Chicago Real Estate Buyers Can Shop For Bargains This Winter, But It’s Always Vital To Check The Basics

This winter season promises to be a rewarding one for Chicago real estate bargain hunters, whether shopping at the mall, seeking undervalued stocks for their portfolio or looking for the ideal home. The experts say many good deals are out there right now for those prepared to close the sale.

That is certainly the case in the Chicago real estate market, where prices are down and the selection of homes is large, according to Jim Merrion, regional director of the RE/MAX network in northern Illinois. He noted that the period from Thanksgiving until late February is typically the slowest time of the year in the residential real estate market. It is a period when many people defer their plans to buy a home and decide to focus on holiday activities or prefer to curl up on the couch with some hot cocoa and a good book or an engaging video.
“This year in particular I would urge those who plan to buy a home to consider starting the shopping process early,” suggested Merrion. “The selection of homes is as good right now as it usually is in spring, mortgage interest rates are quite attractive by historic standards, and with so many buyers temporarily out of the market at this time of year, those who do brave the elements will have minimal competition.”
However, the broad selection and attractive prices shouldn’t be allowed to obscure the basics of home shopping, Merrion advised.

Careful attention to detail is always important, especially in winter. That’s when snow cover can make it hard to evaluate outside areas. Holiday décor can obscure issues on the interior of the home, and short days mean you’ll often view homes with only artificial light available.
“Winter makes it easy for buyers to focus only on the most comfortable areas of a home – the cozy family room, the nice warm kitchen – rather than look carefully through the basement, garage or attic, and that can be a mistake,” Merrion said.

That’s one reason a thorough home inspection is always important, but especially in winter, contends Barry Gaw of RE/MAX 10 in Oak Lawn, Illinois.

“Snow cover can make it difficult to assess the condition of the roof and the lawn or even how well a heavy rain will drain off your property,” Gaw explained. “A home inspector also will help you determine the life expectancy of major structural and mechanical components of the home – the roof, porch, deck, furnace, plumbing and electrical systems – as well as let you know if they are in good shape. And in winter you can’t test how well air conditioning works, which makes a careful visual inspection of the system particularly important.”

Jane Glenn of RE/MAX All Pro in Bloomingdale, IL., noted that, whatever the time of year, buyers often neglect to consider just how well a home fits their lifestyle.

“A nicely decorated home may be lovely, but it has to meet your needs,” she said. “For example, if you entertain frequently, consider whether or not there is sufficient parking for your guests, what the traffic flow will be with 20 or 30 people in the house, and how your lifestyle will fit with your neighbors.”

Glenn recalls working with a young couple who planned to throw parties and crank up the stereo. She urged them to look at a home that provided greater separation from the neighbors than is offered by a typical suburban lot. Heeding her advice, the home they bought sat on a half acre.

Paul Paterakis of RE/MAX Showcase in Long Grove, Ill., reports that home buyers planning to purchase in an area they don’t know often inadequately explore issues relating to the surrounding community.

Buyers always should get answers to a few key questions, he said. Among them: Are local real estate taxes likely to remain fairly stable? Are local land use patterns changing? Are major road construction projects planned? Are the local schools good?

“Don’t rely on hearsay when answering those questions,” Paterakis urges. “One couple I worked with was convinced by talking to a few neighbors that the public schools in their new community were just so-so and decided to send their child to private school. Two years later they learned that, in fact, the local public schools were highly regarded, but the tuition money they’d spent was gone forever. Now, I tell clients concerned about the schools to pay a visit and talk to the principal.”

According to Paul Yambrovich of RE/MAX Vision II in Chicago, Illinois, one key consideration that often escapes home buyers, especially in the city, is the potential impact of noise. In winter, with the windows closed, noise is rarely an issue, but that can change in warmer weather, so consider how close the home is to a train line or a busy street. Yambrovich also urges buyers not to forget about storage space.

“Sellers today are smart enough to make their homes look as spacious as possible, so buyers need to be sure there is enough room for their possessions, not just today but in the future, too, because we all accumulate more stuff as time passes,” he said. “If you are considering a condominium, see what kind of additional storage the building offers. If you don’t, you may end up renting a locker in a storage facility, which can be both costly and inconvenient.”

Finally, advises Jim Merrion, “schedule a mid-day visit to a home before you make an offer so you can see if you are comfortable with the amount of natural light that comes into each room. Most of us prefer a house that gets plenty of natural light, but that isn’t the easiest thing to evaluate in winter when the sun is lower, and many buyers visit properties after work or late on weekend afternoons.”