Chicago Real Estate Podcast with Vergis Eiland: Recent Episodes
Vergis Eiland
If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Vergis Eiland - your professional Chicago Real Estate Agent.
There are tons of lenders out there, but there's only one Dave Bowen.
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There are tons of lenders out there, but my preferred lender for the past 14 years has been Dave Bowen. If you’re looking for a reputable lender, there are several reasons you should make Dave your preferred lender as well. Dave has been a lender for 25 years and loves what he does. He treats each client like family, and he’s straightforward in how he conducts business. In other words, he makes sure everyone gets the job done. On top of that, his back-office structure is second to none. In Dave’s words, his business is a constant juggling act, and it’s difficult to keep every ball in the air at once. He works for an excellent company, though, and has great support. He’s been with Loan Depot for three years now, and despite being in business for just 10 years, they’re the second-largest loan company in the country. They offer every loan program under the sun and do a lot of renovation loans and VA loans. You name the home, and they have a program for it. If you want Dave to get to work finding the best loan program for your home purchase, give him a call at (708) 705-7911 or email dbowen@loandepot.com. If you have any questions for me, feel free to reach out as well. I’d love to hear from you.
We’re sharing our forecast for the real estate market in 2020.
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Today we’ll be sharing a Chicago real estate forecast for 2020. It’s incredible that 2019 is over and 2020 is here.
In 2020, I believe the Chicago real estate market will be fairly solid; it’s not going to go too high or too low, at most sales prices may decrease by around 1%. Many sales will happen, a lot of development, numerous people buying, many people selling. Inventory may go up, so buyers might have more from which to choose.
It should be a relatively stable environment in 2020.
The mortgage rates will be great, we don’t expect them to go up in 2020. We were fortunate enough to have three Fed cuts throughout 2019, which helped mortgage rates and real estate sales overall. It should be a relatively stable environment in 2020, similar to 2019. That’s wonderful news for both buyers and sellers.
If you need a real estate broker or have any questions, please reach out to me by phone or email. Also, if you have any loan or refinancing needs you can reach out to David Bowen at (708) 705-7911. Happy New Year!
Today, with the help of David Bowen from loanDepot, I’ll take you on a quick tour of one of my condo units in the South Loop. Take a look!
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Located at 13th and Michigan in the South Loop near Museum Park, this 1,400 square-foot, 2-bedroom, 2-bathroom condo unit also comes with a den, which has its own closet as well. As you can see in the video above, it’s a loft-style condo that was totally remodeled in 2018. The bathroom and kitchen are brand-new—the kitchen comes complete with quartz countertops. You’ll find a number of closets throughout the property, even in the master bedroom. It also has an in-unit washer/dryer.
As for the building, you can take advantage of a workout facility, a package room, and for a fee, premier first-floor parking; you’ll be able to just go to your car and drive right out of the garage.
This property is in move-in condition.
As for the asking price, you’ll have to reach out to me to find out! I will say that, at the moment, the property is under $450,000, and according to David, you could actually put 3% down on a conventional loan on this unit without a problem. The building’s association is strong, so you shouldn’t find any repair issues!
For more information about this unit’s prices, fees, and amenities, don’t hesitate to reach out to me at (312) 802-6204 or visit www.VergisEiland.com. For information about financing the unit, reach out to David Bowen at (708) 705-7911 or visit www.DavidRBowen.com.
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It is the end of 2019, and we just want to say THANK YOU so much for your loyalty, business, and support. We appreciate the referrals you’ve given us throughout the year; they help us support our families. If you have any real estate needs or you know someone who wants to sell their home before the end of the year, call or email us immediately. Also, call us immediately if you want to sell, purchase or refinance a home in the new year. The current interest rates are excellent and we expect them to remain relatively low going into 2020. Happy holidays and Happy New Year from us!
