Marilyn Deann Gladwell

LICENSE: 471.018595


(815) 412-5930
(312) 500-5040 (Office)

Marilyn Deann Gladwell's Blog

13 Tips for First-Time Homebuyers

Posted On: March 29th, 2023 5:09PM

13 Tips for First-Time Homebuyers in Chicago

Buying a home can be both exciting and daunting, especially for first-time home buyers in a city like Chicago, IL. With so many neighborhoods, housing styles, and factors to consider, navigating the real estate market can be overwhelming. However, with the correct information and guidance, purchasing a home in Chicago is an extremely rewarding experience and an excellent investment. 


To help you get started, we turned to some of Redfin’s top Chicago Agents and Partner Agents to provide tips and advice for first-time homebuyers. Regardless of your background, these tips will help you make informed decisions and achieve your dream of owning a home in the Windy City. Let’s get started!


Chicago neighborhood


1. Do your research to prepare yourself for the process

I want to encourage everyone to become a homeowner. It is exciting, a great investment, and a means of building wealth within your family and your children. However, be prepared. Research and talk to potential lenders. – Evelyn Randle | Redfin Partner Agent, Checklist Homes Realty

For a first-time home buyer, purchasing your home may seem like a huge task and stressful time. Understanding the home-buying process is essential. – Tony Mathews | Redfin Partner Agent, Realty of Chicago LLC

2. Consider choosing a lower price point

Choose a price point that’s lower than your comfort level when the market is hot. This way, you have room to bid above list price if need be. If you’re looking at the top of your range, it will be hard to compete against others vying for the same home. – Ashley Arzer | Redfin Premier Agent

 

3. Be strict about staying within budget

My recommendation is to strictly stay within their budget and not focus on cosmetic issues as much as significant components of the house. Using tools like an affordability calculator will help you determine how much house you can afford. – Ray Loma | Redfin Partner Agent, NellyCorp Realty

4. Reconsider waiting out the market

2023 will be challenging for Chicago homebuyers. Homeowners locked in a favorable interest rate are reluctant to sell, creating a lack of inventory. Buyers may think it’s better to wait out the market, but there is a lot of opportunity in this market if buyers approach real estate as a long-term investment. If prices or mortgage rates dip significantly, all those sidelined buyers will likely come rushing back to the market, driving up competition on offers and prices. Marry the house, not the mortgage. Mortgages can be refinanced for qualified individuals. – Deann Gladwell | Redfin Partner Agent, HomeSmart Connect 


5. Learn about the different Chicago neighborhoods

Choosing the right neighborhood is a crucial part of purchasing your first home in Chicago. With so many options available, it can feel overwhelming like riding a roller coaster at your favorite theme park. However, Chicago’s diversity of neighborhoods means that there’s a perfect fit for everyone. It’s essential to consider factors such as commute times, local incentives, and property tax rates before making a decision. – David Dominguez | Redfin Partner Agent, Realty of Chicago LLC

 

 

 

6. Ask a lot of questions

Buying in the Chicagoland area offers something for everyone, from high-rise condos to single-family homes with yards. As a first-time home buyer in Chicago, it’s important to ask many questions. The more information you have, the easier it will be to decide what option makes the most sense for you. – Victor Senteno | Redfin Partner Agent, Senteno Real Estate

7. Get pre-approved for a loan before starting your home search

The best advice I can give new buyers is to get pre-approved. Set up a meeting with your bank or mortgage lender and submit all the financial documents they request so they can pre-approve you. That pre-approval will dictate what type of loan you qualify for and how much you can spend. If you are eligible for an FHA loan, you know you have to look for homes that will pass the FHA loan. If you qualify for a conventional loan, you can look for properties that can pass an FHA or conventional loan. – Juan Espinosa | Redfin Partner Agent, E-Professionals Realty, LLC

 

8. Pay attention to the details when buying a condo

In some areas, like downtown Chicago, condos are very desirable. Certain features of condos can lead to trouble with mortgage financing. Be sure that your realtor asks the right questions before you put down earnest money on a condo that isn’t financeable. Additionally, condos have other fees like association dues that single-family homes do not. Association dues will play into how much you qualify for when you buy a home, be sure to pay attention to this important detail. – Kayshonna Straughter | Redfin Partner Agent, Coldwell Banker


9. Be prepared to compromise space

As a first-time home buyer looking to purchase in Chicago, the advantage is being close to everything, schools, work, commuting, restaurants, and shopping. The disadvantage is that it has a much smaller lot than you would get in the suburbs for the same amount. – Karen Mika | Redfin Partner Agent, Exit Strategy Realty

