Real Estate - Finding the Right House

Chicago is one of the busiest, liveliest and the most important cities in the US because of its location. It is located in close proximity to Lake Michigan and Mississippi River which is why it a hub for transportation. Since it is located in the Midwest, Chicago is a gateway between the East and the West Coast. The city is also a very important trade center because of its location and it is not surprising that thousands of people are considering making the city their home. It presents business opportunities, diversity and a lot of different entertainment options, making it a wise choice for settling down.

Finding the Right House

Those who are planning to make Chicago their home will need to spend some time doing research and evaluating all the properties in the different neighborhoods. Choosing the right realtor is the first and the most important step in the process. There are also plenty of factors which have to be considered like the place of work and the commute needed.

Questions to Ask

While looking at the real estate Chicago, there are plenty of questions which you would have to ask before making the decision. Real estate Chicago is very diverse with plenty of different options available which makes it even more confusing for those who are new to the city. Given below are a few important factors and questions to consider:

Location

The most important question to ask yourself while selecting a property is the location that you prefer. Chicago has the busy downtown area as well as the more suburban type neighborhoods to choose from. Think about what you need and then look for houses in that area.

Type of Home

Once you zero down on the type of neighborhood you are looking for, the next thing to consider is the type of home you prefer. You can choose from an apartment, condo, penthouse, townhouse or a single family home.

Style and Size of Home

The style and the size of home that you are looking for will also have to be considered. Whether you are looking for a multi-level or a one level home, an older property or a newly constructed home are some important questions to ask. Also, the size of the house and the number of bedrooms you would need would depend on the size of your family. Consider not just the number of bedrooms but also the number of bathrooms and the overall square footage area of the property before making a decision.

Amenities

Lastly consider the other amenities that the property has to offer. Check if there is a basement, whether or not the basement is finished, a garage, if there is an extra parking space, the sizes of the wardrobes if any, kitchen accessories and cabinets, the appliances in the kitchen, dining space, the décor of the house, the fireplace etc.

All of the above questions and factors would allow you to get a clear idea about what the property has to offer. Compare these factors against the price which is asked for the property to see whether it fits into your budget and if it offers good value for money.

To know more about Real Estate Chicago and how to find your dream home in the city, please visit http://www.realestateinchicago.com/.

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Real Estate - An Overview

Chicago is one of the liveliest and the busiest cities in the US because of its location. It is located close to Mississippi River and Lake Michigan, making it a hub for transportation. The city is located in the Midwest which makes it a natural gateway between the East and the West Coast. Because of its geographical location, the city has also become an important trade center and it is not surprising that thousands of people are considering making the city their home. It presents business opportunities, diversity and a lot of different entertainment options, making it a wise choice for settling down.

The Real Estate Market in Chicago

Fortunately, for those who are considering making Chicago their home, the real estate market is varied and plentiful as so many people move to the city every year. The city has a wide variety of single family homes, apartments, townhouses and condos to choose from. There are also plenty of opportunities for those who are interested in purchasing empty land.

All being said, real estate in Chicago is by no means cheap. The rentals in the city are quite high while purchasing an apartment or a house in the good neighborhoods can really burn a hole in the pocket. The downtown area of Chicago is The Loop which is the hub of all the activities. The neighborhoods which are close to downtown are the costliest when it comes to real estate in Chicago. Most people fall in love with The Loop the moment they visit it and dream about finding a house close to it. However, the rates are too high and unless help is taken from a trusted and knowledgeable real estate agency the chances are that finding a property would be impossible.

Neighborhoods in Chicago

For those who are looking for affordable housing options, the South Side has the most affordable options in real estate in Chicago. The neighborhoods in South Side cover as much as 60% of the total area of the city and thus there are plenty of different options to choose from. Chicago's West side too is a great place to start house hunting since the properties there are a little cheaper.

The north side of the city is known for its harbors, beaches and parks and is the most serene and beautiful locations in the city. This part of the city has some of the nicest apartments and houses. However, there is a huge demand for properties in this area because of which the rates too are quite high.

Those who are planning to make Chicago their home would have to spend some time evaluating all the properties and considering their options. Consider the place of work since living in the suburbs of the city would mean longer commutes though the property rates would be affordable. However, the city does have many modes of public transportation available which makes commuting a little easier. Choose a realtor wisely and look at as many options as you can before you make a decision.

