Archive for December, 2015

Chicago Real Estate Market Trends – November 2015

December 23, 2015

Chicago Real Estate Market Trends – November 2015

chicago real estate

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 November 2015 remained the same compared to November 2014. The average selling price decreased by 3.0% to $742,219 and the average market time decreased by 13 days or 15.8%. Homes sold for 96% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

Nov 2015

127

$742,219

96%

69

Nov 2014

127

$765,797

96%

82


Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in November 2015 increased by 1.89% for the month when compared to November 2014. The average selling price decreased 3.62% to $397,166 and the average market dropped 6 days or 7.5%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

Nov 2015

753

$397,166

97%

74

Nov 2014

739

$412,088

98%

80


Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in November 2015 increased by 9.80% for the month when compared to November 2014. The average selling price increased 4.10% to $526,023 and the average market time increased by 2 days or 2.73%. Homes sold for 97% of the listed price.

Date

Sold Listings

Average
Sold Price

SP:LP

Average
Market Time

Nov 2015

100

$526,023

97%

75

Nov 2014

91

$505,293

97%

73

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

4 Wallpaper Trends That Are Primed to Dominate in 2016

December 18, 2015

wallpaper

Wallpaper is back according to PureWow.com:

All hail 2015–the year of ’70s patterns, layered rugs and blond woods as far as the eye could see. What’s on tap for 2016 in the world of home design? We checked in with our friends at Flavorpaper for four wallpaper trends that are primed to be all the rage.

See the rest of the article 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!

The 2015 Home Trends We’re Totally Over

December 18, 2015

The year 2015 delivered plenty of chic to the home-decor front. (We’re lookin’ at you, freestanding tubs.) But it also brought trends that were so well, trendy, that frankly we’re happy to say sayonara. Here, six to ditch in the New Year.

See the entire article 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!

How To Get Your 2015 FREE Credit Report

December 11, 2015

free credit report

Did you know that you are entitled to a free credit report once a year from all of the major credit reporting companies? It’s true and time is running out to get your 2015 free credit report. By checking your credit report before you purchase a home or for any other reason for that matter you will be able to see if there is anything on your credit report that is not accurate and remove it and you may also be able to find out if you have been the latest victim of identity theft. The major credit reporting companies are Equifax, TransUnion, and Experian. If you want to get your yearly free credit report all you have to do is go to each of these sites and click on “Request Your Credit Reports”. You can also send a letter to each of the three major credit reporting companies. A few tips to follow are below.

  • Be sure that if you get on a credit report website and are asked for money that you do not respond. There are many hackers out there trying to get your information and this is just one of the many ways in which they do it.
  • Do not give out your social security number unless you are on a site that you know is secure.
  • Check your credit report every four months or so to be sure that your account hasn’t been compromised.
  • There are credit monitoring companies you can hire to keep a watchful eye on your credit report if you feel it is necessary to do so.

Again, be sure that you are not asked for any monies when trying to get your free credit report. Be assured that there are many companies out there that claim they will give you a free credit report only to ask you for your credit card information at the very last step. Step away from those companies and continue with your search until you find one that lets you leave the page without asking for any form of payment. Once you get your report you can then be on your way to making any changes needed to help improve your score. When you get your credit where you want it and where it needs to be, the world will open up to you in ways you never thought possible.

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!

Wall Street Banks Attempt to Edge Out Fannie and Freddie

December 7, 2015

revolving door

Check out this comprehensive article from The New York Times about Fannie Mae, Freddie Mac and Wall Street’s attempts to take over their domain. A behind-the-scenes effort of Wall Street banks to take over the mortgage market is driven by advocates who switch between roles in Washington and the private sector…

Seven years after their dubious lending practices helped push the United States economy to the brink of disaster, the nation’s largest banks are closing in on a long-sought goal: to unseat Fannie Mae and Freddie Mac, the mortgage finance giants, and capture their share of the profits in the country’s $5.7 trillion home loan market.

Taking place largely behind the scenes, the movement to take over the mortgage market has been propelled in part by a revolving door between Washington and Wall Street, an investigation by The New York Times has found.

While the big banks’ effort to enshrine their vision into law has failed so far, plans to replace Fannie and Freddie — which have long supported the housing market by playing a unique role as so-called government-sponsored enterprises, or G.S.E.s — are still very much alive. The Obama administration has largely embraced the idea, and government regulators are being pushed to put crucial elements into effect.

A review of lobbying records, legal filings, and internal emails and memorandums, as well as housing officials’ calendars and White House and Treasury visitor logs, illuminates the banks’ effort. Assisting in this work, the documents show, is a group of high-level housing finance specialists who have moved back and forth between public service and private practice in recent years.

The charge began under Michael D. Berman, who has served not only as chairman of the Mortgage Bankers Association, one of the industry’s most influential lobbying organizations, but also as a senior adviser to Shaun Donovan, who was the secretary of Housing and Urban Development from 2009 to 2014.

Conversely, Mr. Berman recruited David H. Stevens — who was one of the lead architects of the Obama administration’s proposal to phase out Fannie and Freddie — to the mortgage bankers group, where Mr. Stevens is now president and chief executive.

Many in Congress believe Fannie and Freddie contributed to the collapse of the housing bubble, and they still rest on a shaky financial foundation, largely because of actions taken by the Treasury and the companies’ regulator.

While they continue to pose a risk to taxpayers, Fannie and Freddie so far have not been replaced by Wall Street behemoths, partly because local banks popular with many lawmakers are resistant. Moreover, some members of Congress are concerned that low-income borrowers would not be well served by private lenders.

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!

Do You Qualify for Down Payment Assistance?

December 4, 2015

home buyer

Most folks these days are living paycheck to paycheck and are having a hard enough time trying to pay all of their bills on time. This is one of the biggest reasons many people are looking for some sort of down payment assistance when it comes time to purchase a new home. For many people owning their own home cannot become a reality because they simply cannot afford to come up with the down payment needed. Rest assured if you are one of those people who have a hard time coming up with enough money to pay bills much less enough money for a down payment on a house, there is hope for you! Below are a few ideas for down payment assistance and what you need to do to qualify for it.

  • Figure out what your adjusted gross income is so that you will know if you can or cannot qualify for down payment assistance.
  • Complete a HUD application at your local HUD (The US Department of Urban Development) office.   In order to qualify for HUD your adjusted gross income must not be more than 80 percent of the local median income.
  • The down payment assistance program from HUD has a limit of 6 percent of the home’s purchase price or $10,000 so be sure that you know what size and price range you are looking for in a home before you apply for assistance. Knowing some of these things beforehand will possibly save you a lot of hassle in the long run.
  • You may possibly qualify for a grant that you do not have to pay back such as with the American Dream Down Payment Initiative Program. This program is known as the ADDI. If you need assistance with your home down payment be sure not to let this particular program slip through your fingers.

Hopefully these few ideas for down payment assistance will get you started in the right direction when looking for a home of your own. It is important that you don’t get discouraged and give up when looking for these types of assistance programs. They are out there for the taking you just have to be diligent to look for them and see which ones may be able to assist you in your home buying experience. It is all too easy to give up and not look deep into all the different home down payment assistance programs but I promise you if you do enough research you WILL likely find one out there that is just waiting to help you.

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!