chicago homes: Sales of Chicago Homes Rise in November 2011 - 01/26/12 10:59 PM
This past November around 8,000 homes were sold in Illinois, which is a 14.2% increase from November 2010. As stated in a recent article in the Chicago Tribune, the market for Chicago homes in the nine-county Chicago Primary Metropolitan Statistical Area (PMSA) reported an even greater outcome: a 20.7% increase in sales. 
 
The Illinois Association of Realtors announced the monthly improvement in statewide home sales, which includes condo units and single-family homes. The total number of closes rose to 7,954 for the month of November, up from 6,996 last year. Chicago home sales rose 20.4 percent from last year with … (1 comments)

chicago homes: Fall Gardening Tips for Chicago Homeowners - 11/22/11 07:12 AM
The plummeting temperature and harsh Chicago conditions as of late foreshadow the coming winter season. But before it becomes almost too unbearable to be outside for an extended period of time, Owners of Chicago homes with a bit of land should consider completing any pressing yard work that needs to be done before the weather becomes entirely inhospitable to outdoor labor. The following is a list of chores to consider finishing up before fall gives way to winter:
1.     Cut back perennials that have started to show signs of yellow foliage.  These plants need to be trimmed in order to form clumps … (0 comments)

chicago homes: Home Loan Apps and Refis Rise 4.9% - 11/04/11 11:01 AM
The number of applications for mortgages and refinances was up almost 5% last week, according to reports from the Mortgage Bankers Association (MBA). With interest rates at near record lows, many homeowners are trying to make their monthly mortgage payments more affordable by refinancing. As a result, more than three-fourths of mortgage apps last week and the week before were for refis.
Over 77% of applications were for mortgage refinances during the week ending October 26, said the MBA. The rest were from people trying to purchase homes in the U.S. It was pretty much the same situation the previous week … (0 comments)

chicago homes: Chicago Home Prices Continue to Climb in August - 11/04/11 09:43 AM
The month of August brought good news for the Chicago area real estate market. After home prices grew exponentially in the months of May, June and July, they continued to move upwards in August.
On Tuesday, the Standard and Poor’s/Case-Schiller home price index, a highly regarded measure of the U.S. housing market’s direction, reported that Chicago home prices grew 1.4 percent in the month of August. This followed a 1.9 percent gain in July, as well as two previous months of similar growth.
As home prices continue to grow in Chicago and other areas of the Midwest, experts applaud … (0 comments)

chicago homes: Chicago Home Sales and Prices Up in September - 10/24/11 09:52 AM
More homes were sold in the Chicago area this September than last, according to housing market data released by the Illinois Association of Realtors this week. While there were positive year-over-year sales posted for almost the entire metro Chicago area, there were also home price gains in the city itself.
In Chicago, the number of existing home sales rose 6.8% in September to nearly 1,500. Condos alone saw a 6.5% sales increase with 855 units sold during the month. Median home price in the city also did better with a 5.6% jump to $190,000 for all residential properties. Chicago condos … (0 comments)

chicago homes: Which Chicago Homes are Best for ‘Aging in Place’ - 10/10/11 04:49 PM
Some Chicago homes are better suited for “aging in place” than others. First of all, you may be asking: What does “aging in place” mean? It just refers to being able to live in the same home as you get older. It’s something many Chicago home buyers are looking for in their next property purchase (especially those of the Baby Boomer generation).
Why? Well, for one, it can be a lot less expensive than assisted living. These facilities can cost up to $70,000 per year—more in some cases, especially in a big city like Chicago. Also, being able to stay … (0 comments)

chicago homes: What Do Chicago House Hunters Choose? Owning or Renting - 09/26/11 10:50 AM
Until recently, renting far eclipsed buying as the more affordable option for those looking for a new living situation in Chicago and other parts of the country. Low rent costs combined with the lowered commitment level afforded by renting a property (versus buying it) appealed to many people concerned about the realities of the home buying market as of late. However, as more people flocked to the rental market after the housing bubble burst, rental prices started to escalate rapidly until reaching the levels you see today. At the same time, home prices across the nation dipped—making the cost of owning … (0 comments)