To know more about Real Estate in Chicago and how to find your dream home in the city, please visit http://www.realestateinchicago.com/.

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Reasons to Choose a Local Real Estate Agent

With the economic downfall that has just about killed the housing market a lot of sellers and buyers have quickly become cautious when it comes time to choosing a real estate agent for their own basic needs. Everywhere you look in the news there has been a lot of different controversies regarding the real estate agents and how they are breaking contracts and swindling buyers and sellers out of thousands of dollars. All of this has made the word of mouth even more vital than it had ever been. One of the best ways that you can be sure that you are getting the best deal on the property that you are either selling or buying is to go through a local real estate agent.

Therefore if you are looking for a new home that is located in a new neighborhood then you should really consider choosing a local real estate agent. The people that are located in the area will be able to tell you which realtor is the best. They will also be able to tell you about their overall professionalism and dependability. Word of mouth is a very valuable tool and when you take the time to listen you will be well on your way to gaining a great realtor for your own personal needs. Also the people in the area where you are looking will even be able to provide you with various listings to talk to these agents about that have not even had the chance to hit the market yet.

Most of the good local realtors in the area will have a good hold on the vibe of the current housing market and most generally will have prior knowledge of even some of the properties in the area that have not been added to the market. This will give you a huge boost because you will be able to be one of the first potential buyers for a house that you may particularly love. Also if the realtor is good they will have a good reputation in the area that you are currently looking in.

A local real estate agent will also have prior knowledge of all the necessary essentials that are in the particular area. This should include the crime rate, schools, hospitals, and whether the house you are currently looking at is located in a safe neighborhood or not. The local real estate agent that you choose should have a good knowledge of all these aspects and others. This will help you save time in your search and can also save you money overall.

As you can see choosing a local real estate agent just makes great sense as they can provide you with the best deals and they have the most knowledge.

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Selecting an Impressive Real Estate Agent

In the present market status, it is highly crucial that you get for yourself a very experienced and reliable real estate agent. In a niche where various components are overwhelming like opportunities, tax benefits, market status and updates, it is very important that someone with impressive communication skills would be right beside you in the process of giving up your Home for sale through an open house. To sell or buy a house is way too important task to let the inexperienced and less skilled to handle it.

However, whatever kind of property you may be dealing with, whether it is for residential or commercial purposes, every client should check out on the background of the assigned Real estate agent if he is in good records with a few reliable groups and associations of realtors. When a real estate person is a member of such organizations, you can be assured that each of their members are complied to attend useful seminars that would further enhance their skills in the real estate business. These organizations have been very monumental in the implementation and application of various principles and proper ethics for the people involved in the industry to follow.

It is also important that you know that the term is associated with an agency. The agency is accountable for the actions of each broker and agent, especially in terms of keeping up with the company's campaign for marketing and relative to interacting with other firms. To choose a reliable real estate agent can really fully maximize the chances of selling a property and giving assurance to the buyers that they are making the right decision.

The marketing strategies for real estate has evolved greatly especially with the emergence of the Internet. Unlike before where open houses are widely used for promotion, today websites are more often used and utilized to keep everybody informed about the latest property offerings and updates. Surveys even show that most investors are yielded to do their searches online and hence a lot of real estate companies have greatly adapted effective online marketing strategies for them to have a stable place in the Internet.

In an online version of an open house, the tours are done virtually and the looks of the house are presented in high quality digital photos uploaded in the website. These companies also get themselves included in the high ranking listings over the net. And for the potential buyers, they offer comprehensive listings of the latest offerings, schedules, and agents.

The best real estate agents still should have good communication skills to be able to respond quickly and effectively to possible calls that may be received once the potential buyer sees the website and has decided to call for further inquiry. A competitive real estate agent is very much aware that staying on top of the market should be set as utmost priority along with their accessibility to potential buyers. That is why once you have selected an impressive real estate person to help you along the process, it is very important that you remain in close contact with them.

The orthodox forms of real estate marketing still bear value such as the brochures, the signages, business cards, flyers, and open houses. The best real estate agents are capable of combining the effectiveness of the old and new concepts to develop greater chances of increasing exposure and assuring a sale. It is also important for these realtors to be aware of the present market for mortgage as well. They should be in direct contact with the leading mortgage companies and other helpful programs. The best one you can get is someone who is entirely capable of tying a strong bond between the sellers and the buyers to come up with a successful transaction in the end.

