What do you think about New Year’s resolutions? Are they a part of your yearly routine, or do you think you’re better off without them? Do you think setting goals for the twelve months ahead is a noble idea, or just a waste of time?
Ask a group of people these questions, and you’ll probably find that the group is split down the middle, more or less. According to a report from Forbes, roughly 40 percent of Americans make New Year’s resolutions every year. Findings from a Statista report, on the other hand, suggest that, in 2018, about 32 percent of people did not plan on making any New Year’s resolutions. Like we said, it’s a bit of a grab bag.
And when people do make New Year’s resolutions? Well, according to reports, only about 8 or 9 percent of people actually stick to them. And a solid 80 percent of resolutions are statistically likely to fold as early as February.
Of course, you may be more likely to fulfill your resolution if it’s something big you can latch onto — like, say, buying or selling a home, or achieving your dreams of finally purchasing an investment property.
Is ‘real estate’ on your list of New Year’s resolutions as we head for 2020?
Is 2020 the year that you tackle your biggest real estate goals? Or, if you’re not the type to make a concrete list of resolutions, are you at least thinking about buying, selling, renting, leasing, investing, developing, building in the year to come?
If real estate’s on your vision board this season, you’re not alone. Every year, millions of people here in Chicagoland and around the country dream big about real estate — especially as one year ends, and a new one begins.
After all, there’s no time like the start of the year to think about hitting refresh. For many people, January brings with it a clean slate, and the perfect opportunity to take a few important steps forward, whatever your aspirations may be. Of course, when it comes to all things commercial and residential real estate, it can be a bit more complicated than that.
New year, new market?
The start of a new year also brings the chance to look at the market with fresh eyes. As most real estate brokers would tell you, the beginning of the year is when many professionals in the real estate industry look closely at the future, and consider how market trends and conditions could be shaping up for the months and years ahead. For professionals, creating a yearly real estate forecast may include:
- Considering the amount of inventory available for a given market
- Predicting how much home prices are projected to rise
- Anticipating how much mortgage interest rates are likely to rise (or fall)
- Projecting how many new buyers are entering or leaving the market
- Keeping an eye on new construction levels and building statistics
- Considering how technological changes may impact the buying or selling process
- Factoring in the impact of any zoning, districting, or tax changes on the local level
- Looking to the overall growth and health of the economy at large, to consider how it may impact the real estate market
In short? There’s a lot that goes into considering the ups and downs of the real estate market for the year ahead for professionals. The same goes when you’re on the consumer side, looking to buy or sell a home. And if buying land or developing a residential or commercial property is one of your biggest goals, then it’s important to think about matters such as zoning, permitting, land use, and more. If your aim is to become a landlord, then it’s crucial to consider all of the moving parts that go into renting out a property — legally, financially, and personally.
In short? Going after your residential and commercial real estate goals can be a lot to take on alone — and it’s easy for potential homebuyers, sellers, or investors to grow overwhelmed and intimidated along the way.
This is just one of the many reasons why countless people let their real estate daydreams fall by the wayside at the start of a new year. But what if this year, you made a New Year’s resolution that you could actually stick to — and got help to turn your loftiest dreams into reality?
Making your New Year’s resolution work for you
What would it take to make a resolution actually work? Well, you’d probably need support. You’d need insight and guidance, maybe from an experienced third party who’s been there before. You’d need to stay informed of everything that’s happening, especially the “behind the scenes” stuff that can be difficult to get through on your own.
When it comes to real estate, it’s essential to surround yourself with the right team — including an experienced real estate attorney.
Here in Illinois, there’s a lot that goes into real estate law, for both commercial and residential purposes. For instance, there are countless real estate laws specific to Chicago that are essential to understand, including lease and rental agreement laws, security deposit laws, commercial development laws, and many more. And then there’s the “red tape” — the zoning boards, historical commissions, licensing boards, easement granters, and so on. It’s critical to make sure you’re putting the right papers in front of the right people at the right time, in order to move your project forward and safeguard your most important long-term investments.
In short? There is a lot more to real estate law in Chicago than just processing purchase and sale agreements and title paperwork, and it’s important to build a team that can help you move forward and achieve your most ambitious goals.
About the Gunderson Law Firm
If real estate is anywhere on your list of resolutions for 2020 or beyond, don’t hesitate to get in touch with the Gunderson Law Firm to get the conversation started.
The Gunderson Law Firm possesses unmatched expertise and insight into Illinois real estate law, reinforced by years of experience and long-term connections throughout Chicago’s real estate, finance, and insurance industries. Our full range of real estate legal services includes:
- Residential Real Estate
- Commercial Real Estate
- Purchases and Sales
- 1031 Tax-Free Exchanges
- Mortgage Conveyancing & Advice
- Real Estate Litigation
- Title Insurance
- Title Examinations & Disputes
- Asset Protection / Trusts
- Estate Planning / Wills
- Reverse Mortgages
- Property Development
- Condominium Law
- …And More
Have any questions? Looking to ring in the New Year with your free, no-strings-attached initial consultation? Drop us a line whenever you’re ready to get started!