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Chicago Now

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

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.

 

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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

 

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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

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Elmhurst Real Estate Market in 2012

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.

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Lucid Realty Launches 100% Commission Rebate Program For Home Buyers In The Chicago Area

April 2nd, 2012 by Gary Lucido

Chicago, IL (PRWEB) April 02, 2012

Today Lucid Realty announced the launch of their 100% real estate commission rebate program for home buyers in the Chicago real estate market. Designed to offer unprecedented choices for consumers to maximize their savings in purchasing a home, this new program allows home buyers to optionally pay an hourly rate to Lucid Realty for assisting in the purchase of a home in exchange for a 100% commission rebate at closing. The full commission, which is paid by the home seller, is given to the home buyer in the form of a closing credit or a check.

The 100% commission rebate plan is the logical extension of Lucid Realty’s normal real estate commission rebate, which is paid on a sliding scale – a higher percentage for more expensive homes. The new plan will be more attractive for consumers who are buying more expensive homes or who feel that they don’t need as much attention.

“This 100% rebate plan solves two long standing problems in real estate,” said Gary Lucido, President of Lucid Realty. “First, clients who require little assistance in buying a home are basically paying for clients who require more assistance. Second, real estate agents can spend a considerable amount of time engaged in low value activities, earning very little on an hourly basis. Home buyers who opt into this new plan will have an incentive to use their agent more effectively. It should be a win-win situation.”

Gary also pointed out that Lucid Realty did not really invent this new structure. Their clients have been asking for an alternative like this. In fact, Lucid Realty is currently piloting this program with several clients.

Gary went on to contrast the 100% rebate program with Koenig & Strey’s recent announcement that effective today they will begin charging home buyers a fee to work with one of their agents: “We understand why Koenig & Strey introduced this fee. They are trying to solve the same problem that we are trying to solve. The main difference is that the Koenig & Strey solution ends up costing home buyers more while our solution should cost them less.”

Initially, Lucid Realty is offering an introductory rate of $75 per hour under the 100% rebate program in order to generate more interest. As Gary explains: “Compare that to mechanics, plumbers, and interior designers who all charge $100 per hour. This is a bargain.”

About Lucid Realty, Inc.
Lucid Realty, Inc. is the Chicago area’s full service, discount, real estate brokerage. Lucid Realty distances itself from traditional brokerages and provides a better value to the consumer. It is a full service broker, offering substantial savings to both buyers and sellers, providing services by employees not independent contractors, working as a team instead of competing against one another, with professionalism and high standards of customer service.

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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
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