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Karen Breen Elia's Blog

By Karen Breen Elia, ABR, CRS | Broker in Chicago, IL
  • Chicago Real Estate Market Trends for September 2014

    Posted Under: General Area in Chicago, Market Conditions in Chicago, In My Neighborhood in Chicago  |  October 24, 2014 3:43 AM  |  17 views  |  No comments

    Forget a sea view mansion. CnnMoney.com reports in Hong Kong, parking spaces are some of the hottest properties on the market.

    Hong Kong is a densely populated city and eager have pushed prices for parking spaces to record highs in recent months with prime spaces now selling for far more than the luxury cars that park in them.

    In May, a single space in a residential neighborhood on Hong Kong Island went for 4.24 million Hong Kong dollars ($547,000), making it the most expensive parking space ever sold in the territory.

    Knowing what mere parking spaces are selling for in Hong Kong certainly puts our own real estate market into perspective.

    Take a look at September’s real estate sales statistics.

    September 2014 Real Estate Market Update

    Chicago Real Estate Sales – Detached Single Homes

    The number of Chicago detached single homes selling in Sept 2014 decreased 4.1% for the month compared to Sept 2013. The average selling price increased by 14.1% to $854,987 and the average market time decreased by 6 days. Homes sold for 97% of the listed price.

    Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    Sept 2014

    185

    $854,987

    97%

    56

    Sept 2013

    193

    $749,208

    96%

    62

     
    Chicago Real Estate Sales – Attached Single Homes

    The number of Chicago attached single homes selling in Sept 2014 decreased by 6.7% for the month when compared to Sept 2013. The average selling price increased 7.7% to $393,425 and the average market time increased by 5 days. Homes sold for 98% of the listed price.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    Sept 2014

    1,114

    $393,425

    98%

    66

    Sept 2013

    1,195

    $368,816

    96%

    61


    Chicago Real Estate Sales – 2-4 Flats

    The number of Chicago multi-family properties selling in Sept 2014 increased by 9.7% from Sept 2013. The average selling price increased 19% from Sept 2013 prices, and the average market time decreased by 11 days. Homes sold for 96% of the listed price.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    Sept 2014

    124

    $509,349

    96%

    87

    Sept 2013

    113

    $427,937

    96%

    76

     
    Curious about the value of your home? Get your home's value here!

    Information courtesy of Chicago Realtor Karen Breen Elia.

  • Your Personal Open House Invitation

    Posted Under: Home Buying in Chicago, In My Neighborhood in Chicago, Moving in Chicago  |  October 23, 2014 10:24 AM  |  34 views  |  1 comment

    OPEN HOUSE:

    Sunday, October 26, 2014  - 11 a.m. to 1 p.m.

    Sunday, November 2, 20141 p.m. – 3 p.m.

    5323 N Kenmore Ave #1, Chicago IL 60640

    Exceptional Space In An Exceptional Location!

    Exceptional space and storage in an exceptional Edgewater/East Andersonville location!  Rare duplex up in Kenton Court on a charming, leafy street steps from the lake, the park, Bryn Mawr Historic District, Mariano’s, and the red line el. 

    • 1,588 square feet
    • 2-3 bedrooms
    • Re-done baths
    • Gas fireplace
    • Office/study
    • Laundry storage room
    • South facing patio
    • Private deck
    • Outstanding storage
    • Assigned, secure onsite parking included

    Don't miss out on this opportunity to view an exceptional home!

    MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.

    Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.

    ChicagoCityHomes, RE/MAX Exclusive Properties
    2951 North Lincoln Avenue 
    Chicago IL 60657
    Toll Free: (866) 404-3585 Fax: (773) 938-1467 
    Send An Email

    We know Chicago Real Estate!  Call us today!

  • 4 Tips for Raising Your Credit Score

    Posted Under: Home Buying in Chicago, Financing in Chicago, Credit Score in Chicago  |  October 17, 2014 7:00 AM  |  25 views  |  1 comment

    We have all been there before, getting ready to buy a house and then suddenly something of a negative nature pops up on our credit score that poses to keep us out of our dream home forever.  There are ways to make sure you DO raise credit scoreNOT end up in this sort of predicament however. Hopefully, the following tips for raising your credit score  will be beneficial to you so that you can find your new home and move in before the holidays!

    • Pay credit card bills before the statement date.  Many times folks wait until the due date to pay a bill but if you are willing and able to pay them before the statement date, your credit score is likely to improve.
       
    • If you can afford to make multiple payments on your credit balance throughout the month, this will also show favorably on your credit score.  Check with your credit card company to make sure you are allowed to do this before beginning because some do not allow it. 
    • If you only have a couple bad marks on your credit, you can ask for a "good will deletion" .  Of course if you are late over and over again you will not be able to reap this reward but if you can show that you otherwise have paid your bills on time you may be able to get those couple nasty marks off your credit and therefore raise your score!
    • If one of your accounts has recently gone into collections you may be able to pay it off and have it removed from your credit report as a result.  Be sure to get any type of promise to delete in writing so that you can be sure it will be taken off once you pay. 

