Real Estate License
Most people who are buying or selling their home or condo will engage the services of a real estate agent. Real estate agents in most states are licensed and must adhere to not only state laws but federal laws as well. To get a real estate license in any state is no easy task and by passing the exam indicates the work involved and the level of professionalism of the person who has chosen this as their profession.
There are certain requirements to obtain a real estate license and most states will follow similar guidelines. Listed below are the most common requirements:
- You must be at least 21 years old.
- You must be a high school graduate or equivalent (GED)
- Successfully complete the pre-license 45 hour basic transactions real estate education course.
- Pass the state exam.
- Be sponsored by a licensed broker.
The first two of these requirements are self-explanatory but the rest need a little more information to understand if you are interested in getting a real estate license. The 45 day pre-license course is mandatory in some states. It will cover all areas of real estate transactions including financing, real property laws and ethics among others. Today the course can be completed a number of different ways but most commonly is done online. The next area that needs explanation is the state exam. State exams can be difficult and lengthy but are necessary to insure the professionalism of each agent. Once you have passed the exam you will need to be sponsored by a licensed broker in the state you intend to practice. This simply means that you will work under the umbrella of a licensed broker who is responsible for your actions. Getting your real estate license can be time-consuming, costly and no easy task but the benefits far outweigh the efforts.
Real Estate Market
Many buyers enter the real estate market when sales are slow and there is a glut of homes. Many times they will want to jump into the market, and there is nothing wrong with that, but you may need to show some restraint. Since most buyers are buying for themselves there can be a great deal of emotion involved. Sometimes knowing just when to jump in to the real estate market can save you thousands of dollars and make you feel really good about yourself for making not only a sound business decision but finding that home you desire.
They key to buying is doing some research before you make a decision on the area and type of home or condo in which you are interested. Today there are so many places to look that it can be confusing. Prospective buyers need to know where they can get the best information which often times is the internet. The internet has a plethora of information about the real estate market that otherwise was not available just a few short years ago. Today most real estate companies have websites which provide you with all the information you will need to make a good decision. Information from websites range from tips about how to make an offer and what type of financing is available and is best for you. You can get information about when the property last sold and for what price which can help you with that first offer. All in all, do your research about what is important to you and start the process of finding your dream home or condo.
The Proper Way to Eat a Banana
So after working so hard in the office, we tend to get a little loopy at times. I noticed that one of my colleagues was eating a banana the 'wrong way’ as I had seen it. I was always told to look at how a monkey eats a banana, and that is the way that humans are supposed to eat it. That very way is upside down, as most people see it. Most people peel the stem of the banana and then proceed to eat it, but if you have ever seen a monkey eat a banana or if you read this blog, you will know that the proper way is to peel from the non-stalky end. This usually leads to less "banana strings" and you can use the stalk as a handle. It is easiest to just pinch this end instead of trying to pull first before eating the banana.
We, here at OwnACondo.com now know the proper way to eat a banana. Check that off the list and also add that to the list of what we already know and are good at, like finding dream condos for buyers all around the Chicago area. We are experts at this and we are there to assist you when you are looking to buy a home. We not only know the proper way to treat our clients, we know the best, most effective way to get you the property of your dreams.
Jesse Martinez
Jesse Martinez has joined the OwnACondo.com team of dedicated Realtors®, many of whom have earned accredited buyer representative (ABR) designations .
Jesse, a licensed real estate broker, has more than 15 years of real estate experience, getting his start as an investor at age 21, when he bought his first multi-unit investment property in 1994. From 1998 to 2008, he owned several companies, including Barrister Mortgage Co., BMI Title and Jesel Properties, all in the Chicago area. He worked for Exit Elite Realty in Naperville from 2009-2010. As the owner of E-list Realty, which he opened in 2010, he purchased, rehabbed and sold more than 25 properties.
He has a wealth of experience handling the purchase and sale of properties valued at $500,000 and above. Jesse Martinez also is a licensed investment and insurance broker. In addition to high-end properties, the Naperville resident's real estate specialties include:
- Investors
- Condos
- Townhomes
- Single-family homes
- First-time home buyers
- DuPage County real estate
- Downtown Chicago real estate
- Kane County real estate
- Will County real estate
- Chicago-North real estate
- Chicago-South real estate
- North Cook County real estate
- South Cook County real estate
- Naperville real estate
- Kendall County real estate
- Lake County real estate
- McHenry County real estate
When he is not helping clients either sell or buy real estate, Jesse Martinez enjoys spending time with his wife and two young children. He likes sports such as biking, ice hockey, basketball, baseball and football, and is involved in the Big Brothers, Big Sisters organization, serving as the “big brother” for an 11-year-old boy.
“I have 15 years of real estate experience, as a Realtor® and broker, and as an investor myself. I am very familiar with the real estate market throughout the Chicago area, and I am eager to share my knowledge with my clients,” said Jesse Martinez.
Contact Jesse at jmartinez@ownacondo.com or (630) 418-0611 if you have questions or would like him to help find your dream condo.
Buyers
Prospective buyers have an edge in a down market but that does not always mean they will make money on the properties they buy or will find the best deal available. In a buyer’s market, buyers will have the advantage but homework needs to be done before you make that all important purchase. Today there are so many places to look that it can be confusing. Prospective buyers need to know where they can get the best information which often times is the internet. Internet searches can provide you with a lot of information but to really know the area in which you want to purchase you will want to contact a local Realtor. Not just any Realtor, but a seasoned professional who has seen the ups and downs for the market area. They can provide you some insight about the market and all the factors that may affect your purchase decision. Tips on buying come from many sources so do your research and heed the advice of the professionals.
Now that you have done your research and found that seasoned professional listen to what they have to offer. The information they provide can make all the difference in the world between success and failure. They will most likely be the first to tell you to get your financing secured since they know the best deals go fast and you will need to act quickly with a strong contract. They can find motivated sellers and will negotiate the best price with only your interests in mind. They can provide comparative market analysis which will tell you as the buyer what the true value of the property in which you are interested as well as many other bits of information critical to your decision.
Many buyers enter the market when sales are slow and there is a glut of homes. Many times buyers will want to jump into the market and there is nothing wrong with that but you may need to show some restraint. Since most buyers are buying for themselves there can be a great deal of emotion involved. Sometimes knowing just when to jump in to the real estate market can save you thousands of dollars and make you feel really good about yourself for making not only a sound business decision but finding that home you desire. Do your research and find that trustworthy real estate professional.
Sotiraq Vando
OwnACondo.com welcomes Sotiraq Vando to our growing team of dedicated Realtors®, many of whom have earned the accredited buyer representative (ABR) designation.
Sotiraq Vando, in addition to being a civil engineer, has more than five years experience as a Realtor® and is a licensed real estate broker. He has qualifications in accounting and as a loan originator also. His specialties include:
- Condos
- Foreclosures
- Single-family homes
- Investment real estate
- Financing condos
- Rental properties
- Downtwon Chicago real estate
- Chicago North real estate
- North Cook County real estate
“I like to work with people and because of that, real estate has always been an interest of mine. I like working with people and finding a way to help them get their condo financing, even in difficult situations.”
Fluent in Albanian in addition to English, Sotiraq Vando is married with two daughters. He earned a degree in civil engineering from the University of Tirana (Albania) in 1977, and has several other professional certifications also.
“I am always learning and adjusting in this changing industry,” Sotiraq said, adding that he enjoys all the customer-focused aspects of real estate, from helping buyers find just the right property for them to preparing presentations and contracts. He said he is very proficient in using the Multiple Listing Service, allowing clients to narrow their search and save time and money.
You can reach Sotiraq Vando at svando@ownacondo.com if you have any questions or would like him to help you find your dream condo, an investment property, or any other piece of real estate.
Denise Arnold
OwnACondo.com welcomes Denise Arnold, an experienced Realtor® and appraiser, to our team of dedicated professionals.
She brings a wealth of real estate experience to our staff, including 10 years as a certified appraiser and six years as a Realtor® with nationally known companies. Her specialties include:
• Appraisals
• Investors
• Foreclosures
• First-Time Home Buyers
• Condos
• Rental properties
In addition to her real estate qualifications, Denise Arnold also has a Bachelor of Arts degree in communications from Eastern Illinois University. She is a member of the Illinois Coalition of Appraisal Professionals, and said she uses her appraisal knowledge to benefit her clients.
“I am not going to let my clients overpay. If they want to, it won’t be because they were not informed,” she said. A resident of Chicago’s south suburbs, she is married and has one daughter and a stepdaughter.
“The best part of being a Realtor® is working with people, helping them find the right condo or house. I like meeting new people and I have an outgoing personality, which helps in this industry,” said Denise Arnold, who focuses on the real estate market in the Chicago Loop as well as the North Side, South Side, and suburban Cook County.
Denise can be reached at darnold@ownacondo.com if you have any questions or would her to help you find a condo or other property.
Mortgage Payments
Having to make monthly mortgage payments can be very stressful for anyone buying condos or other homes. Worrying about a $200,000 debt, especially if you are just scraping by, can be a problem.
But there are ways to pay off your debt quickly and save on interest without really paying any more than you do now. Splitting the regularly monthly mortgage payments in half and paying that amount bi-weekly, or every two weeks is one option.
With 52 weeks in the year, that means you are making 26 half-payments, or 13 full mortgage payments instead of the usual 12. This way, you can pay off a 30-year mortgage in as little as 26 years. On a typical 30-year mortgage with a 5 percent interest rate, you can save tens of thousands of dollars.
Some lenders allow you to build this option into your mortgage payments, but be careful because there are often additional fees involved. With your monthly condo assessments and other costs, this is the last thing you want. These extra fees cab ve avoided by doing it yourself. Lenders don’t have a problem processing two payments per month, as long as the full payment is received by the due date.
Adding a bit more to your monthly mortgage payment is another way to save money in the end. You can do this simply by rounding up, so instead of paying $927 per month, make it an even $1,000 whenever you can afford to do so Every little bit taken off the principal helps, and it is something to consider when financing condos.
An Investor’s Perspective
This is the last in a series of blogs regarding the purchase of real estate and is taken from the investor’s perspective. Investors are a whole different breed of real estate purchaser, motivated solely by the potential income that may be realized. Investors ask themselves two major questions. Is now the right time to buy, and will the property generate income now or sometime in the near future? This is what drives investors to enter the market and make their move, but before they do that they perform a lot of research and look at the many factors that will influence their decision to invest and at what prices.
- Are values going up or down?
- Are interest rates at a level that will make the payments affordable?
- Will my expenses continue to increase and can I increase rates to cover those expenses?
- What is the condition of the property and can I afford to make improvements initially?
- Does the area support increased rates or will they stagnate?
- Do I intend to sell the property relatively quickly or am I in for the long term?
- Does the market area show signs of overbuilding or over investing?
As you can see from the investor’s perspective it can be a complicated process and the need for information is critical. Investors look at when they should enter the market and the short answer is it is always a good time to invest. Always being a good time to invest and needing up to date information is where hiring a real estate agent as a buyer’s agent is critical. A buyer’s agent's number one responsibility is to you, the investor. They can tell you where the hot and cold areas are in which to invest. They are able to present you with comparable market analysis which can help you make an informed decision regarding price. They have the skills needed to negotiate the most optimal priced base on your research. From the investor's perspective they need to know at what price and condition a property can be income producing and have no emotional tie like many purchasers of owner-occupied properties. They are in for the return of their investment and will move on to other properties when they cannot get their price and terms. Investors are making business decisions and, as with all business owners, they are in it for the money. As mentioned before it is always a good time to invest and no matter if you are just starting out or are a seasoned investor, information is critical.
Mayoral Election
Chicago’s upcoming mayoral election is a popular topic of conversation, and the winner will take the reins of a city that has been transformed by the addition of lakefront condos and more since Mayor Richard M. Daley took charge of in 1989.
While not everyone agreed with Daley’s way of doing things, most Chicagoans would agree that much was done during his 22-year tenure, including an enhancement of the city skyline with the addition of numerous luxury high-rises near Lake Michigan. These include One Museum Park, Trump International Hotel and Tower, and many more.
Other beautification projects such as the Museum Campus and Millennium Park, as well as the redevelopment of Navy Pier into the biggest tourist attraction in Illinois, also made neighborhoods such as the South Loop, River North and the Gold Coast, much more inviting to people looking for condos.
In fact, the news in the 1990s that Daley and his wife were buying a South Loop condo and moving out of the Bridgeport neighborhood that has been his family’s home base for generations created almost as much interest as when he decided not to run in the 2011 mayoral election. About the same time, Bridgeport itself was enjoying a period of revitalization too, with the addition of many new condos and townhomes that were snapped up by home buyers interested in living in an affordable area near downtown.
Of course, the building boom ended when the economy crashed in 2008, so the winner of the mayoral election will likely not see as much success in that area. But with interest rates remaining low, and the economy slowly improving, the rate of buying condos is sure to rebound and rise again.
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