GAMBINOREALTORS THE COLLECTION

from Gambino Realtors, The Collection April 2020

The Number 1 Thing You Can Do to Position Yourself to Buy a Home This Year

The last few weeks and months have caused a major health crisis throughout the world, leading to a pause in the U.S. economy as businesses and consumers work to slow the spread of the coronavirus.

The rapid spread of the virus has been compared to prior pandemics and outbreaks not seen in many years. It also has consumers remembering the economic slowdown of 2008 that was caused by a housing crash. This economic slowdown, however, is very different from 2008.

One thing the experts are saying is that while we’ll see a swift decline in economic activity in the second quarter, we’ll begin a sharp rebound in the second half of this year.

According to John Burns Consulting: “Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices), and some very cutting-edge search engine analysis by our Information Management team showed the current slowdown is playing out similarly thus far.”

Given this situation, if you’re thinking about buying a home this year, the best thing you can do right now is use this time to get preapproved for a mortgage, which you can do from the comfort of your home.

Pre-approval will help you better understand how much you can afford so that you can confidently do the following two things when you’re ready to buy:

1. Gain a Competitive Advantage

see, means homebuyers need every advantage they can get to make a strong offer and close the deal. Being pre-approved shows the sellers you’re serious about buying a home, which is always a plus in your corner.

2. Accelerate the Homebuying Process

Pre-approval can also speed-up the homebuying process so you can move faster when you’re ready to make an offer. Being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.

Pre-approval is the best thing you can do right now to be in a stronger position to buy a home when you’re ready.

UNIQUE RIVERFRONT CHALET $425,000

Every day is a vacation in this riverfront Chalet. Custom built with an immense attention to detail and a focus on breathtaking views of the river. The use of materials and space is genius. The open floor plan, volume ceilings and hardwoods are in keeping with what today’s buyer is looking for. From the moment you enter, you are struck by the rare character and unique materials that have been built into the home. A gracious kitchen opens to a large great room with walls of windows overlooking the peaceful river. Two additional bedrooms, a full bath and a spacious laundry complete the main floor. Upstairs is a breathtaking suite which includes a living room with a walk out deck, master bedroom and en-suite bath. The walk out lower level provides two additional bedrooms, a full kitchen, bath and a bonus room. The guest cottage offers over 1,000 square feet of additional space with a myriad of uses. This one of a kind home provides a peaceful sanctuary within minutes of all amenities. A true gem for the new owner.

COUNTRY PRIVACY $350,000 Revel in the privacy that comes with this updated country home boasting a 10-minute trip to the Metra and charming downtown. The open layout concept includes three spacious bedrooms and three and a half baths all nestled on a three-acre parcel. This home is zoned agricultural, so the possibilities are endless. The finished lower level adds a convenient space for a possible fourth bedroom, an office or cozy den. The quiet setting on a cul-de-sac in Crestview Estates is perfect for the nature lover who wants quick access to nearby downtown for entertainment.

SPACIOUS COUNTRY ESTATE $319,000

Escape to this private, scenic country setting at the end of each day. This must see 2,500 Square Foot ranch is tastefully finished and is only 13 years old. Natural light flows throughout the open floor plan accentuating the 10-foot ceiling featured on the first floor. The chef ’s delight kitchen boasts new granite countertops, ceramic tile floor, new appliances (2018), a pantry with convenient pullouts, access to mud room and sliding doors to the expansive 24x30 deck added in 2019. The master bedroom includes a walk-in closet, master bath with jacuzzi and double vanity. The lower level layout includes a family room with a beautiful wall of windows, office with corner windows, closet and bath. Enjoy strolls in this country setting featuring a bridge over the creek, pasture and an area for your very own organic garden. The property is zoned agricultural and includes a pole building as well as additional buildings for animals and/or livestock. With an excellent location and private setting, the new owner of this home will experience the best of both worlds.

LIGHT & BRIGHT FAMILY HOME $293,900

Enjoy the extras in this beautiful, light and bright, well-maintained family home. There is ample space featured throughout the three bedrooms, two full baths and two half baths. Entertain and dine in the updated, sun drenched kitchen with quartz countertops, all new Frigidaire appliances and glass tile backsplash, all while partaking in gorgeous views of the fenced in backyard. Conveniently located near shopping and neighboring towns, this home boasts many unique features including six foot wall construction, dual stage furnace, UV filter on incoming well water, surge protector on 200 amp electric panel, radon mitigation system, security system, garage entrance to the basement, heatilator on the gas fireplace and volume ceilings.

FULLY EXPOSED RANCH $295,000 Gorgeous custom built, fully exposed ranch in the desirable Old River Hills Subdivision. The large foyer welcomes you to an open floor plan replete with all of the amenities today’s buyer is looking for including volume ceilings, walls of windows, hardwood floors, white trim, granite and stainless kitchen with center island, pantry, main floor laundry and more. There are three nicely sized bedrooms including a large master suite with a tray ceiling and the fabulous en-suite bath offers double vanities with granite counters, a custom tiled shower and a large walk-in closet. The two additional bedrooms have 9-foot ceilings and share a granite and ceramic bath. The fully exposed lower level with high ceilings is loaded with windows and will make fabulous additional living space. You will love the warm months on your elevated deck enjoying long views and a professionally landscaped yard with irrigation. The location is fabulous, the schools are among the best, and the pride of ownership shows.

The Economic Impact of Buying a Home

We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format.

What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.

Every year the National Association of Realtors (NAR) shares a report that notes the full economic impact of home sales.

The report isn’t just about home sales, but instead the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.

You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process.

For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. The impact is almost double when you purchase new construction, given the extra labor it requires to build the home.

As a buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

Whenever you purchase a home, you’re an economic driver.

Even if you’re not ready or able to make a move now, there are things you can do to keep your own process moving forward so you’re set when the time is right for you.