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Located on the northwest side of Chicago, about 6.5 miles away from Downtown, Logan Square is a fantastic area characterized by prominent boulevards, large-scale bungalows, and great restaurants. Because of these, and many other fantastic amenities, Logan Square is a great alternative to more expensive areas, such as Lincoln Park and the North Shore. And, in addition to the many entertainment opportunities Logan Square has to offer, the area also boasts a number of churches, schools, and parks. I’d be happy to speak with you more about this wonderful, family-friendly area if you’d like to find out what else it has to offer. As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Today we’d like to give you a glimpse into a great Logan Square listing: 1828 N. MonticelloLooking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price Evaluation
Allow me to introduce you to a great new listing in Logan Square: 1828 N. Monticello. This newly rehabbed 4-bed, 3-bath home is the perfect blend of aesthetics and function. With beautiful shaker cabinets and stainless steel appliances in the kitchen and hardwood floors throughout, this listing is sure to impress. It also boasts plenty of space, as evidenced by the home’s 2.5-car garage, and is nestled in a great neighborhood. Truly, this house could be your dream home. As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Interest rates, sales numbers, and more. Here’s what to keep an eye out for in 2019.
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Today we'd like to share with you our 2019 forecast for both the real estate and mortgage markets. In the coming year, the average sale price will likely rise by 1% at most. This is typical of a normal market.
In the mortgage world, things are a little different. In the fourth quarter, rates jumped up a bit, but they’ve gone down since. The Fed recently came out and said that they’d be more conscientious when raising rates in the future.Though rates may go up slightly this year, they should remain at an affordable level for the time being.
While inventory is going to go up, interest rates are staying flat. This equals a great opportunity for homebuyers.
If you have any questions for us about our market forecast, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.
Today we'll be discussing a fantastic Lakeview listing that is currently still available for purchase. Check it out!
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We’re coming to you today from a new listing here in the Lakeview Community located at 904 West Fletcher Street. This beautiful 4-bedroom, 4-bathroom duplex has 2,400 square feet of space. The garage has a heated parking space, and the surround-sound system is updated throughout the property.
Built in 2005, this property is located approximately 10 minutes from Lincoln Park Zoo, Wrigley Field, Target, Walgreens, and Vic Theatre, and is 15 minutes away from downtown.
In this neighborhood, you’ll need the jumbo loan product—in most cases, but not all. For this particular property, you can get in at 5% down all the way up to $1.5 million. Unconventionally, loanDepot offers a 30-year fixed rate; most of the time, loans for this type of property are the 5-year adjustable-rate mortgages (ARMS) or 7-year ARMS. This is a great deal.
Built in 2005, this property is located approximately 10 minutes from Lincoln Park Zoo, Wrigley Field, Target, Walgreens, and Vic Theatre, and is 15 minutes away from downtown. ”It’s also worth noting that Fannie Mae has increased their loan limits for 2019—the maximum conforming loan amount is $480,000. If you have any financing questions, you can contact David Bowen at (708) 705-7911 or at DBowen@LoanDepot.com.
More details about the property can be viewed on this PDF document. If you’re interested in purchasing this property and would like to discuss pricing or would like to see it in person, reach out to me.
Lakeview is one of the most walkable communities in Chicagoland, and I want to tell you more about it.
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Today I want to tell you about another wonderful Chicagoland community: Lakeview. Some would call it one of the most walkable communities in Chicago. No matter where you’re at, it seems you’re always close to shopping centers and boutiques. As an added bonus, you’re just 10 minutes from Wrigley Field, and depending on where you’re at, you might also be within walking distance to the Lincoln Park Zoo. You’ll find plenty of great subcommunities within Lakeview, including East Lakeview, West Lakeview, Boystown, Wrigleyville, and Southport Corridor—one of the hottest in all of Chicago.
Check out this home listing in the Bronzeville community.
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Today we’d like to take a moment to tell you about one of our Bronzeville listings.
Given that Bronzeville is one of Chicago’s hottest communities, the first benefit this property boasts is its location. But this is far from being all this 4-bed, 3.5-bath home has to offer.
