Planning to Buy or Sell a Home? Read This

By: Maria Girlie Pascual

Yes, the real estate market has picked up considerably in the last three years and as 2018 goes into Spring, there is a lot of activity which stated even before the snow left the ground two months ago. This week in March though, news of the rising mortgage rates was in the headlines, and this, economists warn, will affect most buyers and sellers.

The increase in the mortgage rate can directly affect the ability of the purchaser to buy a home. According to Realtor.Com, “On a $300,000 house with a 30-year fixed rate mortgage and 20- percent down payment, the difference between a 4% and 5% mortgage rate is $142 a month. Calculated over the life of the loan, that is more than an extra $51,000.”

Because of this change in mortgage interest rates, buyers may have to think that it might be worth their while to seriously get off the fence and start looking for their next home while rates are still way below the pre-recession median of 6% for home loans. As for sellers, the rise in rates, should they continue, might mean less buyers will be inclined to purchase so it might be a good idea to pursue their plans of selling their house while the market is still leaning in their favor, especially in the Chicagoland area where last year, there was a shortage of inventory which made the market very conducive for sellers.

On the whole, ask the advice of your realtor or broker, especially the ones that have the experience and knowledge to guide you, whether you are a first-time homebuyer, a move up buyer or seller, even someone who went through the process of purchasing or selling in the past, you may need an expert to help navigate all the moving parts in these transactions.

Remember, we do more than just show you homes, write the offer and get paid. We need to listen to you and your partner or spouse, find out how many people and children will be living in the home, your lifestyle, your preferences in style, the neighborhood, where the schools, churches, shops, public transportation or highways are, the values of homes in the area, and so on and so forth. In this age of the internet where information is at the consumers’ fingertips, time and again, there’s nothing like the feeling of actually visiting the home you saw online, walking through the front door and saying, “This is it.”

What a lot of buyers and sellers don’t know is that prior to closing, there are a lot of other people involved—the attorneys, the home inspectors, the loan officers, the appraisers and the title company personnel. It is the real estate brokers’ job to make sure that all these parties are in sync with what is happening with the contract, the inspection, the loan, and the closing details. So, you see, we not only make a sale when the contract has been accepted, we EARN the commission by all the other things we do to make sure you, the buyer or the seller, accomplish your goals and your bottom line.

Talk to your friendly real estate broker, better yet, talk to ME. There is no obligation to find out how much your home if you’re a seller, and no fees to get information on how to become a homeowner if you’re a buyer. It is my job to bring the two of you together—you, the buyer, and yes, you, the seller.

Take the plunge before the mortgage needle moves again. Today is the right time to buy or sell your home. I’m waiting!

Call or text me at (847) 912-3997 Anytime, 24/7, or PM me on Facebook.

By the way, our new advertiser, Mr. Rick Litton of First Centennial Mortgage, has been my lender of choice for my clients who run the gamut from those that have impeccable credit and high credit scores, to people who could use help and guidance to get a better credit rating, and even first time buyers who definitely need information about buying their first home. Through all of my successful transactions, Rick has been a key factor in getting my deals closed, and my grateful clients moved in into their new abodes. With his charming Filipina assistant Krystal Tolentino, they are there to help my clients with their mortgage and to assist them in any way possible to understand the loan process and guide them through the many steps prior to closing on their home.

Together, Rick, Krystal and I will make sure that buying your next home will be a happy event and we look forward to meeting you soon!