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    Alta Vista Historic District

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    Lakewood Balmoral Historic District

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    Chicago Seniors 50 + Real Estate

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What’s an “SRES” and why do you need one?


Happy Senior Citizens Day!

August 21

I became a Seniors Real Estate Specialist (SRES) several years ago, and I’m finding this designation to be very helpful in my real estate practice.

As I became older, and as my mother began making choices about where to live after age 75, I saw the importance of incorporating the specialized training and resources necessary to help clients of 50 and older with their real estate choices.

I’m finding the expertise beneficial all the time – for friends who are trying to help their aging parents. and as they, themselves, are beginning to plan for their retirement.

Whether aging in place, downsizing, or moving to an active senior community- an SRES Realtor is best equipped to help clients make a smooth and successful real estate transaction.

sres- Anne Rossley

The SRES Website describes the benefits this way:

A Seniors Real Estate Specialist® is experienced and knowledgeable in meeting your specific needs and that can make all the difference in the world.

As we age, we demand specialists in our health needs, so why not in our housing and equity needs as well? An SRES® brings:

  • A customized approach to your situation, working to fit your living situation in with your overall life plan
  • Expertise and patience throughout the transaction
  • An awareness of options and a network of solid, reliable referrals to help you in the process
  • A variety of choices to reduce out of pocket expenses, gain cash, or create or defer income streams to either stay independent or obtain financial assistance

A recent New York Times Article explains the specialty in their recent article, “Real Estate Agents for Older Adults are Part Broker, Part Therapist.” (an aside- I believe this is true for all real estate transactions, not just for older citizens!) Mentioned in the article are the following points:

  • The huge emotional experience of selling one’s lifetime home (this often creates an identity crisis of sorts),
  • The senior’s denial of the need for supervision/health care, due to illness, memory challenges, and/or frailty,
  • Today’s popular desire for “aging in place,” where seniors live in their own residences independently, and
  • Family relationship stresses – adult children wanting to help, often from miles away- with senior parents unwilling to take the “suggested” next steps.

 senior real estate specialist

 

I have helped several seniors as they sort through belongings, sell their lifetime home, and move into the next phase. It’s an honor to help my friends’ parents, my neighbors, and new senior clients as they navigate this transition.

If you have any questions about your own situation, or your parents’ future move, please call me and let’s talk!

Anne Rossley

773-620-5333

 

Old and Sold- Vintage Historic Homes – Chicago

This week’s Old and Sold has some terrific Chicago single family homes of note!

Here are some photos:

2053 Seminary-vintage chicago real estate2053 Seminary

$1,925,000

2029 Seminary - chicago historic real estate

2029 N Seminary

$ 1,425,000

2319 Cleveland-chicago real estate

2319 N Cleveland

$1,290,000

2236 Carmen

2236 W Carmen

$935,000

1941 W Addison- North Center

1941 W Addison

$669,000

1761 Devon

1761 W Devon

$349,000

Virtual Home Tour

To see a tour of these homes (map and interior photos)

Select this link

Old and Sold Aug 19, 2014

Vintage / Historic Homes For Sale

 See Vintage – Historic Homes for Sale Today!

Select this link to see historic homes for sale in Chicago

To see homes currently for sale,

contact Anne Rossley

773-620-5333

Anne Rossley

Single Family Home Sales – 60640 – Chicago Real Estate

How’s the Chicago real estate market? How are single family home sales in the 60640 zip code of Chicago? Often, we track by neighborhood – Andersonville, Lakewood Balmoral, Edgewater, Uptown… For this article, I’d like to use 60640.  It incorporates the southern Edgewater/Northern Uptown/Eastern Lincoln Square Neighborhoods, and I think it makes sense for single family home buyers who’re looking just north of Lakeview and Lincoln Park.

See homes for sale with Anne Rossley –

contact her now!

Email Anne Rossley

Select this link to see homes for sale in 60640

And, to see a SNEAK PEEK home tour with interior photos of homes currently for sale, select this link!

Chicago 60640 zip code

Market Time

The market time for selling a home in 60640 is lower than the any time in the last 6 years.  Right now, homes average 69 days on market.

Median Sales Price

Median sales prices are up!  The highest median sales price recorded in this area was $740,000 – achieved both in April and October of 2009 (yes — higher than in 208!). Last month, sales hit $727,500 — 60640 has come back strong!!!

