Chicago Spring Real Estate Market is HOT HOT HOT!

Typically, the Chicago Real Estate spring market kicks off on Super Bowl Sunday.

This year, however, buyers have been out in droves since mid-January.

Today, the activity is off the charts!

real estate 606**

The Real Estate 606** Top Producer group, of which Anne is a member, has been strategizing about ways our buyers and sellers can take advantage of this situation. “How to take advantage of Chicago’s Hot Real Estate Market” will be the topic of the next post.

 

Let’s look at just how busy the market is:

A “healthy” market is defined by lenders as a 6 month inventory of homes available for sale.

anne rossley real estate

Right now, in Anne’s primary market area,

there is only a 3.1 month inventory –

the LOWEST IN RECENT HISTORY!

 

RISMedia just published the Realtor.com HOTNESS index –

the number of days on the market for real estate properties.

hot real estate market

How HOT is Chicago’s Market?

How many days does it take to sell?

This chart shows the # of days between the date the property was listed and the date a contract was agreed upon. The median number of days between list date and contract is

17!

 

 

What is this HOT real estate market doing to Chicago Sales Prices?

Sales prices are increasing rapidly!

  • We’re seeing multiple offers that exceed listing prices.
  • Sometimes, properties are selling without even being listed – either via agent to agent word of mouth, or via systems like MRED’s private listing service or Top Agent Network (TAN), of which I’m a member.

 

Buyers are having difficulty finding and acquiring property…

  • Inventory is so low – there are not as many choices as in a typical Chicago real estate market
  • Buyers have to act quickly in a fast paced real estate market – this can be frustrating
  • Buyers who aren’t working closely with a real estate agent just won’t be able to find the same options as those who rely solely on online listing sites (often out of date and incomplete)

What does this mean to you?

More than ever, it’s critical that buyers and sellers work closely with a real estate agent who has the experience and expertise to guide them.

For Sellers, your expert real estate agent will know how to:

  • Set the right listing price  – not underpricing your home and thereby “leave money on the table” ,
  • Price your home not so high that appraisers can’t support the price and the buyers fail to get the loan,
  • Use a “Hot Real Estate Market Action Plan” that creates excitement, brings all buyers in quickly, and yields a quick, high priced offer
  • Recognize buyers’ remorse, buyer pre-approvals you can count on, and buyers tying up properties while they “make up their minds”

For Buyers, your expert real estate agent will know how to:

  • Educate you so when the opportunity presents itself, you are comfortable enough to act,
  • Find the best property – via TAN, Private Listing Network, the MLS, or word of mouth,
  • Make your offer stand out from the pack,
  • Ensure you don’t overpay and knows how the appraiser will evaluate the home’s value, and
  • Will provide energy, persistence, and determination to help you achieve your goals.

 

Easier_SocialMediaJPG_Cube

 

Do you want to buy or sell but aren’t sure where to start?

Contact Anne and let her guide you!

 

For questions about how to win in this HOT REAL ESTATE MARKET...

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EasierDoesIt – Thanks, Baird & Warner for making things easier!

EasierDoesIt – Thanks, Baird & Warner for making things easier!

EasierDoesIt !

What are your favorite “Life Hacks” –

those tricks that make day to day living easier?

Share them on social media, and win tickets to see Hamilton in Chicago!

Baird & Warner is making it easy – just post on social media with the hashtag #EasierDoesIt –

          – the “hack with the most views and votes will win

FREE TICKETS!

Want to learn more?

http://BWEasierDoesIt.com

Want to post but you can’t think of anything?

Check out Anne’s Pinterest Page for Ideas…

 Follow Anne on Pinterest

Favorite Tips for Living

Tips and Tricks for the Home

 Want another tip for your real estate search?

Download Anne’s Mobile Search App 

and get info on properties based on your location!

mobile real estate search app

#EasierDoesIt! 

Baird & Warner makes it easy for buyers and sellers…

What makes life easier for you?

We want to hear!

Historic Baird Family Home Sells in Evanston

Historic Baird Family Home Sells in Evanston

Known for not only being rich in Evanston history, vintage details and architectural significance, this was the home to the Baird family for generations. John Baird had to move his family to make room for Steve Baird, his third child. It’s truly the classic story of a move up transaction. They went farther out in the burbs to what was then a new construction.

The award-winning, Queen Anne “Painted Lady” Victorian home located in Evanston recently was sold. Arla Unwin, of the Evanston office, was excited to be the selling broker on this home with such history for the Baird family.

