With the end of the football season comes the start of the spring Real Estate Market. The fact is that here in Chicago, even if the weather says winter, the market says spring. This is due to a combination of two things. First, the reality is that only the most motivated of buyers and the most desperate of sellers have stayed on the market since Thanksgiving, over the holidays and through January. But now with the sun not falling until after 5PM, the most bitter of winter likely behind us, it’s time. Also, the agents who take the same time off are now back in the market and have to earn some money. So they are getting back to it, and it’s a marketing hook for them, even if partially true.
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With the dramatic change in the mortgage application and closing process that was implemented by the government on January 1, we have seen some early results and it’s amazing how dramatic a change we have on our hands. Both lenders and clients are confused as to the new rules and how they impact the mortgage selection and closing process. We are still early and have not sent the new loans to closing, but we have originated a few and the early results are interesting to say the least.