Inventory

Yes — inventory is LOW! That’s what’s helping to drive prices up, of course. Lots of traffic and demand, but little inventory.  In August, 2009, 13.9 months of homes were on the market. For the last 12 months, there have been less than 3 months worth of homes on the market – compared to a “stable” market of 6 months.

What this means for you…

If you’re buying - 

  • Pick and choose your home carefully. It’s not the percentage off list price that matters, but the price you pay compared to the 3 most similar recent sales within 1/2 mile of your house.
  • Use property alert systems to see when homes go on the market – be ready with your mortgage pre-approval ready to go.
  • Don’t wait, as much as you may be afraid that the good values are gone…  THEY’RE NOT! Appraisers can’t make you pay OVER the value – prices may be inching up, but they’re still great in general.
  • Pick an UGLY house! Homes that need a little cosmetic care – new carpet, paint, kitchen makeovers go for much less than shiny new pennies. Check out IKEA hacks for ways to cleverly redo a kitchen – a little “sweat equity” goes a long way to improving your investment!
  • Interest rates are still LOW, and they’re projected to rise. Since your monthly payment is largely due to the interest rate, take advantage of buying TODAY if at all possible.

If you’re selling - 

Pricing Notes: You still need to price your home AT the market, not over. This is critical for 2 reasons:

1.  The appraiser will only allow the bank to loan based on appraised price, not the amount you hope to get (or a buyer is stupid enough to offer). As they say, pigs get fat and hogs get slaughtered! Enticing a buyer to overpay by a large amount only results in cancelled contracts, angry buyers, and longer market times because the property has to be re-listed.

2.  By pricing AT the market, you may get buyers into a bidding war. This gives you a chance to get not just a great price, but a chance to negotiate the terms of your contract – the closing date you want, a quicker inspection time, and fewer requests for credits after the inspection. A happy buyer makes for a smooth transaction!

3.  Pricing your home at a fair market price means your home will sell quickly. I just sold a home in Sauganash where the sellers thought they’d have to get rid of the family bunny to stage their home. They were on a waiting list to give the bunny away, but VOILA! We sold the home in one day, to very excited buyers. While bunny went on a weekend visit to Michigan, she’s now safely ensconced back home and blissfully waiting to move to her new home. Selling quickly can save lots of headaches!

Realistic Expectations: Don’t think that everyone will buy your home just because there are fewer properties on the market. Today’s buyers are savvy and educated. Every property is different, and like always, the first 3 weeks your home is on the market is CRITICAL. If it doesn’t sell then, have a serious talk with your agent – something is wrong.  If you don’t get a contract in the first 3 weeks- your price is wrong, you’re not well staged, or something else is preventing you from enjoying a successful sale. In this market, if a home’s still available after 60 days, buyers think something is tragically wrong with it, and they may avoid even showing your home.

Here’s a list of homes sold in the 60640 zip code during the 3 months ending August 17, 2014
 
Address
Date
List
Sold
SF
Rms
BR
Lot Size
Rehab?
1651Carmen5/23/14$260,000$326,00012405626X124X24X124No
1701Farragut6/23/14$449,900$449,90018008631 X 53No
1946Berwyn7/9/14$474,500$474,50004925 X 125No
1922Summerdale7/15/14$475,000$460,000106820825 X 126No
5333Lakewood8/4/14$699,000$635,000021938X123No
5221Wayne7/16/14$699,000$670,00019006837.5X123No
5427Magnolia8/1/14$699,900$670,0002395151031X123No
4890Paulina6/19/14$769,000$745,00048283101240 X 165Yes
1916Farragut8/8/14$819,900$808,000310018925 X 125No
4889Hermitage6/13/14$889,000$850,000022833 X 165Yes
4722Paulina6/19/14$939,000$975,000061038 X 183.3No
4613Hermitage6/11/14$975,000$972,5003600101025X160No
4550Paulina6/16/14$979,000$985,000360051025X165No
1338Carmen5/23/14$1,029,000$1,068,317360056840X150Yes
5064Ravenswood8/12/14$1,049,000$990,00041003925X151No
4910Hermitage8/4/14$1,100,000$1,085,000031125X165No
1352Winona5/23/14$1,200,000$1,163,00040001171130 X 125Yes
1718Gregory6/27/14$1,250,000$1,250,000011150X125Yes
1446Farragut7/14/14$1,399,000$1,310,0004500341235X125Yes
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