Buying a home can be both exciting and challenging, especially for first time home buyers Cities like Chicago, IL, With so many neighborhoods, housing styles, and factors to consider, navigating the real estate market can be overwhelming. However, with the right information and guidance, a home in chicago An extremely rewarding experience and an excellent investment.
To help you get started, we turned to some of Redfin’s top Chicago agents and partner agents for tips and advice for first-time home buyers. Whatever your background, these tips will help you make an informed decision and make your dream of owning a home in the Windy City come true. let’s get started!
1. Do your research to prepare yourself for the process
I want to encourage everyone to become a homeowner. It’s exciting, a great investment, and a means of building wealth within your family and your children. However, be prepared. Research and talk to potential lenders. , evelyn randall , Redfin Partner Agent, Checklist Homes Realty
For a first time home buyer, buying your own home can seem like a huge task and a stressful time. It is important to understand the process of buying a home. , Tony Mathews , Redfin Partner Agent, Realty of Chicago LLC
2. Consider Choosing a Lower Price Point
Choose a price point that is below your comfort level when the market is hot. That way, you have room to bid above the list price if necessary. If you are looking at the top of your range, it will be tough to compete against others competing for the same home. , ashley arger , Redfin Premier Agent
3. Be strict about staying within budget
My recommendation is to stay strictly within their budget and not focus on cosmetic issues as much as on important parts of the house. using tools like affordability calculator This will help you determine how much home you can afford. , ray loma , Redfin Partner Agent, Nellicorp Realty
4. Rethink waiting for the market
2023 will be challenging for Chicago home buyers. Homeowners locked in at a favorable interest rate are reluctant to sell, creating a shortage of inventory. Buyers may think that it is better to wait for the market, but if buyers approach real estate as a long-term investment, there is a lot of opportunity in this market. If prices or mortgage rates drop significantly, all those sidelined buyers will come back into the market, increasing competition on offers and prices. Marry the house, not the mortgage. The mortgage can be refinanced for eligible individuals. , dean gladwell , Redfin Partner Agent, HomeSmart Connect
5. Explore the Different Areas of Chicago
Choosing the right neighborhood is an important part of buying your first home in Chicago. With so many options available, it can seem overwhelming like riding a roller coaster at your favorite theme park. However, the diversity of Chicago’s neighborhoods means that there is something to do for everyone. Factors such as commute times, local incentives and property tax rates need to be considered before making a decision. , david dominguez , Redfin Partner Agent, Realty of Chicago LLC
6. Ask Lots of Questions
Buying in the Chicagoland area offers something for everyone, from skyscrapers to single-family homes with yards. As a first time home buyer in Chicago, it is important to ask several questions. The more information you have, the easier it will be to decide which option is best for you. , Victor Centeno , Redfin Partner Agent, Centeno Real Estate
7. Get pre-approved for a loan before starting your home search
The best advice I can give to new buyers is to get pre approved, Meet with your bank or mortgage lender and submit any financial documents they request so they can pre-approve you. That pre-approval will decide what type of loan you are eligible for and how much you can afford. If you are eligible for an FHA loan, you know that you need to look for homes that can qualify for an FHA loan. If you qualify for a conventional loan, you can look for properties that can pass the FHA or a conventional loan. , juan espinosa , Redfin Partner Agent, E-Professional Realty, LLC
8. Pay attention to details when buying a condo
in some areas, such as downtown chicago, condos are very desirable. Certain features of condos can make it difficult to get mortgage financing. Make sure your Realtor asks the right questions before putting down earnest money on a condo that is not financed. Additionally, condos have other fees such as association dues that single-family homes do not. Be sure to pay attention to the important detail of how much you qualify for in association dues when you buy a home. , keshona strouter , Redfin Partner Agent, Coldwell Banker
9. Be prepared to compromise on space
As a first time home buyer looking to shop in Chicago, the advantage is being close to everything, schools, work, commuting, restaurants and shopping. The disadvantage is that you have much less than what you would get in the suburbs for the same amount. , Karen Mika , Redfin Partner Agent, Exit Strategy Realty
10. Learn about grant and down-payment assistance programs
First time home buyers in Chicagoland should start by educating themselves about all available grants and down payments Assistance Programs in Illinois. , Debbie Kula , Redfin Partner Agent, Arhom Realty
11. Work with an Experienced Chicago Real Estate Agent
Be sure to work with an experienced Realtor, because with record-low inventory, buyers need an expert negotiator. A great real estate broker can help you navigate the complexities of home buying. , Sharon Tuckman , Redfin Partner Agent, Exit Grace Realty
12. Surround Yourself With a Stellar Team
My first time home buyer tips are making sure you have a good team (agent, lender, attorney and inspector) when you start your search. , Al Schwartz , Redfin Partner Agent, Fulton Grace Realty LLC
13. Take a Final Walk-Through Before Closing
On closing day, I always suggest doing your last walk through Just before meeting at the title company for the finale. This allows us to see the entire asset by removing all of the seller’s positions so that we have positions down to the minute. Since Chicago has such extreme and volatile weather conditions, it minimizes the greatest risk for the buyer of running into any issues. , Amy Gugliuzza , Redfin Premier Agent
Partner agents work for traditional brokerages but work closely with Redfin to help clients buy or sell homes. When Redfin agents are experiencing exceptionally high customer demand or if a home is outside of our direct service area, customers are connected to partner agents.
