arhome realty blog

Understanding the Closing Process in Real Estate Transactions

understanding the closing process in real estate transactions

Closing a real estate transaction is a big step in the home buying and selling process. It's the final stage where the ownership of the property is officially transferred from the seller to the buyer. Keep reading to get a comprehensive look at the steps involved in closing a real estate deal and what both buyers and sellers should expect.

1. the offer and acceptance.

The offer outlines the price a buyer is willing to pay as well as other terms they are offering or require. Sellers can accept the offer, reject it, or negotiate the terms. Once both parties agree, the offer becomes a legally binding purchase agreement.

2. escrow and earnest money deposit.

After the offer is…

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How to Balance Buying and Selling a Home at the Same Time

how to balance buying and selling a home at the same time

Balancing the act of buying and selling a home simultaneously can be a stressful task. It requires careful planning and precise timing. However, with the right approach, it can be managed smoothly and efficiently. Here’s how to navigate this challenging yet rewarding process.

prepare your home for a sale.

To expedite the sale of your current home, invest time in making it market-ready. Clean, declutter, and stage your home to appeal to potential buyers. Minor repairs and cosmetic updates can potentially make a significant difference in how quickly your home sells (but make sure you get professional advice -- some updates can actually decrease the value of your home!). The more…

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3 Questions To Ask Before Selling Your Home Today

3 questions to ask before selling your home

Selling your home is a significant decision, one you need to prepare for. From determining your home's value to preparing it for the market, there's a lot to consider. Whether you're a seasoned seller or it's your first time, keep in mind these 3 questions when you begin:

1. what's my home value?

This seems like an obvious question, but it is often overlooked in importance. It’s the first question you need to ask because you need to stack up your home’s potential sale value against your loan payoff and costs. If your payoff and expenses exceed value, your plan might change a bit.

There is no need to stress - talk to one of our professionals first. It’s important to get an accurate market analysis…

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Summer 2024 Real Estate Market Outlook

summer 2024 real estate market outlook

The housing market is an ever-evolving landscape, influenced by various factors such as economic conditions, demographic shifts, and buyer/seller behaviors. As we look ahead to the summer, we'll analyze what's next for the real estate market, especially with all the new commission changes on the horizon. In this blog, we delve into some of the predictions and insights offered by experts in the field, to gain a glimpse into the possible trajectory of the housing market in the coming months.

1. high demand, low inventory.

Demand for homes has continued to increase; however, high mortgage rates and lower inventory have caused existing-home sales to decline. Experts predict that sales may increase slightly,…

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The Role of Home Appraisals: Understanding Their Impact on Your Transaction

the role of home appraisals: understanding their impact on your transaction

When you're in the midst of buying or selling a home, the appraisal is a pivotal moment. But what exactly is a home appraisal? In simple terms, it's an unbiased estimate of a property's fair market value, conducted by a licensed or certified professional appraiser. Home appraisals serve multiple purposes, all of which significantly impact your real estate transaction.

why do home appraisals matter?

Appraisals determine the market value of your property by considering various factors such as size, condition, location, and comparable sales in the area. Secondly, appraisals are often essential for securing financing. Though it depends on your loan program, most loans…

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What the NAR Settlement Means For Buyers And Sellers

What The NAR Settlement Means For Buyers And Sellers

The recent National Association of Realtors® (NAR) settlement will update the long-time practice of sellers paying commissions towards agents who introduce a buyer to a property. In short starting mid-August, Realtor® members who are listing property will no longer be able to share compensation offers to buyer's agents through the MLS. Instead, buyers and their agents will be required to have their own upfront written agreements specifying the fee for these real estate services. These changes will shift some of the ways buyers and sellers approach real estate transactions.

what this means for sellers

Up until now, Sellers who listed their property with a brokerage were advised of a practice…

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Preparing Your Home for a Spring Sale: A Checklist for Sellers

preparing your home for a spring sale: a checklist for sellers

If you're planning to sell your house this spring, now is the time to start preparing. From curb appeal to decluttering, there are several steps you can take to ensure your home stands out and attracts potential buyers. Read on to get a comprehensive checklist that will guide you through the process of getting your home ready for a spring sale.

1. boost curb appeal.

First impressions matter, and the exterior of your home is the first thing potential buyers will see. Enhance your home's curb appeal by making sure the landscaping, walk up and entry way is cleaned up; and make sure to have an experienced agent review your home's exterior to advise on any upgrades. Remember --…

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Buying vs. Renting: Making the Right Decision for You

buying vs. renting: making the right decision for you

Deciding whether to buy or rent a home is a significant financial choice that can impact your lifestyle and long-term goals. In this blog post, we'll review the pros and cons of both buying and renting to help you make an informed decision that aligns with your unique circumstances.

1. financial considerations.

When it comes to finances, buying a home often involves a substantial upfront investment, including a down payment, closing costs, and potential taxes. On the other hand, renting oftentimes requires a security deposit and the first month's rent. Before making your decision, it's crucial to compare monthly mortgage payments to rent costs while also considering additional expenses…

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2024 Housing Market Outlook

2024 housing market outlook

As we step into the new year, the real estate market continues to evolve, presenting both challenges and opportunities. Below are key factors shaping the 2024 housing market and what they mean for those looking to buy or sell their homes.

1. low inventory levels.

Looking forward, demand will most likely continue to exceed supply. Illinois specifically has a slow growth in the number of homes being built compared to the rest of the country. Predictions of slight mortgage rate declines would help bring more home sellers into the market and increase the amount of inventory, however, it is unlikely that we'll see a drastic change from the status quo. 

2. mortgage rates could decrease.

While mortgage rates have…

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Creating a Winter Wonderland Backyard: Outdoor Decor and Activities

creating a winter wonderland backyard: outdoor decor and activities

As winter blankets our surroundings, there's no reason to confine the magic indoors. Embrace the season by turning your backyard into a winter wonderland, where the snowy landscape creates the perfect canvas for outdoor fun. In this blog post, we'll explore creative ideas for transforming your outdoor space, complete with festive decor and exciting activities.

Illuminate the yard with festive lights.

The early winter evenings provide the perfect backdrop for a dazzling display of lights. Enhance your winter wonderland by adorning trees, fences, and outdoor structures with strings of twinkling lights. Outdoor lanterns can also add a touch of charm to the outdoor space. Opt for…

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