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By Larissa Brodsky | Broker in Chicago, IL
  • Chicago - Near North Side - fast stats

    Posted Under: Market Conditions in Chicago, Home Buying in Chicago, In My Neighborhood in Chicago  |  May 29, 2013 5:33 AM  |  211 views  |  No comments
    Fast Stats from Chicago Association of Realtors
    Data current as of May 14 2013

  • More Buyers Willing to Make Higher Offers

    Posted Under: Market Conditions in Chicago, Home Buying in Chicago, Home Ownership in Chicago  |  May 24, 2013 11:03 AM  |  224 views  |  No comments

    Daily Real Estate News | Friday, May 24, 2013

    Home buyers are saying they’re willing to pay more for a residential property due to concerns over low inventory. In the second quarter of 2013, 41 percent of buyers said they’re willing to offer more, up from 34 percent in the first quarter, according to a survey of more than 1,300 home buyers in 22 major markets by the real estate brokerage Redfin.

    The number of buyers who say they’re concerned about rising home prices has more than doubled in the past year, according to the survey. Seventy-nine percent of home buyers say they believe prices will increase in the next 12 months—with 23 percent of that group saying by “a lot.”

    “Home buyers are accepting the reality of a seller’s market and expressing a willingness to pay more,” according to the brokerage’s survey.

  • the price the buyers have to pay if they wait

    Posted Under: General Area in Chicago, Market Conditions in Chicago, Home Buying in Chicago  |  May 23, 2013 6:41 AM  |  201 views  |  1 comment
  • Barclays: Home Prices to Rise 10% This Year

    Posted Under: General Area, Market Conditions, Home Selling  |  April 25, 2013 12:40 PM  |  158 views  |  No comments
    Daily Real Estate News | Thursday, April 25, 2013

    Home prices will likely climb 10 percent in 2013 and 8 percent in 2014, according to Barclays analyst Stephen Kim, who recently upgraded his view of the housing market from neutral to positive.

    Kim told The Wall Street Journal recently that low mortgage rates are helping to make buying more affordable than renting in many markets.

    About “18 months ago, the industry was nothing much to look at: dilapidated foreclosures were flooding the market, home equity had suffered the worst retrenchment in a generation, and housing starts and sentiment were far below historic troughs levels,” Kim notes. “But after stabilizing in 2012, both new and existing home prices are now accelerating much more rapidly than in the 1990s cycle.”

    Source: “The Housing Market: Not Your Analyst’s Oldsmobile?” The Wall Street Journal (April 23, 2013)

  • Are Home Prices Rising Too Fast?

    Posted Under: General Area in Chicago, Market Conditions in Chicago, Home Buying in Chicago  |  April 15, 2013 10:41 AM  |  245 views  |  1 comment
    From National Association of Realtors
    Daily Real Estate News | Monday, April 15, 2013

    Some housing analysts are concerned that the sudden rise in home prices could make homes more unaffordable again if the price increases outpace income growth, The Wall Street Journal reports.

    Average housing costs for home buyers who took out a mortgage were around 22.5 percent of average incomes, according to John Burns Real Estate Consulting. That is down from 38.5 percent in 2006, the peak of the housing bubble. The historical average is about 33 percent.

    But with home prices rising in many markets and, in some, rising at a faster pace than income levels, will more people soon be priced out of the market?

    Housing analysts say that, for now at least, lower mortgage rates are offsetting the higher prices of homes.

    Borrowers have seen their purchasing power rise by around 33 percent over the past four years due to the low interest rates, The Wall Street Journal reports. For example, a borrower can make a $1,000 monthly mortgage payment and qualify for a $222,000 mortgage at today’s low interest rates, compared to 2008 when they’d likely qualify for $165,000 when mortgage rates were around 6.1 percent -- nearly double what they are today.

    Borrowers are able to withstand home-price increases because of the low rates, not because household incomes are growing, The Wall Street Journal reports. If mortgage rates tick back up to the 6 percent or 8 percent range, homes may look overpriced relative to incomes, according to housing analysts.

    Source: “Why Rising Interest Rates Could Eventually Curb Price Gains,” The Wall Street Journal (April 10, 2013)

  • The Housing Horizon

    Posted Under: General Area, Market Conditions, Home Buying  |  April 13, 2013 7:12 AM  |  199 views  |  No comments
    what is ahead in housing market?

    One thing is certain, says Jed Kolko, chief economist and head of analytics for real estate site Trulia.com: “The rebound is real.” After U.S. home prices hit rock bottom in the first quarter of 2012 (plummeting nearly 30 percent since early 2008), they rose over the next nine months, according to the Case-Shiller home price index. The National Association of Realtors recently reported that the median existing home price in February was $173,600, up 11.6 percent from a year ago. And fewer listings are languishing, which means buyers are making choices faster. The median time it took to sell a house in January was 108 days, down from 119 days in January 2012, per Realtor.com.
    “When any housing recession recovers, it goes like gangbusters,” says real estate mogul Barbara Corcoran. “But this is the fastest comeback I’ve seen.”

  • Illinois Foreclosure Activity decreases in first quarter of 2013

    Posted Under: General Area in Chicago, Market Conditions in Chicago, Home Selling in Chicago  |  April 11, 2013 4:59 PM  |  209 views  |  No comments

    From National Association of Realtors

    After four consecutive quarters of rising foreclosure activity, Illinois saw a 2 percent drop in activity in the first quarter of 2013 compared to the fourth quarter of 2012 and was 5 percent lower than a year ago, RealtyTrac reports.

    But Illinois’ foreclosure rate still remains one of the highest and the timeline to complete a foreclosure in Illinois, which is a judicial foreclosure state, can take an average of 720 days, RealtyTrac also reports.

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