How Do I Know I’m Getting a Fair Deal on the Illinois Real Estate Market?

The property hunt is a daunting one. You have probably already looked at dozens of Zillow listings and talked to friends, family members, colleagues, and whoever else is willing to listen about your search. You’ve gotten advice from a number of sources but still can’t quite figure out how to tell what’s a fair deal and what’s not.

You’re not alone. We deal with clients every day who are stressed about the purchase price of real estate they’re buying or investing in. Everybody wants that sweet deal where they find a willing seller who is under market value or has an urgent need to sell their property.

In today’s competitive Illinois real estate market, the fact is those deals are harder to come by. Instead of focusing on a sweet deal, your time is better spent ensuring you’re getting a fair deal. But, how do know when you’re actually getting a fair deal for the huge financial commitment you’re about to make?

Let’s talk about it.

Inspections Are Key

Word of mouth is great; pictures and videos are great. Property inspections, however, are where the real value lies. No matter how many times a seller tells you they’ve taken care of the space and done the necessary repairs and upgrades, you need to see it for yourself. Better yet – you need a professional to see it.

Don’t take the home inspection for granted. Hire an inspector and get them involved to see if there are any hidden issues to uncover. You might think the listing price is too good to be true (and it often is).

If issues are uncovered during this step it doesn’t mean you have to abandon the purchase. Instead, you will have the opportunity to negotiate a repair credit or just include language to have the issue resolved before the sale is finalized.

What About These Crazy Interest Rates?

Even the best deal from a seller will only get you so far if you buy the home during a period when interest rates are high, right? Well, not exactly.

Realtors have a saying – “Marry the house, date the rate.” You love the home and the listing price but are turned off by the interest rate. Don’t jump ship on the home you want to live in and raise a family in just because of challenging interest rates. It’s important to remember that you can refinance the loan at a later date when rates are lower.

As the saying suggests, you’re committing to the home long-term, but you’re entering a no-strings-attached relationship with the interest rate. Brave out the high rate now and lower your payments later on when you have the opportunity.

Work with a Real Estate Attorney

One of the surest ways to learn more about the type of deal you’re getting is to talk to an Illinois real estate attorney. At Velazquez Consumer Law, LLC we pride ourselves on helping our clients make smart, informed decisions on the real estate they’re buying and investing in.

Contact our offices today before you sign on the dotted line.

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Velazquez Consumer Law

Central to our firm is the empathetic and compassionate service we give each client that allows us to fully understand your situation and goals. Above all, our responsive and hands-on approach to your legal issues yields actual results.

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