Tax Assessed Value vs. Appraised Value – Understanding the Difference

What is the value of a piece of real estate? In a lot of ways, it really does depend on who you ask. For first-time homeowners, investors, or developers, it’s important to understand what exactly people mean when they talk about the value of a property, and, just as importantly, how this valuation is determined. In particular, there is one common question that tends to come up with some frequency: Why can there often be such //READ MORE

2020-03-11T20:07:25-05:00 March 17th, 2020|Community|

In Illinois, How Are My Property Taxes Determined?

Did you know that, as of 2018, Illinois residents paid the second-highest property taxes in the U.S.? That stat comes courtesy of a report brought to our attention by the Chicago Tribune, which found that Illinois came only behind New Jersey in terms of property taxes. Property taxes are collected by state and local governments, and go toward any number of essential functions, including providing funding for schools, infrastructure, public works projects, first responders, and more. //READ MORE

2020-03-05T12:57:49-06:00 March 5th, 2020|Community|

What Is a Quit Claim Deed?

Growing up, you may have heard that it’s a bad thing to quit. But here in Illinois, many people transferring real estate nevertheless consider a “quit claim deed” as a way to exchange their property quickly.  Here in Illinois, we generally use two words to refer to quit claim deeds — a type of deed which is used to convey property ownership without any warranties, and is often used among close family or friends. You may //READ MORE

2020-02-13T17:47:29-06:00 February 25th, 2020|Community|

The Chicago Real Estate Market In 2020: 3 Factors to Watch

We’re writing this in January 2020, the start of a new year — and a new decade. So, what do the twelve months ahead hold for Chicago’s real estate market? If you’re looking to buy, sell, or develop real estate in the year to come, this is probably a question you’ve asked more than a few times.  Unfortunately, it’s not necessarily a question that is easy to answer as we look to the future. Chicago’s real //READ MORE

2020-01-20T16:00:36-06:00 January 28th, 2020|Community|

Appraisal Vs. Home Inspection Vs. Survey

If you’re planning to buy or sell a home in the months ahead, then it’s important to have an understanding of the many moving parts that will go into a successful real estate transaction – including knowing the differences between the appraisal, the property inspection, and the survey.  All three of these processes help buyers, sellers, and lenders get a better understanding of the property being sold – but they are carried out by different parties, //READ MORE

2020-01-10T13:30:00-06:00 January 21st, 2020|Community|