chicago real estate: Is Housing Still A Good Investment? You Bet!
- 10/29/09 05:56 AM
It’s easy to be down on the housing market these days. After all, more than 16 million U.S. homeowners now owe more on their mortgage loans than what their house is worth. In other words, they’re underwater. But, as a recent Associated Press story shows, owning a house is still a good investment, despite the struggles we’ve seen recently in the housing market. According to the story, U.S. homes have appreciated by an average of 4 percent every year since World War II. That includes the recent real-estate-slump years, so that 4 percent average is pretty impressive. The Associated Press story … (1 comments)
chicago real estate: What Kind of Homes do the Boomers Want?
- 02/26/09 06:50 AM
The Baby Boomers represent the largest generation in the United States. It’s little surprise, then, that homebuilders are especially interested in what Boomers want when it comes to housing. Today, at least according to an interesting story in the Chicago Tribune, Boomers want simple, maintenance-free homes. But they absolutely do not want anything that reminds them of how old they are getting. According to the U.S. Census Bureau, there are about 76 million Baby Boomers in the United States, all born between the years 1946 and 1964. Even though these Boomers are getting older – even they can’t stop the aging … (0 comments)
chicago real estate: Vacant Homes Are On The Rise
- 02/26/09 06:05 AM
The numbers right now aren’t good when it comes to the housing industry. Just look at the local numbers: Home sales in the city of Chicago came in at 20,589 in 2008, down a significant 25.1 percent from one year earlier. The median sales price of homes in Chicago stood at $290,000 last year, a smaller drop of 0.5 percent from 2007. Nationally, of course, the numbers are no better. Then comes this piece of news from the USA Today: A record one out of every nine U.S. homes is now vacant. A large number of vacant homes is a sure … (0 comments)
chicago real estate: No Condo Tower Next to Michigan Avenue Church
- 02/26/09 05:54 AM
Was it the opposition of local residents? Was it the struggling economy? Or was it the glut of unsold condominium units already on the market? Whatever the reason, a controversial condominium tower proposed for a lot next to a historic Michigan Avenue church is now dead. In a story reported by Crain’s Chicago Business, the Fourth Presbyterian Church of Chicago has given up on its plans to let a developer build a condo tower next to their church building, which has an official address of 126 E. Chestnut St., better known to passersby as the busy corner of Chestnut Street and … (0 comments)
chicago real estate: Home Sales, Prices in City Continue to Fall; It’s a Great Time to Buy
- 02/11/09 04:14 AM
Economists, my fellow REALTORS® and home sellers are all asking the same question: Has the housing industry finally reached bottom? It’s a good question. Unfortunately, no one knows. We all hope that housing prices are finally ready to start climbing again. And we all certainly hope that sales will soon pick up. But for now, at least, sellers are still struggling to move their homes. But while this isn’t wonderful news for sellers, it is great news for Chicago buyers. In today’s market, buyers interested in even the top city neighborhoods can find great value. Here’s why: In December of last … (0 comments)
chicago real estate: Explaining What The Federal Reserve Did In Plain English
- 02/11/09 04:02 AM
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today. It remains within a target range of 0.000-0.250 percent. In its press release, the FOMC reiterated most of the key points from its December 2008 statement, including: The U.S. employment outlook continues to deteriorate Consumers and businesses continue to cut spending The housing sector is still showing weakness In addition, the FOMC addressed the "extremely tight" credit conditions for U.S. households and business, even as it said some financial markets are showing signs of improvement. To the Fed, the latter is a precursor for the former. For … (0 comments)
chicago real estate: Tax Time is Looming: Don’t Forget the First-Time Homebuyer Credit
- 01/30/09 05:08 AM
When a homeowner sells his home and decides to buy a new one, there are 3 basic options for the residence -- sell it, keep it, or rent it. Unfortunately, no matter which path they choose, move-up homebuyers in need of a new conforming mortgage will find qualifying for a home loan to be more difficult this season than in the past. Mortgage guidelines are dramatically tighter for people "carrying two mortgages". Among the changes this spring's buyers face: Selling the primary residence If you plan to close on your new home prior to the closing of your existing home -- … (0 comments)