    Credit issues can be hard to deal with especially if you are looking to purchase a new home in the near future, but take it from someone who knows…it CAN be done and you CAN have the house of your dreams maybe sooner than you had imagined!  Keep working at it and you will succeed and come out the other side ready to move forward into your future!

    Information provided by Chicago Realtor Karen Breen Elia.

    MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.

    Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.

    ChicagoCityHomes, RE/MAX Exclusive Properties
    2951 North Lincoln Avenue 
    Chicago IL 60657
    Toll Free: (866) 404-3585 Fax: (773) 938-1467 
    Send An Email

    We know Chicago Real Estate!  Call us today!

  • Why You Want To Own Your Own Home

    Posted Under: Quality of Life in Chicago, Home Buying in Chicago  |  October 10, 2014 3:54 AM  |  42 views  |  2 comments

    The majority of articles advocating home ownership center around financial benefits—fixed monthly expenses, tax benefits, accruing equity, etc.—and indeed these incentives do propel many people to purchase a home.  According home buyersto two recent polls (Gallop and the Allstate / National Journal survey), however, other more intangible factors also motivate the purchase of a piece of real estate.

    • Sense of community:  As a homeowner, you’ll be centered in a strong community of like-minded people, which can be a valuable asset for you and your family.  Homeownership brings a sense of pride in both your home and your community.  Various studies suggest that a higher homeownership rate brings lower crime rates, higher property values, better educated children, and ultimately closer communities.  Investing in a home may also mean investing in your family and your community by getting involved.  Once you own a home, you feel more attached to the area in which you live. You're more interested in what happens in your neighborhood, to the roads, schools, and shopping areas.
    • Renewed belief in the American Dream:  Although confidence in that dream has faltered in recent years, the desire to own a home is rebounding, especially among younger buyers and members of diverse ethnic groups.  Pride and family stability are important factors in today’s dream. Your house is the physical manifestation of your years of hard work and financial responsibility. And nothing says “success story” like owning your very own piece of the American dream.
    • Higher academic achievement of childrenConsistent findings show that homeownership does have a significant positive impact on educational achievement.  Some studies find that homeownership brings residential stability, and it is this stability that raises educational attainment.  Another asserts that while homeownership raises educational outcomes for children, neighborhood stability further enhances the positive outcome.  Additional research has shown that there is an increased chance of success in many areas for the children of homeowners.
    • Freedom to “do your own thing.”  If you own your house, the home improvement store is your oyster! You can paint, remodel, remove, or restyle just about anything in your home to meet your individual needs and/or reflect your tastes and personality.

    Owning a home is certainly a wise investment—in so many ways!

    Information courtesy of Chicago Realtor Karen Breen Elia.

    MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.

    Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.

    ChicagoCityHomes, RE/MAX Exclusive Properties
    2951 North Lincoln Avenue 
    Chicago IL 60657
    Toll Free: (866) 404-3585 Fax: (773) 938-1467 
    Send An Email

    We know Chicago Real Estate!  Call us today!

  • Chicago IL Foreclosure Trends for August 2014

    Posted Under: General Area in Chicago, Market Conditions in Chicago, Foreclosure in Chicago  |  October 2, 2014 8:38 AM  |  51 views  |  1 comment

    In August, the number of properties that received a foreclosure filing in Chicago, IL was 2% lower than the previous month and 14% lower than the same time last year, according to RealtyTrac.com.

    Chicago IL Foreclosure Activity

    In August, the number of Auctions increased 3.3% from the previous month and decreased 6.0% from the previous year. Bank-owned properties decreased 0.8% from the previous month and 18.3% from the previous year. Pre-foreclosures decreased 7.3% from the previous month and 20.6% from the previous year.

    chicago il foreclosure


    Chicago IL Foreclosure Geographical Comparison

    Chicago IL foreclosures were 0.04% higher than national statistics,0.01% higher than Illinois figures, and 0.02% lower than Cook County numbers in August.

    chicago il foreclosure

    Chicago IL Foreclosure Status

    The current distribution of foreclosures based on the number of active foreclosure homes in Cook County, IL.

    In August, Pre-foreclosures accounted for 33.6% of the foreclosures activity, Auctions accounted for 41.4%, and Bank-owned properties 24.9%.

    miami fl foreclosure

     

    Are you or someone you know behind on mortgage payments? There are options to Chicago IL foreclosures. A short sale may be the answer to saving you, your family and your credit. Contact us for a private consultation. We can help!

    MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.

    Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.

    ChicagoCityHomes, RE/MAX Exclusive Properties
    2951 North Lincoln Avenue 
    Chicago IL 60657
    Toll Free: (866) 404-3585 Fax: (773) 938-1467 
    Send An Email

    We know Chicago Real Estate!  Call us today!

