Cook County Property Taxes are Due

cook county property tax information

This week, we received our Cook County Property Tax Bill — in 2014, taxes are due March 4th.

One of the most confusing facts about our property taxes, which trips up many buyers and sellers, is what you’re paying for on that date.  In Cook County, we pay taxes in arrears, meaning that on 3/4, you’re paying for LAST YEAR’s taxes.  You won’t pay for all 12  months’ worth, as you know. You’ll be paying for the first half of property taxes. It’s half of what you paid IN TOTAL the year before.

The second installment, due in the fall, may or may not (emphasizing may NOT) be the same amount. That second payment gets adjusted, based on several factors – property value, tax protests that succeeded or failed, county budgets, and more. Learn how the Cook County Property Tax System works at cookcountypropertyinfo.com.

how do cook county property taxes work

For more information on this and other FAQs about your property taxes, see the brochures available from the Cook County Treasurer’s Office:

How to Read Your Bill

New Homeowners Guide

Property Tax Payment Guide

Saving you Money

cook county property tax information

Get the Information on YOUR HOME

There’s a web address where you can find out information from the various offices – Treasurer, Clerk, Recorder, Assessor – you can download forms, read about the tax system, see the upcoming calendar, and read about saving money on your taxes.

One Stop  Website–

Cook County Property Information 

cookcountypropertyinfo.com

 Property Tax Savings Information

Property Tax Savings Program NOT included in the above website:

property tax preservation of illinois

Property Tax Freeze Assessment for Historic Properties

For information on this program, go to one of the following links:

trust for historic architectural easements

Financial Savings for Historic Properties – Residential/Commercial – Local, State, Federal

Property Tax Assessment Freeze

Other savings programs available for homeowners:

  1. Local Incentives, such as the Chicago Bungalow Initiative
  2. Property Facade Easement Donation — see also Preservation Easement Trust
  3. Energy Star tax savings on Federal Income Taxes – see Kiplinger Article – November, 2013
  4. FNMA construction loans, such as the 203K

What’s a 203K?  Realtor.com article
FAQ Sheet on 203K loans
Current 203K loan limits
Ask a Qualified Lender how to get your 203K loan — Contact Diane Pyshos

For information on Cook County Property Taxes, Tax Savings Programs, or to find qualified homes for these savings opportunities,

Contact Anne Rossley Today!

773-620-5333

Email Anne Rossley with Chicago real estate questions

 

 

 

 

Lincoln Square Most Expensive Homes Sold

What are the most expensive streets

in Chicago’s Lincoln Square Neighborhood?

Based on the MRED sales data over the last 5 years, 4 streets in Lincoln Square are known for their luxury properties:

  • Giddings
  • Hamilton
  • Sunnyside
  • Wilson

Since 2007,  32 homes sold for over $800,000 on these 4 streets. Giddings had the most homes that sold over $800K (11), according to the Midwest Real Estate Data MLS service. Sunnyside had 9, averaging $1,364,117. Hamilton’s 6 averaged just over $1.3MM, while Wilson’s 6 averaged $1.1MM. Of all 32 properties, 8 were vintage homes (built before 1925), which were clearly the bargains- they averaged $1.0MM. Only 3 (on these 4 streets) sold for over $1.0MM.

Tour The Most Expensive Lincoln Square Streets

See photos and get property information by selecting one of the following links:

pdf version          tablet version

2134 W Sunnyside - Chicago's Lincoln Square

Closed DateListedSoldSF# RmsBedsBathsYr BltLot DimRecent Rehab
2012Giddings8/8/13$1,050,000$1,010,0003900943.1200130 X 123No
2019Giddings5/25/12$1,795,000$1,795,00051001274.2201237.5 X 124No
2034Giddings6/29/12$895,000$855,00045001153189237X125Yes
2104Giddings3/16/10$1,269,900$1,200,00046001263.2200837.5X122No
2105Giddings11/15/11$899,000$850,000NR1043.1189437X123Yes
2119Giddings6/24/13$989,000$989,000NR844.1200037X122No
2120Giddings2/23/07$1,465,000$1,425,00046001263.2200637.5X122NR
2120Giddings8/14/12$1,400,000$1,380,00046001263.2200637.5X122No
2129Giddings7/21/08$1,595,000$1,497,50049501254.1200837.5 X 123No
2148Giddings6/17/10$1,459,000$1,391,500NR1244.1191337.5X125Yes
2152Giddings2/1/11$1,795,000$1,675,00051001374.2201037.5 X 124No
4439Hamilton7/16/13$2,689,000$2,589,000NR1363.2200837.5 X 177No
4815Hamilton5/31/13$1,199,000$1,139,20042001153.1201330X117No
4907Hamilton3/6/12$1,200,000$1,042,50045001143.2201029X117No
4913Hamilton7/9/13$999,000$975,00047001033.1200530 X 117No
4929Hamilton4/25/12$1,170,000$1,100,00040851253.2201230X117No
4934Hamilton8/3/13$1,299,900$1,206,50046001264.2200830 X 120No
2104Sunnyside1/30/13$1,395,000$1,367,50041001243.1201235' X 100'No
2109Sunnyside10/4/13$1,280,000$1,280,000NR1153.2201326 X 125No
2132Sunnyside9/1/09$899,000$860,000NR1253.1188650 X 100Yes
2160sunnyside10/29/07$1,595,000$1,550,00046001263.2200737.5X122NR
2161Sunnyside9/18/09$1,862,500$1,862,50055001364.2200937.5 X 125No
2306Sunnyside8/15/07$1,349,000$1,359,175NR1153.1200624X125NR
2308Sunnyside7/12/07$1,349,000$1,346,879NR1153.1200724X125NR
2310Sunnyside6/19/07$1,395,000$1,350,000NR1153.1200624X125NR
2310Sunnyside1/29/10$1,249,000$1,301,000NR1153.1200724 X 125Yes
2120Wilson9/16/10$1,379,000$1,310,00043001153.2200537.5 X 125No
2125Wilson1/30/09$899,900$847,500NR1142.2UNK35 X 135No
2157Wilson7/11/13$1,249,000$1,172,000NR1363.1UNK37.5X122Yes
2174Wilson7/11/08$1,175,000$1,087,500NR1353.1200737.5 X 125Yes
2174Wilson3/22/11$1,050,000$825,00055001443.1190137.5 X 125Yes
2600Wilson6/7/11$1,250,000$1,200,00060001255.1192045' X 120'Yes

What Homes in Lincoln Square Sold for the Most Money?

I shared the streets that had the most pricey homes,

but what are THE MOST EXPENSIVE HOMES?

See the Most Expensive Lincoln Square Homes

Lincoln Square Chicago Luxury Homes for SAle

See photos and get information – select one of the following links:

Pdf version          Tablet Version

  ListedSoldDateASF# RmsBedsBathsYr BltLot DimRecent Rehab
4439Hamilton$2,689,000$2,589,0007/16/1301363.2200837.5 X 177No
2161Sunnyside$1,862,500$1,862,5009/18/0955001364.2200937.5 X 125No
2019Giddings$1,795,000$1,795,0005/25/1251001274.2201237.5 X 124No
2131Agatite$1,875,000$1,775,4878/31/1151001274.2201137.5 X 124No
2152Giddings$1,795,000$1,675,0002/1/1151001374.2201037.5 X 124No
2160Sunnyside$1,595,000$1,550,00010/29/0746001263.2200737.5X122NR
2129Giddings$1,595,000$1,497,5007/21/0849501254.1200837.5 X 123No
2120Giddings$1,465,000$1,425,0002/23/0746001263.2200637.5X122NR
2148Giddings$1,459,000$1,391,5006/17/1001244.1191337.5X125Yes
2120Giddings$1,400,000$1,380,0008/14/1246001263.2200637.5X122No
2104Sunnyside$1,395,000$1,367,5001/30/1341001243.1201235' X 100'No
2306Sunnyside$1,349,000$1,359,1758/15/0701153.1200624X125NR
2310Sunnyside$1,395,000$1,350,0006/19/0701153.1200624X125NR
2308Sunnyside$1,349,000$1,346,8797/12/0701153.1200724X125NR
2120Wilson$1,379,000$1,310,0009/16/1043001153.2200537.5 X 125No
2310Sunnyside$1,249,000$1,301,0001/29/1001153.1200724 X 125Yes
2109Sunnyside$1,280,000$1,280,00010/4/1301153.2201326 X 125No
5034Ravenswood$1,299,000$1,275,00012/17/1301154.2200729X150No
2145Eastwood$1,299,000$1,250,0006/28/1046001144200437.44 X 121.55No
4934Hamilton$1,299,900$1,206,5008/3/1346001264.2200830 X 120No
2104Giddings$1,269,900$1,200,0003/16/1046001263.2200837.5X122No
2600Wilson$1,250,000$1,200,0006/7/1160001255.1192045' X 120'Yes
4514Damen$1,219,000$1,195,8648/1/0745001153.1200625X173.5NR
2104Leland$1,249,900$1,195,0009/30/1046001163.2200837.5X122No
2157Wilson$1,249,000$1,172,0007/11/1301363.1UNK37.5X122Yes
4420Campbell$1,199,000$1,150,00010/6/0801043.1200730 X 125No
4520Virginia$1,250,000$1,140,0001/15/081800832.166X125NR
4815Hamilton$1,199,000$1,139,2005/31/1342001153.1201330X117No
2236Leland$1,199,900$1,137,5007/18/0736001243.1190830X125Yes
4524Claremont$1,195,000$1,137,0002/1/1043001253.1200737.6X130Yes