10. Learn about grants and down-payment assistance programs

First-time homebuyers in Chicagoland should start by educating themselves about all available grants and down payment assistance programs in Illinois. – Debbie Kula | Redfin Partner Agent, arhome realty

 

 

 

11. Work with a seasoned Chicago real estate agent 

Be sure to work with a seasoned realtor because, with record-low inventory, buyers need an expert negotiator. A great real estate broker can help you navigate the complexities of purchasing a home. – Sharon Tuckman | Redfin Partner Agent, EXIT Grace Realty

12. Surround yourself with a stellar team

My first-time home buyer tips are ensuring you have a good team (agent, lender, attorney, and inspector) when you start your search. – Al Schwartz | Redfin Partner Agent, Fulton Grace Realty LLC

 

 

13. Take a final walk-through prior to closing

On the day of closing, I always suggest doing our final walk through just prior to meeting at the title company for the closing. This allows us to view the full property with all of the seller’s belongings removed, so that we have the most up to the minute condition. Since Chicago has such extreme and fluctuating weather conditions, this alleviates the greatest risk of running into any issues for the buyer.  – Amy Gugliuzza | Redfin Premier Agent


 

Partner Agents work for traditional brokerages, but have teamed up with Redfin to help customers buy or sell a home. Customers are connected with partner agents when Redfin Agents are experiencing exceptionally high customer demand or if a home is outside our direct service area.


If you are represented by an agent, this is not a solicitation of your business. This article is for informational purposes only, and is not a substitute for professional advice from a medical provider, licensed attorney, financial advisor, or tax professional. Consumers should independently verify any agency or service mentioned will meet their needs. Learn more about our Editorial Guidelines here.




Add Comment

Things To Do In Chicago

Posted On: March 14th, 2023 9:19PM

Food

If interested in deep dish pizza, would recommend Lou Malnati's (several locations).
If interested in Chicago hot dogs, should be able to find in a place in all neighborhoods pretty easily. Portillo's is a well known place in the River North neighborhood.
 
The more popular bars/restaurants are on Clark, Kinzie, and Hubbard streets. Untitled Supper Club is a cool underground place on Kinzie that has an incredible whiskey collection, if that is of interest.
 
West Loop and Fulton Market neighborhoods are right next to each other and are known as having some of the best restaurants in the city. Hard to go wrong with anything in that area. I would recommend making a reservation at least a week out, especially if going on a Friday or Saturday night. Some popular places will fill up 3+ weeks out. These neighborhoods were built up over the last 10 years and most buildings are new or renovated industrial warehouses.
 
One place in Fulton Market that is a very unique experience is The Aviary. It is a cocktail bar owned/operated by The Alinea Group, whose primary restaurant, Alinea, typically is rated top 50 in the world and best in Chicago. The Aviary is expensive (cocktails are ~$30 each) but the drinks are excellent and most have a special presentation (dry ice, special glassware, table-side flavor infusion).
Sites/Things to Do
 
Architecture Tour - These either take off at Michigan Ave along the river or at Navy Pier.
Navy Pier - Has a children's museum, Ferris wheel, bars/restaurants. There is a rooftop bar towards the end of the pier (longer walk) called Offshore that opened within the last few years and is very cool.
Hancock Building - 875 N Michigan. 5th tallest building in Chicago. Was the 2nd tallest in the country when it was built. There is an observation deck on the 94th floor you pay to go up to but you can also go to the 96th floor Signature Lounge for a drink and get similar views.
 
Near Millennium Park:
Art Institute - $25/adult, plenty of different types of exhibits.
Cindy's Rooftop - One of the top floors of the Chicago Athletic Association that is across from and overlooks Millenium Park with views of the lake.
Chicago Athletic Association - The gameroom floor is another option to get a drink nearby if Cindy's is busy or if weather is bad.
London House Hotel - Another rooftop bar with good views of the river. Across the river from Trump Hotel.
 
Mag Mile:
Starbucks Reserve Roastery - Cool multi-level Starbucks that took over the old Crate & Barrel. There is a cafe on the second floor and bar on the top floor that serve special drinks/cocktails you cannot get at normal Starbucks.
Eataly - Started in NYC and they brought one to Chicago. It is basically an upscale food court of authentic Italian foods and wines.
Ralph Lauren Restaurant - Never been but have heard good things. 
Rush Street - More shopping on a street near Michigan.
 
Wrigley Field:
Would depend on weather but going to a Cubs game is a great experience with Wrigley Field being one of the two most historic baseball stadiums in the country. There are fun bars all over the neighborhood, as well.

Add Comment