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How to Avoid Getting Burned (and Burned Out) When House Hunting in Chicago

Hunting for a Chicago home can be fun, but it doesn’t always go as smoothly as expected. The inventory in the Windy City can fluctuate with the seasons, which sometimes leads to a lengthy search process. A prolonged hunt can frustrate buyers who are eager to take the next big step in their lives, and as the search goes on, the odds of buyer burnout grow.

But there are ways to battle and beat burnout.

We spoke with some of Chicago’s top real estate agents, as identified by OpenHouse Realty, an agent referral company (and a U.S. News partner), to uncover their tips to help buyers avoid a lengthy search process. Here’s what they had to say.

[Read: A First-Time Buyer’s Guide to Chicago.]

Enlist the help of a professional. Working with a real estate agent can help reduce the amount of time it takes to find a home.

“Taking the time to meet with a professional up front will save you hours in the field,” says Melissa Vasic, the lead buyer specialist with MKT Properties. “The tools that we have will allow us to search more specifically.”

Those tools include having access to information on active listings all over Chicago, not to mention the inside scoop on homes that have not hit the market yet. Sure, buyers can use various search engines to find homes themselves, but Amanda McMillan, CEO and real estate advisor with Chicago Home Partner and @properties, warns that doing so may invite added frustration.

“We’re so overly stimulated with information now, sometimes buyers just take on too much,” McMillan says. “Sometimes [buyers] overwhelm themselves and give themselves too much data, and a lot of times it’s not even the correct data.”

Know how to play the game. Buyers who don’t want to find themselves getting repeatedly outbid need to make sure they’re not wasting any time when they find a property they want.

It’s important to be prepared before heading out on a search. “Have your ducks in a row,” says Jeff Lowe, president of Lowe Group Chicago at Berkshire Hathaway HomeServices. “From the first day you go out to look at houses you need to have your preapproval done. Otherwise, if you like a house, a seller won’t take you seriously, and you certainly won’t win any multiple-offer bids.”

While the amount offered goes a long way to determining who sellers select in multi-bid scenarios, it’s not the only determining factor. Vasic has had success encouraging her clients to write letters to sellers, explaining how important a home is to that buyer.

Lowe tries to get all the information he can from the seller. In a multi-bid situation, he’s advised clients to accept irregular closing dates offered by the seller, or to let the seller keep any emotional attachments — like light fixtures from a child’s bedroom — in hopes that it may give his buyer an advantage.

“In your first offer, give them little nuances that they might want to make things easier,” Lowe says. “You try to line up everything you can to make the sellers happy, so you can work on price a little bit.”

[Read: 5 Up-and-Coming Neighborhoods in Chicago to Buy a Home.]

Take a step back. While the previously mentioned strategies can go a long way toward limiting frustrations during the homebuying process, there’s no one surefire way to ensure your search is quick and easy — especially in a seller’s market like Chicago.

Buyers who seem to be doing everything right but still aren’t having any luck may need to re-examine their wants and needs. “If they’re working with an agent and they’re not finding something in two months, then there’s something going on with their expectations,” Vasic says. “If the criteria on price and location are limited, they may have to do a fixer-upper, or vice versa. If they’re not willing to fix up, they need to be more flexible on price.”

Simply taking a break is another option. In Chicago, many sellers list their homes immediately after the Super Bowl (early February) and in early fall. Buyers who can’t find what they’re looking for may want to step away for a bit and return to the market when inventory is high.

In McMillan’s experience, buyers who approach the process with the methods mentioned here have success in the long run.

“Things have an incredible way of working out, even when you feel like you’re at the end of your rope,” she assures. “It’s always amazing to me how things seem to come together in the end. You just never want to rush. Just have faith in what you’re doing. It will work out.”

[Read: Get the Best Price on a Lakefront Condominium in Chicago.]

Looking for a real estate agent in Chicago? Our Find an Agent tool can match you to the person who’s most qualified for the job.

More from U.S. News

The Best Apps for House Hunting

10 Tips to Sell Your Home Fast

The 30 Most Fun Places to Live in the U.S.

How to Avoid Getting Burned (and Burned Out) When House Hunting in Chicago originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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