  • Home Warranty vs Homeowners Insurance

    Posted Under: Home Buying in Chicago, Home Insurance in Chicago, Home Ownership in Chicago  |  September 26, 2014 11:56 AM  |  60 views  |  1 comment

    Not to be confused with homeowner’s insurance, which covers the structure and contents of your home, a warranty service contract is designed to cover systems and appliances that stop working due to normal usage.  Basic coverage generally includes the repair and replacement of major appliances such as heating/cooling system, water insuranceheater, refrigerator, dishwasher, stove, etc.  Plumbing and electrical systems are also usually covered, and some companies include washer, drier, microwave, and roof maintenance in the basic tier.

    Gaining in popularity with both buyers and sellers, warranty service contracts serve to reassure owners that they won’t face major repair/replacement costs.  Sellers use them to protect the home while it’s on the market and as an incentive to attract buyers.  Buyers rely on them to protect them from unexpected and expensive repairs.  Even Freddie Mac will offer a $500 home warranty credit to home buyers who purchase a qualified, foreclosed single-family home, townhouse, or condominium through their HomeSteps® division.

    A warranty plan is fairly inexpensive, typically ranging from $250 to $400, depending on coverage. The policy is prepaid for a year in advance, at which time it expires or can be renewed.  The usual procedure for service needs is as follows:

    • If a home system or appliance breaks or stops working, the home owner calls the home warranty company.
    • The home warranty company calls a provider with which it has a business arrangement.
    • The specific provider calls the home owner to make an appointment.
    • The provider fixes the problem. If an appliance is malfunctioning and cannot be repaired, depending on contract coverage, the home warranty company will pay to replace and install the appliance.
    • The home owner pays a small trade service fee (less than $100) for each service call.

    Most home warranty companies offer a variety of plans, each providing different levels of coverage, so be sure to read the details of any contract before buying. If you choose to renew the contract from year-to-year, double-check the details of your plan each time since coverage can change annually.

    According to the Service Contract Industry Council, 32 states require home warranty companies to register or obtain a license with that state's department of insurance and comply with applicable laws and financial standards. Membership lists are available at their website.

    MAKING A POSITIVE DIFFERENCE IN PEOPLE'S LIVES.

    Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago's North Side.

    ChicagoCityHomes, RE/MAX Exclusive Properties
    2951 North Lincoln Avenue 
    Chicago IL 60657
    Toll Free: (866) 404-3585 Fax: (773) 938-1467 
    Send An Email

    We know Chicago Real Estate!  Call us today!

  • Chicago Real Estate Market Trends for August 2014

    Posted Under: General Area in Chicago, In My Neighborhood in Chicago  |  September 19, 2014 11:37 AM  |  63 views  |  No comments

    While the number of for sale by owner transactions is on the decline, approximately 9 percent of sellers decide to go it alone and forego outside help from a Realtor®. Typically those that go this route have extenuating circumstances, such as already having a relationship with the buyer (which happened in 40 percent of recent FSBO sales, according to National Association of Realtors® data). However, NAR’s 2013 Profile of Home Buyers and Sellers shows that most sellers benefit from the outside help of a knowledgeable advocate when selling their home. Aside from being experts in the field, Realtors® have the time, know the market and needs of the potential buyers, bring an objective and fresh perspective to the seller, understand the complexity of all of the processes involved, and have the ability to attract qualified buyers.  It’s because of these reasons that sellers using a Realtor® tend to get more for their homes, according to NAR’s report.

    Let’s look at how many sellers sold their homes with a Realtor in August.

    August 2014 Real Estate Market Update

    Chicago Real Estate Sales – Detached Single Homes

    The number of Chicago detached single homes selling in August 2014 decreased 6% for the month compared to August 2013. The average selling price increased by 19% to $840,922 and the average market time increased by 11 days. Homes sold for 96% of the listed price.

    Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    August 2014

    228

    $840,922

    96%

    71

    August 2013

    243

    $700,891

    97%

    60

     
    Chicago Real Estate Sales – Attached Single Homes

    The number of Chicago attached single homes selling in August 2014 decreased by 14% for the month when compared to August 2013. The average selling price increased 12% to $419,408 and the average market time increased by 2 days. Homes sold for 98% of the listed price.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    August 2014

    1,300

    $419,408

    98%

    63

    August 2013

    1,514

    $374,283

    98%

    61


    Chicago Real Estate Sales – 2-4 Flats

    The number of Chicago multi-family properties selling in August 2014 decreased by less than 21% from August 2013. The average selling price increased 26% from August 2013 prices, and the average market time decreased by 45 days. Homes sold for 98% of the listed price.
     

    Date

    Sold Listings

    Average Sold Price

    SP:LP

    Average Market Time

    August 2014

    103

    $520,050

    98%

    53

    August 2013

    132

    $411,729

    99%

    98


    Curious about the value of your home? Get your home's value here!

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