chicago real estate: The Market Is Down, But Great Deals Abound
- 01/28/09 05:16 AM
If you’re debating whether it’s time to become a homeowner, you should know one thing: Housing is currently a great value in the city of Chicago. Housing prices are dipping across the city, including in some of its top neighborhoods. This means that buyers today can buy more home for their dollars than they’ve been able to for years. The numbers from the Illinois Association of REALTORS® back me up. According to the association, the median price for a home – including single-family residences, condominiums and co-ops – stood at $222,500 in November. That’s down 23.3 percent from November of last … (0 comments)
chicago real estate: NBC Spotlight Featured Listing: 33 W. Ontario #43B
- 01/28/09 03:58 AM
Click here to view footage of 33 W. Ontario #43B, featured on NBC last Sunday morning. This 1900 square foot, 3 bed/2.5 bathroom condominium is located in the Loop and features incredible wrap-around city and lake views from every room with ultra high-end finishes. The building itself boasts numerous amenities including a pool, private gym, roof deck, and complimentary grills for hosting BBQ’s and parties during the summer. Inside the unit, you will be treated to a professional-grade eat-in kitchen with granite countertops, cherry cabinets, and stainless steel appliances including a Viking range. The kitchen opens to a breakfast area and … (0 comments)
chicago real estate: Is Downsizing the New Trend Taking Place in Chicago and the Rest of the US?
- 01/26/09 03:28 AM
The trend has been brewing for a while now. You’ve probably heard the complaints from municipal officials and neighborhood residents about newly built homes that are just too large, that have backyards that take hours to mow, oversized open rooms that their owners never even use and enough living space to serve three or four families. Downsizing has become one of the hottest trends in residential real estate. Clients are calling me on a regular basis telling me that they’re interested in moving into smaller homes. They want to sell their larger properties and move into homes that they say are … (1 comments)
chicago real estate: Will New Housing Proposal Cut Real Estate Slump Short?
- 01/26/09 02:38 AM
After weeks of talk and speculation, the U.S. House of Representatives last week finally proposed a bill to help stimulate the country’s housing market. Here’s hoping that the measure has more of an impact than we’ve seen so far from the previously passed $700 billion federal bailout program. The new proposal, which you can read about here, would require the U.S. Treasury Department to make affordable mortgage loans available for qualified buyers. The Treasury Department would accomplish this through interest-rate buy-downs, with the hope that this move would inspire more buyers to leave the sidelines and make offers on homes. The … (0 comments)
chicago real estate: More Signs of the Credit Crisis: Tenants Scrap Move-In Plans at Downtown Towers
- 01/20/09 07:15 AM
The national credit crisis – lenders tightening their standards so severely that it’s a struggle for anyone to qualify for financing -- has certainly slowed any possible recovery of Chicago’s housing market. If you need more proof of this, just check out this story in Crain’s Chicago Business. Two tenants have decded against moving into a pair of new office towers in downtown Chicago. Bridge Finance Group, which is based in Chicago, has dropped its plans to move into the top three levels of John Buck Co.’s tower at 155 N. Wacker Drive. Stockbridge Capital Partners LLC, a real estate investment … (0 comments)
chicago real estate: Grips of Segregation Waning in Many Popular Chicago Neighborhoods
- 01/20/09 06:24 AM
The Chicago Tribune has been running a series of outstanding feature stories focusing on Chicago’s history of segregation. You can read the latest of these stories here. The main point, though, is a sad one: Chicago is known as one of the most segregated cities in the country, with different races and ethnic groups rarely living amongst one another. There is some good news, though: This is changing. Yes, it’s changing slowly, but it’s still changing, nonetheless. In many of the neighborhoods where I help residents buy and sell homes, segregation is already less of an issue than it is in … (0 comments)
chicago real estate: Holiday Shopping Woes Provide More Evidence of Housing Market’s Importance
- 01/19/09 10:15 AM
It wasn’t the happiest of holiday seasons for retailers this year. And no wonder: With home prices and sales continuing to fall across the country, few people were in the mood to spend big on their holiday gifts this December. It shows once again just how important the home-selling business is to the health of our nation’s economy. SpendingPulse, a division of MasterCard Advisors that tracks sales paid for by credit card, checks and cash, came out with some depressing numbers regarding holiday shopping. According to preliminary figures, total retail sales during the holiday shopping season fell between 5.5 percent and … (0 comments)
