Yes, you read that right. You can STILL get a low interest rate. However, we have to get a little creative to get there. To make it possible, you’ll either need to buy down the interest rate, have the seller pay for a temporary buydown of the interest rate, get a floating interest rate, use seller financing, or you can assume the mortgage that the seller has (take over the existing mortgage). A low interest rate is at the heart of what keeps a mortgage payment affordable. Therefore, the higher the loan amount the more important it is to get a lower interest rate.

Buying down the rate

Buying down the rate or “paying points” means that you will use your money up front to get a lower interest rate. In turn, this increases your closing costs/initial down payment. In exchange, you get a lower monthly payment for the life of your mortgage. Typically, it’s been that every $3,000 or so gets you a .25% reduction, though you should verify with your lender as it can vary and is subject to change. To summarize, if you have extra cash for a down payment you can permanently buy down the interest rate for the life of the loan.

2-1 buy down. Have the seller pay for your low interest rate!

You can get the seller to pay for your temporarily low interest rate with what’s called a 2-1 buydown. The way it works is when you submit an offer, you have the seller pay for the rate buy down with a closing cost credit. Keep in mind, that credit can only be used for the rate buy down. You cannot use it for anything else. The “2” in “2-1” stands for 2% and the “1” stands for 1 year. So essentially, you could get a full 2% smaller interest rate for a full year, or even up to 2 full years but the closing credit would need to be much higher. Those who pursue this path often do so with the plan to refinance once interest rates cool. It can be a good way to get temporary relief in this odd market, especially considering it doesn’t cost you money out of pocket and can be less expensive in the short run than buying down the rate by “paying points.”

Adjustable interest rates

Adjustable interest rates, like a 2-1 buy down, will give you a temporarily low interest rate. However, it usually has a longer term for that low interest rate, usually anywhere from 5-10 years. This is great in the sense that you get locked in to a lower mortgage payment for a good period of time. However, when that fixed period is over your rate will change to whatever the market rate is. This means that there is uncertainty because when you purchase the home we do not know where interest rates will be by the time this period expires. It’s typically only a good idea to take on a mortgage like this if you have a good stream of income and have a game plan on what to do if rates end up being higher. Otherwise, it can be risky as your monthly payment could skyrocket for the rest of the loan depending on where rates are at. I reiterate because it’s important: if you pursue this option, put together a good game plan in case rates are higher by the end of the low interest period.

Seller financing

Not all mortgages have to be through a bank. If a seller owns the home free and clear (no mortgage or liens) then they can actually offer you the property and you pay them back over time. You would need to negotiate with them on the interest rate, down payment, and length of the loan. Keep in mind that not all sellers will want to pursue this option, even if they own the home free and clear. It can depend on their risk tolerance and how badly they need the money from the proceeds of the sale. Therefore, it’s best to ask sellers before seeing the home if they would consider seller financing. Some sellers will even mention they are open to seller financing up front, which tend to be the best homes to pursue. It would also be wise to target homes that have been on the market for a few weeks or longer as these sellers would be more incentivized to offer seller financing.

Assuming a seller’s mortgage

This one is fun and can get you the lowest possible rate. While these haven’t been popular for mortgages in quite some time, they are starting to gain attention because you can actually get the same rate the seller has. So, if the seller refinanced/bought and got that sweet 2.75% interest rate it can be transferred to you. If it seems to good to be true that’s because it partly is. Yes, if you find a seller with a great rate you can benefit, but keep in mind this is not a new loan. You take over the existing loan. This means if the seller’s mortgage is $200,000 and you agree to buy the home from them for $300,000, then you will have to have a down payment of $100,000 to cover the difference between the purchase price and the loan amount. As a result, to go this route you will either need to be lucky to find a seller with a low interest rate and a loan amount close to the purchase price of the home, or get ready to come to closing with a large sum of money. For those with deep pockets looking to get a low interest rate, this is a great opportunity.

Are you looking to buy or sell a home?

Realtor Steven Johnson would love to hear from you! Steven is an experienced agent who covers all towns from Chicago to Southern Wisconsin. He has been in the business for over 8 years and works with both buyers and sellers. Give Steven a call today to get started on your home buying or selling journey! (847) 525-6121

*** What is your home worth? get a free market evaluation HERE or call Steven

Finding a Realtor- One of the first questions you will ask yourself when you need to buy or sell a home is how to find a real estate agent. If you’re looking anywhere from Chicago to Southern Wisconsin, it doesn’t have to be a hard question to answer. Hi there, my name is Steven Johnson and I am a top rated real estate agent with Coldwell Banker. As previously stated, I service home buyers and home sellers all throughout the Chicago area and Southern Wisconsin. My years of experience have helped me develop one of the most robust marketing programs out there which includes professional photography for a great first impression (including digitally removing items when necessary and virtual staging), online advertisements of your home targeted to buyers specifically looking for your home, direct mail advertising, advertising in networking groups, and so much more. I’d love the opportunity to meet and see if we’d be a good fit. Contact me any time, I’d love to hear from you and get started.

Steven Johnson

Realtor with Coldwell Banker

(847) 525-6121

Steven.Donald.Johnson@gmail.com

Want to know how much your home is worth? Get a FREE estimate by clicking HERE

StevenJohnsonRealEstate.com

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So you’re about to put in an offer on a home you want to purchase, and I , your real estate agent, ask you “when do you want to close?” You respond with “when do you suggest?” The truth of the matter is, the best day to close on a home really depends on your situation.

What day of the week?

This one really mostly depends on what works best for your schedule. Friday is the most popular day as many buyers want to close and be able to have the weekend to be able to move in so they don’t miss work. It is a good idea to try to put closing around times when you will not be working so you can focus on your move and home projects that you want to start right away. With that said, Friday closings can sometimes be risky in case closing were to get delayed. Real estate closings occur Monday through Friday, so if there were a walkthrough issue that needed to be addressed or the wire transfer didn’t come through in time, then you would likely have to wait until Monday. Any other day and you would likely be able to close the very next morning. In conclusion, if you are concerned there may be a closing delay it may be a good idea to choose a day other than Friday (or at least do your final walkthrough the night before instead of the day of). Otherwise, it’s a popular day that allows people to spend their next few days focused on the home. The best day to close on a home is up to you.

What day of the month?

This one you can get very strategic about. Typically, most closings will happen at the end of the month. Why? It has to do with the mortgage and your closing costs. To begin, most of the time your first mortgage payment will be the 2nd first of the month. So, hypothetically, if you closed October 15th, your first 1st of the month would be November 1st and your second 1st of the month would be December 1st, which means that December 1st is when your first mortgage payment is due. Say you close October 31st instead, is your first mortgage payment still due December 1st? Yup. Now, you may ask yourself, why would anyone want to close at the end of the month if closing earlier in the month gets you free days of owning the property before your first payment is due? Answer: you pre-pay the interest at closing for the days in-between closing and your first mortgage payment. Therefore, the bigger the gap between your closing day and your second 1st of the month, the more interest you will pre-pay at closing. This means your closing costs will be more. Some people like this, but most don’t. Hence, we see most closings at the end of the month. Neither is right or wrong, but if you’d rather bring less money to closing and are ok with a sooner payment, then close at the end of the month. If you’d rather have more time before your first payment but bring more money to closing, then close earlier in the month. In conclusion, the best day to close on a home depends on you.

Hire an agent who knows the little things, like how to strategize your closing date.

Hi, I’m Steven Johnson. I am a real estate agent with Coldwell Banker Realty and I help people buy, sell, and invest in real estate throughout the Chicagoland area and Southern Wisconsin. If you’re looking for a real estate agent I would love the opportunity to earn your business. Give me a call, text, or email and we can set a time to discuss your real estate goals in person, over the phone, or on a Zoom call. I’m readily available and eager to work with you! (847) 525-6121.

Steven Johnson

Real Estate Agent

(847) 525-6121

Steven.Johnson@cbexchange.com

StevenJohnsonRealEstate.com

Click HERE to get a free estimate of how much your home is worth

Please welcome, your 2030 Arlington heights Bears

The sports world is abuzz with speculation about the potential relocation of the Chicago Bears to Arlington Heights. The idea of the “Arlington Heights Bears” has captured the attention of fans and analysts alike. In this article, we delve into the possibilities, considerations, and implications of such a move while exploring the potential impact on the franchise, the local community, and the NFL landscape. Is this move a touchdown or a fumble? Let’s explore.

The Buzz around Arlington Heights Bears

As talks of a possible relocation gain momentum, the notion of the “Arlington Heights Bears” has sparked curiosity and intrigue among football enthusiasts. The prospect of the Bears leaving their longstanding home at Soldier Field for a new venue in Arlington Heights has ignited debates and discussions.

