Hello, World!

I'm Mark Buckner, with the Mark Buckner Group at Compass, and my team and I have helped over 40 buyers this year alone find their place in Chicago.

We specialize along the Blue Line, running from Noble Square, Wicker Park, Uptown, Logan, Avondale into Irving Park.

Are you thinking about buying a property? Do you want to learn about the three mistakes many buyers often make? If you’ve got a few minutes to read, I'll break these mistakes down and provide you tips on how to avoid them.

Mistake 1: No Knowing Their Price Point

Once you have a budget, try to stick to it.

The earliest mistake I see buyers make is not being able to determine your appropriate price point. So how do you do that?

Get yourself a referral to a good quality lender. I can do that for you. I can connect you to a lender to get pre-approved.

Once you know your purchasing power, then that lender can help you break down your monthly budget. This will include the cost of your mortgage, which includes your principal and your interest, then also we want to factor in the insurance for the property. We’re considering the taxes, your utilities, and then if it's a condo, your HOA costs.

Once you have a budget, try to stick to it. That's where people fall into trouble.

Mistake 2: Narrow Search Field

I see a lot of people with a narrow search. They have a small list of search terms instead of doing a macro search for the style of home they’re looking for. Why would you want a wide search field when you know what you’re looking for? We’re comparison shopping.

We’re comparison shopping

We want to see what our money buys us, and where. Knowing what’s out there, it'll help you stick to that budget. If I want to live in Wicker Park, and I’ve got sticker shock, well, take a look at Avondale. It’s a cheaper neighborhood, but we’re going to try to compare apples to apples as much as possible.

We’re thinking about what walkable amenities come with the neighborhood. We’re asking ourselves, what does my square footage cost me. What's the age of the finishes, appliances, and mechanicals?

Then we’re getting advice from the broker, asking what they think based on the market data. What's going to be my rate of return in three to five years in that neighborhood?

Now you're starting to get more of an education. Now you’re learning what your investment can do for you.

Mistake 3: Falling In Love Too Soon

Mistake number three is falling in love with one property. There are people thinking that there's only one property out there for them. Are you gonna marry them? Probably not.There's many options out there for you.

Most buyers are fearful of two things, missing out on the property, and overpaying for a property. So how do we avoid that?

• Make a Spreadsheet
• Make a Ranking System

Being analytical about the choice is going to make things easier for you. So make a list of must haves, and reasons those must haves are important to you.

You can also create a ranking system. Then when we tour our, property rank it from 1-100 hundred. You’re going to want to be honest here. There are no perfect 100 properties but once you hit about 85, there’s where the love happens.

If you’re looking for more personalized advice, and you want to learn more about buying in Chicago, give me a call at 312-957-7745, or reach out using the contact information on my website. And don’t forget to ask about my buyers guide!

Thank you for joining me, this has been Mark Buckner of The Buckner Group.