This lovely home is for sale in the Hessel Park neighborhood of Champaign…very near the University of Illinois.
Homes in Hessel Park are a value, they are near bus lines, they are close to downtown Champaign and they have that old Champaign ambiance.
Call us today to have a look at this low maintenance, quality residence.
Who are echo boomers?
They are 18- 35 years old and there are some 103 million of them who have come of age during one of the biggest housing downturns in history- and a downturn that has been painstakingly slow to get back to “normal”. They have been characterized as the “me, me, me” crowd that lives with their parents and spends hours snapping pics of them selves and throwing them onto facebook and twitter.
This narcissistic horde is also an important part of the Champaign Urbana scene- increasingly so in the last 20 years as new job opportunities have opened up in CU. Good evidence of this is the resurgence of downtown Champaign and the thriving CU music scene.
Will echo boomers buy real estate?
In a recent article on this topic, RIS Media gives a resounding “YES” and this could have huge implications for the emerging Chamapign Urbana Real Estate market. Here are some ideas from the RIS Media analysis:
- According to recently released national survey findings from Better Homes and Gardens Real Estate, 75 percent of echo boomers surveyed believe owning a home is a fundamental indicator of success.
- Those same respondents also believe they are more informed about home ownership than previous generations of buyers.
- More than three-quarters (77 percent) of the next generation of American homeowners surveyed believe they have become increasingly knowledgeable about home ownership due to increased media coverage on real estate topics in the wake of the housing crisis.
With these changes in perspective and a healthy amount of homes for sale in Champaign Urbana, this demographic can make a huge difference over the next few months. Consider also that the good supply of lofts and upper story condos for sale in downtown Champaign offer desirable options for this market.
This great info comes from the newsletter of Diane Loomis, Keller Williams agent in Langhorne, PA.
The Scoop on Closing Costs
Are you a buyer preparing to close on a house? Now is a good time to refresh yourself on the most common closing costs.
There are more expenses to buying a house than just the monthly mortgage payment. More than likely you’ll need to come up with some cold, hard cash in order to finalize the deal.
Here are some common closing costs to consider:
- Down Payment: Due to today’s economic climate, most buyers will need to put down at least 20 percent. This makes good financial sense. If you can’t afford to put 20 percent down then you probably can’t afford to buy this particular house.
- Loan Origination: This is what the lender charges you to underwrite the loan, meaning what they charge for their time and all the paperwork they need to do.
- Points: You’ll often see that different lenders have different “rates” and different “points” they charge. By paying points, you can receive a lower interest rate, but this means more cash at closing.
- Credit Score: You can access your credit report for free at annualcreditreport.com, however, in order to see your credit “score” — the magic number that lenders use to determine your interest rate — you’ll need to pay a small fee.
- Home Inspection: You want to be sure, no matter if the house is new or old, that you get a home inspection by a qualified inspector. You may love the house and the price, but if you find out that a big ticket item needs replaced you will be able to renegotiate the price or decide to change your tune on buying the home. A typical inspection will run you from around $300 to $500.
- Private Mortgage Insurance (PMI): This is what a lender charges if you are putting less than 20 percent down on the cost of the home. It usually runs about .5 to 1 percent of the total cost of the loan and is simply a safeguard to protect the lender should you default.
Other Small Fees: Insurance escrow, property tax escrow, notary fees, land surveys, deed recording, etc. Be sure to ask your real estate agent which will apply to your contract and what the expected costs will be. Congratulations on the decision to buy! Owning a home can be a wonderfully fulfilling experience. Just be sure you’re ready for the closing costs coming your way!
Written by Carla Hill
They block off the streets twice this summer and celebrate one of the important parts of local heritage- the music scene. The first is coming up July 14, 7p-12a right in downtown Champaign.
Its called Champaign Streetfest and one of the sponsors in the Champaign Park District. They provide stages. There is plenty of standing and sitting and dancing space and the local establishments open their doors for plenty of food and drink for all.
In the last 10-15 years, downtown Champaign has become an important part of the life of this “micro-urban” community. Before then it was empty, the traffic sped through, and the stores closed up nights and weekends.
All that has changed now.
The Virginia Theatre has been renovated and is now home to frequent quality and sometimes nostalgic events. Bars and restaurants such as Boltinis, Seven Saints, the vintage Esquire Lounge, and Escobars as well as scores of others crowd the byways of downtown Champaign.