Why Relocation Makes Sense

1. Facility Upgrades: One of the primary drivers behind the potential move is the desire for a modern and state-of-the-art stadium. Soldier Field, the Bears’ current home, has seen numerous renovations, but a new stadium in Arlington Heights could offer enhanced fan experiences, better amenities, and increased revenue opportunities.
2. Location: Let’s be honest, Soldier field has TERRIBLE location. For starters, there are no restaurants or bars within the nearby vicinity. The Metra isn’t nearby. None of the CTA trains stop nearby, so you’d have to take a bus or rideshare. But wait, you have to walk a good distance away just to get picked up from a ride share service, unlike other stadiums that have designated areas conveniently nearby. Want to drive? Good luck. Get ready to sit in traffic for what seems like eternity. You had better leave hours before you planned to otherwise you may only catch the 2nd half. The location is so poor that patrons’ best option is to sit in a bike trolly as they bike you to a better location. Very impractical. For the Arlington Heights location, there is already a Metra stop at Arlington Park. The land is huge as well, so there should be no problems with parking or arranging car share services. In fact, the land is so vast that there would be tons of availability to build restaurants and bars on the property.
3. Ownership: The Bears currently lease Soldier Field, they do not own it. It makes a ton of sense for a professional sports team that generates billions of dollars each year to own the stadium they play at.
4. Economic Implications: The relocation could have significant economic implications for both the team and the local community. A new stadium could attract more events, such as the Super Bowl, NCAA games, the Olympics, and much more. It could also boost tourism, as we’d see stadium tours and planned vacations around the stadium’s events.

Challenges and Considerations

1. Historical Significance: Soldier Field holds historical significance, and moving away from its iconic location could face opposition from certain fans who value tradition and nostalgia.
2. Bureaucracy: The cook county tax assessor is playing hardball with the Bears. They are currently in a dispute over what the tax bill for the property should be. Should this not come to a resolution, the Bears very likely may not move the team.
3. Community Impact: While a new stadium could benefit the local economy, it’s essential to ensure that the community is on board with the potential changes and their long-term effects.

Impact on the NFL Landscape

If the Chicago Bears were to become the Arlington Heights Bears, it would undoubtedly impact the NFL landscape. The team’s move could pave the way for changes in division dynamics, game schedules, and rivalries. Additionally, the NFL’s image and its ability to adapt to new market trends could be put to the test.

How would the move affect real estate prices in and around Arlington Heights?

1. Increase in Demand: The presence of a professional sports team like the Arlington Heights Bears could increase the area’s visibility and desirability. In fact, when a new stadium gets built the speculation also tends to drive the price up further. This heightened attention might attract more people to consider moving to the area, potentially leading to an increase in demand for housing. As demand rises, real estate prices could experience upward pressure.
2. Economic Boost: A major sports team relocation could result in an economic boost for the local community. Increased economic activity, job opportunities, and the potential for additional businesses could lead to population growth, thereby increasing demand for housing and possibly raising property values.
3. Infrastructure Development: The construction of a new stadium or related facilities could spur infrastructure development in Arlington Heights. Improved transportation networks, entertainment venues, and amenities could make the area more appealing to homebuyers, potentially contributing to higher property values.
4. Local Business Growth: The presence of an NFL team could attract various commercial ventures such as restaurants, bars, hotels, and entertainment venues. This growth in local businesses could enhance the overall quality of life in the area, making it more attractive for prospective homebuyers and potentially influencing real estate prices.
5. Neighborhood Transformations: As neighborhoods around the proposed stadium site experience changes and developments to accommodate the team’s presence, it could lead to neighborhood transformations. Some areas might become more upscale or trendy due to increased interest, while others could experience changes in the local ambiance.
6. Supply and Demand Balance: If the supply of homes in Arlington Heights remains relatively constant while demand increases due to the team’s relocation, it could lead to a seller’s market. In a seller’s market, property prices tend to rise due to high demand and limited supply.

Conclusion

The prospect of the Chicago Bears becoming the Arlington Heights Bears is generating excitement, discussions, and debates throughout the sports world. While the decision ultimately rests on a multitude of factors, including economics, logistics, and fan sentiments, it’s clear that a potential relocation could usher in a new era for the franchise. As fans eagerly await news about the team’s future, the question remains: Will the Chicago Bears make the move to Arlington Heights?

623 Macarthur Dr , Buffalo Grove, IL 60089

Investors, flippers, and rehabbers, are you ready for your next project? This split level, Buffalo Grove fixer-upper features 3 bedrooms and 1.5 bathrooms. It has rarely switched hands but is finally ready for a new owner.

