August 2020 Real Estate News
TO FIND AN OPEN HOUSE IN GLENVIEW IL NORTHBROOK IL OR MORTON GROVE IL
Are you buying a home in any of these communities? Check out this Market Tracker.
WHAT IS YOUR HOME WORTH? CHECK IT OUT!
In this month’s August 2020 Real Estate News learn when a ‘deal’ is not a deal and seven things to consider when hiring a contractor. Discover new kitchen sanitizing tips and read up on tricks for interior painting. Also in this issue, check out how mortgage rates are falling to new lows while home sales continue to drop. All of this and more in the August 2020 Real Estate News.
Shopping for a Home: When a ”Deal” Isn’t a Deal
In many real estate markets across the United States, home affordability is a major obstacle to homeownership. There’s a short supply of entry-level starter homes, and oftentimes, homebuyers are in a crunch looking for a “deal”—a home priced below market value or one that doesn’t involve a bidding war to buy. However, not every home that appears to be a deal is one. Here’s how to know when a deal isn’t a deal.
It Needs a Lot of Work
A home that needs a lot of work can be a deal, but only if its expenses are already built into the sales price. For example, a home priced $50,000 below market value because it needs $50,000 of work is fair. But a home priced $20,000 below market value needing $50,000 of work is a bad deal. The seller is asking the buyer to pay over market value, with the costs of repairs considered. Think carefully about buying a house that needs major renovations—the costs often outweigh the savings.
August 2020 Real Estate News
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Marina Jacobson
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