What would I do in this current market environment?
I want to tell you what I would be doing if I was looking to buy a home in this current market environment. Number 1, I would take the time to rethink exactly what I want, maybe now I need a home office, or maybe I need to have a workout area. Now is the time to really kind of reconsider exactly where you want to live and exactly what you need to have in that property.
Number 2, I would get my finances buttoned up and all my ducks in a row, if I needed a loan, I would get fully pre-approved, that way, when I find the right property that meets my needs, I’ll be confident in my position, and I’ll be ready to negotiate.
Lastly and most important, I would know the market, I would want to know what the inventory level is, I would want to know what’s on the market, and what is recently been taken off the market because most likely, when all this normalizes those properties will be back on the market.
In conclusion, know what you want, be prepared and if you do, you are going to find a great place. Have fun. If you have any questions about virtual buying process or the market, please reach out, my contact information is below.
Market Report – April 29th 2020
Hello Everyone, John Lyons, super agent with Baird & Warner’s Lincoln Park office with your Market Update from April 29th 2020. We are seeing some early signs that the real estate market may be shifting in a more positive direction. Recent nationwide Zillow data shows online traffic on their site is beginning to bounce back. And declines in new listings are leveling off in most markets. Additionally, inventory remains at a record lows as many would-be sellers remain on ice due to the pandemic. However, for the state of Illinois, this graph shows showings on listings year over year. As you will see showings are increasing significantly from the early April bottom. So, does that correlate to contracts in the marketplace? The answer – right now – is YES it does. This graph was put together by my managing broker David Bailey and shows contracts on attached, detached and 2-4 unit properties from the south loop up-to the north side of Chicago. The red bars represents units under contract by date. As you will see the red bar is starting to increase ending last week with a nearly 30% improvement from the week prior With all that being said – are we really rebounding like the data suggests OR are we going to be wandering in the woods if you will for a bit longer? Nobody knows what’s going to happen, but what we do know is that there are some smart things that we can be doing right now to position ourselves for success If you are waiting on the sidelines to list your property because you might think people are not writing offers well this simply is not true because the demand is there. If you have any questions about the market if you want to know what your home would be worth if you sold it right now in today’s market give me a call I’m here to help
My Virtual Buying Process
I am so excited to unveil my new virtual home buying process. Here is how it works.
First, we will have a virtual conference where we can discuss your preferences and create a plan to meet your needs. For home search and new listings, you will receive homes that match your criteria the moment they hit the market and in some cases, before they actually do. For touring, virtual tours can be scheduled for all home you want to see and in most cases, homes are now 3D modeled. When it comes time to sign, all offer documents will be emailed to you so you can sign them from the comfort of your home. For earnest money deposit, we will help you use the proper protocol to wire funds securely to the right destination. We will also coordinate the inspections and email a report that includes photos and details of every aspect of the property. At closing, all documents required a wet ink signature will be delivered directly to your car by the closer. And lastly, we will arrange for the keys of your new home to be delivered directly to you. Welcome home.
I am here for you
I’d like to first start off by saying I hope everyone watching is safe and healthy because these are strange times and uncertain times and everyone is feeling the impact of the Coronavirus. But I’m happy to tell you homes are still being bought and sold, and I’m here to be of service no matter what changes this pandemic brings to our market I’m here to give you the latest market updates or any information I might have. So if you have questions about real estate, want to see a property, or want to know what your home would sell for if you put it on the market today, please give me a call, I’m John Lyons from Baird & Warner, be safe out there, have fun!
4 of my best Tips for Homebuyers Navigating a Seller’s Market.
Hey everyone, John Lyons here with Baird & Warner’s Lincoln Park offer and today I am going to give 4 of my best Tips for Homebuyers Navigating a Seller’s Market. Sometimes home buyers wonder if it’s even worth trying to compete against other buyers in a sellers market. When there is very little inventory, it’s not unusual for a seller to receive multiple offers. However, It’s almost always a good idea to write an offer anyway. Here are tips to make your offer outshine the rest: 1. Submit a Large Earnest Money Deposit. Pending home sales sometimes blow up. Many sellers are worried that once they commit to an offer, the winning buyers might back out of the transaction or default on the contract. The earnest money deposit is part of your down payment. By increasing it above normal limits, you are showing the seller you are serious about closing. You’re only offering the seller more money a little sooner than later, but it speaks volumes.2. Show the Sellers You Are Qualified! Almost every multiple offer will be accompanied by a lender letter. To stand out, ask your lender for a loan pre-approval letter, which is different than a pre-qualified letter. Being preapproved makes you a stronger buyer in the seller’s eyes. 3. Give the Sellers Time to Move. Buyer possession is often a sticky point. It’s hard enough to juggle multiple closings if you are selling and buying simultaneously, and even more difficult if the sellers are doing the same. Cut the seller’s some slack by giving them two to three days to move out after closing, without expecting compensation. 4. Write Your Best Offer. With low inventory – Don’t hope for negotiation. Offer a great price. Make it attractive, maybe even a bit above list price. Sometimes sellers deliberately set a price below comparable sales in an effort to generate multiple offers to drive the price up, so paying a little extra doesn’t necessarily mean you are over paying for the home. If you have any questions about purchasing a home in today’s market, or if you have a topic you’d like us to cover in one of these videos, give me a call, or send me an email. I look forward to hearing from you!
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