Key Features of the Property

• Newer Windows: Approximately 2 years old, the newer windows in this home offer improved energy efficiency and add to the property’s curb appeal.
• Solid Oak Floors: The bedrooms and entryway feature solid oak floors hiding under the carpet, adding a touch of timeless elegance if you’re ready to revitalize them.
• Spacious Bedrooms: You’ll be impressed with the large bedroom sizes and they also feature plenty of natural light.
• Expansive Backyard: The huge fenced backyard is perfect for entertaining, gardening, or even considering an addition (subject to village permitting).
• Bright Lower Level: The lower level of this home is spacious and bright, thanks to above-ground windows that allow plenty of natural light to flood in.
• Deep 1-Car Garage: The property also features a deep 1-car garage, offering storage space and convenience.

A Prime Location

One of the standout features of this Buffalo Grove property is its prime location. It’s conveniently walkable to all schools, including Buffalo Grove High School, Joyce Kilmer Elementary, and Cooper Middle School. Close drive to shopping, dining, and the Metra.

What are you waiting for?

Don’t miss this chance to bring your creative ideas to life and unlock the potential of this charming Buffalo Grove fixer-upper. Contact us today to schedule a viewing and explore the endless possibilities this property has to offer.

If you’re searching for similar investment opportunities in Buffalo Grove or have any questions about real estate in the area, don’t hesitate to reach out. Our team is here to help you find the perfect investment property that aligns with your goals and aspirations. Contact Steven at (847) 525-6121

living room at 623 Macarthur Dr , Buffalo Grove, IL 60089

kitchen at 623 Macarthur Dr , Buffalo Grove, IL 60089

bedroom at 623 Macarthur Dr , Buffalo Grove, IL 60089

back yard at 623 Macarthur Dr , Buffalo Grove, IL 60089

Arlington Heights renters, are you sick of throwing your money away by renting? Thought about buying a home, condo, or town house? Rent has risen over 10% in the last year and is currently the highest it has ever been and is still rising. With buying, you get to lock in a fixed monthly mortgage payment which would not change for the duration of your loan. It’s true that many renters enjoy the flexibility of not being tied down to a specific location or property. But besides that, advantages are scarce. Plus, renting removes your ability to have control over the situation. You can’t control whether your landlord raises rent or decides to kick you out when your lease ends. You can’t make many changes to the property, and even if you could you’d still have to get permission. With buying, you are the Alpha and whatever you say goes. You call the shots on your living situation.

Get started with your home search today

Get your home buying questions answered today by a local expert. Hi, my name is Steven Johnson and I am a real estate agent with Coldwell Banker. I service Arlington Heights and the surrounding suburbs. If you are looking to get started with your home search please reach out. I’d love to connect and discuss your real estate goals. Feel free to call or text me at (847) 525-6121 or visit my website at StevenJohnsonRealEstate.com

Steven Johnson, Realtor with Coldwell Banker Realty

If you’ve bought or sold a home in the last few years, you’d likely understand what I mean when I say the real estate market been a whirlwind. Bidding wars, homes selling for well above their list prices, buyers waiving home inspections and appraisals, etc. However, we’ve recently started seeing mortgage interest rates skyrocket, causing buyers’ monthly payments to more than double in most cases. This has caused the housing market to become unaffordable for some buyers. Consequently, you may assume and wonder are real estate prices dropping? Not necessarily.

Wait, home values are still increasing?

Being a Chicagoland and Southern Wisconsin Realtor, I have not seen prices drop in my area yet. In fact, home values are still going up. Sure, cyclically prices drop in the fall and early winter, however by January we have been right back where we started with bidding wars and quickly escalating home values. Year over year, home prices are still increasing, not declining.

Why aren’t home prices falling?

Imagine you own a home and you were able to either refinance to capture the shockingly low interest rates of 2021 and 2022 or you bought a home during this timeframe. Your home value has increased dramatically so if you sold you would walk away with a huge profit. However, you’d be trading your low interest rate for a substantially higher one. Plus, although your home has increased in value, so have all the other homes you’d like to purchase. Combine the higher interest rates with the higher prices (and also property taxes) and you get a homeowner who is reluctant to move, especially those wanting to “trade up” into a bigger home. This reluctancy has led to a shortage in the number of homes for sale. Consequently, basic supply and demand will tell you that when the supply for something is low, and the demand exceeds the supply, prices will increase. To no surprise, this has played out accurately in the Chicagoland market.

