Tag: market conditions

Is buying 50 percent cheaper than renting?

That’s the thesis advanced in this post at Trulia’s blog, with obvious differences among housing markets. In the Chicago metro area, for example, Trulia estimates the monthly average cost of ownership at $821 and the monthly cost of renting at $1,628 – a 50% difference. Trulia’s approach is based on what appears to be, on... Read more »

An Elmhurst Cape Cod and a market update

The dormered Cape Cod-style home is popular throughout the United States, and common in Elmhurst. The 4-bedroom, 2-bath Cape Cod at 328 Hillside has an uncommon feature — a large family room addition with patio doors leading to a nicely landscaped yard. The home has a recently-remodeled kitchen, a fully-finished basement and better storage than... Read more »

Low vacancy rates, stagnant rents at Naperville / Aurora apartments

According to an Appraisal Research Counselors study, reported recently in Crain’s, suburban apartment complexes in the Chicago area had the lowest vacancy rates in nearly five years and the highest rent levels ever. Naperville / Aurora had the highest occupancy rate, at 96.9%, of all of the Chicago submarkets. Despite the low vacancy rate, net... Read more »

Fifteen Oak Park two- and three-bedrooms at and under $100K

Stable, leafy, sought-after Oak Park hasn’t been immune from the price devastation that’s plagued condominiums in many of Chicago’s suburbs. A search for two-bedroom or larger properties in Oak Park priced at or under $100,000, for example, surfaces fifteen choices. Eleven 2-bedroom, 1, 1 ½ and 2-bath condos are priced from $46,800 to an even... Read more »

CoreLogic index finds home prices up nationwide, down in Chicago metro area

The following news release from CoreLogic outlines the state of the housing market in June 2012: Home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.5 percent in June 2012 compared to June 2011. On a month-over-month basis, including distressed sales, home prices increased by 1.3 percent in June 2012 compared to... Read more »

Does the Case-Shiller Index apply to Geneva?

Geneva is a small town that appears to have been sent to charm school and graduated at the top of its class. It has a charming near-downtown area that oozes “leisurely lifestyle” vibes, a thriving arts community, a diverse array of locally-owned, one-of-a-kind shops and boutiques, and enough restaurants to satisfy almost every variety-seeking palate.... Read more »

Chicago home sales show solid gains in first six months

The following market update arrived via a news release from RE/MAX Northern Illinois: The long-awaited rebound in home sales in the seven-county metropolitan Chicago real estate market apparently arrived during the first half of 2012, according to an analysis of area home sales by RE/MAX. The number of homes changing hands was 22 percent higher... Read more »

Chicago foreclosure inventory fourth-highest nationally

CoreLogic has just released its National Foreclosure Report for April (registration required). According to CoreLogic, Illinois (5.3%) ranked third among the five states with the highest foreclosure inventory as a percentage of all mortgaged homes, trailing Florida (12.0%) and New Jersey (6.7%), and ahead of New York (5.0%) and Nevada (5.0%). Chicago, at 6.3%, had... Read more »

Chicago-area home prices stabilized, sales volume rose in April

RE/MAX Northern Illinois has just released its April market report for the Chicago metro area: April home sales activity in the metropolitan Chicago real estate market was characterized by rising sales and firmer home prices, according to an analysis by RE/MAX. Combined sales of attached and detached homes in the seven-county metro market totaled 6,771... Read more »

Downers Grove takes a beating on home purchase

Individual homeowners in Downers Grove aren’t alone in seeing the value of their homes fall over the past several years. The Village of Downers Grove has seen the value of a home it purchased fall by more than 50%. The Village purchased the home at 5237 Benton Ave for a reported $463,000 for the construction... Read more »