Local homebuyers should not let this opportunity slip by. ”
Coming in at 2,700 square feet, the property’s floor plan is designed with space in mind. The home comes with a finished basement, two fireplaces, a two-story family room, and a three-car garage—a rarity in Chicago. All in all, local homebuyers should not let this opportunity slip by.
But whether for this home or for another in our area, the matter of financing is also paramount. After all, connecting with a lender is the first step any buyer should take before embarking on their search. And given that conforming loan limits have recently been increased, now is a better time than ever to meet with a mortgage professional to discuss your options.
If you have any other questions or would like more information about this amazing Bronzeville property, feel free to give us a call or send us an email. We look forward to hearing from you soon.
We’d like to welcome you to the Bronzeville community.
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We’re standing here today in one of my listings in the Bronzeville community, which starts as far north as 26th Street and extends south as far as 48th Street. Bronzeville consists of the Douglas community as well as Grand Boulevard.
There is a lot of elegance and history behind Bronzeville. For example, jazz musicians and famous music producers like Quincy Jones grew up here.
That’s not to mention the location: Bronzeville is essentially smack-dab in the center between Lakeshore Drive and Guaranteed Rate Field, which is right off 35th Street on the other side of the Dan Ryan Expressway (not even a mile from here). It only takes about 15 minutes to get to the Downtown area, and the public transportation makes it very easy to get into the city of Chicago.
There is a lot of elegance and history behind Bronzeville. ”
There is a ton of new construction in the area, as well as residential and commercial properties. You’ll find plenty of great schools, restaurants, and shopping districts in the area—you just can’t beat the placement of this amazing community.
Bronzeville is a great alternative for buyers from the northside or the loop area looking for a little more space for their families.
The community has gone through a lot of changes over the years, and right now, it is booming. Home values are getting better and better each and every year, and it’s easy to find great opportunities here.
If you have any additional questions or are looking to buy or sell a home in Bronzeville, please reach out to us. We’d love to help you take the next step toward your real estate goals.
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Today we want to wish you the happiest of holidays, and to say thank you. It’s been another great year, thanks to our clients, family, and friends. Over 50% of our business is coming from loyal, supportive people like you and your referrals to us. We couldn’t do this without you. If you have any questions over the holidays, feel free to give us a call. We’d be happy to help you. Until then, have a wonderful holiday season.
Following these tips will deter burglars, keep your home in good shape, and prevent any potential issues from evolving into something more severe.
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When putting a vacant property on the market, there are certain additional considerations the seller must keep in mind during the listing process. Today we’ll cover seven such considerations, focusing specifically on home security:
1. Have a security system in place. If you’re unable to keep an eye on your property, yourself, having a doorbell camera doing the job for you can be a good idea.
2. Have a friend or neighbor drop in from time to time. Doing so will lower your risk of
break-ins.
3. Check the mail (or have someone do it for you)
To make sure the building is insured, you can ask for a copy of its insurance certificate. ”
4. Turn off your newspaper delivery
5. Make sure the landscaping is maintained.
6. Keep all of the blinds closed.
7. Check on the property after storms.
Following these tips will deter burglars, keep your home in good shape, and prevent any potential issues from evolving into something more severe. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
If you’re thinking of buying a condo, there are six things you need to know first.
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Did you know that between the South Loop, Downtown, Gold Coast, and the West Loop, there are almost 2,400 condos for sale? Before you buy one of these condos, here are six things you need to know:
1. How the condo association is being run. For example, who’s the president? Who’s the vice president? Who’s the treasurer?
2. How the condo association’s budget looks. It might look like it’s being run well, but you should ask to see a copy of the budget and its records for the past two years. You need to make sure they’re putting enough money away for reserves (normally, 10% of the budget should be cash reserves). If they don’t have enough, you have to pay a special assessment, which can be very expensive.