chicago real estate: Remodeling? Tackle the Home-Improvement Projects That Pay Off
- 01/02/09 06:20 AM
There was a time when it looked like home remodeling was going to replace baseball as our country’s national pastime. The remodeling craze has since cooled down a bit, but this doesn’t mean that homeowners have totally abandoned the home-improvement craze, especially if they’re thinking of selling. The question, though, is this: If you want improve your home, what projects will pay off the most when it’s time to sell? The answer might be found in the National Association of REALTORS® Remodeling Cost vs. Value Report. The report, put out every year, highlights those home improvements that return the highest percentage … (0 comments)
chicago real estate: Tough Market Means Bad News for Local Condo Developers: Even Trump
- 01/02/09 05:59 AM
There was a time – not too long ago, actually – when every developer wanted to build a condo tower in downtown Chicago. And why not? During the residential housing boom, developers were able to sell the condos quickly, and for prices that rose as high as the towers themselves. Remember the heady days when Donald Trump first announced, and then broke ground on, Trump International Hotel & Tower? He was confident that he’d sell out his project in record time. Trump isn’t so confident today, as his development still hasn’t been finished and many of his condos sit unsold. And … (0 comments)
chicago real estate: A House is a Place to Live, Not Just an Investment
- 12/29/08 04:44 AM
There’s a big difference between buying into the stock market and purchasing residential real estate: Not only is a house a good long-term investment, it’s a place to live. This is something that many people seem to have forgotten as they worry about whether or not they will “lose money” by purchasing a home today. If you buy a home today in Chicago – even in some of the city’s top neighborhoods – you’ll be paying a price for your home that’s near 2005 levels. That’s a great bargain. And as long as you don’t expect to sell your home immediately, … (0 comments)
chicago real estate: Get Your House Showing Ready: Clean-Up the Clutter
- 12/29/08 04:36 AM
I’m sure we REALTORS® sometimes sound like broken records to our clients. But there are some things that bear repeating, no matter how many times you have to say them. “Make sure your home is ready for every showing,” is one of those things. In today’s slower housing market, your home will not get nearly as many showings as it did just two or three years ago. Even in Chicago’s top neighborhoods, places like Lakeview, Lincoln Square, Bucktown, the Gold Coast and Lincoln Park, the number of potential buyers is down from the years of the housing boom. This means that … (0 comments)
chicago real estate: Interest Rates Have Hit 4.75% and it Could Not Be a Better Time to Purchase a Home
- 12/18/08 05:18 AM
I hope that all of you are having a great holiday season despite the weather and gloomy economy. As many of you may know because the media is actually reporting it, interest rates on 30-yr FIXED conforming (loan amount of $417,000 or less) loans hit a low of 4.75% yesterday and are continuing to hover under 5% today. I am not a big proponent of pushing my buyers to think about buying before they're absolutely comfortable so I am sending this email after some deliberation as many of you have signed leases into 09 and '10 and others are waiting to … (2 comments)
chicago real estate: Think Carefully Before Investing in Local Foreclosures
- 12/17/08 09:32 AM
It’s tempting when you read about the growing number of housing foreclosures across the country and locally here in Chicago to consider entering the market for distressed properties. After all, there are plenty of housing bargains to be found, right? But before you take the plunge, you should consider this: Purchasing a foreclosed property or a short sale is far riskier - and much more challenging - than is buying a typical residential home. There is certainly an opportunity for investors to find foreclosed properties in the Chicago area. Geoff Smith, vice president of the Woodstock Institute, said recently that the … (0 comments)
It’s easy to be down on the housing market these days. After all, more than 16 million U.S. homeowners now owe more on their mortgage loans than what their house is worth. In other words, they’re underwater. But, as a recent Associated Press story shows, owning a house is still a good investment, despite the struggles we’ve seen recently in the housing market.
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