What’s for Sale Now in Lincoln Square?

As of this writing, there are 4 homes for sale over $800K, ranging in price from $899,000 to $ 1,199,000.

Search Lincoln Square Homes for Sale – click on this link!

It’s early in the spring selling season, so to get immediate alerts when new listings become available, sign up for a Lincoln Square Home Search Alert by selecting this link:

Lincoln Square Home Search Alert – Sign Up Here

or

Email Anne Rossley with Chicago real estate questions

Email Me and I’ll set up the search for you!

 

Looking for a real estate agent who’s an expert in Chicago’s north side neighborhoods?

Contact Anne Rossley of Baird & Warner.

 

Best Chicago Neighborhood – Upper Middle Class ?

As a StreetAdvisor contributor, I have been considering how to answer the question,

What is the best upper middle class neighborhood in Chicago?

This is a loaded question, indeed!

Here are the reasons I CANNOT answer the question:

  • What’s “upper middle class”? Certainly, the cost of living in Chicago is higher than the cost of living where I grew up — in Bloomington, Illinois. We’re not Manhattan, however. Chicago has 77 neighborhoods, or communities, all with their own charms.
  • What’s “best” ?  Best in terms of location? Amenities? Value? What’s best for the young professional right out of college may not be best for a family of 5 with 3 kids in elementary school, nor the same for empty nesters in their mid 60’s.

Here’s what I CAN answer:

  • Average (mean) cost of single family homes by neighborhood,
  • Published demographic information by neighborhood
  • Amenities for each neighborhood

Relative Prices of Some Chicago North Side Neighborhoods

For purposes of this post, I’m including a few examples of neighborhoods in which I’m most familiar. This is NOT an all-inclusive list of neighborhoods in Chicago. The chart below shows average (mean) prices for single family homes – resale only (not new construction) for

As of today’s writing, the average  prices are:

Lincoln Park      $1,350,000

Lakeview      $1,080,000

North Center      $875,000

Edgewater      $489,614

The prices aren’t surprising – essentially, the closer the neighborhood lies in relation to the loop, the more expensive the homes.

Micro-Neighborhoods in Chicago

These neighborhoods include many sub- or micro-neighborhoods. Sales prices within each neighborhood can vary greatly, depending on many factors (proximity to public transportation, conformity, school district…)

For example, Edgewater has multiple micro-neighborhoods, delineated by block clubs,  as seen in this map:

Edgewater Block Clubs

 

There are so many neighborhoods, micro-neighborhoods, and even preferred areas within the micro-neighborhoods that giving an average price for Edgewater is somewhat misleading. I live, for example, in Lakewood Balmoral (# 16 above). This block group, the Lakewood Balmoral Historic District, is part of Andersonville, which is part of the Edgewater Community. To give an average resale price for all areas above is not at all indicative of the values within LBRC (or #16).

Here are the differences:

# Properties Closed# Days on MarketMedian Sales Price
Lakewood Balmoral Historic District1167$940,000
Edgewater Community6598$470,000

 

 Beyond Home Prices – Other Criteria for Choosing a Neighborhood

So far, we’ve just talked about average prices.

Other things to consider when choosing a “best” neighborhood:

  • Crime by block, neighborhood, police beat, community – See Clear Map – Select this link
  • Elementary Schools – See my website to learn more about Chicago Elementary Schools and specifically, CPS Elementary School Districts on the city’s north side.
  • Proximity to Public Transportation/Highways – See Map Below and click on photo to pull up website.

