Latino ReaLtoRs taLk about the ReaL estate maRket

Are high interest rates the big problem? Would the construction of more affordable houses be the solution to the housing crisis? Negocios Now asked several real estate agents for a diagnosis and here we leave you with some answers.

Rafael Leon Executive Director Chicago Metropolitan Housing Development Corporation

In an environment with high interest rates, it doesn’t hurt to ask sellers for some sort of seller financing in the form of a second mortgage. Of course the bank would have to agree to it, but a motivated seller may be able to bridge the gap by providing a recordable second mortgage. A caveat though, in this instance there is not a lot of room for negotiating a lower price and the buyer may end up paying an asking price or higher. Having said that, my advice is to never fall in love with a property because you may end up

ERICA TREJO ESSEX REALTY GROUP

HERIBERTO (ED) RUIZ DESIGNATED MANAGING BROKER R4 COMMERCIAL REAL ESTATE SOLUTIONS, INC

I do not see a shortage of affordable housing. I work on a Brokerage Team that is hyper focused on Chicago’s south side. The amount of affordable product is extensive and there are a multitude of agencies to assist both tenants and building owners.

making a financial mistake. If you can’t afford it, look for something more affordable that you can make it your home.

In Bronzeville alone, there are over 3000 affordable housing units. With the city’s backing, the community continues to grow and small businesses are able to thrive. Keeping residents in the neighborhood is vital for a healthy community.

It is a challenging time to be a real estate broker, especially in Cook County. It doesn’t matter whether you’re in commercial or residential, supply is low, prices are high, interest rates and property tax increases are killing deals. That said, there are always opportunities as a broker to grow your business. R4 Commercial hired a social media intern to assist us getting our name out via social media. We’ve always had a social media presence, but now more than ever we need to get our name in front of as many businesses and investors as possible and social media is one way of doing just that.

The Illinois Hispanic Chamber of Commerce, the SBA Community Navigator Pilot Program, and Northwest Community Credit Union invite you to receive business technical assistance at no-cost to you! The SBA Community Navigator Pilot Program assists pre-venture entrepreneurs with launching their new business ventures and provides guidance to existing businesses to help them grow and expand.

We draw on the expertise of the SBA Community Navigator Pilot Program, business professionals, and others who have agreed to consult with our clients. Meet with a professional business advisor in our office at your convenience. For more information, please call Joe Gura at 847-657-1030.