Up and coming young people are starting to eye home ownership - their preferences are important, not only for agents, but also for home owners looking to down size or move up. According to a new study, 68 percent of first time homebuyers are looking for move-in ready homes, while 32 percent are looking for fixer-uppers. The good news for suburbia is that 43 percent are looking to buy there, but a strong showing of 20 percent plan to buy in urban areas...
In another sign of health for the housing market, cash sales as a percentage of total sales declined in April over the previous year both nationally and in Chicago. Pre-crash, the average number of cash sales was around 25 percent. That's a benchmark analysts have been watching the market to return to before declaring full normalcy. In Chicago, cash sales in April stood at 33.4 percent, down from 37.2 percent in 2014. Nationally, the number tracks well with Chicago, to 33.
The westernmost of three planned towers for Wolf Point has topped out , according to the Chicago Architecture Blog. The tower has reached its planned height of 493 feet and its exterior skin has reached nearly that height. For photos and more, head here . And, while the westernmost tower is under construction, new renderings have begun to circulate of the two other towers that will hug the Chicago River at the confluence of the North and South Branches.
The numbers are in and the most competitive housing markets for the month of June in the city of Chicago based on the average number of days it takes to sell a property are: 1. West Loop, 9 days on the market 2. Ukrainian Village, 10 days on the market 3. Logan Square, 11 days on the market 3. Wicker Park, 11 days on the market The neighborhoods shuffle around a bit when adjusted for overall inventory numbers with all of them in an extreme sellers' market...
CoreLogic's latest report shows more good news for the improving and normalizing Chicago real estate market. The foreclosure rate in the market fell one percentage point year over year in May to a total rate of 1.9 percent while delinquency rates also dropped, from 5.1 percent to 4.4 percent. The state as a whole saw foreclosures fall .8 percent. For more, head over to Chicago Agent Magazine here .
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While the westernmost of a trio of planned towers for Wolf Point is under construction, new renderings have begun to circulate of the two other towers that will hug the Chicago River at the confluence of the North and South Branches. The Chicago Architecture Blog revealed a stunning rendering of the glass clad towers by architects Pelli Clarke Pelli. The new design slims and heightens the south tower and could push it's height up above the planned 900 feet...
Marina City, the famed residential twin towers adjacent to the Chicago River in Downtown Chicago have been granted preliminary landmark status from the city. The new status, if eventually approved by the city council, will protect the buildings from alteration but could also make a variety of tax incentive programs available to homeowners in the building...
Home sale prices continued their streak in May, increasing for the 39th consecutive month, according to a new report out from CoreLogic. In Chicago, including distressed sales, prices increased 3.8 percent since May 2014. Excluding distressed sales, the number was 5.3 percent. For the full report, head over to Chicago Agent Magazine here .
Inventory shortage has created a dramatic sellers' market in Chicago that is causing developers to take a second look at two-flats. Crain's Dennis Rodkin has a report out today that several neighborhoods on the city's North Side are ground zero for two-flat to single-family home conversions. Those neighborhoods include Andersonville, North Center and Lincoln Square...
More good news today from the Standard & Poors Case-Shiller Home Price Index; Chicago's pricing are up. The index reports that homes in the metro area climbed 1.1 percent from March to April and 2.5 percent over the previous year. For more, head over to Chicago Agent Magazine here .
The National Association of Realtors is reporting that pending home sales have reached a 9-year high, yet another sign of the market's recovery. The Pending Home Sales Index (PHSI) rose 0.9 percent from April to May and 10.4 percent from the previous year, the highest mark since April of 2006. The news for the Midwest was a bit more moderate, a 0.6 percent fall from April but a 7.8 percent increase from the previous year...
The numbers are in and Chicago's top-selling neighborhood for the month of May was: the Near North Side. The sales numbers are driven, in large part, by the amount of inventory, and neighborhoods rich in condos typically rank higher. In May the top three slots went to the Near North Side, then West Town then Lincoln Park with 280, 195 and 157 sales respectively. If you remove condos from the equation, then the numbers change substantially...
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The numbers are in and Chicagoland's top-selling suburbs from May were: Aurora, Naperville and Plainfield. Sales for the first two were up 28.9 and 27.5 percent from April to May but the largest increase belongs to Plainfield, which saw a sales surge of 64.1 percent. Joliet and Arlington Heights both saw big increases as well, 47.7 and 33 percent respectively. For more, head over to Chicago Agent Magazine here .
The good news for the Chicago-area housing market keeps coming in; the May numbers continued the trend of increasing sales volume and price. Sales were up 7 percent in May year over year and prices rose 7.2 percent, according to the Illinois Association of Realtors latest analysis. The city's market was even stronger, with sales rising 10.1 percent and media price up 6.8 percent. For more, head over to Chicago Agent Magazine here .
The number of houses in the Chicago-area has picked up and in spite of that the sale prices continue to increase and market time decreases as the market tries to keep up with demand. According to a new report, the number of homes for sale in the Chicago area grew 18 percent in the last 12 months, a sign of increasing health and the biggest increase in three years. Market time is less than 17 days and the median price us up to $285,000...
As rent costs increase, many are looking to buy as an option to control their monthly costs. But so far, the numbers show that renters aren't moving into home ownership at high rates. According to a study from John Burns Real Estate Consulting, 14.6 percent of renters transitioned to home ownership in the fourth quarter of 2014, down from 25 percent ten years earlier, in 2004...
It's a natural consequence of the home sales price increases that are evident in the local market, but homeowners across the city, state, and nation are finding themselves in better equity positions, according to the most recent data. According to CoreLogic, 81 percent of mortgages in Chicago are now above water after the first quarter 2015 appreciation. That's up 78.1 percent in 2014. There was also a .2 percent drop in mortgages that were in near negative equity from 3.8 p
