The Chicago 77

Every once in a while I like to go back and revisit old posts and see if there are still relevant or thoughts of the moment. This post still rings true and truer for both buyers and sellers: Telltale Signs Your Listing Broker is a Dinosaur. Meeting with new clients recently, I have been getting […]

As seen in previous months, home buyers have pushed the market by taking advantage of historically low interest rates, 2004 pricing and the first time home buyer tax credit. Yet home prices continue to be soft because of distressed properties and competition with other properties in this higher inventory market.

I don?t understand why some agents are taking their listings off the market until after the new year. According to the Illinois Association of Realtors, 37% of home buyers are new to Chicago. Nearly half of these home buyers are first-timers who are eager to cash in on the federal tax credit.

16 November 2009 ? Based on sales numbers for the last two years, the inventory level for new construction units in Downtown Chicago is at a six year level. This factor has postponed several new developments and has also resulted in many new buildings being converted to rental properties. Sales could be accelerated if developers […]

6 November 2009 ?As home buyers, sellers, Realtors® and affiliated professions await the signing of the expanded Home Buyer Tax Credit by the President, buyer options continue to narrow. According to the regional MLS, MRED LLC, there are 26% fewer homes under $800,000 on the market today than in October of 2007. While single family […]

2 November 2009 ? As we finish up 2009, pricing is the focus to make the sales happen before the end of the year. Even developers are taking their hits as Belgravia Group announced reductions of more than 10% on their remaining townhomes at one of their developments in University Village. Bluestone Development has continued […]

30 October 2009 ?Agreed Does Not Mean Passed – There is much optimism that the tax credit for first time home buyers will be continued into next year. Although the Senate has agreed on an extension and expansion of the program, it has not yet passed. As with any piece of legislation, the housing tax […]

Chicago saw an increase in home prices from July 2009 to August 2009 of 1.7%, but a 12.7% decline of year over year prices. No matter who is pulling the data and how they chart it, the message is the same ? first time buyers and jobs.

26 October 2009 ? With the good news last week with the number of homes sold in September up the Chicago Tribune is reporting that more people are staying in Chicago as well as returning. The mass exodus to the suburbs and warmer climates has been greatly reduced as a result of the recession and […]

23 October 2009 ?For buyers who want to take advantage of the First Time Home Buyer Credit that expires November 30th, 2009, this weekend is probably your last chance to get under contract to meet the deadline. The National Association of Realtors® has been lobbying on behalf of their members to extend and expand the […]

Market watchers believe the next few months will be a mixed bag for buyers and sellers. If unemployment does not abate, distressed properties will continue to impact market pricing for months and even years in the future.

19 October 2009 ? The biggest bargains in Chicago?s real estate market continue to be high end single family homes. With virtually no financing now available for upper bracket homes, sellers are waiting for the needle-in-the-haystack buyer who falls in love with their home and has the cash to close. In Chicago, McMansions are selling […]

16 October 2009 ?With Mayor Daley?s initiative to preserve Chicago?s historic architectural past while moving it forward through the “Green Revolution”, the city will be hosting the “Historic Chicago Bungalow and Green Home Expo 2009.” Started in 2002 for bungalow enthusiasts, the expo partnered with several environmentally oriented partners in 2006 to add a “Green […]