For more information about open house please visit here. Article Source: http://EzineArticles.com/?expert=Heri_Nurzaman

Real Estate Market in 2009

With the global financial crisis, real estate investors are on the lookout for the future of real estate.

The years 2007 and 2008 have been cloaked with a gloomy condition. While it's still early to predict what the real estate market can be in the 2009, there have been early indications of what's in store for us.

Generally, the real estate in 2009 will resemble this picture. Unlike the 30-50 percent declines in the previous years, there will no longer be a noticeable price drop as consumer confidence continues to falter. This seems like doom but there's no other lens to look from.

Luckily for those with a good credit standing, 2009 is the best time to invest in the real estate. This is just one of the few positive things left in 2009.

In states like California, the number of homes for sale will dramatically decrease by 45 percent or even more. This entails a domino effect on the industry. There will be at least 10% layoffs in the construction industry. Fewer homes will also mean fewer sellers.

Banks, as a dominant sector in the real estate, will release REO inventory slowly just to increase housing prices. Due to the increasing pressure experienced by these banks, there will an increase in revenue as they cut losses. Added pressures will also prompt these banks to outmaneuver rules to rent out houses rather than bringing them back to the market. This strategy can help banks raked in profits while waiting for the market to recover from a terrible financial damage. House rentals will also compel banks to furnish these properties.

Just to get ahead of the game, competitors will be featuring various real estate offers. But this does not mean that buyers will get easy on their spending. In this case, it's always cash buyers who win over those who apply for housing loans.

The real estate market in 2009 will have a tougher competition and a few competitors eventually. As a result of this, there will be a few choices left for home buyers. The need for a good negotiator is imperative during this time but the condition seems not to welcome experienced real estate agents since most of them will be leaving the industry.

When it comes to financing, the problem is not only limited to those with existing loans. People applying for loans will have to undergo a rigorous and cumbersome process with their banks. This may force home owners to sell their residential properties and settle as renters.

As to foreclosures, banks may change their rules just to accommodate foreclosed sellers to purchase another house after six months.

The gloomy state of the real estate market is based on facts and current trends. It would wise to keep track of the changes in the industry especially when it comes to new government measures implemented by the new administration. But before you expect for a turn around in the 2009 market, get yourself ready for the danger ahead.

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How Are Real Estate Agents Paid

In Illinois, all real estate agents must be licensed under a sponsoring broker. That sponsoring broker, either an individual or a company, is the only entity that can directly receive income, whether fees or commissions, from the public for conducting real estate transactions. Agents are compensated for income producing activities by their broker.

While an agent may be an employee of the broker, most agents in Illinois work as independent contractors and are paid by commission. This requires, by License Law, an independent contractor agreement between the agent and broker specifying what each will provide to the other and under what terms. Such an agreement provides some tax benefits to both, although probably more to the broker, and allows somewhat more freedom to the agent than would an employment agreement. As an independent contractor the agent is responsible for his/her own taxes and social security liability and nothing is withheld from the commission payments.

There are several models for broker/agent compensation plans, but the most common is some sort of commission split schedule. In some plans, the agent may have a monthly fee payable (desk fee) to the office in return for a set commission split on all agent generated business. Most of the franchise companies (Prudential, Century 21, Coldwell Banker, ERA, etc.) use graduated commission schedules where the agent's split is based on the agent's level of production, although some may also offer desk fee arrangements.

The majority of brokers are members of a Multiple Listing Service through which they offer to share earned commission with other broker members who cooperate in the sale. Most transactions have two sides with a listing broker and selling broker, as well as agents working under each. If an agent is on the listing side (on a 50/50 split agreement) and another agent brings in an acceptable offer, the earned commission would be split four ways:

Sale: $300,000

Agreed Commission: 5%

Amount: $15,000

50% to Selling Broker: $7,500. (split with Selling Agent)

Amount to Listing Broker: $7,500.

