Epain Homes

It’s not all about the house price. Good Realtor’s know, or get to know, the pain of their clients. They will know how agonizing decisions for your family can be when it comes to housing, work, schools etc… it helps a little to walk in their shoes to be able to provide consultation.

YoChicago.com shot a video with a homeowner selling a “surprisingly affordable lifestyle” in the package of a home in Kenilworth. The video prompted comments from ever day “Joes” like me eyeing a move from Chicago. Check out the video of the house below and read the comments on contemplating city alternatives like Kenilworth and Wilmette.

Is this house for you?

Not necessarily my view but some interesting thoughts put forth here. Some bits from the article:

“If you’re still linked through the house, than you’re not really divorced,” says Kelly Lise Murray, a Harvard-trained lawyer and Nashville real estate agent…

But Murray, who describes herself as a “divorce real estate advocate,” says people tend to underestimate the “ghosts” that go along with keeping the house. The place is often so filled with memories, both good and bad, she says, that “it’s not the family home anymore. It’s a huge lodestone…”

Then there’s the even bigger issue of hidden debt. Ideally there will have been no secrets between the husband and wife. But money is a major cause of divorce, and in many cases, one spouse has no clue that the other one has rung up big bills that have become undisclosed liens against the property…

I think the premise above contains two particular advantages.

First, the divorce case is quickened and potentially “cleaner.” I can’t tell ya how many cases I have now that are just sort of lagging because of an inability to sell real estate…nothing too much happening but no final closure either. Of course no one can control market conditions.

Second, there’s way too much guesswork in setting some value on a marital residence at some time fairly arbitrarily plus there’s a lot of unknown and moving factors that have to happen for the typical refinance with buyout or sell in the future and distribute proceeds in some pre-set manner…now that’s messy!

Thought I’d post a nice comment in full from local blogger and Realtor Eric Rojas. Like I tell my wife, disagreement is good, it provides more ideas rather than just agreeing with one idea…

I might disagree with your “waiting game”. There is no guarantee the right deal will be there for you later. I personally have offered on a foreclosure (lost in a multiple offer) and have won a multiple offer short sale for my clients on another place this month.
Meaning, many preceived the prices as agood deal and jumped. This is still very rare, even in our worst months here after Red October.

You did acknowledge people could jump if it’s a steal. But finding the combo of good location, good building, good price is still tough… especially if you don’t write and offer.

I know of sales happening now that are $50K less (give or take) than previous sales on units for sale simply because the buyer wrote an offer (did not have to wait and compete when the price finally would be lowered).

Anyway, I’m biased here, but also put my own money where my mouth is. Making an arbitray decison when it’s better to buy based on the current market is like trying to time any market. I think if a home is what you want and you have a good understanding of the location… and you can afford it… take a shot.

If you were in the market today (say renting and needed a place for your growing family) you’d wait another 6 months even though a great house becomes availble?

A nice little reminder/overview from Kiplinger’s regarding end of year tax planning for homeowners.

Notably, the new up to $7,500 tax credit for new homes brought from April 9, 2008, through June 30, 2009 and the Private Mortgage Insurance deduction for homes bought since 1/1/07.