Real Estate Blog

November 2018 real estate market highlights

holiday decor at building entrance

What kept us up at night in November?

November and December often equates to a drastic slow-down in residential real estate, as people's focus shift from buying homes to buying gifts and plane tickets to visit family and friends. This year was different. The Federal Reserve raised interest rates one more time in 2018. While interest rate increases don't necessarily translate into mortgage rate increases, they can. 

While recent stock market activity have generated some heart-pounding drops, and - to a far lesser extent - rallying rises, that volatility has not translated into the same tidal waves within residential real estate. Increasing home prices and mortgage rates have rather created a sense of

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Talman home

 

 

With Thanksgiving barely behind us, Chicagoans are braving an unusually cold December and are preparing for the most wonderful time of the year. Few might be thinking about real estate but now is the time to analyze the state of the local and national housing market. 

If you have been thinking of buying  a home for a while, these historical home-shopping facts may be of interest:

  • According to some real estate professionals, the Chicago housing market practically shuts down between Thanksgiving and Super Bowl Sunday. In addition to the busy lives we all have during this time, Chicago weather plays a significant role in the inactivity of the market. 
  • Sellers want to list their home for sale during the busy spring-market and take
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How's The Market In Your Neighborhood?

Albany Park in October

 

What's new this month? 

Sales of existing homes and new listings continue to be on track of growth, due to the strong economy. Housing affordability is becoming a growing concern due to price increases, and is starting to affect new construction of single family homes. Builders are showing a sign of caution as prices of homes and mortgages rates increase. While housing is still considered relatively affordable, measures of affordability have shown a decline over the past years. 

Meanwhile, Chicago has been named one of the top 10 cities in the world. Global tourism and real estate advising group Resonance Consultancy named Chicago as one of the best cities in the world. Chicago was ranked number

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Photo by Rocio Ramirez on Unsplash

Here Is What You Need To Know As A Foreigner Buying Real Estate In The U.S.

It is abundantly clear that we are now, more than ever, living in a global economy. America will likely always be a desired destination for the international entrepreneur or multinational employee. Thus, it is good to have some familiarity with basic concepts of immigration law and some general visa types that may be suitable for the global buyer. 

In this brief introductory guide to U.S. visas, we outline some commonly used visa options that might be applicable to international buyers. Please note that the information provided in this guide is intended for informational purposes only and does not constitute legal advice. Please

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Welcome to "How's The Market?"

Halloween in Gold Coast

This month in the news: The U.S. unemployment rate hit its lowest mark since December 1969, at 3.7 percent. The economy continues to show healthy signs of growth and the Federal Reserve has recently reacted by raising the benchmark rate by a quarter of a percentage point, which was the third time it did so in 2018.

However, according to Chicago Crains Business News, home sales in the Chicago area in September took their biggest downturn in 7 years. 

According to the data reported by Illinois Realtors, sales of homes in Chicago were down 16.6 percent in September from a year earlier. That's the steepest decline in sales of any month since May 2011, when sales were down 17 percent. The decline in Chicago is

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Welcome to "How's The Market?"

Astor Street Chicago

 

This month in the news: Natural disasters, changing demographics and income levels, fluctuations in the financial markets, all affect residential real estate markets. Home prices in Seattle and San Francisco have skyrocketed due to the growth of e-commerce and the explosion of technology, while markets are suffering in areas hit by hurricanes and other natural disasters. 

This month, we are reminded by hurricane Florence, of the impact that such events can have on local markets. But from Katrina to Sandy to Harvey to Maria, experience shows that housing markets were bent but not broken. 

Here is a snapshot of Chicago neighborhood statistics for the month of August. 

According to statistics by the Chicago

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Insurance and replacement Costs

How can you make sure that you have adequate insurance coverage for your home and its contents? Your lender may require you to have a basic policy that covers your dwelling, but you are responsible to figure out how much coverage is right for you for everything you own.

A replacement cost is the amount it tales to rebuild your home or repair damages with similar materials and quality. If you live in a condo or coop, the association carries insurance to replace the building in case of a total loss, or, and that happens more frequently, repair damages to the common elements of the building. You are only responsible to have insurance for everything within your demising walls of your unit.  This usually includes all built-ins such as bathroom fixtures,

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Are you ready to sell?

So you have decided to sell your home and figured out some strategies that you think will yield the highest price and shortest time on market. Your real estate agent might not necessarily agree and in fact, will most probable tell you that these techniques may well be hurting your chances of selling the house quickly and at for the most money possible.  

“I’m not making any repairs.”  Today's buyer prefers to buy a new home or a home that was recently renovated and is in perfect move-in condition. Many buyers don't have the time or patience to go through a renovation project. It pays for the seller to make all necessary repairs and possibly some remodeling to bring their house in top shape before listing it. 

"My home has to be worth more than

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Welcome to "How's The Market?"

Lincoln Park in Summer

National overview: The U.S. housing market is becoming more and more regionalized. High priced markets in the West are experiencing a slow-down with fewer showings and sales. The Midwest appears to be stable with increased listings and sales, while inventory is slightly growing. Many Northeast markets have had trouble keeping pace with the overall U.S. economic recovery. And the South is experiencing more showings and sales than the rest of the nation. 

Here are some highlights in the Chicago region:

  • 2,776 properties were sold in the City of Chicago in July; a 2.9% increase from July 2017
  • The median sales price was $305,000, up 1.7% from the same time last year
  • Days on market from listing to contract
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Welcome To "How's The Market!" 

Chicago how's the market

If you have been following my weekly market updates, you notice that today's report has a different format. I think this format is easier to understand as it gives you a snapshot of whats going on in different neighborhoods. Today we start with an analysis of three areas - Near North (Gold Coast, Streeterville and River North), Lincoln Park and Lake View. I hope you enjoy reading and I would love to hear your feed back!

Market  Overview:

You may hear some talk about another real estate pricing bubble. While there are some indicators that might point in that direction, they are weak and any prognosis is premature.  As prices continue to rise and inventory is still tight, while wages don't rise as quickly, we

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