Home  
         

Property Search

Browse by Neighborhood

Browse by Zipcode

Search Condo Directory

Chicago Area Market Trends

Help >

 
 
Chicago Now

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

An Insider’s Guide To The Home Sale Process

January 27th, 2014 by Gary Lucido

tell you a secretIf 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!

Bookmark and Share

2012 Du Page County Property Tax Rates

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.

1. Glendale Heights 11.4035
2. Hanover Park 10.9595
3. Bartlett 10.1029
4. West Chicago 10.0131
5. Bensenville 9.3340
6. Carol Stream 9.3051
7. Aurora 9.2872
8. Woodridge 9.1027
9. Bolingbrook 9.0120
10. Wayne 8.6775
11. Winfield 8.3995
12. Elk Grove Village 8.2982
13. Lombard 8.2547
14. Addison 8.1764
15. Glen Ellyn 7.8773
16. Villa Park 7.7659
17. Lisle 7.6868
18. Bloomingdale 7.6694
19. Itasca 7.5530
20. Wood Dale 7.4751
21. Roselle 7.4261
22. Warrenville 7.3779
23. Wheaton 7.3580
24. Elmhurst 6.9301
25. Naperville 6.7945
26. Darien 6.7155
27. Westmont 6.6881
28. Clarendon Hills 6.1747
29. Downers Grove 5.8730
30. Oak Brook Terrace 5.8489
31. Hinsdale 5.4654
32. Burr Ridge 5.0382
33. Willowbrook 4.8933
34. Oak Brook 3.5871
Bookmark and Share

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

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.

 

Bookmark and Share

Elmhurst Residential Real Estate Market Still Improving

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.

elmhurst residential units sold

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.

elmhurst_residential_contract_activity

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.

elmhurst_residential_distressed_sales

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.

elmhurst residential inventory supply

 

Bookmark and Share

Elmhurst Real Estate Market Continues Strong in 2013

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.

elmhurst_closings

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%.

elmhurst_contracts

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%.
elmhurst_distressed

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.

elmhurst_inventory

Bookmark and Share


Bookmark and Share
 
BBB Accredited BusinessLucid Realty, Angies List Super Service Provider Serving Chicago, Elmhurst, Hinsdale, Oak Brook, Downers Grove, Glen Ellyn, Lombard,
Addison, Wood Dale, Itasca, and Other Chicago Suburbs
Facebook Twitter You Tube RSS Feed  
About Us | News | Site Map | Real Estate Employment     Join our mailing list
 


  Delivered by FeedBurner


Terms of Use | Privacy Statement      All Rights Reserved. Information Deemed Reliable But Not Guaranteed. © 2014 Lucid Realty, Inc. Equal housing opportunity


Crome Interactive Marketing