chicago homes: Vacation Home Market Picking Up - 09/15/11 06:48 AM
The upscale vacation-home market is one sector of the real estate market that is starting to see a marked upswing in positive activity. For the first time in years, vacation home brokers are reporting good things about the market. Perhaps that means it is time to snap up a second home if you have been mulling it over for a while and have the means to afford it. 
The overall median second-home price in 2010—according to the National Association of Realtors—was $150,000, down 11 percent from 2009 and down about 25 percent from 2006. The higher end of the vacation-property market, … (1 comments)

chicago homes: Owning a Chicago Home Eclipses Renting in Practicality - 09/15/11 06:38 AM
For years, big city dwellers who found home ownership out of reach found solace in the rental market. Affordable rent prices coupled with the flexibility and relatively low commitment associated with leasing an apartment attracted Chicagoans who were short on funds or wary of the ever-changing homeowner’s market. Recent research, however, reveals the growing cost of renting may be an indicator that the housing cycle will swing back to home owning in the coming years.
 A recent report by real estate brokerage firm Marcus & Millichap predicts that Chicago rents will climb by 2.9 percent this year. This mini boom follows … (1 comments)

chicago homes: “In-Law Flats”: a Growing Trend in Chicago Homes - 09/13/11 06:35 AM
Many owners of Chicago homes are dealing with the current market conditions by following a recent trend in home construction—namely, the addition of second dwelling units to their home as a means of relocating elderly loved ones, or just as a way to make some extra cash. These additional apartments can provide aging parents with private living spaces, or they can simply be rented out to supplement a retirement income. In a housing market that increasingly values smaller living spaces, many homeowners are discovering the multitude of financial and practical advantages afforded by in-law flats. According to author and home remodeler … (0 comments)

chicago homes: Blackout Tips for Chicago Homes - 09/12/11 06:09 AM
Last week, thousands of people on the East Coast lost power due to the hurricane that ravaged the area. Fortunately, Chicagoans were spared the peril of the tropical storm, as well as the power outages that came along with it. But continued heat waves and inevitable thunderstorms mean homes in Chicago are never totally in the clear from additional bouts of electrical blackouts. And while losing your power is generally a fairly innocuous event, there are some things every Chicago homeowner should keep in mind to ensure maximal safety and security should another outage occur. Do not get caught off guard—prepare … (0 comments)

chicago homes: Chicago Sees Rise in Pending Home Sales in June - 08/19/11 03:33 AM
For the second month in a row, Chicago and the rest of the country has seen a marked increase in pending home sales figures. The national real estate market has experienced “strong double-digit” gains in June 2011 over the same month in 2010, according to the National Association of Realtors (NAR). In addition, the index itself was up 2.4 percent for the month. This is particularly interesting news, considering economists thought we would see a 2 percent dip in home sales for June (per economists surveyed by Reuters).  Overall, pending home sales are up a vigorous 19.8 percent above the numbers … (0 comments)

chicago homes: Chicago-area Home Sales Inch Upward in May - 07/28/11 10:34 AM
According to the latest report from Standard & Poor’s/Case-Shiller Home Price Index, there was a slight uptick in Chicago-area home prices in May. The price of single-family homes inched up 1.7% from April to May. Chicago-area condo values also showed month-over-month positive growth with a 2.9% rise in price during the same time period. The Chicago real estate market typically goes through a seasonal burst of activity in May, so the price gains are to be expected. Usually, spring and summer are considered the high season for real estate sales. Nicer weather and time off school and work bring more buyers … (2 comments)