3. What the delinquency rate is. How many of the owners are behind on their dues? How many of the condos have foreclosed? Hopefully that number is close to zero.
To make sure the building is insured, you can ask for a copy of its insurance certificate. ”4. Whether the building is insured or not. To make sure the building is insured, you can ask for a copy of its insurance certificate.
5. Whether there are a lot of absentee owners in the building. How many renters live in the building versus actual owners?
6. Whether there are any lawsuits against the condo association.
If you have any other questions about this topic, don’t hesitate to call or email us anytime. We’d be glad to help you.
What does the Gold Coast have to offer? Let’s find out.
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The Gold Coast community is absolutely beautiful, and we wanted to share a little information about it with all of you today.
Between the Oak Street Beach, the many area restaurants, and the plethora of entertainment opportunities, the Gold Coast has a lot to offer.
There’s something for everyone here on the Gold Coast. ”Even the market statistics for this area reflect its incredible growth. Though sales volume is down, the average sales price has risen 7% since this time last year. And with units available for purchase from $500,000 all the way up to $5.3 million, it’s clear to see that there’s something for everyone here on the Gold Coast.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
The Chicagoland real estate area is starting to shift away from a seller’s market. Keep reading to find out how.Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price Evaluation
The weather is colder, the leaves are changing, and fall is here. People out there want to know what this means for the real estate market, so today we're excited to share our fall 2018 market outlook with you.
We are starting to notice an increase in the number of homes for sale. At one point, we had around three months’ worth of inventory, but that number has jumped up to about four or 4.5 months’ worth today. Although we’re still in a seller’s market, we are starting to trend more toward a neutral market where neither buyers nor sellers have an advantage.
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We are starting to trend more towards a neutral market. ”In the mortgage world, we’re still seeing signs of this shifting market as well. There are fewer multiple offer situations out there and not as many buyers in the market. This is making things easier for buyers and helping them win a great home without overpaying.
The good news about our current market is that it’s perfect for anyone who is thinking about buying a home, selling a home, or getting a mortgage. If buying or selling is in your future or if you just have any questions, don’t hesitate to reach out to us via phone or email today. We look forward to hearing from you soon.
Interest rates rose again. How will this affect our market?
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On September 26 interest rates went up again—this time by 0.25%. This time by a quarter of a percent. Today we will be discussing how this recent rate change will affect the real estate market.
David says that he doesn't think it will have much of an impact, because this change comes as no surprise. Since so many people saw this coming, he believes that it was already worked into the mortgage market in terms of rates. However, we may still see a slight fluctuation. If the Fed does something surprising, though, then we'll see a change.
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The rising interest rates won't affect the market because it isn't a surprise. ”Rates, of course, do affect other things, such as credit cards, instantly. They also affect car loans. So, over the long-term, the rising cost of credit could affect the mortgage market.
We still do expect one more rate increase this year in either November or December.
If you have any questions about this, please feel free to reach out to us. We would be happy to help.
Should you work with a mortgage banker or a mortgage broker during your real estate transaction? Let’s discuss each of these options.
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What is the difference between hiring a mortgage banker versus a mortgage broker?
Actually, when it comes time to seek the guidance of a mortgage professional, there are pros and cons of either option.
A mortgage broker’s job is to find someone to buy a specific loan. All of the funding for the real estate deals they finance will come from the particular company whose loan product they’re representing.
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When working with this kind of a professional, you can be sure that everything is done in-house. ”A mortgage banker, on the other hand, funds and processes everything themselves. When working with this kind of a professional, you can be sure that everything is done in-house. Mortgage bankers allow you to have more control throughout.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
Today we'll be discussing what a closing statement is.
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Previously called the HUD-1, the closing statement is a document presented to borrowers at least three days before closing. This way, they can consent to the terms, and there won't be any surprises at closing.
This new document—unlike the HUD-1, which showed up at closing—avoids any surprises by allowing an attorney to review and answer any questions the borrower may have. While it is encouraged to have an attorney, sometimes mortgage loan officers like David can also help.
