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Advice for First Time Homebuyers Interested in Chicagoland Real Estate

June 28, 2011

Chicago real estateThere’s no question that the 2011 Chicagoland real estate market is different than the 2006 version. But how many people are truly affected by the changes? Do first-time buyers need to prepare themselves differently than their counterparts from five years ago? According to real estate expert Ilyce Glink, the answer is yes. In her post on the

Equifax Personal Finance Blog, she explains how to prepare for the new market.

One of the biggest issues for first-time homebuyers is the cost of entry. Glink says that to get the best monthly mortgage payments, a good credit score (720) and a 20 percent down payment are ideal. While that doesn’t mean that a 20 percent down payment is required to get your foot in the door, it can help you save on monthly private mortgage interest (PMI).

Another thing to consider is your plans for the future. Glink says that homeowners today are more unlikely to sell a home for more than they paid shortly after buying. Because of this, homebuyers with uncertain futures (possibly due to work relocation, school, etc.) may want to rent if they plan on moving within the next few years. Buying a home today should be seen as a longer-term investment than in the past.

Other advice from Glink focuses on choosing the right neighborhood, budgeting and selecting professionals to help you with the buying process. First-time buyers should visit the

Equifax Personal Finance Blog to read the whole article.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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