Chicago CTA Map

 

Having said all this, I find there’s no way to easily answer the question, “What is the best upper middle class neighborhood in Chicago”.

This post is just a long-winded way of saying that it’s critical that buyers work with an experienced Realtor who’s familiar with the neighborhoods AND MICRO-NEIGHBORHOODS in Chicago, who can help clients best understand their priorities, and who can then provide all options that meet those needs.

Let me know if I can help you!

 

East Ravenswood Historic District Year in Review 2013

East Ravenswood Historic District was a popular neighborhood in 2013!

East Ravenswood is located in 2 Chicago Communities – Uptown on the north and Lakeview on the south. Because it straddles 2 communities, getting concise market data is a challenge.

The graph below depicts single family home sales over the last 3 years for each of the communities– both neighborhoods have remained strong, but when looking  at each one separately, the statistics are very different.

Combined Statistics for the

East Ravenswood Neighborhood

When looking at ONLY DETACHED homes (old and new) in the quadrant bounded by

– 4000-4800 North, and 1400-1900 West –

one can see a more accurate representation of the homes in this district:

East Ravenswood Home Sale Statistics

 click on the photo above to download the pdf file

The average sales price was 96% of the list price of the home when the contract came in, and it took 108 days on average to sell a home in this neighborhood.

The average 3 bedroom sold for just over $ 650,000 and the average 4 bedroom closed at $ 1,054,000.

Interested in seeing what’s available for sale

in the East Ravenswood Historic District?

Select this link to see TODAY’s list of available homes.

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Sign up today to get alerts when new homes are available!

East Ravenswood Homes Sold in 2013

Get a photo tour of these homes – select a link below

Home Tour- pdf format

Home Tour – Tablet Format

The chart below lists the HISTORIC homes that sold in East Ravenswood in 2013

StatStreet #Str NameList PriceSold SF# RmsBedsBathsGar SpacesDaysYr BltLot
PEND4341Greenview$695,000NR741.125190225 X 120
PEND4534Ashland$315,000204684227188637.5X155
CLSD4050PAULINA$519,000$495,00035008342706UNK25X140
CLSD1412Belle Plaine$1,199,000$1,130,000NR933.1225190325X125
CLSD1440Pensacola$1,189,000$1,124,50040501253.12285UNK25 X 121.75
CLSD4335Greenview$789,000$769,000NR832.1215190025 X 120
CLSD1700Wilson$699,000$680,000NR1151.22.5245190945 X 108
CLSD1438Hutchinson$1,195,000$1,200,00043501143.101190430X125
CLSD4307Greenview$795,000$765,000NR931.1218190125X120
CLSD4523Greenview$749,000$745,000NR843221189825X160
CLSD4417Paulina$479,900$479,900151073224118974727
CLSD1460Hutchinson$1,095,000$1,023,483NR942.2241UNK30X125
CLSD1443Pensacola$825,000$820,000NR943.1281901125.25 X 25
CLSD1502Sunnyside$439,000$413,000NR941.10305UNK26X101
CLSD4223Greenview$3,850,000$2,840,000NR1564.21149188814,814
CLSD4647Paulina$749,000$700,000NR843.12103188625X165
CLSD4031Hermitage$1,029,000$1,089,00046421143.146190030 X 165
CLSD1466Pensacola$820,000$815,000NR732042UNK37.6 X 121.9
CLSD4341Greenview$599,000$599,000NR731.1213190225X120
CLSD4232Greenview$2,499,000$2,360,00063001464.12.521201035X160
CLSD1409Berteau$1,199,000$1,169,500NR1043.1274UNK25 X 125
CLSD4115Greenview$1,387,000$1,387,000NR114421190125 X 161

See a map of all Chicago Historic Districts by selecting this link:  Chicago Historic District Maps on Google

Best 3 Bedroom Condos for Sale in Chicago

The most frequently requested property in Chicago is probably the 3 bedroom condo — and outdoor space of some kind is usually a “must have” for today’s buyers.

This post includes information for 3 bedrooms in 3 Chicago neighborhoods – Near North (including Streeterville and the Gold Coast), the Loop, and the Near South Side (South Loop).

Three Bedroom Sales Statistics

Three bedroom condos in the South Loop, Loop, and Near North are listed (on average) at $ 1.3MM, and they range in price from $ 335,000 to $5,900,000.  There are currently 271 condos for sale in these neighborhoods, and 336 have sold over the last 6 months — the inventory is low right now!