On the document, buyers can find their expenses and credits, including their different closing costs and seller or tax credits. These figures are reviewed by the title company with an attorney to make sure that they are calculated correctly.
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Previously called the HUD-1, the closing statement is a document presented to borrowers at least three days before closing. ”Of course, the seller's expenses are all listed as well, including title expenses, mortgage payoff, surveys, termite inspections, as well as revenue stamps for Cook County, the State of Illinois, or the City of Chicago. Since it will tell them how much to make the check out for, the end of the statement is highly important for the seller.
Depending on the state or county that you're in, there may be different guidelines in terms of how much money—or how large of a cashier's check—you can bring in. If it exceeds a certain amount, you'll typically have to wire the funds to the title company. Go directly to your title company for any wiring information.
If you have any questions about this, please feel free to reach out to us. We look forward to speaking with you soon.
When interviewing agents as you prepare to sell your home, there are three important questions you should ask them.
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The Realtor you trust to guide you through the listing process will have a significant impact on your success. Therefore, there are three key questions sellers should ask agents before making the decision to work with them.
1. “How much is my home worth?” The right agent will be able to study the market and give you an in-depth analysis of your property’s true value. This analysis should produce a figure that is within 2% to 3% of the projected list price.
2. “How long is it going to take for my home to sell?” Again, this agent will be able to estimate the time your transaction will take based on area statistics.
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Agents must have a proven plan of action in place for selling your listing. ”3. “What will you do to get my home sold?” Agents must have a proven plan of action in place for selling your listing. As for myself, I have a 19-point plan of action specifically designed to bring my clients success. If you have any other questions, would like more information, or are curious about my answers to these three questions, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Today we want to give you a midsummer update about interest rates and our market.
Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price EvaluationWe have reached the end of July and you know what that means. It is time for a midsummer update.
As far as mortgages are concerned, we are in full swing for the summer buying season. Low inventory is affecting buyers and causing them to have a difficult time finding homes. In fact, a lot of pre-approved buyers haven't been able to find houses.
Currently, buyers are fighting interest rates. And, everyone seems to feel that interest rates are going to go up probably two more times this year. Since they have already gone up twice this year so far, that means that they are expecting it to increase four times total. We think this may happen in September and December.
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In the last few months, inventories have climbed, especially in the downtown area. ”We are still dealing with low inventory. In fact, at one point the Chicago market was down by 8% compared to last year. In the last few months, however, inventories have climbed 2% to 3%, especially in the downtown area. This is due to some of the new builds that are starting to be delivered to the market. Overall, we need both sellers and buyers. If you have any mortgage questions or you're curious about buying or selling a home, please feel free to reach out to us. We look forward to your calls.
Were you recently rejected from getting a mortgage and are unsure why? Today we have four possible reasons why.
Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price EvaluationPeople ask us all the time, “What are closing costs?”
The answer to this actually varies for buyers and sellers, so let’s examine both sides.
For sellers, closing costs are made up of title, brokerage, and attorney fees. There are also area-specific costs to consider. Closing costs also include the expense of home inspections.
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For buyers, closing costs will include appraisal fees, administrative fees, loan company fees, third-party fees, and more.
”When it comes to buyers, closing costs are comprised mostly of finance fees. These will include appraisal fees, administrative fees, loan company fees, and third-party fees including title work.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Were you recently rejected from getting a mortgage and are unsure why? Today we have four possible reasons why.
Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price EvaluationWhy would a buyer not be able to secure a mortgage? There are a few issues which may pop up, so today we will be discussing the top four reasons this can happen.
1. Work status changes. If an employee changes from W-2 status to a 1099 contractor status, this can cause issues. Many companies are doing this to reduce their bottom line so that they don’t have to pay benefits. This status change means the borrower is still getting the same amount of money, but now have to pay their own taxes, as they have technically become self-employed.
