Zachary K. Sims, PC - Attorney at Law

02/14/2024

Mortgage applications are at a historic low. Will there be a spring real estate market? If so, what will it look like? I believe there should be a lot of opportunity to make a smart purchase this spring.

02/02/2024

Over the course of the last year I represented a fantastic young couple looking for their first home. A couple of transactions fell through but we never gave up. Earlier this week we closed and it was incredible to see my clients so excited. I just received the following thank you which is why I love practicing real estate law:

"We are grateful for your professionalism throughout the entirety of our home-buying experience. Your expertise and guidance were invaluable, and it made the purchase of our wonderful condominium—a milestone as our first home—seamless.

Your tireless dedication to excellence has left an indelible mark on our hearts, and please consider yourself always welcome in our new home. Until we embark on the next acquisition of ‘real property’, we wish you and your family nothing but the utmost success and happiness."

01/28/2024

As the real estate market gears up something to consider:

Best Home Improvements to Increase Value

1. Garage door replacement
Cost: $4,302
Resale: $4,418
Recoup: 102.7%
2. Manufactured stone veneer
Cost: $10,925
Resale: $11,177
Recoup: 102.3%
3. Entry door replacement (steel)
Cost: $2,214
Resale: $2,235
Recoup: 100.9%
4. Siding replacement (vinyl)
Cost: $16,348
Resale: $15,485
Recoup: 94.7%
5. Siding replacement (fiber-cement)
Cost: $19,361
Resale: $17,129
Recoup: 88.5%
6. Minor kitchen remodel (midrange)
Cost: $26,790
Resale: $22,963
Recoup: 85.7%
7. Window replacement (vinyl)
Cost: $20,091
Resale: $13,766
Recoup: 68.5%
8. Bath remodel (midrange)
Cost: $24,606
Resale: $16,413
Recoup: 66.7%
9. Window replacement (wood)
Cost: $24,376
Resale: $14,912
Recoup: 61.2%
10. Roof replacement (asphalt shingles)
Cost: $29,136
Resale: $17,807
Recoup: 61.1%

Source: Zillow

10/20/2023

Cook County 2022 2nd installment tax bills are out. Any questions, do not hesitate to reach out.

02/22/2023

Goodbye sellers market. Hello buyers market. If you are thinking of purchasing a home you will be able to drive a hard bargain. Far less buyers to compete with. The seasonally adjusted Mortgage Purchase Application Index falls 18.1% to 147.1.

That's the lowest purchase apps reading of the 21st century.

On a year-over-year basis, total purchase apps are down 41.5%

02/15/2023

A lot of fun sitting down with Vittoria Logli with @ Properties to discuss the real estate world and our roles in it.

12/13/2022

The average 30-year fixed U.S. mortgage rate slips to 6.28%. It was 6.39% on Monday. It just may be time to consider getting out in front of the spring market.

12/07/2022

Hey home owners, are you aware of the new law regarding smoke detectors that kicks in January 1st?:

Updated Illinois Smoke Alarm Law

What is the Updated Illinois Smoke Alarm Law?

Since 1988, all dwellings in Illinois have been required to have smoke alarms.
In 2017, Public Act 100-0200 was passed to update the Illinois Smoke Detector Act to reflect advances in technology.
Come January 1, 2023, any new smoke alarm being installed within a single or multi-family home are required to be an alarm that features a 10-year sealed battery.
Smoke alarms in single or multi-family homes prior to January 1, 2023 may remain in place until they exceed 10 years from the date of their being manufactured or fails to respond to operability tests or otherwise malfunctions.
Exemptions

Homes built after 1988 that already have hardwired smoke alarms.
Homes with wireless integrated alarms that use low-power radio frequency communications, Wi-Fi, or other Wireless Local Area Networking capability

12/06/2022

Housing inventory low by post T-Day standards, but we are looking for a rebound in about six weeks for the beginning of the spring 23 market. If you are thinking of buying and have any questions do not hesitate to reach out. Now is the time to start planning your next move!

11/30/2022

My last post showed major housing price correction. This graph shows mortgage purchase applications over last 22 years being at a low, but with very slight uptick. The two graphs combined show the housing market imbalance self-correcting. A glimer of hope?

11/30/2022

Second largest home price correction of the post-world war II era.

11/11/2022