Archive for May, 2015

Chicago Real Estate Market Trends – April 2015

May 22, 2015

Take a look at April’s real estate sales statistics.

April 2015 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.

The number of Chicago detached single homes selling in April 2015 increased 21.2% for the month compared to April 2014. The average selling price increased by 18.2% to $899,907 and the average market time decreased by 4 days. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

177

$899,907

97%

87

April 2014

146

$761,245

98%

91


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Feb 2015 increased by 8.24% for the month when compared to April 2014. The average selling price increased 3.73% to $410,237 and the average market time increased by 1 day. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

1,300

$410,237

98%

80

April 2014

1,201

$395,470

98%

79


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in April 2015 increased by 212.3% from April 2014. The average selling price increased 2.53% from April 2014 prices, and the average market time decreased by 35 days. Homes sold for 98% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

April 2015

82

$511,749

98%

102

April 2014

73

$499,118

99%

67

Curious about the value of your home? Get your home’s value here!

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

What You Need To Know About the Division Of Real Estate During Divorce

May 15, 2015

If you are considering a divorce or are currently going though one, it is important that you learn as much as you can about divorce laws and how they can impact your real estate holdings. To learn about those laws in Illinois, click here.

divorceAlthough a divorce eventually involves the distribution of all of a couple’s assets, generally the most pressing issue (other than child custody) is the division of your real estate. To make this potentially complicated and emotion-laden process work as smoothly and civilly as possible, consider the following suggestions to help combat volatile issues and strong feelings:

  • Consult with your divorce attorney. A well-crafted settlement agreement can help to avoid many types of disputes. The agreement should be quite detailed, including all potential issues that could arise during the sales process. The agreement should ensure that the interests of both parties are aligned towards selling your real estate so that you both can move on with your lives. Have the property sold or refinanced into one name, while all of the other details of the divorce are being negotiated. Even if your divorce decree assigns possession of those assets to one party, or if one of you voluntarily transfers title to the other, the liability for the loan will remain for both if you do not sell or refinance the asset. 
  • Find a real estate agent who specializes in selling property for divorcing couples. With divorce rates continuing to rise, many Realtors are beginning to market themselves as specialists in selling homes for couples who are divorcing. These agents understand the complexities of a pending divorce case and will work with you on an individual basis.

Before you can decide how your real estate is to be divided, you must first determine its value. If both parties are unable to agree on the current market value, there are several valuation methods that can be used, including current tax assessed value, request for a new appraisal, or an evaluation by a Realtor. Determining equity in order to equitably divide assets is a complex process which can become quite complicated. For more information about this topic, click here.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Home For Sale: 4838 N Claremont Ave

May 12, 2015

Chicago Home For Sale:

4838 N Claremont Ave, Chicago IL 60625
MLS# 08918364

Outstanding Lincoln Square Location!

4838 n claremont ave

Virtual Tour

Classic Chicago brick 2 flat in outstanding Lincoln Square location. Natural woodwork, hardwood floors, walk- in pantries, vintage built-in hutch. Updated kitchens & baths. 30 ft. lot. Separate heat, hot water and electric. Unfinished basement with laundry and storage. CB electric. Radiator covers. Enclosed porches, fenced yard, 2 car garage. Long term tenants = low rents. Walk to brown line el & Lincoln Square.

Marketed by Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Chicago Homes For Sale: 4736 N Maplewood Ave

May 12, 2015

Chicago Homes For Sale:

4736 N Maplewood Avenue, Chicago IL 60625
MLS# 08918109

Updated 2 Flat in Waters School District!

4736 maplewood ave

Virtual Tour

Waters school district! Classic brick 2 flat in Rockwell Crossing. 30 ft. lot. Spacious 1275 sq. ft. apartments with separate GFA heat & air conditioning. Newer hardwood floors throughout. Enclosed rear porches. All replacement windows with sunny double bays. Updated kitchens & baths. Nice yard, 2 car garage + parking space. 200 amp electric. Laundry & storage in unfinished basement. Great tenant = under market rent. Walk to brown line & Lincoln Square.

Marketed by Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

How to Buy With a Small Down Payment

May 7, 2015

down paymentLooking for another sign that the housing market is bouncing back? In addition to continued low interest rates, bidding wars, and increased building starts, you can now add low down payments to the list of good omens.

Since 2007, amassing the down payment has presented the biggest obstacle to purchasing real estate, especially for first-time buyers and those in lower income brackets.  However, homebuyers with little money for a down payment are now finding more home loans available for a low down payment– or even no down payment.

Consider the following:

  • Piggyback loans are reappearing. (In a piggyback loan, one lender loans 80 percent, while a second lender loans enough to equal 20 percent of the purchase price when combined with the buyer’s down payment, thus allowing the purchaser to avoid paying private mortgage insurance).
  • Mortgage lenders are starting to ease mortgage restrictions. This time around, though, lenders are much more discerning about who gets to put 10% down. To qualify, your monthly housing, car, student loan, and credit card debt can’t be higher than 45% of your monthly income. And you must have a credit score above 700.
  • Options for borrowers have increased:
    • If you’re a veteran, you can get a mortgage with no down payment. Additionally, mortgages backed by the Federal Housing Administration allow you to purchase a home with as little as 3.5 percent down. Banks also offer various programs for those with less The Department of Agriculture’s Rural Development mortgage guarantee program is so popular that it has been known to run out of money before the end of the fiscal year.
  • Navy Federal Credit Union offers 100 percent financing to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.
  • About 15 percent of all purchasers get FHA-insured loans, up from 3 percent during the housing boom. The FHA gained market share after many other low-down-payment options evaporated in the housing bust.

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

Ways To Calculate the Real Value Of Home Improvements

May 1, 2015

The value of home improvements has two primary considerations:

  • the tangible dollar value that is added to your home compared to costs
  • the intangible value of your enjoyment of the improvement

home improvementMost homeowners focus primarily on the costs, and whether they are adding dollar for dollar value to their home for resale. Those are legitimate concerns. Let’s break them down…

The tangible costs of a project have many components to consider:

  • The first advice to seek is from a Realtor you know and trust. Ask them for some free advice. You want to know what is the likely increase in value you can expect from a project based on what “comparables” are available. You also want their professional opinion about how the buyers in your market are likely to value the improvement. Lastly, you want recommendations about builders you should talk with.
  • The next step is to talk with at least two builders/remodelers. Ask them to meet at your home. Describe what you are thinking about doing. Ask for suggests they have and for an estimate of what it is likely to cost. Also ask if they do design work, or do you need an architect?
  • Here are some general considerations to think about:
    • usefulness of the improvements to a future buyer will effect the value
    • if the house is older consider replacing electric wiring and plumbing
    • make sure everything is done professionally, even if done by the homeowner
    • badly done home improvements can actually detract from the home’s value
  • Lastly, be very careful about re-purposing a bedroom. It should be able to be re-converted back to a bedroom later. The number of bedrooms has a large impact on the value of a home.

The intangible value of your enjoyment is very important. Try to put a dollar amount on your enjoyment value. What benefits will you and your family gain? How long do you anticipate living in your home? What is your enjoyment worth to you in dollars?

Now you’re in a position to add to the tangible cost estimates you have. Add to the tangible costs the dollar value you place on your enjoyment of the benefits. Then compare that total improvement value to what your Realtor has estimated you can get back at resale. You’re now ready to make a decision whether or not to make the improvements.

Information courtesy of Chicago Realtor Karen Breen Elia.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!