Overview

After hitting a record low in the last week of February, mortgage rates on a 30 year fixed mortgage rose slightly this week, according to Freddie Mac. You may ask yourself why this happened, considering that the Fed lowered the prime lending rate to practically zero. Apparently, a combination of an increase of rates in the bond market and an increased demand for refinancing contributed to the increase. Meanwhile, the continued spread of COVID-19 is changing the way real estate business is conducted. Even though real estate is listed as an "essential business" under the Governor's shelter-in-place order, agents must follow the CDC guidelines as public health must be the highest priority. Therefore, no open houses should be held and private

As the situation with coronavirus (COVID-19) continues to develop, we at Engel & Völkers Chicago are taking steps to continue providing our services while keeping everyone safe. We know that buying or financing a home can be stressful at the best of times, and we're still here to help during this challenging period.

Keeping everyone safe

The health and safety of our clients, business partners and employees is our highest priority. We have implemented policies to limit person-to-person interactions and utilize phone and Internet communication to help protect all parties.

Serving our clients

Thanks to the largely digital nature of our industry, our operations are currently continuing largely uninterrupted. We continue to stay in touch with our clients - sellers

When planning to buy a new home, don't be intimidated by these common myths!

"The first step is to look for a house"

Before you start browsing for new homes, you have to do some homework. To know the true price you can afford, talk to a mortgage lender and get pre-approved. A lender will break down he monthly payments so that you know what you can comfortably spend. That will translate to your target purchase price. 

Once you are pre-approved, you can focus your search in your price range. When you find a house you like, you are prepared to make a strong offer with your pre-approval letter. Many home sellers will nit even consider an offer that does not include a pre-approval letter. 

During the mortgage approval process, the lender will

Market Snapshot - City of Chicago

The City of Chicago Market Snapshot represents the residential real estate activity in the 77 officially defined Chicago community areas as provided by the Chicago Association of Realtors. 

• In November 2019, there were 1,660 residential properties sold in Chicago. This was a 10.3% decrease from November 2018.
• The median sales price of all these properties sold was $270,000, an increase of 3.1% of the same time the previous year 
• Average days on the market from listing to contract was 80 days, the same as in November 2018

State of the Market

• In November, the Federal Reserve Bank reduced its benchmark rates for the third time in 2019. This action came as no surprise. Mortgage rates

Are you finding yourself in the January hole after all the holiday celebrations? It doesn't have to be that way! 

Discover all that Chicago has to offer and start the new year and decade! You don't have to travel far or break the bank to take advantage of all these activities; it's all happening right here!

Drop me a note or send me a picture from your favorite venue!

The Loop  

Rush Hour Concerts at the French Market

Ogilvie Station - every Wednesday and Thursday

River North

Free "Chicago Gallery News" River North Art Gallery Tours

 714 N. Wells Meeting Place - Saturday mornings

West Loop

Glassblowing demonstrations and classes

Ignite Glass Studio - demos every Sunday, class dates vary

Near North Side

Free

September 2019 Residential Real Estate Updates for Chicago Neighborhoods

For buyers who have been planning to invest in real estate in the US, Chicago currently offers the best opportunities. Here are some facts to remember: 

• Chicago has the third largest gross metropolitan product in the United States. The city has also been rated as having the most balanced economy in the United States. This is due in large part to its high level of diversification.
• According to World Business Chicago, the city's metro area is home to more than 400 major corporate headquarters, including 31 Fortune 500 headquarters and 300 corporate R&D facilities. Some of the most well known are Boeing, Walgreens and McDonald's.
• Today the city is known as the fourth

August 2019 Home Sales Updates for Chicago Neighborhoods

Recent mortgage rate declines are a positive sign in the slowing housing market in the city of Chicago. Buyers have a bit more buying power and which gives them a little more incentive to lock in a home purchase in the fall market. On the other hand, stock market volatility and general uncertainty about the economic slowdown may temper buyer enthusiasm. Sellers need to be aware of these facts when pricing their properties for a competitive listing. As rents continue to rise, the value proposition of owning a home remains a compelling option for most people. 

Let's look at how the market is reacting to the conditions in different Chicago neighborhoods

Gold Coast, River North,

July 2019 Housing Sales Statistics For Select Chicago Neighborhoods

Welcome back to our Chicago neighborhood market report after the summer break!

How is the market? According to Tommy Choi, president of the Chicago Association of Realtors, "the market is in a stabilizing period. Days on the market remain low and prices are steady, so inventory is moving and demand is there. We expect this to continue, particularly in the heels of the Federal Reserve's rate cut."

Let's look at mortgage rates a bit more closely. Rates have continually fallen through 2019 to date and are at their lowest level in many years. At the same time, home price appreciation is slowing. Historically, these conditions meant an increase in home buying activity. This

Here are the March 2019 sales statistics for Chicago neighborhoods

New listings finally started to perk up last week across the nation and in Chicago, effectively launching residential real estate into the springtime selling season. There has been a lot of talk about the slow start of new homes for sale in what was expected to be a year of increasing inventory. Mother Nature has had different plans in several markets, and in particular in the Chicago region, where another burst of winter weather in April may have spoiled an otherwise promising start to the second quarter of 2019. 

Here's a look at some Chicago neighborhoods and how the market is doing so far this year. 

Gold Coast, River North, Streeterville and Magnificent Mile

Compared

Your latest Chicago Neighborhood Report

In January, the unemployment rate rose 4%, the highest jump in seven months. In the long run, this may not be of much significance, as other economic factors are showing continued growth in the job force, including 100 straight months of employment gains. The construction sector had its best month of employment since last February. With the Fed apparently holding off on further rate increases, 2019 is beginning favorably for local residential real estate. 

The cold Weather in February has stalled some buying and selling actions. Even so, economic fundamentals remain positive for a robust housing market. 

Let's look at how the market performed in the different Chicago neighborhoods. 

Gold Coast,