The unique, 1897 landmark features a grand foyer, formal living and dining rooms, library, 3 bedrooms plus huge 3rd floor master suite potential with sun room and office and 2.5 updated baths. For a period of time, the home was known as the “Darth Vader House” because it was painted black. It’s in between two multi-family buildings that both had coal boilers, so the owners couldn’t keep it clean.

This is actually the second time that Arla sold it. The first time was ten-ish years ago. She was also at Baird & Warner then. It’s nice to see the loyalty and kudos for keeping in touch with her client that long.

Check out the home below:            

Contact Anne

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Choosing An Elder Law Attorney – Chicago Real Estate

seniors making moves

Elder law is a fairly new legal field. It differs from most other areas of practice, which are typically based on a type of law (civil vs. criminal cases, for example) instead of a particular type of client (usually elderly, but also younger people with special needs). Elder law attorneys work with a number of legal areas, including:

  • Guardianships
  • Long-term care planning
  • Government benefit programs (Medicare/ Medicaid/Veteran’s benefits)
  • Advance health care directives • Powers of attorney
  • Competency and mental health Issues
  • Estate planning
  • Elder abuse (physical, emotional and financial)
  • Asset protection
  • Tax law
  • Age discrimination
  • Disability
  • Retirement and/or pensions
  • Trust planning (including special needs trusts)
  • Contract law (for example, reviewing a continuing care retirement community’s contract)

If you think you need more information on Elder Law Attorneys, you may want to consider the following websites:

Senior Real Estate

For your FREE ADVICE on

“The 10 Questions you Should Ask an Elder Law Attorney”,

Select this link:

10 Questions to Ask An Elder Law Attorney

Do You or Your Parent Need a

Senior Real Estate Specialist?

Contact your SRES, Anne Rossley, TODAY!

 

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Chicago Home Sales Slowing?

 

Are we entering a real estate slump for single family homes in Chicago?

Are Chicago Home Sales Slowing,

and

are we seeing the return of a buyers’ market?

5438 Lakewood

In the prime single family home neighborhoods of:

anne's market area a

 

 

 

 

 

 

The last 3 months have seen the following activity on homes between $1,200,000 and $ 2,500,000

Active

118

New

18

Price Change

1

Total Active

137

Contingent

37

Pending

46

Total Under Contract

83

 Total Closed

48

 

The average number of properties closed/per month is 48/3, or 16.

That means the current ACTIVE inventory on the market (137)

is 8.6 months’ worth –

an OVER SUPPLY!

 

Looking at it further, we see the following breakdown by neighborhood over the last 3 months:

 

Lincoln Square North Center Lake View Lincoln Park
Active 16 47 40 36
Pending 8 19 18 21
Closed 2 21 16 9

 

 

In my total market area (south loop to Edgewater),the inventory of single family homes is rising.

Number of New Listings for Sale

New Listing 3 years

Meantime, the number of closings is declining.

Number of New Closings

H

 Below is the chart for single family inventory in the total market area. The figures supplied by MRED include 12 month sales figures. The trend looks less alarming because we’re just in the beginning of the slow down, and the 12 month sales figure used to calculate inventory is a broader perspective than the 3 month number used above.

Inventory of Single Family Homes

Based on Last 12 months rolling calculations

INVENTORY

So what does this mean for you?

If you’re a single family homeowner that needs to sell,

then you may want to consider pricing your home more aggressively

If you’re a single family home buyer,

it’s a perfect time to get in the market- rates are low and it’s become a buyers’ market for single family homes in Chicago!

If you’re on the sidelines… think about your long term goals…

  • waiting to sell may NOT be a good move if you expect interest rates to rise (as do most consumers), prices to stagnate. There may be fewer buyers in the market when you finally go on the market.
  • If you’re planning on downsizing, and you think the economy is not going to significantly improve after the election, then now may be a good time to be realistic and put your home on the market.
  • Make sure your interest rate is locked in for a year or two MORE than you plan on staying in the home. Should you consider refinancing?

For a quick look at what your home’s worth, select this link:

Home Valuation – Emailed Directly to your Inbox

To find out more precisely what you can expect if you were to sell,

Contact Anne Rossley today!

773-620-5333

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Top 10 Chicago Bungalows for Sale Today

Chicago Bungalows are one of my favorite options for Living Well in Chicago…

 

Here are my choices for the top 10 available for sale today…

(Note: these are NOT my listings- they’re just my favorites.)