The properties that sold were under contract in an average of 97 days, and they sold for 96% of the listed price at the time of contract. (Many had price reductions during the listing — the sales price was 89% of the ORIGINAL listed price.)

Click Here  for Condo Sales Data for the Loop, Near North, and South Loop Neighborhoods

# Months Supply of 3 Bedroom Condos

Average Sales Prices of 3 Bedroom Condos

 

See What’s for Sale Today…

Select the appropriate link below and see what 3 bedroom condos are listed now:

Best 3 Bedroom Condos for Sale

$500,000 – $800,000

While 3 bedroom condos average over $1MM in these neighborhoods, I’ve found some terrific properties for sale between $500,000 and $800,000. Below are my top choices in what’s available today.

Take an online tour of these homes when you select this link.

Make an Appointment to find your  Chicago Condo!

Contact Anne Rossley of Baird & Warner

Unit List PriceSFDaysRMSBRBAEXPIncl?
520Huron419Loft$527,70017007632SWNo
1530State1011Loft$650,000210083632NENo
1629Prairie2705Condo$591,000156542632Yes
1346Cleveland3SDuplex$634,500NR96632Yes
240Illinois401High Rise$649,900NR28632.1SNo
530Lake Shore904Condo$675,0001900255633NENo
150Superior602Condo$699,00018157732NNo
21Elm2DMid Rise$699,000NR216632
1122Dearborn18JHigh Rise$725,0001750392732.1NWYes
1410State3BCondo$750,000200052632.1SENo

 

 

 

 

 

 

Lakewood Balmoral Real Estate Update

Lakewood Balmoral Real Estate Update

2013

Year in Review

Ask Anne Rossley what your home is worth Need to find out what your Lakewood Balmoral home is worth?

Contact Anne Rossley to get your Pinpoint Market Analysis!

Click Here!

Lakewood Balmoral – treasured historic district in Chicago’s Edgewater Community – – had 10 sales in 2013. The table below lists the basic data, but you can see more photos and get information by taking a virtual tour of the homes  — select this link for pictures and information:

Lakewood Balmoral

Tour of Homes Sold  — 2013

5431 wayne - Lakewood Balmoral, Chicago

5431 N Wayne

For Sale – $845,000

5457 N Wayne - Lakewood Balmoral - Chiago

5457 N Wayne

For Sale – $1,395,000

The property at 5457 N Wayne, now at $ 1,395,000, has been listed 5 times for a total of 639 days since first listed in August, 2011.  It has been listed as high as $1,680,000.

Ready to buy a home in Lakewood Balmoral

or on Chicago’s north side?

– – – – – – – – –

Want to learn more about homes for sale in

Edgewater, Lincoln Square, Uptown, or North Center?

Contact Anne Rossley today!

773-620-5333

Email Anne Rossley

More info:  Lakewood Balmoral Historic District

See homes for sale today in Lakewood Balmoral – select this link!

List PriceSoldASF# RmsBRBaths# CarsLot Size
5457Wayne$1,395,000NEW50001253.1229 X 123
5431Wayne$845,000NEW01163233X125
5224Wayne$1,150,000$1,150,00039701353.2230X123
5309Wayne$1,549,000$1,430,00060001133.1233X123
5238Magnolia$859,000$861,00001042.1235X123
5446Magnolia$895,000$940,0000952.1237.5 X 123
5340Lakewood$825,000$750,00001154.1137.5X123
5345Magnolia$899,900$845,00001054137.5 X 123
5248Wayne$725,000$680,00039151042.2235X123
5252Magnolia$699,000$695,0003100732.1225X123
1336Catalpa$1,495,000$1,195,00052001154.1250X123
5340Magnolia$799,000$810,0000741.1450 X 123

1325 N State Pkwy – Top 10 Things I Miss

1325 state- large 2 bedrooms in chicago's gold coast1325 N State Parkway – Tom and I lived there for over 10 years – we happened upon the top floor unit facing west, and when the next door unit came on the market, we snapped it up and combined the two. We ended up with 2650 square feet on one level in Chicago’s Gold Coast.

Only when Michael (our second) was due to come home from Paraguay did we finally decide to move to a single family. In retrospect, we didn’t have to leave. We could have raised our kids there.

1325 N State is one of a few Gold Coast condominiums whose floor plans are large and wonderful – the 2 bedrooms offer 1650 square feet – much larger than the typical 1200 square foot condominium in Chicago.

condos for saleTo see current listings of large 2 bedrooms

for sale in Chicago’s Gold Coast —

select this link.

