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Our main blog has been moved to chicagonow.com/getting-real
but we occasionally post articles here as well.

Articles for ‘Home Buying’

High Home Demand With Low Inventory Levels In Lombard

Monday, February 17th, 2014 by Sari Levy

Much like Elmhurst and Hinsdale, demand for well priced single family homes in Lombard is high but the inventory is super low. We recently sold an adorable 3 bedroom ranch home in Lombard with an overwhelming response. Within 2 days we had 16 showings and on the second day we had an accepted offer. The number of buyers that are in the market and waiting for more homes to come to market is larger than ever, but there is actually a shortage of properties to buy, indicating we are in a strong seller’s market.

The graph below shows the single family home and detached home inventory levels in Lombard over the last 5 years, courtesy of MRED. The inventory of single family homes for sale in Lombard has been decreasing year after year since a peak of almost a two years supply in 2011.  In sharp contrast, January 2014 ended with only a 3 month supply of single family homes for sale. This is more than a 36% decrease since January 2013 when Lombard had just under a 5 month supply of single family homes available which is down from the year before when there was 7.5 months of inventory.

Lombard MSI chart

 

If you’ve been on the fence about selling your home and are in the Lombard area, now is the perfect time to get it on the market before the competition increases. The time a home stays on the market before it sells is about 3 months.  Those priced above $300,000 tend to take an extra month to sell.  Follow our link if you wish to see recently sold homes in Lombard,

5 Reasons Why Winter Is The Best Time To Buy A Home In The Chicago Area

Monday, November 18th, 2013 by Sari Levy

5 Reasons Why Winter Is The Best Time To Buy A Home In The Chicago Area

  1. You aren’t fighting with the masses of buyers who start shopping in spring
  2. Less competition means sellers are more eager to hear from you
  3. Less competition means more good-value opportunities to choose from
  4. Less buyers means your real estate broker can invest more time with you. Same goes with your lender.
  5. Most importantly, you’ll deal with sellers who are committed to selling.  Sellers who have listed their property during these periods are serious about selling.

In addition to the reasons above, there are practical reasons as to why shopping in the winter months is valuable.  Seeing properties “the worst time” can tell you a lot about what you can really expect from a property:

  1. Visiting a house during a hard rain can shed light on how the home handles water. Check the basement and yard.
  2. After a fresh snowfall  you’ll discover which homes are losing heat (melted snow) and the ones that are well insulated (snow on roof)
  3. On a windy day you’ll be able to notice drafts, lack of  insulation, and poorly-sealed windows and doors
  4. On a real cold day, you can easily tell how the heating system works in the entire home.

 

Elmhurst Real Estate Market in 2012

Tuesday, January 15th, 2013 by Sari Levy

2012 was a good year for real estate in Elmhurst. Single family home sales volume was up by from $154mm to just over $158mm in 2012. While the average sales price decreased marginally from $404k to $402k the number of units sold increased over 15% from 382 units in 2011 to 446 in 2012.

In both 2011 and 2012 there were 68 homes sold under distressed conditions (short sale, foreclosure or court ordered) but because of the increase in units sold in 2012 the percentage of distressed sales decreased from 18% in 2011 to 15% in 2012.

Single Family Home Inventory in 2012 was at the lowest levels in the last several years with just around a 4 months supply of single family homes in Elmhurst on the market at the close of the year.

The condo and townhome market also showed improvement with volume going from just over $11mm to $13.5mm with the average price increasing from $225k to $228k. There were 50 units sold in 2011 and 58 in 2012. During both years, distressed sales comprised about 14% of the total sales.

2013 promises to be a busy market for both buyers and sellers. Buyers of well priced/condition properties should expect competition and be ready to pay near or at list price. This doesn’t mean that deals don’t exist however, but buyers will need to be well informed and decisive. There are currently 58 condos and townhomes on the market and 160 single family homes for sale in Elmhurst.

Addison, Illinois Real Estate Market: Single Family Home Sales

Friday, February 3rd, 2012 by Sari Levy

Because I live and work in Addison, Illinois and am active in the Addison Chamber of Commerce, I frequently look at data relating to the Addison Housing Market.  Today, I reviewed all single family home sales in Addison over the last four months (October 2011 through February 1, 2012.  55 single family homes sold ranging in price from $49,000 to $416,000 with 78% of the home selling for under $200k.   The three bedroom ranch home located at 104 Iowa was pretty decent on the first floor, but the basement was definitely built for Mayans – the ceilings are lower than 5 feet high, and the basement was full of mold and it sold for $50k.  On the other end of the spectrum, the buyers who paid above $400k (two of them ) got beautiful new construction homes at bargain prices!

On average, the homes were for sale in the Addison, IL real estate market for 180 days – the majority of the homes were 3 bedrooms with 6 or 7 rooms with a few having more or less rooms.  Still staggering is the number of distressed sales, which is 48%.  While its down from the 2011 rate of 51%, it still is a huge factor in the home values in Addison, Illinois.  For comparsion sake, the rate of distressed sales in Elmhurst for 2011 was 15% and in Lombard, distressed sales account for 32% of the single family homes sales.

Elmhurst Real Estate Market Review: A Look Back into 2011 and 2010

Monday, January 9th, 2012 by Sari Levy

2011 Elmhurst Real Estate Market

Elmhurst Condominium Market

In 2011, Elmhurst Condo sales were down drastically over 2010 with nearly $25mm dollar in volume sold in 2010 reduced to just over $11mm in  condo sales in 2011. In 2011, just 50 condo and townhome units sold in Elmhurst, compared to 108 in 2010. In 2010, distressed condo sales (short sales or foreclosures) accounted for about 20% of the sales in Elmhurst which were at 15% in 2011.

On average a condo stays on the market for 240 days and as of January 1, 2012 there are about 18 months of inventory on the Elmhurst condo market.

Elmhurst Single Family Homes

The Elmhurst single family home market faired much better in  Elmhurst in 2011 than the condo market did. In 2011 there was $155mm of home sales up over the 2010 volume of $142 mm. A total of 383  homes were sold in 2011, with fewer than 15% of the sales being distressed, in 2010 there were 343 homes sold in Elmhurst with 20% of the sales being distressed, so an increase in  homes sold and a decrease in distressed sales, which is quite a bit different than Chicago as a whole.

2012

My expectation for the 2012  real estate market in Elmhurst is that there will be an increase in the sale of distressed properties along with an increase in total number of  homes sold. Already the phone is ringing with showing requests and buyers ready to get out and start looking. March is historically the month where the most  home inventory hits the market in Elmhurst.



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