
Also, work on showing how committed you are to buying the home from the seller. Often, there is the fear that buyers might back out. Erase this fear by introducing yourself to the seller with a cover letter, some photos, and an opinion on the home itself. You also have the option to increase the earnest money deposit to further demonstrate your commitment.
Bidding is an important process when it comes to competing for a particularly popular property. If you bid too low, the seller will likely reject your offer. If a bidding war occurs, be prepared to fight with other potential buyers on pitching the best offer.
Home sellers are looking for committed buyers instead of someone who will cancel the contract at the drop of a hat. Sellers are also looking to sell quickly, which they cannot do if you face financial problems or drag your feet making any decisions. Negotiate your terms quickly and efficiently to have a better chance of closing the deal and buying the home.
Just because you are finishing up a contract does not mean that you can relax or ignore the final closing. There are closing costs you need to watch, with lender and third-party fees that should not go above 2-6%. The average process should also fall between 30-45 days to complete, unless you sign up on beycome, where sales close 12 days faster than the industry average and you’re also refunded you a percentage of the closing fee in credits.
You should close the deal quickly, following the correct steps to ensure that the sale is done without issue. Make the earnest money deposit, order the title, inspect the real estate (personally and professionally), purchase insurance, and walk through the home again. Once all that is done, you can submit the cashier’s check for down payment and closing costs. After you close the escrow and sign the necessary paperwork, you become a proud Chicago homeowner.
Chicago is a huge city with a hefty population, which means that there is a huge variety of locations and businesses that have been around for decades. You can find locales that have remained standing for over a century and remain open to the public. Chicago is also known for some of America's most recognizable landmarks. There is plenty to see and experience when you are exploring this historied city.
Art Institute of Chicago: If you’re a history buff, check out Chicago’s world class museum with hundreds of thousands of artworks. The diverse collection spans thousands of years and includes pieces from a variety of media including painting, prints, photography, sculptures, and more.
Millennium Park: Relax with a good book and some snacks at Chicago’s famed public park, located in the Loop District. Also, you can’t leave without checking a ton of pictures in front of the Cloud Gate statue—also known as “The Bean”.
The Navy Pier: This is a must-stop location here in Chicago. There’s something for everyone—musical showcases, theaters, museums, restaurants, bars, shops, and even a ferris wheel!— all on a gorgeous waterfront.
Wrigley Field: Calling all sports fans! Wrigley Field is a baseball park located on the North Side of Chicago—home to the Chicago Cubs. Outside of sports, the field also hosts concerts for reputable artists like Fall Out Boy and Billy Joel.
Skydeck Chicago: No trip is complete without a visit to the tallest building in the Western Hemisphere, shooting up to 1,353 feet! Craving a healthy dose of thrill? Head up to the 103rd floor and hang out on The Ledge, where a glass balcony extends more than 4 feet out from the building.
The Magnificent Mile: This is the perfect stop for all shopaholics, especially if you’re an aficionado of all things luxury. From Neiman Marcus, to Lord & Taylor, get your designer fix. Top-notch eateries and hotels, including The Drake, a Hilton Hotel, the Four Seasons Hotel Chicago, and the Intercontinental Chicago Magnificent Mile, are located here.
Lincoln Park Zoo: Check out African spoonbills, fruit bats, dwarf mongooses, and many other animals at the Lincoln Park Zoo! With 35 acres of land, this no admission zoo remains a tourist favorite.
Chicago Crime Tours: Visit Chicago’s underworld on a crime and mob bus tour. Learn about the most elusive criminals, mobsters, and gangsters that wreaked havoc through Chicago. Tourists are even taken to some locations via foot, like the spot where Chicago gangsters John Dillinger and Hymie Weiss stood just before their demise!
Giordano’s: Find the best deep dish in Chicago here. With over 3,000 reviews and a 5-star rating, you surely won’t be disappointed. Make your own deep dish with an assortment of fresh ingredients, or order one of their specials.
Pequod's Pizza: Chicago deep dish pizza is a delicacy that cannot be missed whenever you are in the windy city. This restaurant offers a variety of styles, but few beat the delicious taste of the crispy, crunchy, doughy pizza this spot offers. Thin style pizza’s are offered here as well for variety.
Doughnut Valley: This award winning establishment is famous for its moist, dense old-fashioned-style donuts. The food here comes in a wide variety of flavors, but you need to move quick because daily production is limited.
Smoque BBQ: A Texas style barbeque joint that hand rubs its smoked meats. You need to bring your own alcohol, so grab your favorite drinks and dig into some of the cities best BBQ.
Sleeping Village: This massive bar is over 8,000 square feet in size, with multiple areas to relax and enjoy the live music. Everything here is bigger, with a rotating list of beers and drinks to make every trip a unique experience.
