Mike Frank's Real Estate Update
Your Chicago Real Estate Consultant:
Mike Frank
January 2022
Real Making Your Move Matter


2022 Real Estate Market Predictions
It’s hard to believe we’re already approaching 2022, yet here we are. The new year has a lot of people planning for what’s ahead financially. As part of that, you could be wondering if you’re going to have a chance to buy a home next year after 2021 left few opportunities.
      So what are the predictions looking like for the coming year?
      Cities Could Surge Again People may become comfortable with big cities again, following the pandemic's start, where many people relocated to the suburbs and less expensive states. That means some areas in the Northeast, Southeast and the West Coast could see an increase in real estate
Mortgage Rates
U.S. averages as of January 2022:


30 yr. fixed: 3.05%
15 yr. fixed: 2.3%
5/1 yr. adj: 2.37%






course, we don’t know how the pandemic will continue to unfold and whether that’s going to play a role in how willing or reluctant people are to make a move back to
Looking for a home or investment property? Considering selling?

Contact me for a free personalized web page with all of the listings that meet your requirements or a professional analysis of your property's market value.




These Projects Could Lower the Value of Your Home
     When you think about a home project, you really have to consider how it will affect the value of your property if you ever want to sell it. It’s best to invest in projects that will give you a good return in terms of raising the value of your home.
      Unfortunately, some projects may give you no return, or they can even hurt your resale value.
      Think twice before doing some of these projects unless you truly don’t ever plan to sell your home.
      Do-It-Yourself Projects That Look DIY If you have the skills to do a DIY project in your home, it can add value to your home. In some cases, however, DIY projects can be very apparent and can turn off potential buyers. For example, if you’re



Can You Buy a House If You’re Unemployed?
     A lot of people in the United States are unemployed right now for various reasons. At the same time, many people are also hoping to buy a new home. Can you buy a home if you’re unemployed?
      The short answer is that no, you can’t use your unemployment benefits to get a mortgage, but other options may be available as far as the income you can use.
      What Other Income Can You Use to Buy a Home? There are many types of income you may receive that could be considered if you were trying to get a mortgage. If you have investment dividends or Social Security income, these can be counted as income to get a mortgage.
      If you have a co-signer, this is another option.
      Unemployment income isn’t considered when you’re applying for a mortgage because it’s short-term. Therefore it’s not qualified income. If you get a mortgage while you’re

Featured Properties

View my Listings



Refinancing: The Risks of Waiting      If you’ve been thinking of refinancing lately, as many certainly have, it might be a good move to go ahead and make the move. Especially for those who have been on the fence over the past few months. The market has been relatively positive for interest rates as mortgage rates in general have been floating in a very tight range. If you’re thinking of refinancing, there are some risks of waiting.
      What are these risks? The biggest is rates moving to higher levels and never looking back. Conventional fixed rate mortgages are tied to mortgage bonds. And just like any other type of bond, when there is a demand for the bond the price goes up which inversely affects the yield, or the rate of return. Investors pour money into bonds not as a vehicle for income but more importantly as a safety vault. Stocks can be volatile, but the returns can be greater. Conversely, stocks can also move down causing investors to lose money. Bonds provide protection for such volatility. Bonds aren’t there to provide a healthy rate of return but a healthy dose of safety.
      Rates moving lower typically means a series of unflattering


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
December Real Estate Roundup
Should You Hire an Interior Designer?
What Should You Know About Buying a Starter Home?
Assets and Your Mortgage Application: What to Know
What is the Hardest Part of Buying a House?


Mike Frank,REALTOR GRI
E-mail: mikefrankkw@gmail.com
Website: https://www.mikefrankrealtor.com
773-251-8963
Keller Williams Preferred Realty
773-251-8963
939 W. North Ave. Suite 750
Chicago IL 60642


Equal Housing Opportunity

unsubscribe
  E-mail this Newsletter to a friend

Michael J Frank
Michael J Frank
GRI, Broker
939 West North Avenue Suite 750 Chicago IL 60642