50/50 Split: $3,750 to Listing Agent

Typically, as the agent production increases, perhaps on an annual basis, his/her split will advance. While it is common to see productive agents on 70% or more splits, it's important to remember that the sponsoring company needs operating capital and some profit to continue in business. On a commission split program the sponsoring broker will usually bear the cost of rent, secretaries, phones and utilities, company advertising, maintenance, and office equipment to allow the agent to do business with only minimal out of pocket expense. Agent expenses will include things like Realtor® Association fees, local board dues, MLS fees, automobile expense, insurance (usually including a professional liability policy: Errors and Omissions), and individual business promotion expenses.

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How a Small Mistake Can Cost You a Fortune As a Real Estate Investor

Admit it: One of the main reasons you pulled the trigger on a Real Estate investing career is because of the potential you saw to pull cash in hand over fist over the next year or two as the market works its way through the pile of foreclosed properties. There's nothing wrong with wanting to secure your future and give notice to your boss that he or she will have to learn to get by without you. If you're going to do that, though, you'll have to get an education in real estate investing - and avoid some of the little mistakes that can cost you a fortune.

Some of the gurus like to stand up on the stage and go on and on about how they made mistakes on their way to overwhelming success, and there's no doubt that they're right. Where some of them go wrong is by wasting time giving a long-winded explanation about some huge, complicated mistake that nearly cost them the shirts off their backs.

Big mistakes are bad.

But it's little mistakes that can kill you.

For instance, assuming that all you need to succeed as a Real Estate investor is the little real estate investment course you bought after watching a guru's infomercial late one night when you were too lazy to stand up and walk the three feet to where you left the remote control. Admit it: They talked a good game and they got you - hook, line, and sinker.

The opportunity they told you about is real.

But a little bit of information and a lot of happy crappy isn't enough to make you rich. That little mistake could cost you more than you realize. It might just cause you to lose faith in your dream of real estate riches.

If you want good vibrations, drink Sunkist. If you want explosive Real Estate investing profits, get a real education. Learn more than just a brief overview or outline of real estate investing techniques, because the ability to make big money in real estate centers around how much you know, what you can do, and how you can do it. It doesn't hurt to be motivated to get started, but without a fully loaded arsenal of practical real estate investing knowledge, your options are as limited as your chances of true success.

If at least part of your education in real estate investing doesn't include learning how to actually do a subject to transaction or other common real estate investing techniques, you may as well be marching off to war with some cream cheese icing and an electric mixer instead of a weapon. My point is that when you're trying to invest in real estate you have to know how to do these simple transactions.

little mistake that could cost you a bundle in lost time and current, as well as future, profits, is the thought that a good mentor won't bring enough to the table to be worth the investment.

Not a good thought.

A good mentor can tell you a lot. Like some of the ways he or she managed to lose money in real estate investing. There are hundreds of ways you can structure real estate transactions that could have you whistling all the way to the bank. Unfortunately, there are thousands of ways to lose money in real estate. A mentor can fill you in on some of the gory details that could cost you an arm and a leg.

There are also little tips and tricks you could learn from a mentor that might take you years to learn on your own. Like knowing when to shut up when negotiating with a distressed property owner. In certain situations, your natural inclination will be to fill an uncomfortable silence with small talk or idle chatter.

Did you know that if you would just lean back in your chair and shut your mouth the seller might just concede your point, accept your offer, and you could strut out of their house with a signed agreement in your hand - an agreement that could put tens of thousands of dollars into your pocket?

Little mistakes like these can be reminders that knowledge and experience are critical to your success as a real estate investor. And lacking knowledge and the good judgment that could be passed on to you by a good - or even great - mentor are key ingredients in investing failure.

I know it's only money, but wouldn't you rather it be all the little things you do right that adds thousands to your bottom line rather than a bunch of little mistakes that wind up costing you a deal - or your dreams?

Go ahead, start your investing career. But whatever you do, aim for huge success.

Because little mistakes really stink.

About the Author Sean Flanagan went from dead broke, living off Ramen Noodles and selling used pallets from the roadside for $20 a day, to a self made real estate multimillionaire in under 2 years time. He now shares his secrets with thousands of students across the country. He has a FREE audio course titled 7 Secrets to Making Big Bucks in a Slow Real Estate Market which you can get right now by quickly visiting http://www.yuckyhouseleads.com He also gives away a coaching program for new real estate investors where he offers a risk free trial to prove to new real estate investors how much money they can make with his program at http://www.yuckyhousesystems.com Article Source: http://EzineArticles.com/?expert=Sean_P._Flanagan