Chicago home sales & price data

This reinforces my belief that the Chicago home market is strong compared to the National news we continually hear.

Chicago home prices down less than U.S. index

Nov. 25, 2008

Crain’s Chicago Business

(AP) — Chicago home prices fell less than a widely watched national index, which on Tuesday showed prices dropping across the county by the sharpest annual rate on record in the third quarter.



The Standard & Poor's/Case-Shiller U.S. National Home Price Index released Tuesday tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004.



Chicago-area prices were down 10.1 perc. in September compared with September 2007.

The monthly indices also clocked in record declines. The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.



No city in the Case-Shiller 20-city index saw annual price gains in September — for the sixth straight month.

Old Town Tribute

This past Monday afternoon, 11/17/08, I was in a crowd of people that stood shivering at the corner of Wells & Schiller in Old Town. The city dedicated "Marion Konishi Way" a new honorary street preserving the memory of Marion Konishi. In 1968, Mrs. Konishi opened the first sushi bar in Chicago located in Old Town, Kamehachi of Tokyo. She was honored as being an entrepreneur, a pioneer and a champion of Asian Americans. The restaurant, Kamehachi is still a favorite, and now has multiple locations, the two best known are 1400 N Wells & 240 E Ontario.

After the touching dedication in which supporters including Alderman Burnett spoke about her contributions to the community. The unveiling of the sign was done by Mrs. Konishi's great-grandchildren. This was followed up by a sumptious spread of sushi, sashimi and cooked items too!

Old Town is full of traditions: the Dr Scholl's factory, now Cobbler's Square, a loft rental complex; Kamehachi, celebrating 40 years; and Chicago's own Second City Comedy Club; to name a few.

Old Town: A great place to visit, a great place to live.


For more information on the dedication, go to ABC:
http://abclocal.go.com/wls/story?section=resources&id=6506466

Sheridan Park, Chicago Neighborhoods

Are you looking for a great community, with reasonably priced property, close to the lake? Try Sheridan Park.

I have a new listing at 4628 N Racine, Unit 1N. This property has 3 bedrooms, 2 baths, (includes a master bath with tiled shower, double bowl vanity, and granite vanity top) great layout, parking, and private back porch. The kitchen is gorgeous with a tiled backsplash, granite counters, and SS appliances. The entire property has oak hardwood floors. (exept the utility room, complete with side-by-side washer & dryer)

It is in a well kept 8 unit building with an inviting front porch. The fenced in yard is a favorite for both the kids and dogs in the building.

Location, location, location - it is located one block from Borders, one block from a pet supply store, two blocks from Starbucks, two blocks from an el stop.

To see this great home, contact me or stop by at the open house on Sunday, October 26 between noon & 2pm.

Mortgage Info

Here is another option as many lenders are only able to provide loans at 90% to value, people are turning to FHA loans for condos, not just single family homes.

If you are not able to put 10-15% down on a purchase, I can hook you up with a lender to assist you in putting together an FHA approved loan.

Don't despair - call now!

Mortgage Tips

In my last entry, I shared information on the luxury real estate market. Now, I will share some information that may be helpful to a greater number of home buyers-especially those first time homebuyers out there.

From www.peoplejam.com, an online self-help community, here are four tips to help you improve your chances of getting a mortgage:

- Check your credit reports. The three main reporting agencies are Equifax, Experian and TransUnion. You’ll want to make sure that all the information on these reports is correct. If you find some information that is incorrect, you should report the discrepancy immediately to all three reporting agencies. Anything negative on your credit report can hurt you, even if it’s not right.

- Boost your FICO score. Most mortgage lenders use the FICO score to determine if a borrower will default. Because the score measures your ability to repay a loan, there are steps you can take to improve it. Pay down your debt, pay all your credit accounts on time and keep open accounts with a $0 balance.
- Put money aside for a down payment. Sock enough away for a 5% to 10% down payment. This will show that you are serious about becoming a homeowner. Most lenders feel more comfortable granting a mortgage with a larger down payment. No-down-payment mortgages, a staple of the housing boom, have virtually disappeared. To qualify for a government-insured Federal Housing Administration loan, you’ll need to put at least 3% down.

- Get realistic about your budget. Your mortgage payment should be about 25% of your monthly household income. Choose a price range that fits this. If you make $4,000 a month, don’t take a mortgage out for much more than $1,000 a month. This will ensure that you have adequate reserves to make your payments.

positive trend

Here's a bright spot amid all the mortgage concerns in today's real estate market...

To read the Chicago Tribune article, click here

Sales up, Prices down

The latest NAR home sales stats were released. They validated what we have been feeling in our local market.
More homes (condos, houses) are being sold. The sold price of these homes are down.

Buyers are feeling this in our area as well (low) priced properties are coming on the market. They are recieving multiple offers, and sometimes are selling for over the list price. We know first hand that sales are increasing - probably because sellers are becoming more savvy and are pricing lower to match the market demand.

Whether you are buying or selling, or just curious about the market - this is good news.

Sanity in the housing market

I would like to share something with the blog readers out there.

I am passionate about residential real estate.

I believe first and formost that real estate is "home". It is our place of refuge, a place for our family and friends. It is where we live, love and dream.

Secondly, I believe that real estate is an investment. Our home is often the nest egg (now you know where that term came from, nest =home) that supports us and our families financially.


I believe that our society is once again viewing real estate as our foundation, not the tip of an investment pyramid. As lenders return to basic lending principles, consumers will be able to buy a home with confidence. Or, rent a home and have some confidence that their landlord will not face foreclosure and leave them homeless.

If you are thinking of buying a home now (whether you are a first time buyer or experienced buyer), here are a few things to consider:
-Prices in Chicago lakefront neighborhoods are at their lowest in a couple years (depending on building & area, this means today's price is the same as the price 2 years ago -- or price increases are slower than they were previous to 2 years ago)
-You have more properties to choose from than you had in the housing frenzy
-If you are a qualified buyer, there is mortgage money available and low fixed rates

I'll see you out there!

Baby It's Cold Outside

Hello from Chicago. We just experienced our coldest weekend of the year. Let's hope that was the coldest weekend of the entire year! Here in downtown Chicago our temperatures are more temperate than even 40 miles west of Chicago. The waters of Lake Michigan can be very kind to us, keeping our air temperature warm in the winter, and a bit cooler in the summer. But 0 degrees with minus 25 degrees windchill is cold.

But....I sense that the real estate market is heating up. I have had a uptick in the number of showings on my listings, and even an increase in offers. That means inspectors are busier, attorneys are getting contracts, lenders are getting loan applications...........

So, if we all have a positive attitude, I think we can see the housing slump end very ungracefully with a bang! If you are interested in buying - call your agent and get out there. If you need to sell, there are properties going under contract and you will be one of the "new" properties on the market. So call your agent and get on the market!