Bucktown and Lakeview markets are begining to Twitch

We are nearly half way through this year, and the real estate market has started to twitch with activity. The neighborhood market reports reflect some of the lowest sales volumes most of us have ever seen, even for a first quarter. The reports speak for themselves, but I’ll add that I was impressed by the sales volume for Bucktown/Wicker Park. Our local market has started to see some activity, which will begin to show up in the second, third and fourth quarter reports.

Posted here are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. Additionally, you will find data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.

While regulations on lending have gotten more rigorous, loans are still available and interest rates continue to be great, hovering around five percent. Some qualified buyers are contemplating FHA financing, especially first time buyers with low down payments. It is by far a buyer's market which will likely continue through the year or 18 months, as this 'market correction' settles in.

Home sellers are on the market for many of the same reasons they usually are: job change, marriage/divorce and birth/death. Those who are considering upgrading to their next home (well positioned financially in their current home, or not), are smart to recognize the value of buying a home for far less, and acknowledge that they may not sell their home for as much as they would like. They will benefit from a nicer home that they can live in longer with relatively lower property taxes and closing costs, as those are impacted by the sale price.

While at this point there aren't many foreclosures in these areas, short sales are a bit more common. Great deals can be found. In the new construction realm, some builders are faced with high interest rates on their construction loans and high carrying costs. Many builders are willing to do more 'soft cost' upgrades, in addition to taking less than they are asking.

Contact me for your own market analysis or comprehensive statistics throughout the city for single family homes, multi-unit buildings, condominiums and town homes.

If you are looking to buy, sell or debating which direction to go, give me a call 800-561-2242 or 312-953-7811.

Rates are Great ~ Carpe Diem!

This week our new President Obama was inaugurated, and our hope for a brighter future renewed. With that in mind, follow these links for your neighborhood market reports:Lincoln Park, Lakeview and Bucktown/Wicker Park.

Enclosed are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. To get broader perspective in reviewing this data, I also compared sales data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.

As you might expect, sales volume for condominiums and town homes has gone down and market time has gone up for Lincoln Park, Bucktown and Wicker Park. Lakeview however, went up in sales volume and down in market time by just over a month.

In reviewing the condominium, town home and single family home sales data for Lincoln Park, Lakeview, Bucktown and Wicker Park from CAR for 4th quarter in 2007 and 2008, volume is down there too. However, single family homes in Lincoln Park and Lakeview have gone up in average sale and median home price, as well as a faster market time. I believe that’s a sign of good things to come. We live in a great city with great services, parks and transportation, as well as a growing number of great schools.

We are in a Buyer’s market, and there are transactions happening. Lenders are able to close loans.

If you are wondering if now is a good time to trade up to your next home, the answer is yes. While you may not net as much from the sale of your home, the savings on the larger home will offset the loss on your current home.

Interest rates are great! Remember that markets ebb and flow, and the bottom of the market is shaped like a U, not a V. Even a 10% drop in home prices is wiped out by a 1% increase interest rate on a 30 year mortgage. Don’t wait; you will likely miss the market.

Contact me for your own market analysis or comprehensive statistics throughout the city for single family homes, multi-unit buildings, condominiums and town homes.

Housing Inventory Down 10% Over 2007

As reported by The Wall Street Journal, quoting data from the National Association of Realtors, housing inventories are down over last year. Typically we see a slow down at this time of year, and the slow down isn't too bad. In reviewing the 3rd quarter statistics for 2007 and 2008, from the Chicago Association of Realtors, the sales volume for Lincoln Park, Lakeview, Bucktown and Wicker Park are all down for single family homes and condominiums ranging from 10% to 30%. However, in comparing 3rd quarters for '07 and '08, average sale price went up in some cases, and went no lower than 4%. Real estate is a local.

Happy Thanksgiving!

I love this time of year. The weather is getting chilly, the days are shorter and the Chicago seems quiet before the hectic holiday season gets into full swing. It’s always been a time of reflection for me. While there is much on our collective mind that has given a time for pause about what the future holds, it’s also a time to be grateful for our family and friends. I’ll be cooking with my family.



If you are in town, check out the Lincoln Park Zoo's Zoo Lights. It's a seasonal favorite of mine!



Enjoy your celebration of Thanksgiving!

Buy, sell, rent or stay put? (Should I stay, or should I go now?)

With the instability of the stock market and the economy as a whole, many people are asking themselves the following questions. Should we buy our first home? Can we live with this house we’ve outgrown? Do I qualify for a mortgage, or should we just stay put?

When you answer to those questions, factor in that now is a good time to buy. Rates are good and real estate is a still a good investment that offers the benefit of a place to live. Historically Chicago has been a stable market. Our growth has been steady and measured. If you have owned your home since 2005, you probably are going to enjoy an appreciation in the value of your home.

According the Chicago Association of Realtor sales data, the average sale price for single family homes in the Lincoln Park, Lakeview and Bucktown has trended up since 2005, although the Gold Coast and Wicker Park hit a peak in 2007 and come have come down slightly.

2005 was one of the most robust years for condominium sales with record breaking appreciation. Since then average sale prices did level off a bit, but in 2008 the average sale price is now above the 2005 values for the Gold Coast, Lincoln Park, Lakeview, Bucktown and Wicker Park.

So, what about now. The indications are that the market will remain steady with not much growth over the next 6 to 8 months, and we won't likely see any major dips in Chicago. Waiting by the sidelines will not help you buy more house, or sell your house for more. Further, the reality is that your real estate is more than an investment, it is where you live. The constant in life is change, which may mean a move. Do what you need to do. Investigate your lending options. If you need to sell, contact me to determine the value of your home.

Let me know your thoughts!

Maureen Moran’s Inaugural Blog

Welcome to my first blog! I’ve lived in Chicago since 1989, selling real estate since 1993. I’ve worked with buyers and sellers north from Andersonville and Lincoln Square, Lincoln Park and Bucktown and near north Gold Coast and Millenium Park.

I started my personal website Chicago Dream Home in 1998, and I was ahead of the curve then. Now, I feel like I have a lot to catch up on with my blogging, and I’m very excited to get started. I like the conversational and informal format of a blog as well as the ability to pack my blog with useful content.

My goal is to offer insights and market details on the neighborhoods I know best, provide expert advice on the transaction which is always accompanied by a transition and show off our great city. I want to be your real estate resource for Chicago. Please make comments, especially when there is a topic you want more information on or a point or you simply have another perspective to share. If you’d like, email me directly or call me at Rubloff Residential Properties 312-368-5956.