January 27th, 2014 by Gary Lucido
If you’ve visited our site before or read my blog on Chicago Now (Getting Real) you’ve probably picked up on the fact that I have a rather irreverent take on the real estate industry. In fact, the reason I decided to become a real estate broker is because the whole industry seemed broken (Nothing altruistic here. Broken industry = business opportunity). But not everyone reads my blog religiously and as I meet with prospective clients I realize that there are still a lot of misconceptions out there. No surprise there because the real estate industry has a vested interest in perpetuating those misconceptions.
So it occurred to me, maybe it’s time to educate the market – something faster than one client at a time. Therefore, on February 19th, I will be hosting my first Real Estate Seminar: “Secrets to smart home selling, demystifying the sale process.” Just in time for the beginning of the home selling season in Chicago.
This free event is open to everyone, but will focus on the sell side of the real estate market (not to worry, I intend to have a buyer’s seminar soon!). I will be drawing on my years of experience to give you all the tips and tricks I’ve learned along the way. But first things first, let me give you an overview of exactly what I’ll cover.
First, we’ll review the market to understand what’s happened since the great recession and review the current home seller trends. I’ll show you why now is the best time to sell in the last 5 years. In addition, I’ll provide insight into what determines the value of your home and the key misconceptions traditional brokers perpetuate. And speaking of traditional brokers, I will provide insider information on what you should expect, dare I say demand, from a realtor and how to be wary of the popular myths they propagate. We’ll then dive into topics such as:
- Understanding how realtors make money and how to make that work for you
- Understanding the home buyer and the buyer funnel
- What really makes a house sell?
- How to pick a realtor
I’ll have plenty of other information to share as well. So please join me by clicking here to save your seat. Feel free to bring a friend or two… I’m pretty sure they will benefit from this seminar. I’ll definitely give you plenty to talk about. See you soon!
December 11th, 2013 by Sari Levy
A few years back, I wrote an article on calculating property taxes in the various communities of Du Page county. Thanks to the Du Page county clerk, the updated table below reflects property tax rates for Du Page county communities in 2012. The towns are listed in order from those with the highest to lowest tax rate. Oak Brook continues to have the lowest property tax rates (and some of the highest home values) in Du Page county.
It is certainly easier to think about property taxes in terms of % of purchase price. Most townships will review an appeal of taxes with a recent purchase. However, the appeal typically lasts only a year until the assessor determines the value according to their method. Take a look at my previous post for the property tax formula in Du Page county.
||Elk Grove Village
||Oak Brook Terrace
November 4th, 2013 by faithg
We reached new highs again in the Elmhurst Real Estate Market during 2013. Below is an Elmhurst sales graph dating back to 2009, shown with a 12 month moving average. Notice that in March 2013 the number of units sold had risen higher than we have seen in the past 4 years. Sales in March 2013 increased more than 80% from March 2012. June and July 2013 were great months to sell your home in Elmhurst, with sales reaching the highest points since 2009.
The contract activity in the Elmhurst Real Estate Market during 2013 shows several more months of record setting contracts. As you can see on the chart below, the year started out good through the normally dismal January and February months and sales continued strong each month thereafter. In July 2013, the contract activity increased more than 107% from July 2012. The contract activity in October 2013 is level with last year, but nearly double from where it was two years ago.
During 2013 distressed sales in Elmhurst, Illinois were at their highest in January with 30% of the units sold being distressed. In July when residential property sales were at their highest in Elmhurst, the distressed sales were only 15%. In October 2013, the distressed sales were 11% of the sold units which is 1% less than last October.
The graph below shows Elmhurst home inventory since January 2009 courtesy of MRED. In March 2013, the inventory supply of residential properties in Elmhurst fell below a 5 month supply and has remained such. In July 2009 Elmhurst had more than 15 months of inventory, 3 times more than July 2013 when there was less than a 5 month supply, indicating that we are in a seller’s market.
March 20th, 2013 by Sari Levy
People often ask me how things are in the Elmhurst Real Estate Market and my reply is generally “things are great”. So what does great look on paper? My partner, Gary Lucido, writes a blog about Chicago real estate. He’s the man if you want to know anything about anything, especially graphs and numbers. He recently posted on his Chicago Now Real Estate Blog that February home sales in Chicago once again turned in a strong performance relative to last year. He reported that for the 20th month in a row closings beat the previous year’s numbers.
While the Elmhurst market doesn’t boast such exciting increase, it also didn’t see the same dramatic downturn over the course of the last few years that Chicago saw. Below an historic sales graph back to 2007 is shown with a 12 month moving average. Notice that we are reaching new highs in the Elmhurst Real Estate Market. Last summers spike in sales started in June 2012 with units sold remaining strong even through the normally dismal January and February. As I mentioned in January when I reported 2012 Elmhurst home sales, it’s a pretty active market out there.
Increasing contract activity in the Elmhurst Real Estate Market and the resultant pending home sales continue to signal several more months of record setting closings. As you can see in the graph below February contract activity is level with last year but at nearly double where it was two years ago. One caveat to the chart is that it does not reflect the “decay factor” or the contracts that don’t close. A certain percentage of contracts never make it to closing. In Chicago, the decay factor is about 20%.
Distressed sales in Elmhurst, Illinois came in at only 20% and February is supposedly the peak time of the year for foreclosure sales. The Elmhurst Real Estate Market of course fares much better than Chicago as it relates to percentage of distressed property sales where it’s currently at 45%.
The graph below shows Elmhurst home inventory over the last 5 years courtesy of MRED. From a peak of around 16 months of supply it has now fallen to under a 5 months supply which is less than one third of its peak. Folks, we are in a seller’s market; properties that are well priced going under contract in a day with multiple offers.