With the spring selling season well underway the question that often comes up is when's the best time of the year to go home-shopping?
Zillow recently crunched the numbers and price data from last year and compared the total number of listings, the percentage of homes selling above list price and listings with price reductions...
With the spring selling season well underway the question that often comes up is when's the best time of the year to go home-shopping?
Zillow recently crunched the numbers and price data from last year and compared the total number of listings, the percentage of homes selling above list price and listings with price reductions...
While there's been recent good news for sellers, that home values are soaring in year-over-year numbers, the good news for buyers is that home values in most of Chicago and across the country remain below their peaks set in 2006.
In Chicago, only 7.6 percent of homes have reached their pre-recession peak. The median home price in the city was $225,051, well below the pre-recession peak of $274,092...
Single family homes in Humboldt Park and Garfield Park have appreciated the most year-over-year, according to the latest data from the Institute for Housing Studies at DePaul.
Those two neighborhoods posted increases of 21.5 percent in the fourth quarter of 2016. The organization's executive director, Geoff Smith, told Chicago Tonight that the increase was indicating a pattern of investment, development and gentrification...
According to the latest data, the first quarter of 2017 has been the best time to sell a home since 2007.
Homeowners who sold in the first three months of the year saw the highest average gains since the third quarter of 2007, per a report from ATTOM Data Solutions. Sellers saw an average gain nationwide of $44,000, a 24 percent return on their original investment...
A new development partnership between the city of Chicago and Friedman Properties could replace an aging fire station with a new highrise.
The partnership would result in the demolition of the existing firehouse at 55 W. Illinois in River North and replace it with a new station, costing $20.2 million and a mixed use tower with up to 614,000 square feet of office space.
Read more at Curbed Chicago here ...
Developers are proposing a new, 20-story tower for the West Loop's red hot Fulton Market District.
MCZ Development has proposed a 236-unit apartment building for 166 N. Aberdeen, the corner of Aberdeen and May, former site of Fabbri Sausage. The building, designed by Chicago-based Solomon Cordwell Buenz (SCB) would be constructed of brick masonry at the base to blend into the site and transition to glass and clay-colored metal panels above...
Fannie Mae has announced several new policies and a program that could help borrowers who have student loan debt.
First, they'll be offering a student loan cash-out refinance which will give homeowners the option to pay off high-interest-rate student lows as part of a re-finance...
Single-family home prices in four of Chicago's neighborhoods have reached new highs, according to data from the DePaul Institute of Housing Studies.
The West Town/New West Side neighborhoods have seen prices rise almost 159 percent and home prices in Logan Square/Avondale have risen almost 156 percent. That's compared with the citywide average that shows homes still 23.4 percent under their peaks reached in 2007...
Traditional wisdom has argued that single family homes always appreciate faster than condos, but new research indicates that gap may be closing.
Trulia surveyed the 100 largest metro areas between February of 2012 and 2017 and indicated that appreciation of condos nation-wide was faster than that of single family homes. Condo prices rose 38.4 percent over that period while houses appreciated 27.9 percent.
Chicago, however, bucked the national trend: condo values rose 23.3
Home sales in March were the best since the housing crash, according to the National Association of Realtors.
Citing a slight increase in housing supply, NAR said that nationwide home sales last month totaled 5.71 million, the highest number since February of 2007. It represents a 4.4 percent increase from February and a 6 percent increase from the previous year.
Read more at Chicago Agent Magazine here ...
There are a lot of factors to weigh when trying to determine which neighborhood is the hottest in the city and Crain's used three metrics to come up with their ranking: sales volume, median price and time to sell.
Based on those rankings, the top neighborhood was Irving Park for single family homes, the Near North Side (a neighborhood that includes the hot River North) for condos and Glendale Heights for suburbs...
On the heels of news that Chicago is among the most affordable metros for Millennials, a new survey out from Mayflower indicates that the city is also the fifth hottest location for relocations among the cohort.
The reasons cited for moving to Chicago included jobs, affordable cost of living and many housing options...
So what's the biggest obstacle to renters who want to make the plunge into home ownership? The latest data suggests it's the down payment.
A new study from Zillow indicated that 70 percent of renters will struggle to secure enough cash for a traditional, conventional 20 percent down payment. This stumbling block is extremely consequential because owning is cheaper than renting in 33 of the nation's largest 35 housing markets...
Numerous reports have outlined the speed of sales and rising prices in the local housing market, but what's behind it?
According to Builder Magazine there were a total of 9556 homes sold in the Chicago-metro area in March, an increase of 15 percent over the previous years. Median prices were also up 10.4 percent to $234,000...
The latest numbers show that the pace of home sales accelerated in March while overall inventory continued to decline.
In Chicago the median price for March was $226, 000, an 11.8 percent increase from the previous year while available for sale inventory was 40,774, a 13.3 percent decline from the previous year.
The typical home nation-wide went under contract in just 49 days, down from 60 days in Marh of 2016. Nearly 20 percent went under contract within two weeks...
Chicago is in the midst of a historic building boom and it's most obvious downtown.
According to Curbed Chicago, the city is currently seeing a total of 52 high-rises under construction. Perhaps the most high profile of the projects is the Vista Tower, a supertall designed by Jeanne Gang for the New Eastside that will eventually host a hotel and condos...
For the first time in its history, Fannie Mae's Home Purchase Sentiment Index has indicated that Americans believe it's a better time to sell than to buy.
The number of Americans who felt it was a good time to buy fell 10 percent to 30 percent from February to March while those who say it's a good time to sell rose 9 percent to 31 percent.
For those surveyed, 39 percent cited strong and rising home prices as their top reason why it's a seller's market...
A new plan was recently unveiled for a vacant parcel in Noble Square that would bring 160 new rentals to the neighborhood.
Designed by Brininstool + Lynch, the proposal for the lot at the intersection of Walton and Noble would be five stories tall and clad in brick, metal and fiber cement. The front of the project along Walton would feature 17 townhouses that are two stories tall to better blend into the area's low-rise fabric...
In a long-awaited shift, Millennials are finally starting to buy housing.
While a shakey economy caused many of them to eschew homeownership along with other large life decisions like marriage and children, with the generation now in its 30s, they've begun to purchase their first homes and Chicago is a great place for them to be.
According to Realtor...