When will real estate prices fall?

Unfortunately I left my crystal ball at home so I cannot promise that I can predict the future right now. However, if we follow the basic rules of supply and demand, once more people are willing to give up their low interest rates and sell, and the number of buyers hasn’t drastically increased as well, we should see prices plateau if not come down. It’s also important to note that if mortgage rates continue to climb, eventually we should hit a point where demand falls due to people not being able to qualify/afford the monthly payments. With that said, who knows when that time could be, or how much prices could come down (likely not much).

Have questions? Realtor Steven Johnson has answers.

If you are looking for a top rated real estate agent with the proper knowledge and drive to navigate the current housing market, call/text Steven at (847) 525-6121 or visit his website at StevenJohnsonRealEstate.com

Are real estate prices dropping in your area or are they still going up? CLICK HERE to receive a free estimate of your home’s value.

Looking to start your home search? CLICK HERE to set up new listing alerts and to browse homes online.

Chicago Realtor Steven Johnson is at it again! Initially, I met Betsy about 7 years ago. She found me online when she  inquired about a listing I had. While it wasn’t the right home for her, she stayed in contact as she searched on and off for several years. Having been a Chicago native for decades and a local Lakeview resident for years, Betsy did not rush her decision. A few months back she messaged me about a vintage condo with a huge living room, a beautiful entryway with timeless finishes, and beautiful views of lake Michigan. Undoubtedly, we quickly set up an appointment to view it and quickly put in an offer. Shortly after, we heard back from the sellers and the negotiations began. It only took about a day or so of back-and-forth until Betsy liked the price. Once under contract to purchase the home, we professionally navigated through the inspection period and soon after she closed on her new place. Thank you for keeping in touch with me over the years Betsy! I appreciated working with you and am glad to have helped you find the perfect spot to call “home.”

Are you looking to buy or sell a Chicago condo? Looking for a Chicago Realtor?

Hi there, I am Chicago Realtor Steven Johnson and I would love the opportunity to earn your business. I stand out from other real estate agents through my straightforwardness, quick response times, and exceptional marketing skills. As a result, I always go the extra mile for clients and use my 8 years of experience and knowledge to get your real estate goals accomplished. Feel free to call, text, or email me at any time as I’d love to discuss your real estate ambitions today! (847) 525-6121 or Steven.Donald.Johnson@gmail.com

Are you looking for an estimate of how much your home would sell for? Get started by clicking HERE

Looking to start your home search online, including alerts when new homes hit the market? Click HERE

To learn more about Chicago Realtor Steven Johnson, visit his website at StevenJohnsonRealEstate.com

Should I sell my Arlington Heights home?

Are you thinking to yourself, “I should sell my Arlington Heights home, but is it a good time to sell?” The real estate market over the past three years has been kind to home sellers, especially those in Arlington Heights, IL. This is mostly due to high inflation, low inventory (not enough sellers!), and a higher demand for suburban homes. However, many believe it’s partly due to speculation that the Chicago Bears will become the Arlington Heights Bears. Regardless of the reason, it’s undeniably a great time to sell your home.

How much could I sell my home for?

Year to date, single family homes in Arlington heights have appreciated on average more than 7% and are currently at an all time high. If you’re considering selling, it is time to capitalize on these high prices. For a quick automated estimate of your Arlington Heights home’s value, you can CLICK HERE. However, to get the most accurate numbers, the best way is to speak to a local Realtor. Steven Johnson is an Arlington Heights real estate agent who has years of experience. He can provide you with a free estimate of your home’s value as well as discuss how his unique marketing plan will get your home sold quickly and for the most amount of money. Call, text, or email Steven today at (847) 525-6121 or Steven.Donald.Johnson@gmail.com

Arlington Heights homes are up more than 7% YTD

Why work with Steven Johnson?

Steven Johnson is a local Coldwell Banker real estate agent with over 8 years of experience and has sold countless homes in Arlington Heights. Steven gets homes sold quickly and for far more money than the average agent. He focuses his marketing on high end photography, preparing the home for sale in the most efficient and practical way, and using targeted AI and social media advertising to get the right buyers looking at your home. Learn more about Steven’s reputable marketing plan at StevenJohnsonRealEstate.com or contact him directly at (847) 525-6121 or Steven.Donald.Johnson@gmail.com

StevenJohnsonRealEstate.com