Select this link for a map, info, and photos of these homes:

Top 10 Bungalow Home Tour

Best Chicago Bungalows

To see any of these, or to find a bungalow of your own, contact me today!

Street #Str NameList Price# RmsBRBAASFYr BltLot Dim
4927Keeler$259,0006321250191938 X 125
6439Washtenaw$330,0001032192133X124
5257Bernard$369,000961.22800UNK35X125
5031Kolmar$374,5001152.1192230 X 142
5941Washtenaw$429,0001042.1192330X125
5111Kostner$450,000843192230 X 126
3723Pulaski$499,90012432200190350 X 125
3941DAKIN$519,900832192430 X 130
2246Greenleaf$749,90010435000192640 X 155
4312Francisco$849,0009433400190837X125

4712 Francisco

2246 Greenleaf

3941 Dakin

3723 N Pulaski

5111 N Kostner

5941 Washtenaw

4927 Keeler

albany park bungalow

Find your Chicago Bungalow

Contact Anne for showings and information…

Contact Anne

Chicago streets are on a grid system.

 

The center of the grid is State (0 E/W) and Madison (0 N/S).

 

Each 8 blocks, or 800 in street numbers = one mile

 

For example, Chicago Ave (800N) is one mile north of Madison (0N)

 

If you memorize a few streets, you’ll quickly be able to lose your GPS and find your way around the city like a pro!

 

For example…

Chicago streets

Madison  – 0

Chicago – 800 N

North Ave. – 1600 N

Fullerton – 2400 N 

Belmont – 3200 N

Irving Park Rd – 4000N

 

 

What about “Street”  vs. “Avenue”  vs. “Boulevard” or “Parkway?”

 

Avenue – Streets running North and South. There are exceptions.
Boulevard – Streets where trucks over 5 tons are not permitted.
Court – Short roadway.
Parkway – Street that ends at a park.
Place – Street running the 1/2 block between streets.
Street – Streets running East and West. There are exceptions.

 

North vs. South  East vs. West

Homes on the North and West are EVEN NUMBERS

Homes on the South and East are ODD NUMBERS

 

If you can’t remember how far north/south/east or west a particular street can be found,

 

Here’s your answer!

 

Select this link to download a list of all streets in Chicago.

Powered by Socrata

This site provides applications using data that has been modified for use from its original source, www.cityofchicago.org, the official website of the City of Chicago.  The City of Chicago makes no claims as to the content, accuracy, timeliness, or completeness of any of the data provided at this site.  The data provided at this site is subject to change at any time.  It is understood that the data provided at this site is being used at one’s own risk.
 
Links:  
How 30 Chicago Streets got Their Names
Chicago Street Maps
Chicago in Maps
Researching Chicago Streets over Time
 

Ready to buy a Fixer Upper?

Showing condos along Lake Shore Drive this weekend –

 

I was taken by a fixer upper at 1300 N Lake Shore Drive.

 

It’s really rough-  everything needs to be done, including window replacement – estimated at $50,000.

 

But the views are sensational! I especially like the NE corner in the Living Room – what a view of North Avenue Beach!

 

1300 Lake Shore Dr view

14TH FLOOR – LOOKING SOUTH

 

1300 N Lake Shore Dr

LIVING ROOM – NW CORNER

 

1300 N Lake Shore Master Bedroom

MASTER BEDROOM WITH RAISED PLATFORM

 

1300 N Lake Shore Dr BR 2

BEDROOM 2 — BOOKCASES

 

1300 N Lake Shore Drive

MASTER BEDROOM

See Lake Shore Drive Condos with Great Views

SELECT THIS LINK TO SEE  CONDOS WITH GREAT VIEWS – FOR SALE TODAY!

SUBMIT

Chicago Bungalow Book Giveaway

I am crazy about the new

Bungalow Maintenance Guide

just released by the Historic Chicago Bungalow Association!

chicago bungalow maintenance guide

I want to share the great information, so

I’ve created my first Book Giveaway!

It’s easy to enter-

you can enter once/day until February 12.

a Rafflecopter giveaway

Chicago Bungalows are a treasure!

Want to see some Chicago Bungalows for sale today?

Check out some of the bungalows for sale today:

Select this Link

Want to go find a Bungalow of your own?

11 + 5 =

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