2. Bounced checks. A lot of people don’t seem to think that this is an issue, but it is a sign of financial irresponsibility.
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If you go behind on a small bill, it can really push your credit score down.
”3. Opening a new credit account. If a buyer does this in the middle of the loan process, it could cause a problem in qualifying for the mortgage.
4. Current credit. Many people have store cards with low balances, and they think this makes payments on those cards unimportant. However, this is not true. Paying off these lines of credit is extremely important. If you go behind on a small bill, it can really push your credit score down.
These are the top four reasons that you may be unable to get a mortgage. If you have any further questions about this, please feel free to reach out to us. We look forward to speaking with you soon.
What is happening with the interest rates? You can find out today because we have the mid-spring real estate update for the Chicago area.Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price EvaluationAs a real estate professional, it’s important for me to always stay on top of the latest news from our industry, and one of the hot topics I keep hearing about lately is a company called Airbnb.
Airbnb is an online platform that allows those who own property to rent it out to travelers. With all the ongoing discussion surrounding this platform, there are obviously positive and negative points being brought up. Let’s start by looking at a few of the positives.
First of all, the platform allows you to supplement your income.
I’ve personally got one client who has used it to pay off his mortgage, and another who also makes a large sum of money each month through the platform. Additionally, local businesses also receive an infusion of cash when people stay at short-term rental properties through Airbnb. Beyond serving as a source of income, Airbnb also allows investors to meet new people from all over the country—even the world.
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And beyond serving as a source of income, Airbnb also allows investors to meet new people from all over the country—even the world.
”Of course, there are arguments against Airbnb. One of the negative aspects people point out is the claim that it hurts a pricing housing market. People also claim that short-term rental platforms like Airbnb take business away from long-term rental inventory.
So if you’re thinking of running an investment property through Airbnb, be sure to keep all of these pros and cons in mind. Also, make sure you consider the tax implications.
Running an Airbnb could help you supplement your income, but it’s certainly not a decision to take lightly. You must be comfortable sharing your home with strangers, handling the check-in and check-out process, and taking care of other managerial duties.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
What is happening with the interest rates? You can find out today because we have the mid-spring real estate update for the Chicago area.Looking to buy a Chicago home? Get a Full Home SearchSelling your Chicago home? Get a Free Home Price EvaluationOur mid-spring real estate market update is out, and today we’d like to tell you all about it.
So, where are we at from a mortgage standpoint? The rates are still the same. At the beginning of May, the Fed met and decided to relieve the federal funds rate in loans. We do expect it to change later in the year. They are predicting it to change twice—in August and September.
Where are the rates at generally right now? Rates are fluctuating depending on the program. But, they are still very good. They are expected to rise a little bit by the end of the year, however.
Now is the best time to get a mortgage. If you want to try to get the best possible rate, you want to do that at the beginning of the year instead of the end of next year.
From a seller’s standpoint, we know that inventory is low. There was a report that said that we are down by 9% in terms of the number of homes that are for sale at this point in 2018 compared to 2017. The good news is that in Chicago, even though we do have low inventory, prices have gone up year after year by about 7% to 8%.
50% of the inventory on the market is on the higher end, so we have the challenge with first-time home buyers of finding their right property.
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Even though we have low inventory in Chicago, prices have gone up year after year by about 7% to 8%.
”Pre-qualified people are having the issue of finding inventory even though they are looking and looking. When they do find it, they end up in a multiple bidding situation where a lot of times they don’t get it.
There was a report that said 25% of the deals that were done in 2017 were multiple offers and the property ended up selling for higher than the list price. Buyers, if you are looking to buy a property, and you see something that you like, you want to jump on it. Otherwise, somebody else will.
Sellers, get your homes on the market. It is a perfect time.
If you have any questions or would like to list your home, please call me. If you would need to get pre-qualified or pre-approved, you can contact David at 708-705-7911. We look forward to speaking with you soon.