Will Tveit - Real Estate | My Blog - Market Conditions | willtveit.com - dreamtown

Recently, I've been asked by friends, prospects, and acquaintances, as well as former and current clients about our current market, specifically what's going on?  Well, folks, we seem to be entering a buyer's market. To better understand this market, let's first look at the current real estate conditions: 1. Prices at all-time highs For the past several years, home prices grew at twice the rate of inflation and faster than incomes. Not surprisingly, we are now at record price levels. However, price growth has definitely been slowing over the past several months. And we're even seeing some softness in the market, with an increasing number of price cuts. 2. Mortgage rates rising The current 30-year fixed mortgage rate stands at 4.63%. That's almost a 1% increase over just a year ago and the highest level we've seen since 2011. 3. Dropping affordability and demand Combined with current high prices, the rise in mortgage rates is causing a decrease in affordability. Earlier in the year, affordability was estimated to be at a 10-year low. Not surprisingly, this is having an effect on demand, with mortgage applications down 16% over last year. When these factors are viewed together, there appears to be a fundamental shift in the market. Home price growth is slowing, and home prices might eventually start to decrease. Mortgage rates are expected to continue to grow. And if that happens, we will slowly but surely enter a market where buyers, not sellers, have the final say. So what does this mean for you? Well, if you're looking to sell, it means the time to act is now. Around Chicago, I still see a lot of demand for homes. However, over the next several months, it's likely that national trends will catch up with us here in the Chicago area as well. The good news is, you have an opportunity to act before this happens. If you decide to list your home this winter, you might benefit from the current high prices as well as the solid demand around Chicago. In other words, you could sell quickly and for top value. In case you’re considering it, you can get more info on what your home is currently worth by filling out this home evaluation form: Enter your home address here to find out what your home is currently worth And if you are ready to get the process rolling while this opportune moment still lasts, give me a call. I'm here to help. Have a great day, Will Tveit | MBA - Broker - Realtor Dream Town Realty | Chicago & North Shore

Just Listed - Downtown Evanston - 2-bed 2-bath 2-pkg spaces | willtveit - dreamtown

	just listed
1640 MAPLE AVENUE #707 www.1640mapleevanston.com
2 BEDROOM   ·   2 BATHROOM   ·   EVANSTON
SEE MORE PHOTOS & INFORMATION ABOUT ALL LISTINGS
2-BEDROOM 🏠 2-BATHROOM EVANSTON Bright and beautiful corner unit condo with fantastic city views. Large living room overlooks downtown Evanston, Lake Michigan and Chicago's skyline. Kitchen features maple cabinets and stainless steel appliances, granite countertops and separate eating area. Berber carpeting throughout living areas and bedrooms, in-unit w/d, master bedroom en-suite with large professionally organized walk-in closet, 6-panel doors, private balcony and storage and 2 garage spaces, all included within a luxurious full-amenity building that includes a fitness room, indoor pool, and party room. More info at: www.1640mapleevanston.com Full-Amenity Luxury Highrise Bright Open Floorplan Large Windows with Incredible Views Swimming Pool, Fitness Room & More! Best Place to Live in Heart of Downtown Evanston!	WILL TVEIT Broker | Realtor 312.498.8348 will@dreamtown.com  http://willtveit.com http://1640mapleevanston.com
© 2018 Dream Town Realty Inc. All information subject to errors, omissions, prior sale, or withdrawal without notice ⌂ Unsubscribe

Just Sold - Chicago - Lakeview | Lincoln Park - willtveit.com - dreamtown

just sold!

1330 W Diversey 3E
3 BEDROOM   ·   2 BATHROOM   ·   CHICAGO AT 95.8% OF ASKING PRICE
SEE MORE PHOTOS & INFORMATION ABOUT ALL LISTINGS
LET ME HELP YOU GET AMAZING RESULTS! If you're thinking of listing your home or adding another property to your portfolio, please contact me today. I'm happy to meet with you and discuss the next steps towards meeting your real estate goals.
WILL TVEIT Residential Specialist 312.498.8348 will@dreamtown.com http://willtveit.com
© 2016 Dream Town Realty Inc. All information subject to errors, omissions, prior sale, or withdrawal without notice ⌂ Unsubscribe

Rent or Own? willtveit.com | dreamtown

Should you rent or own?

🏠

Will Tveit |  MBA - Broker - Realtor - Agent

Dream Town Realty  |  Chicago  -  North Shore

1567 Maple Avenue, Evanston, Illinois 60201

willtveit.com | will@dreamtown.com | 312.498.8348

CHICAGO in FOCUS Photo Contest | Will Tveit - DreamTown 2017

 

 

We've launched our annual Chicago in Focus photo competition where you can submit your favorite Chicago photo to win up to $1,000! If you're interested in entering, check out dreamtown.com/contest.

