2015 Trends in Chicago Real Estate

Chicago Real Estate pic

Chicago Real Estate
Image: chicagonow.com

Sergio Garcia is an experienced real estate professional based in Chicago. As a sales manager with Chicago Real Estate Lenders, Sergio Garcia focuses on identifying foreclosed residential and commercial properties that have a high potential for profit. Over the course of 2015, the Chicago real estate market has experienced several trends in sales, buying habits of consumers, and types of real estate purchases.

As reported by the blog Chicago Now, residential real estate sales in the city for the month of September were at their highest numbers in almost a decade. Additionally, a number of residential properties are being purchased and redeveloped close to the downtown area, rezoned in order to accommodate small to midsize businesses.

Within the commercial real estate sector, the headquarters of several major corporations have sought new residences in the city; these include Google, which purchased a former cold storage warehouse in the West Loop area of downtown. The company aims to transform the building into a gold standard LEED-certified facility.

With the climbing purchase prices of Chicago property, some professionals suggest that the city’s real estate market is currently a seller’s market, and has been fortunate to avoid the serious fluctuations that Manhattan has experienced this year.

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Dos and Don’ts of Rehabilitating Real Estate

Real estate professional Sergio Garcia has sold more than 2,500 properties in the last 27 years. Since beginning his career by purchasing and rehabilitating his childhood home, he has transitioned into acquiring and improving foreclosed properties. As many of these properties require extensive repairs on a limited budget, real estate professionals like Sergio Garcia keep certain key ideas in mind during renovations.

Do hire licensed contractors: Professional contractors can help prevent serious damage to a home’s major systems, such as the plumbing, heating, and wiring. Additionally, providing tenants with quality work can help property owners avoid costly future repairs.

Don’t underestimate cost: When it comes to calculating the cost of a home’s rehabilitation, don’t be conservative. It may be in a property owner’s best interest to hire a professional estimator to help establish a budget for the project to avoid surprises and monetary losses.

Do match the outside and inside: Some professionals put a lot of time and energy into making the inside of a home immaculate, but forget simple outdoor fixes. A fresh coat of paint on the outside of the home, along with a manicured lawn and new mailbox, will contribute to a potential buyer’s first impression of the property and may increase the purchase price.

Three Myths about Foreclosed Homes

Experienced in buying and selling both residential and commercial properties, Sergio Garcia serves as sales manager of Chicago Real Estate Leaders. Sergio Garcia brings more than two decades of real estate experience to the role, which involves selling foreclosed homes throughout the nation.

The term foreclosure is subject to many misconceptions. The following are a few myths about foreclosures and what homebuyers should actually expect.

1. Buying a foreclosed home can offer massive discounts upwards of 50 percent. While discounts can be expected, a person should realistically anticipate the discount to be less than 25 percent because the reduction is based on the current market value of a home and comparable properties in the area.

2. A foreclosed property requires a lot of work and money. Bank-owned homes will have flaws, large and small, but many are cosmetic and inexpensive to repair. Likewise, the imperfections are often ones homeowners typically look to customize anyway, such as paint and carpet.

3. Inspections are not allowed when purchasing a foreclosed home. On the contrary, nearly all bank-owned homes are sold as-is. To reduce future liabilities, a bank is likely to encourage a buyer to complete a home inspection, so he or she is fully informed about a home prior to completing the transaction.