Navigating the home buying and selling process can be challenging. When you are moving from one state to another, there is an added layer. State laws, lingo, customary timelines and costs vary from state to state. In Contract to Closing Checklist I offer a sequence as it generally occurs in Illinois. I’m happy to help you or a friend moving to Chicago, or just looking for a new neighborhood!
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.
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.
Happy Birthday Chicago – 177 years old today!
“It is hopeless for the occasional visitor to try to keep up with Chicago. She outgrows his prophecies faster than he can make them.” – Mark Twain, 1883
A vibrant city with a friendly hometown feel, and one of the most iconic metropolitan flags in the country.
There is meaning to each aspect of our flag. The white stripes represent the north, south and west sides of the city. The top blue stripe represents Lake Michigan and the North Branch of the Chicago River. The bottom blue stripe represents the South Branch of the river and the Great Canal, and the Chicago Portage. The four six-pointed red stars represent major historical events: Fort Dearborn, the Great Chicago Fire of 1871, the World’s Columbian Exposition of 1893, and the Century of Progress Exposition of 1933–34. Each of the 6 points represent a concept. Click here to learn more.
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