Good luck!

WillTveit
312.498.8348 mobile
will@dreamtown.com

Tips for Home Sellers | WillTveit.com - dreamtown

Tips for Home Sellers

Just Listed - Buffalo Grove, Illinois | willtveit.com - dreamtown

   |   JUST LISTED

106 COPPERWOOD DRIVE

4 BED   |   2.5 BATH   |   BUFFALO GROVE

$485,000

View our Virtual 3D Tour! Charming Old Farm Village, 4 bedrooms, 2 1/2 baths, Coventry Model home located in the highly rated Stevenson High School District. Updated gourmet kitchen with stainless appliances including Thermador gas range/grill, microwave, and electric double-oven, and built-in full-size GE Monogram refrigerator & freezer. Kitchen opens to family room with cozy fireplace. Sliding glass doors off the family room open to the beautiful large fenced backyard with a dog run and patio for barbecuing. Newer Bosch front-loading washer & dryer located on the second floor. Hardwoods throughout the first floor; carpeting throughout second floor and basement. Updated baths. Fenced back yard with sprinklers, newer roof. Finished basement with Rec Room and storage area.

• Updated Gourmet Kitchen with Granite Counters & Stainless Steel Appliances
• Kitchen Opens Into Family Room
• Large Fenced Backyard with Beautiful Patio & Dog Run
• Finished Basement with Rec. Room
• Located in Highly Rated Stevenson School District

WILL TVEIT

Broker - Realtor

312.498.8348

will@dreamtown.com

http://willtveit.com

Co-op Apartments vs Condos | willtveit.com - dreamtown

REAL ESTATE: Chicago & North Shore

Co-op Apartments vs. Condos

	CO-OP APARTMENTS	CONDOS
Assessments	Co-op monthly assessments cover the same expenses as for condos (see right) plus 1/12th of the property taxes (see Property Taxes below) and any building mortgage (see Financing Special Projects below).	Condo monthly assessments cover expenses for staff, maintenance, reserves, and any utilities provided by the condo association.
Financing	Down payment requirements are higher for most co-ops in Chicago. A few require a minimum of only 20% down. Many allow 50% financing. Some are cash only.	The condo associations don't set minimum down payments.
Financing Special Projects	Co-ops are able to finance special projects via a mortgage for the building. In some circumstances, owners may be able to deduct their portion of the interest on that mortgage. Consult your accountant for details.	Condo associations are not able to mortgage the common elements of the building. If there is not enough money in the association's reserves, the association can have a special assessment paid by the owners.
Form of Ownership	Buyers purchase shares of the corporation that owns the co-op apartment building. A proprietary lease gives the buyers the right to occupy a specific apartment.	Buyers own their unit and become members of the condo association which owns the common elements.
Purchase Approval	After signing a contract to purchase a co-op apartment, buyers must submit to the co-op's board an application including financial information and letters of reference (both professional and personal). Buyers must also be interviewed by the co-op board. The focus of the approval process is on the buyer's ability to pay their monthly assessments since an inability to do so would put a financial burden on the rest of the co-op owners. The board must abide by Fair Housing Laws.	A very few condo associations reserve the right to approve buyers. Approval is much less involved than for a co-op, The association must abide by Fair Housing Laws. Some condo associations have the right of first refusal allowing them to purchase a condo, if they feel the price is too low.
Property Taxes	Since there is only one property tax bill for the entire apartment building, an owner's portion is paid to the co-op through the monthly assessment.	There is a property tax bill for each unit payable directly by the owner of the unit.
Renting Units	Most co-ops in Chicago do not allow apartments to be rented out. A few allow rentals on a limited basis such as a maximum of 2 years.	Many condos allow units to be rented out, but have rules such as the minimum length of leases. More condos in Chicago have been prohibiting rentals for new buyers recently.
Transfer Fees	A few co-ops charge a transfer fee of 1% to 3% of the sale price. This is in addition to Chicago's buyer transfer tax which is 0.0075% of the sale price.	Condos don't have transfer fees. As with co-ops Chicago's buyer transfer tax which is 0.0075% of the sale price applies.

OPEN HOUSE | New Construction | 1141 Darrow Ave, Evanston, IL 60201 | willtveit.com - dreamtown

OPEN HOUSE - Sunday, May 14, 2017, from 12 to 2 p.m.

1141 Darrow Avenue, Evanston, Illinois 60202

3 beds + 1 below grade  |  3.5 baths  |  $799,000

 New Construction! Gorgeous hardwood floors, open floor plan & lovely block in great location. Kitchen features white cabinets, glass backsplash, quartz counters, stainless steel appliances. Second floor with  laundry & 3 large bedrooms including master with stunning bath. Basement features 9 foot ceilings, wet bar, bedroom, office and HUGE recreation room. Must see!