chicago south real estate: Chicago Market Activity - May 2016
- 06/14/16 07:30 AM
Home Prices in Chicago South Real Estate for May 2016 – Detached Real estate market data for Chicago South real estate provided by Millie Lumpkin of Exit Strategy Realty. Overall, the Chicago metropolitan area as a whole continues to experience a seller’s market. This is a trend that started in fall 2013 and the limit on supply levels has resulted in a 27.7% increase in the median sales price for detached single family homes compared to May 2013. In the most recent 12 months, the median sales price was $229,800 which is an increase of 6.4%. The average days for listing to get … (0 comments)
As of August, Illinois has the dubious honor of the highest foreclosure rate in the country. Compared with August 2011, default notices rose 18 percent, notices of scheduled foreclosure auctions rose 116 percent and bank repossessions increased 41 percent. Overall, foreclosure activity in the state rose 29 percent from July and 42 percent from August 2011. With the latest report, foreclosure activity in Illinois has increased on a year-over-year basis for eight consecutive months. Most of that activity continues to be centered in the Chicago area with 91 percent of foreclosure notices in August located in the area. Initial … (0 comments)
chicago south real estate: Short Sales in Chicago Should Speed Up (actually everywhere)
- 05/06/12 04:48 AM
Short sales have earned the reputation of taking a long time to be approved. There have been a few announcements made this year which should help speed up short sales. One thing to understand about all these announcements is that each applies to specific loans. The Federal Housing Finance Agency (FHFA) recently announced that banks will be required to respond on short sales within 30 days with a final decision within 60 days. Banks and servicers who don’t reply will face monetary and other penalties. After 30 days, the banks would be required to send weekly updates telling you … (2 comments)
chicago south real estate: Help for 1st Time Home Buyers
- 06/08/11 07:27 AM
Many of the buyers I work with are first-time home buyers. Home affordability is high at the moment. I am working with a young man who wanted to see if he could purchase a home for what he was paying for rent. In this market, the answer of course was yes. For many would-be home-owners, that initial downpayment is a hurdle. I asked one of our lender partners, Sheila Gower of First Mortgage Corporation, to write a guest blog about one of the downpayment assistance programs available to first-time home buyers in Illinois. It should be noted that IHDA … (3 comments)
chicago south real estate: Buyers - Lower Is Not Always Better
- 04/05/11 08:06 AM
I wanted to create a visual aid for my buyer clients that are shopping for those "deals" at the lower end of the market. I wanted something that would drive home how competitive the market is for these lower-priced homes. Some of these homes are listed up to $100,000 less than where they were a few years ago. The deal is already reflected in the list price. The focus has to be on determining if the price is fair for the specific home you're considering not "beating the bank" on price. I think one of the biggest misperceptions with buyers is … (5 comments)
chicago south real estate: I'm Not Giving My Home Away!!
- 03/05/11 07:06 AM
In almost every conversation I have with potential sellers, the conversation begins with the line "I'm not going to give my home away!!" Despite the comps, there is the perception that they are being cheated on the price. Typically, the conversation will include a list of all the past projects and improvements made on the house. If it was purchased during the peak of the market, the owner will mention how much they paid for it. And, of course, the appraised value was this much just 3-4 years ago, how can it be worth so much less? I am reminded … (46 comments)
chicago south real estate: Market Stats - January 2011
- 02/28/11 09:41 AM
Results in the south suburbs of Chicago remain mixed. Several communities show improvement over January 2010 when analyzing Months Supply of Inventory. Shown below are a handful of communities.
Millie C Lumpkin, SFRRealtorCentury 21 Pro TeamPhone: (708) 213-6141Email: mlumpkin@c21proteam.comWebsite: http://RealEstateSolutions4Today.com … (0 comments)
Home Prices in Chicago South Real Estate for May 2016 – Detached
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