Urban Real Estate

Monday Real Estate Round-Up

Monday Real Estate Round-Up

Mortgage rates are rising in the aftermath of the presidential election and show no signs of abating, according to new research from Freddie Mac.

The average 30-year fixed loan last week was 4.03 percent, up from an average 3.57 in the days following the election, the first time in almost two years it has exceeded 4 percent.

Read more at Chicago Agent Magazine here.

The latest numbers on Chicago's top-selling suburbs reflect the seasonal decline in sales but still show the top two leading the race.

Naperville had the largest number of sales, with 141, edging Aurora's 140 sales. Both saw steep monthly declines, respectively 26.56 and 29.65 percent. In third place was Elgin, with 100 sales, a 19 percent decline.

An interesting stand-out for the month was the northwestern suburb of Des Plaines which took sixth place with 87 sales, representing a 7.4 percent INCREASE over the previous month.

Find out more at Chicago Agent Magazine here.

A new analysis shows that Chicago is the top real estate market for investors in the entire country.

Chicago's cap rate, a shorthand measure for the expected return on real estate investment, has risen 18.3 percent, 3 points more than any other market in the study by investment and management firm HomeUnion. The study also noted that the city's median single family home price of $128,000 makes the city the most promising investment market in the United States.

The city was followed by Greenville, S.C. and Birmingham, AL, both of which have significantly lower prices and rental rates. Chicago was the largest city in the top 15 metro areas for investors and beat out all the major southern markets.

Read more at Chicago Agent Magazine here.

Urban Real Estate partner Matt Silver talked to the Chicago Tribune about the recently announced increase in loan limits in various markets by the Federal Housing Finance Agency, including Chicago.  While housing advocates like the Chicago Association of REALTORS®, where Silver is serving as president, have sought higher limits over recent years, the increase is notable progress.

Read the entire article on Chicago Tribune

The latest numbers are in and Chicago's top-selling neighborhood for October of 2016 was the Near North Side, which saw a total of 124 sales that month.

In second place was West Town with 104 sales and and in third Lincoln Park with 82 sales.

Single family homes, as usual, looked completely different. Garfield Ridge sold the most with 33, closely followed by Ashburn with 31 and in third, Dunning, with 26 sales.

While the market has been seeing seasonal declines in sales volume, sale prices are still trending up with the latest numbers indicate the city's median home sold for $262,000, a 9.2 percent increase from the previous year.

Read more at Chicago Agent Magazine here.