Avery, Home Buyer in Chicago, IL

Average home Appreciation

Asked by Avery, Chicago, IL Tue Aug 21, 2007

I've heard that the average price decrease has been negative 1% per month since 2006 summer. With that math, that means if someone bought in 2005, they should be selling for the same price they bought it at...correct?

Help the community by answering this question:

Answers

8
Avery:
Do I have some excellent news for you! According to Trulia's data, the average sales price in Oak Park keeps going up: http://www.trulia.com/real_estate/Oak_Park-Illinois/
According to Zillow, they have gone up by 16.4% in the past year whereas Cook Co decreased by 1.4%. But Zillow doesn't really say what they are recording, actual sales or Zillow's estimates: http://www.zillow.com/real-estate/IL-Oak-Park-facts
And my favorite source of info for past sales is: http://www.sellmyhomebw.com/
In June 2006 there were 99 units sold (houses and condos) for an avg. selling price of $336,255 and 102 days on the market. In June 2007 there were 93 sales averaging $409,091 and 131 days on the market. This year sellers are receiving about 96% of their asking price compared to last year's 97%.

Oak Park's 1) excellent schools 2) proximity to downtown, airports, transportation and jobs 3) historic hometown and touristy appeal and 4) relatively good housing value
make it attractive to home buyers regardless of what is happening in the rest of Chicagoland or Midwest.
Feel free to call me if you would like some advice on finding the right agent in your area or other options available to you. Just click on the link below for my contact info.
Ruth
Web Reference: http://www.oak-park-il.com
1 vote Thank Flag Link Tue Aug 21, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Check out the graphs on this web page. I think you will find it very helpful.

http://www.realestateabc.com/outlook/overall.htm

Greg Zaccagni
0 votes Thank Flag Link Sat Mar 22, 2008
if you bought in 2002-2003 and sold in 2005-2006 you made a killing
probably impossible now to make that kind of profit
but it was a good run
unfortunately unaffordable housing has its drawbacks
guess theres going to be a recessioin of some sort
hopefully only a few years or so.
0 votes Thank Flag Link Wed Mar 19, 2008
Avery According to the MORe ( Mainstreet Organization of Realtors) for
Single Family: Properties in 06 avg sale price was 497K up 5% in 07 to 521K :)
Attached Properties: 2006 avg213K up 32% in 07 which is 282K+

Fortunetly for Oak Park the area is doing well however because of so much inventory and the ARM mort loans that so many consumers used . ( not my clients!) Thank God. :)
buyers didnt realize the impact that a 3-4% increase on their interet rate would do to their monthly mortgage payment and need to sell>
FYI ..... I just listed a condo on Madison & Lombard 30 days ago and its under contract now.
because of my responsibilty to my client I cannot disclose certain info. but it was a fair offer and all parties are content with their decisions.
:)
0 votes Thank Flag Link Tue Aug 21, 2007
Appreciation and depreciation is local or perhaps a regional fact. In the Bay Area our areas are spotty. Some have held their own and other has plummetted around the Bay. Your calculations are correct and may apply to some communities and/or cities.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Tue Aug 21, 2007
Pam Winterba…, Real Estate Pro in ,
MVP'08
Contact
Real Estate is local and much will depend on where you are. In some parts of the country prices have not declined but have gone up... think Portland OR. In other places .. coastal towns in Los Angeles CA prices have been relatively stable with prices going up on prime oceanfront property and other premium location properties.

You may find that in your town area prices have declined in most neighborhoods but that 2 or 3 areas are seeing prices staying steady or even slight increases. I don't think you can put a blanket number on real estate values other then in specific locals.
0 votes Thank Flag Link Tue Aug 21, 2007
Kaye Thomas, Real Estate Pro in Manhattan Beach, CA
MVP'08
Contact
I think it really depends on the market where the house is. We had such a sharp increase in property values in the Baton Rouge area after the storms, 2005. Our decline did not get into swing until 2007. We had a slow down just after the start of the year. Our market is still steady, but we do have a surplus in the market on homes for sale! Our decrease has been very minimal.
0 votes Thank Flag Link Tue Aug 21, 2007
Exactly. Therein lies the problem for a lot of buyers between 2004 and 2005 when most markets peaked. They purchased high and are trying to sell for more now. It just doesn';t work. couple that with the fact that most of those loans were ARMs which are now renewing at high rates and some people have to sell, but cannot even get what they paid for their house!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Tue Aug 21, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer