Higher property taxes, higher rents, stalled investment and revenue shortfalls await Chicago if the new transfer tax is enacted. Since we last posted about Chicago’s proposed new real estate transfer tax, known as Bring Chicago Home, a lot has happened around the issue. In late February, a circuit court judge ruled that the ballot measure violated Illinois election law because it attempted to push through an unpopular proposal (raising taxes on some individuals) by bundling it with a popular one (lowering them on others). But recently, the Illinois Appellate Court reversed the ruling, putting ..read more

Navigating tax season can be challenging, especially when you’re a first-time homeowner. The good news: you’re likely entitled to additional tax benefits – from major deductions to perks for building that new home office. The key, though, is understanding what you can claim and, from there, ensuring you maximize the savings – and minimize your tax bill. The transition from renter to homeowner introduces a suite of potential tax benefits that, if leveraged correctly, can significantly reduce your tax bill. Start here: 1. Mortgage Interest Deduction One of the most significant tax benefits of ho ..read more

From the rise of ‘quiet luxury’ to the growing influence of Gen Z, Christie’s International Real Estate identified several trends that are shaping the luxury real estate market in 2024. Those trends are detailed in the brand’s recently released Global Luxury Real Estate Forecast. The report is based on surveys and interviews with Christie’s International Real Estate affiliates from more than 20 countries. Read on for the forecast’s top takeaways. Mansion Taxes Aren’t All That A growing number of North American cities are counting on taxes on 7-figure home sales – often called mansion taxes – t ..read more

As your mortgage balance declines and your property value increases, you accumulate equity in your home. This is a form of wealth that you can tap into and use to pay a variety of expenses. “Home equity is more than just a number,” explains Jo Ann Theriault-Fazio, SVP of Mortgage Lending & National Sales Director at Proper Rate. “It’s a reservoir of potential that, when tapped wisely, can transform your financial landscape.” “Tapped wisely,” though, is key. What’s a HELOC? A Home Equity Line of Credit (HELOC) is a common way to quickly and easily tap into your home’s equity. HELOCs typical ..read more

The Johnson administration is pitching its new “Mansion Tax” as a tax on wealthy homebuyers, but it’s likely to cost the average Chicago homeowner thousands in increased property taxes. UPDATE: On February 23, a Cook County Circuit Court judge blocked Chicago’s Real Estate Transfer Tax Referendum from the ballot on the grounds that the referendum, as structured, violates state election law. The ruling is likely to be appealed. Please read on for more information about proposed changes to Chicago’s Real Estate Transfer Tax. On March 19, Chicagoans will vote on a ballot measure to change the str ..read more

Although it doesn’t feel like spring in the Midwest, the busy spring real estate market is underway. And with more competition, it’s important for prospective homebuyers to get their priorities in order before they start touring homes and neighborhoods. If you’re among those buyers, ask yourself: 1. What’s my financial comfort zone? It’s essential to have a clear understanding of your budget. Beyond the purchase price, you’ll need to factor in expenses like closing costs, property taxes, homeowners insurance, and home maintenance, to name a few. Reach out to a loan officer to discuss your fina ..read more

Home loans are anything but one-size-fits-all. From conventional loans to jumbo loans to adjustable rate mortgages, and more, borrowers come to the table with diverse needs – and it’s your loan officer’s job to connect you with the right mortgage for your situation. But many people don’t know that there’s a different category of mortgages for condominiums. And navigating that terrain starts with understanding of the legal definition of a condominium. “A condominium declaration is a legal designation for an individual unit within either a building or complex of buildings,” explains Joe Burke, S ..read more

Certain Chicago neighborhoods and towns need no introduction…think Lincoln Park, Hyde Park, Wrigleyville, Naperville, Oak Park, Evanston, etc. There’s a reason these communities consistently top homebuyers’ wish lists, but the great thing about Chicago is that there are dozens upon dozens of appealing city neighborhoods and just as many pleasing suburbs. Furthermore, these places are living, breathing “beings” that evolve over time and are constantly being discovered and rediscovered. Over the past couple of years, local market dynamics have shifted the spotlight onto some communities that are ..read more

Picture your dream home. Is it a traditional single-family home designed for a conventional nuclear family? Or does your idea of home include extended family — maybe your parents, in-laws, or a favorite aunt or uncle? If so, you’re not alone. While single-family living continues to be the dominant housing choice in the US, there’s a new arrangement that’s steadily gaining in popularity across the country, including in the greater Chicagoland. According to a report by Pew Research Center, the number of people who live in multigenerational households quadrupled between 1971 and 2021, now represe ..read more

Buying a home is a true team effort. And while your real estate agent, loan officer, home inspector, attorney, and other core players help you get across the finish line, technology has also made the process more convenient for everyone. But homebuyers can go crazy sifting through all the apps and tech tools promising a faster, smarter, and easier road home. So we’ve narrowed it down to six apps that are sure to help homebuyers on their journey. 1. Zillow or Trulia: The Go-to for Browsing Zillow and Trulia are two of the most recognized names in home search. Both apps cater to broad audiences ..read more