Here’s the list of what I miss most

about living at 1325 N State Parkway:

10.  Jim, the old doorman. Slow as molasses but generally happy. The most laughable moment, when we brought Thomas home and he said, “Oh, he’s a dark baby!”

9. Valet parking – the parking garage was attached – no walking in the cold when setting off to my next destination! Guests could park at fairly cheap rates, when using my coupons.

1325 N State Pkwy8.  Being part of the crowd when Chicago celebrates – we yelled out the window and ran to Rush Street when the Bulls won their first and third championships with Michael Jordan.

7.  Being able to walk to work. Most of my real estate career has been in a Gold Coast office location. I could get to work in 10 minutes on foot. We walked to great restaurants and shopping, and we didn’t need to drive when returning from The Lodge or the Zebra Lounge!

6.  Storage – believe it or not, I had more storage in my condo than in my 2 vintage single family homes!

5.  Accessibility to Lincoln Park and the lakefront – we used to walk to the Lincoln Park Zoo with Thomas – in those days, we could feed the ducks (now there are signs prohibiting this activity!).

4. The roof deck and pool — not that I am a sun worshipper or swimmer, but I love the opportunity to pretend I am from time to time!

3.  Neighbors – we met some terrific people in that building, many of whom we’re still in touch with today – 16 years later.

2.  Views – we didn’t have spectacular lake views, as we faced the west. We did, however, have large windows with a panoramic cityscape. Sunsets were gorgeous and the city sparkled at night.

1. Living in one of the great neighborhoods (Gold Coast) in the world’s greatest city (Chicago!)

Call Anne Rossley

Email Anne Rossley

If you’re interested in seeing large 2 bedroom condos for sale,

or to get information on Chicago Real Estate in general,

Contact Anne Rossley of Baird & Warner.

UnitClosed DateListedSold ASF$/SFDaysRoomsBRBA
1325STATE20E9/26/13$475,000$445,0001650$269.7095522.1
1325State17E11/27/13$449,000$437,5001650$265.15172522.1
1325STATE18E8/22/13$414,900$385,5001650$233.6424522.1
1325STATE16B7/31/13$575,000$550,0001650$333.33163522
1325STATE6F1/31/13$489,000$484,0001650$293.3310522
1325State12B5/2/13$679,000$640,0001650$387.8840522
1325STATE19B7/19/13$425,000$405,0001650$245.45143522.1

 

1325 N State Parkway – 2013 Sales

To see photos and get information on condos that sold in 2013, select one of the following links.

IPAD version for 1325 N State

Desktop (pdf) version for 1325 N State

Chicago Real Estate Market Housing Predictions for 2013

housing market trendsIn my monthly email newsletter, Chicago Real Estate Update, an article was included about the upcoming year – what various experts say about what we can expect with the 2013 real estate market.

Below, I’ve reprinted the article, as well as a few points to consider that have recently been posted in the news:

2013 HOUSING MARKET PREDICTIONS

From Anne Rossley’s Chicago Real Estate Update

The housing market is looking good for 2013, but there are many mixed messages and inaccurate predictions found in today’s market reports. Is now a good time to sell or should you wait? Industry data says that prices have hit bottom and we can expect small but steady increases over the next few years.

–    It was recently reported by Illinois Association of REALTORS® (IAR) that the Chicago Primary Metropolitan Statistical Area (PMSA) was up for the number of homes sold in October 2012 by 44 percent and the median home price was up 2.1 percent.

–    Lawrence Yun, chief economist and senior vice president of research for the National Association of REATLORS® (NAR), predicts that the real estate market will see a slight pull back in the number of transactions and pricing in the next several months. However, 2012 will still finish strong with a one to four percent increase in home prices.

–    Dr. Geoffrey J. D. Hewings predicted something very similar. Director and professor for the University of Illinois, Dr. Hewings is hired by IAR for monthly real estate forecasting. He estimates an average year over year increase of 3.5 percent.

With an expected pricing increase of 6 percent over the next two years, double digit increases will not happen in the near future. Interest rates are at an all time low, making it the perfect environment to meet with a real estate professional to access your needs and expectations.

Lawrence Yun, NAR Chief Economist, discusses the real estate market:

Be sure to sign up for my monthly email newsletter

by selecting this link!

 

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