What do you think about New Year’s resolutions? Pro or con? Are they a part of your yearly routine, or do you think you’re better off without them?
Ask a group of people these questions, and you’ll probably find that the group is split down the middle, more or less.
Studies actually bear this out. 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.
Is ‘real estate’ on your list of New Year’s resolutions?
Are you adding real estate somewhere on your New Year’s resolution checklist this year? Or, if you’re not the type to make a concrete list, is it at least one of your goals for the year? Are you thinking about it – buying, selling, renting, leasing, investing, developing, building?
If real estate’s on your vision board, you’re not alone. Every year, millions of people in our Chicagoland backyard 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.
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 to 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 inventory available for a given market
- Predicting how much home prices are projected to rise
- Anticipating how much interest rates are likely to rise
- 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. The same goes when you’re on the consumer side. It’s a lot to take on alone – and it’s easy for potential homebuyers, sellers, or investors to grow overwhelmed and intimidated.
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.
Making your New Year’s resolution work for you
But what if you made a New Year’s resolution that you could actually stick to this year?
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 party that’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 parse 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 numerous real estate laws specific to Chicago, including lease and rental agreement laws, security deposit laws, commercial development laws, and many more. And then there’s the bureaucracy – the zoning boards, historical commissions, licensing boards, easement granters, and more. 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 long-term goals.
In short? There is a lot more to real estate law in Chicago than just processing purchase and sale agreements and title paperwork.
About the Gunderson Law Firm
If real estate is on your list of resolutions for this year, 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, 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
Have any questions? Ready to ring in the New Year with your free, no-strings-attached initial consultation? Drop us a line when you’re ready to get started.