Local Option: For beer enthusiasts, there are few options better than this dedicated locale. Try a house-branded brew or one of the other many types of drinks alongside the extensive menu available.
Suite Lounge: A cozy lounge that aims to provide a warm atmosphere and comfortable setting. The drinks are varied and it this locale is open seven days a week.
Drawing Room: This local hangout is known for its ornate decorations and high-class atmosphere. Once only available to the wealthy and elite, this establishment now provides top-tier services to all.
Signature Lounge: Around since the 90’s, this high-class lounge offers a sophisticated dining and entertainment atmosphere. This lounge has won multiple awards and provides high-grade American cuisine it satisfy and delight the palate.
Once you’ve completed all the aesthetic steps in preparing your home, it is then ready to receive potential buyers. However, before this, you need to determine an asking price. This isn’t a number that can be guessed, for you run the risk of being vastly outside of the market norm. Rather, you need to do some research. The easiest way to do this is by looking at other homes for sale by owner in Chicago and determining a baseline. Pay attention to homes similar to yours that sold in the last quarter.
Headlines like “Chicago for sale by owner” or “home for sale by owner in Chicago” are good places to start looking into comparable homes currently on sale. Start looking into the list of homes you find, and then making a rough average of the numbers you record. The average cost of a home in the Chicago metro area is $196,000, but that might change depending on location and the condition of your home.
Try taking a more proactive approach and visit an open house for sale by owner in Chicago. A first-hand experience will allow you to better understand your competition and make it easier to adjust your strategy. From what you observe both online and in-person, you will know what attractive qualities make your home stand out, and what qualities you can realistically add. With the help of a home valuation analysis, you should be able to come up with a fair asking price that will attract more potential buyers.
Your research will also be able to tell you the current trends that other homes for sale by owner in Chicago are using. These trends should guide your own decisions regarding updates to rooms in your home like the kitchen, bathroom, the exterior of the house, and the roof. Make note of any changes you make for later as qualities to make your home stand out from others. These qualities will factor into any estimations you make regarding your home's minimum and maximum value. You need to make sure that the sale price falls into a comfortable range between overpriced and underpriced.
Do a comprehensive inspection of your house. Take note of any issues throughout your home, rating them on a level of severity. If the problems are easy to fix, handle them yourself. If they’re not, determine if it is in your budget to hire professional help to fix them. From the list of repairs that require a professional, determine which issues are most pertinent.
The repair process is a lot easier when you create a list of questions to make sure that your real estate is up to the standards of your area. Questions like:
What were other homes sold in your area like?
Is your home in a better or worse state than they were during the sale?
How many repairs can you handle yourself?
Is the damage severe enough to require professional help?
Local inspectors will be able to look over your home and provide an opinion of its worth. This is an invaluable service for buyers and sellers alike.
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The inner mechanics of a home may require repairs in order to function properly. Pipes and plumbing in particular require certain services to prevent any issues.
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Handymen help by fixing up a home and providing professional maintenance.
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Contractors are available for larger scale changes and renovations that a home may need.
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For the area around a home, landscapers are available to clean up the vegetation and spruce up its look.
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For the inside of a home, these services fix a home up so that it is ready for visitors. This is an important service for hosting open houses.
If you need your pet out of the house for a bit, consider contacting a pet hotel. These locations will take care of your furry friend while you work on real estate matters.
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Once a home ‘For Sale by Owner’ in Chicago is ready to go on sale, it becomes time to focus on creating a marketing plan. The first and most obvious tool of choice for real estate marketing is the Internet, with the exploitation of social media making for a powerful, yet inexpensive, PR campaign. Use sites such as Instagram and Twitter to post your listing, and popular hashtags like “#MillionDollarHome” and “#JustListed”. There are also over a thousand websites designed to help advertise any home for sale by owner in Chicago. For example, websites like Craigslist and other online classifieds offer easy-to-use tools that make online marketing extremely convenient.
For a more conventional approach, you could go with classic advertising options like flyers or newspaper ads. Local Chicago newspaper publications to take note of include:
If you are going the conventional route with your advertising, you will need to take photos of your home in order to show potential buyers its best qualities. A professional photographer will be able to take these photos and provide the best ones to you for use in any advertising campaigns you will take.
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The City of the Century is constantly seeing increases in demand for real estate in many of its world-famous neighborhoods. Your audience understands how valuable your property is, so capitalize on this yourself. Eliminate the heavy expenses that come with hiring a real estate agent, handle the process yourself and connect to interested parties yourself. Work with beycome to avoid commission fees, slow results, and difficult agents by taking the proactive approach. Chicago for sale by owner is highly sought out, so benefit from that interest today!
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