Market trends indicate buying a good bet in Chicago

By Urban Real Estate

Chicago has historically remained a steady market for home buying and selling as residents have often made Chicago home (versus other markets where second home investing was more prevalent and often also the first to feel the impact of a distressed marketplace).

That said, interest rates remain low and with a lower rate, comes housing affordability. If the Federal Reserve announces interest hikes before the end of the year, it is likely that that, too, will impact mortgage rates, increasing the cost of a home and decreasing the buying power a consumer might have today.

Matt Farrell, managing partner with Urban Real Estate, has these recommendations for contemplating what to do in today’s market:

First, there are great opportunities to buy in the Chicago market. If buyers are on the fence, lower rates today can be locked in through Urban’s recommended lender for a fixed limited time with a pre-approval, giving you the buying power to negotiate strategically on your next purchase. Buyers are not obligated to make any purchase, but at least have the “financial house” in order, with a low interest rate locked in.

Next, sellers are motivated, especially with good offers. A solid offer is better than no offer to a seller and often sellers have a variety of reasons why they may be looking to move. While buyers may have not planned to purchase in the winter, there may be a chance to secure a great primary or investment property and appreciate the residual benefit of a more aggressive decision.

Finally, If interest rates drop in the future, buyers can always refinance. The reality is, that is a better situation to be in rather than to miss a great opportunity, or to not find what one is looking for later. Moreover, as housing prices continue to increase in Chicago, buyers may later fight the battle of both a higher priced home, and higher interest rates.

Contact one of the trusted advisors at Urban Real Estate to help consider buying or selling in this market, and help get on track for a pre-approval with Urban’s preferred lenders who have a loan program right for you at (312) 528-9200 or visit us at UrbanRealEstate.com.

Innovation Awards highlight local tech talent

By Jesse Wright, Staff Writer

 

On Monday evening, Chicago Innovation recognized a host of Midwestern ideas at the 17th annual Innovation Awards.

Among the recipients, the Bra Lab won people’s choice for designing better brassieres, the Adler Planetarium won the collaboration award for their work with high school students and Ballot Ready won the Social Innovator award for their work on an elections app.

Besides the specialty awards, general Chicago Innovation Awards went to Abbott, Advanced Valve Technologies, Cameo, Ensono, Farmer’s Fridge, the Illinois Holocaust Museum and Education Center, Sterling, UPshow, Sittercity and Molex. Neighborhood awards went to Above and Beyond Family Recovery Center, Aspire and Lakeview Pantry. Up and comer awards went to Catalytic, Codeverse, Esquify, ExerciseBuddy, GuardianVets, Jlobit, Parker Dewey, PanaceaNano, Truss and Unanimous AI.

The event, at the Harris Theater in the New Eastside, was a chance to celebrate some of the people behind innovative ideas and inventive companies.

The evening was kicked off by Mayor Rahm Emanuel who praised the city as itself an up and comer for technology firms.

“We have more women innovators than any other city,” Emanuel “But that’s only the beginning of where we need to go.”

The mayor explained that Chicago businesses should recruit young talent from the city’s STEM (science, technology, engineering and math) schools programs in order to encourage kids and to keep talent local.

“If we do that, then to Berlin, Beijing, Tokyo and London I have one word, watch out. Chicago is coming for you,” Emanuel said.