Category: More Real Estate

10 Real Estate Terms Everyone Should Know

Photo of a sold sign for an article about Real Estate terms.

 

  1. Buyer’s Agent vs. Listing Agent: The buyer’s agent represents the home buyers and the listing agent represents the home sellers.
  2. Fixed rate mortgage vs. Adjustable rate mortgage: A fixed rate mortgage has a set interest rate for the life of the loan, usually 30 years. An adjustable rate mortgage has a variable interest rate, usually 5, 7 or 10 years.
  3. Pre-approval letter: A letter from the bank stating an estimate of how much they will lend you. This letter shows home sellers that you will be able to get a loan when needed and also helps to point you in the right direction when house hunting as far as what you can afford.
  4. Listings: Homes for sale.
  5. Inspection: After an offer is made on a home, the buyer needs to schedule an inspection which should cost around $500-$800 depending on the market. The inspector will thoroughly go through the home and look at the plumbing, foundation, walls, electrical, heating, and appliances.
  6. Appraisal: When an application for a mortgage is made, the lender will require an appraisal to be made of the home. A licensed appraiser will determine an estimate of the home’s value based on comparable homes that have sold in the area.
  7. Contingencies: When an offer is made on a home, it can be stated that certain conditions be met before the deal goes through.
  8. Offers and contracts: Once you find your dream home, an offer will be made on the property with the assistance of an agent. Choosing an experienced Realtor is key to winning negotiations.
  9. Closing costs: These are fees that go along with the purchase of a new home. These fees include items such as taxes, loan processing costs, and title insurance and can total about 2%-5% of the purchase price of the home.
  10. Title insurance: After negotiations are complete and the seller has accepted an offer, a home title report will be received within about a week. Most lenders require title insurance to be paid; title insurers search public records to determine that the home seller had rights to the title and that there are no liens against the home.
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6 New Home Trends

 

modern kitchen

 

 

  • Super Kitchens: Kitchens are no longer just for cooking; they are an entertainment space and the center of the home. Kitchens are now being built open to other rooms and islands are being used as a divider between rooms instead of walls. As kitchens are becoming more open, pantries are getting bigger to provide more storage.
  • Outdoor/Indoor spaces merge: Indoor spaces are built to flow into outdoor areas so that homeowners can easily go between both spaces. Another note about outdoor areas; the once traditional public backyard is becoming less popular. Having a private backyard oasis is becoming more important to homeowners so builders are starting to position homes so that the backyard is more private.
  • Bigger garages: Not only do homeowners want more space for their cars, they also want to be able to use their garage for hobbies, work spaces, and more storage.
  • Home office: Home office spaces are increasingly in demand and they may not be placed off of the entry of the home like many have been. Many people want their office to be closer to both the kitchen and the family room.
  • Tech spaces: Technology use is widespread so builders are beginning to build small “server” rooms since many homes are now using smart technology.
  • Dual homes: More people are living under one roof due to adults living with their parents longer, older parents moving in, and cultural preferences. Multi-generational homes are emerging that offer features such as separate main entrances and attached suites that serve as private residences.
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Happy Valentine’s Day Weekend

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Thinking of buying or selling? Contact the Dawn Dause Group today to find out about the exciting benefits we have to offer! (815) 954-5050

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Homes That Keep You Healthy

Wellness properties, a branch of the sustainable housing movement, are made to keep the occupants healthy. Health conscious homeowners can now live in homes that actively work to keep the home clean and keep the homeowner healthy. So far these homes are exclusive to a company called Delos Living out of New York City, but look for them to trend everywhere in the future.  What exactly makes these homes so healthy? Here are some cutting edge pieces of technology that are incorporated into these state of the art homes:

  • Air purifying system: These sterilize airborne cooties such as viruses, dust mites, bacteria, and mold spores while also controlling humidity in order to prevent fungal and microbial growth.
  • Healthy entrance technology: A doorway walk system traps both dirt and moisture from shoes and other objects that enter the home.
  • UV water sanitizer: This uses ultra-violet germicidal irradiation to get rid of microorganisms without any chemical filtration.
  • Healthy surfaces: Nonporous kitchen surfaces that stop bacteria growth are used along with photo-catalytic coated walls that break down viruses, bacteria, and VOCs when exposed to light.
  • Comfy floors: Flooring with a cork underlay is easier on your feet and back.
  • Acoustic damping elements: Extremely quiet appliances and windows that shut out outside noise are key elements of these healthy homes.
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5 Reasons It’s Time To Move

Moving boxes
1. To save money: Is it time to save money and downsize to a smaller home?

2. More space is needed: Are more bedrooms needed due to an expanding family?

3. Your neighborhood is declining: Is the crime rate in your area increasing? Now may be the time to make a move before it gets more difficult to sell your home.

4. Your work commute is out of control: Did you recently get a new job or have you had a job where your commute is long? Think about moving to a home much closer to your place of work.

5. You’re an empty nester: Have all the kids moved out? Is it time to downsize?

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