How we helped Rob by never wasting his time

"He did a great job of showing me properties. He always made sure that the properties we saw were types of things that I liked so we maximized my time. He was very good at determining up front whether it was worth my time to see a particular property."

-Rob Fick, home buyer

The Benefits of Owning Over Renting

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, we'll discuss buying versus renting. There are three main points that I want to make about buying and renting in Chicago's current market.

The first thing to consider is rental affordability. A recent Zillow survey published in Crain's magazine revealed that in Chicago, renters typically pay 31% of their total income, while homeowners pay 14% of total income. Rental demand is skyrocketing, but percentage-wise, the monthly payments are considerably higher than mortgage payments.

Next, think of real estate as a financially leveraged instrument. That means that for a relatively small down payment, you acquire a very large asset when you buy a home. You do not need to put 20% down on a home; we will work with you to come up with a manageable down payment, such as 5% or 10%.

Finally, whether you're renting or buying, you are paying a mortgage anyway. Renters pay the mortgage by paying a landlord. If you're going to pay a mortgage, it might as well be your own. That way, you can build wealth and reap the tax benefits.

As you can see, there is an advantage to owning a home here in Chicago. If you have any questions on today's video, give me a call or send me an email. I would be happy to help you!

How we helped Dr. Eappen by getting the necessary repairs done prior to his home sale

"Anant was very helpful finding tradesmen to do the minor repairs on the condo before we put it on the market. I am far away from the property so he would go and let the contractors inside in order to do the work. These things were very helpful to me since he was right there in the city."

- Dr. Eappen, home seller

Three Things to Know about Real Estate in Chicago

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

I have a couple of different things to speak about, because there is a lot going on with the real estate market in Chicago right now.

First of all, inventory is very low, and this is causing multiple offer situations to occur more frequently. This is subsequently raising home prices, so if you're looking to sell, now is a great time to do so.

As far as median home prices go, we're currently sitting at $305,000 for the Chicago area (through June 2015). This is good news because prices have been increasing very nicely in the last few years. If you'd like a more detailed price report for your neighborhood, please don't hesitate to contact me. I can provide one for you.

Finally, closed sales in Chicago have risen dramatically since 2013. This is simply because supply is low and demand is high. Part of this may be the fact that interest rates are still very low, which is causing buyers to purchase now when affordability is high.


If you have any further questions about this report, or if you'd like to buy or sell in the Chicago area, please don't hesitate to contact me!