chicago homes: Experts Predict Higher Home Prices in Chicago This Summer - 06/07/11 03:44 AM
Chicago is primed for a summertime housing market boost, according to Dr. Geoffrey J.D. Hewings, Regional Economics Applications Laboratory director at the University of Illinois. April marked the third straight month of home sales gains in Illinois and Hewings believes residential real estate will continue improving in Illinois and Chicago over the next couple months. In May and June, Hewings expects monthly home sales to increase 11 – 16% in Illinois (possibly up to 17% in Chicago) with a peak for the year in June. Median prices are also projected to increase through July in both the state and the city. Last … (0 comments)

chicago homes: February’s Pending Home Sales in Chicago - 03/24/11 09:23 AM
Pending home sales for February in the Chicago area were the highest in nearly a year, according to research released by Midwest Real Estate Data LLC this week. An article in the Chicago Tribune that reported on the figures suggested the number of homes under contract is a “glimmer of hope” for the local chicago real estate market. In February, there were a little under 6200 pending contracts in the nine-county vicinity that includes Cook County. The last time pending home sales exceeded that level was in April of last year (when the $8,000 home buyer tax credit was still available). … (1 comments)

chicago homes: Moving on a Budget - 01/13/11 06:44 AM
 

 
You’ve found the Chicago home of your dreams, secured financing and made a down payment. Now it’s time to take your belongings and move across the city, state or even country as the final component of the ownership puzzle. However, with all of the money you’ve recently spent on your new home, you might be a little cash-strapped when it comes time to move. Here are some tips for how to plan a move that will fit into your budget:
 
Start the Planning Early
With advance notice, you’ll have a better chance of enlisting the aid of … (3 comments)

chicago homes: How to Get A Mortgage for Your Chicago Home - 12/15/10 07:10 AM
It’s the most major financial investment many people will ever make: Buying a home. It can be a complicated process, especially for first-time homebuyers.
 
Here are three tips to finding the right mortgage for you:
 
1). Line Up Financing
Getting prequalified or preapproved for a mortgage isn’t a requirement for buyers, but it’s a good step to take. As a buyer, you can understand in advance what loan you’ll receive and what the amount you can borrow will look like. This is very advantageous at many junctures of the house hunt, because it can direct your budget, manage your … (0 comments)

chicago homes: 6 Tips for First-Time Chicago Home Buyers - 12/09/10 03:58 AM
You’re on the precipice of achieving the American Dream: Owning a Home.  It’s an exciting occasion that deserves serious consideration to ensure the house or condo you buy becomes the home you love. Here are six tips to help you get the most out of your Chicago home buying experience:
1). Take Inventory
Ask yourself what your priorities are for this home purchase. Is the concrete jungle the only way of life for you? Or would a green grass yard and private drive be better suited? Must the master bedroom be on a separate level? Or are stairs your worst enemy? … (0 comments)

chicago homes: Chicago Home Sales Inch Up in August - 09/29/10 06:56 AM
Stats for nationwide home sales showed an improvement in August, according to the newest report from the National Association of Realtors. Sales of existing homes went up 7.6% from July to August to a seasonally adjusted annual rate of 4.13 million. This is still about one million below last year’s pace, but it does show signs of growth.The Chicago area experienced a slight month-over-month increase. The Illinois Association of Realtors reported a 1.3% gain in sales of existing single-family homes and condos, totaling just over 5,500 transactions for August. Again, sales proved to be heartier a year ago at 7,000 homes … (0 comments)

chicago homes: Home Sales in Chicago Continue to Improve from Last Year - 07/26/10 09:18 AM
The numbers for June's Chicago home sales are out and they are looking good. Once again, there were year-over-year gains in the city and surrounding area. According to data from the Illinois Association of Realtors, condo and single-family home sales in Chicagoland climbed 27.2% in June from the same month in 2009. That marks a full year of improvement in greater metro Chicago Real Estate market. The city itself also experienced increased buyer activity in June with a 27.5% jump in residential real estate sales. A total of 2,526 transactions took place in the city last month (1,559 condos and 967 … (0 comments)