Lincoln Park Market Stats – Ryan Parks

July 6, 2011

Lakeview Market Stats – Ryan Parks

May 24, 2011

Roscoe Village Market Stats – Ryan Parks

May 23, 2011

Inspectrum Home Inspection Interview – by Ryan Parks

April 28, 2010

During a recent home inspection performed for one of my clients in Bucktown, I interviewed home inspector Mike Jakubec of Inspectrum Home Inspections to discuss the importance of home inspections for all home buyers. Inspecting a home prior to purchase is a critical step that should not be overlooked by any potential home buyer.

Please click the video below to hear what he has to say on the subject.

If you would like to use or contact Inspectrum Home Inspections, which is based out of Chicago, IL, please feel free to visit their site http://www.inspectrum.com.

For more information regarding the Chicago Home Buying or Selling process, please contact Ryan Parks of @properties at ryanparks@atproperties.com or www.thechicagorealestatemarket.com

Tax Credits Paid By Sellers

March 31, 2010

Recently, I asked my trusted Real Estate attorney, Mark Edison, to briefly discuss a common question that arises regarding property tax credits paid by the seller during the sale of their home or investment property. Mark represents buyers and sellers throughout the Chicagoland Area with their Real Estate transactions. Below is his response.

A common question many sellers have when calculating costs pertains to tax credits. Most sellers understand that taxes are paid in arrears. However, confusion arises at the closing table as sellers are generally obligated to give tax credits to the buyers for the current tax year. Many sellers state, “I pay taxes every month with my mortgage” and do not understand why they have to also credit the buyer at closing.

Although it may be true that sellers do in fact pay into escrow each month with their lender for taxes, it is important to understand that tax bills come out twice every year and the tax escrow established with the lender must be seen as independent from the contract with the buyer. These tax escrow accounts are maintained by the lender and disburse only when the tax bills are issued. It may be true that the escrow with the lender is more than adequate to pay the second or first installment of the tax bill, however, most lenders retain this money until they receive the payoff from the closing proceeds. By law, the lenders must return the escrow amounts to the seller after closing and it is almost always sooner than 30 days from the closing date. However, it is very important to contact your lender and inform them you are selling your property and provide an updated address where they can forward the check.

If you are interested in using Mark Edison for your home or investment property purchase or sale, feel free to contact him at markedison@yahoo.com.

To Stage or Not to Stage a Home…You Be the Judge by Ryan Parks

March 26, 2010

The following two videos clearly demonstrate the positive impact of home staging. These condominiums, located at 1256 N. Cleaver in Chicago, Illinois, border the vibrant neighborhoods of Noble Square and Wicker Park.

In the first video, I walk you through a condo with no furniture. It is bare and difficult to grasp a true understanding as to how much room you have for furniture. The second video, however, is of a fully staged condo and clearly shows furniture placement and accessories in each room. As you will see, this brightens up the condo and clearly defines the livable space of each room.

Video 1

Video 2

According to stagedhomes.com, over 94.8% of ASP Staged Homes sell on average in 37 days or less. While these are very impressive statistics, one must remember that each real estate market has its own challenges when selling a home and 37 days is a mere average based on the study provided. For example, pricing your home correctly from the beginning of your sale also plays a vital role in the number of days it takes to sell (your home).
It is also important to note that even if you have not already moved out of the home you wish to sell, de-cluttering and removing/replacing furniture are also forms of home staging.