You don’t have to switch on the air conditioner to get a big chill this summer. These tips will help you keep your house cool without AC, which will save energy (and avoid AC wars with your family). [Read more…]
Chicago is a vibrant and friendly city, a city of neighborhoods. Each neighborhood has it’s own identity and feel, and something different to offer. [Read more…]
End unit DePaul townhouse that lives like a single family home in the Oscar Mayer school district! [Read more…]
A recent study has concluded that 39% of buyers prefer to rent out their last residence rather than sell it when purchasing their next home. [Read more…]
Eric Belsky is Managing Director of the Joint Center of Housing Studies at Harvard University. He also currently serves on the editorial board of the Journal of Housing Research and Housing Policy Debate. This year he released a new paper on homeownership – The Dream Lives On: the Future of Homeownership in America. In his paper, Belsky reveals five financial reasons people should consider buying a home. [Read more…]
2014 has started off to be a really good year, and experts predict that on a national level we are headed back to a more normal (3-5%) appreciation year over year through 2018. This is stable, predictable growth and back on track.
The Home Price Expectation Survey done first quarter this year breaks down what the experts are saying. In green: look at the pre-bubble trend which predicted appreciation up by 19.4% which is very close to the blue column which is is an average of what all the experts said. The bulls in the market are very optimistic, forecasting over 28% appreciation. The most exciting news is that even the bears in the market predict over 10%. Remember these projections are on a national level, and our Near North Chicago neighborhoods are trending very well too. Watch for my next Market Profile coming out soon as we just closed on the end of first quarter sales data.
In recent months I’ve had a fair number of client relocating from other parts of the country with job transfers which is a good sign for our local Chicago economy. Some of these transferees are moving directly into a rental, and some have opted for a short-term or one year lease. The median rent prices in Chicago has gone up 10% since 2009. Jed Kolko, Chief Economist at Trulia reported in February that in all 100 of the major metros, it is cheaper to buy than to rent. On average, it’s 38 percent cheaper. It’s hard to find a 2 bedroom rental on Chicago’s Near North Side for less than $3000.
Another reason to consider buying instead of renting is that financial experts are saying that interest rates are going to be close to, if not greater, than five percent by this time next year. The FED Chairman, Janet Yellen recently announced that instead of prolonging the stimulus, she will continue tapering, pulling back on the stimulus throughout the year. As soon as she made that announcement, interest rates began to tick up.
If you are debating which way to go, please give me a call 312-953-7811!
We are all tired of getting around in the cold icy conditions here in Chicago, but home buyers are still out there looking! When you need a home, you get out and get looking ~ especially the serious home buyers.
If you are considering selling, don’t wait until warmer temps. Seasonally each year the inventory goes up in April and May. Inventory is still very low which means there isn’t much competition.
Chicago inventory levels across the Near North and Near West are well below national levels at 1-2 months of supply. In the beginning of the year the National Association of Realtors reported 4+ months for national levels. Balanced real estate markets carry 5-6 months of inventory. Above that is considered a Buyers Market, and below is a Sellers Market. On national and local levels we’ll tip toward a more balanced market as we head toward spring.
Use the scarcity to your advantage, but be mindful that today’s buyers are savvy and educated. Price within the market and you will have your pick of buyers.