Chicagoland real estate market update 2022 – Chicago Western Suburbs

Real Estate News

Are you wondering what is going on in the Chicagoland real estate market in 2022? Watch my video and I’ll cover what’s going on in the downtown Chicago real estate market as well as the Chicago Western Suburbs real estate market.

Best Chicago Suburbs to Buy a house – Chicago Western Suburbs

Real Estate News

Are you looking for the Best Chicago Suburbs with a charming downtown? Here is my top 7 most charming downtowns in the Chicago Western Suburbs.

I’m a Real Estate Agent with @properties in the Chicagoland area! I specialize in the western suburbs and downtown Chicago. I’ll be sharing weekly tips for the home buying/selling process, giving you insider tips on the suburbs and city, answering your real estate related questions, and more. Do you live outside of the state of IL and are thinking about making a move?

Contact me and I will set you up with an outstanding Realtor in your area! Proudly serving Chicagoland area – the western suburbs specifically Naperville and the downtown Chicago.

Website: https://www.atproperties.com/agents/amypearson

Affordable Chicago Suburbs – Chicago Western Suburbs

Real Estate News

Are you looking for an affordable Chicago suburb? I have my top 10 most affordable places to live in Dupage County which is a Chicago Western Suburb. Watch my video on affordable towns in the Chicago suburbs!

I’m a Real Estate Agent with @properties in the Chicagoland area! I specialize in the western suburbs and downtown Chicago. I’ll be sharing weekly tips for the home buying/selling process, giving you insider tips on the suburbs and city, answering your real estate related questions, and more. Do you live outside of the state of IL and are thinking about making a move? Contact me and I will set you up with an outstanding Realtor in your area! Proudly serving Chicagoland area – the western suburbs specifically Naperville and the downtown Chicago.

Pros and Cons of Living in Chicago, IL

Real Estate News

Are you thinking about moving to Chicago and you’re wondering what are the pros and cons of living in Chicago, Illinois. Well I’ve got you covered because I’m gonna let you know what my pros and cons are of living in Chicago, Illinois. I’m Amy Pearson realtor with @properties, I’m on the team Lux Home Chicago, serving downtown Chicago as well as the western suburbs. All right so today i’m gonna give you my pros and cons. I love Chicago it’s an amazing city but there are a few cons that are on my list so I’ll give you my pros and cons.

All right so i gotta start with a pro, first pro would be the nightlife in Chicago. In Chicago there is so much to do in the evening in Chicago. There’s restaurants to check out, clubs there’s museums and lots of museum have museum nights and they’re really fun to check out, there’s theaters, there’s street festivals and a wide range of things. So definitely not a shortage for things to do in the evenings, that is a pro.

All right my next one would be it’s actually a con. My next one would be the weather in Chicago. The winter’s in Chicago can be kind of rough. I know they say that Chicago is the windy city which yes it can be windy in Chicago. I will say January and February are the roughest months to live in Chicago. It’s really cold sub temperatures below zero and that’s usually when our most snow is January / February but, I will say once you hit spring summer, Chicago comes alive and people just make the most of when it’s warmer in Chicago with street festivals and they spend as much time as possible on the lake front. So if you can make it through two months, it’s an amazing time in the summer time so it’s kind of a pro and con. The summer is amazing time in city of Chicago as well as Fall is a great time.

All right my next one would be another con would be the traffic in Chicago. The traffic can be kind of congested in Chicago. If there’s like a sports game going on it really can just add a lot of time to your commute or if you’re going somewhere if there’s say just give me example a Cubs game on the north side Lake Shore Drive going north is just backed up. So traffic is definitely a negative, if you’re getting on the highway and going somewhere you need to be on the highway by 3pm in the afternoon, otherwise you’re in really bad traffic sometimes that isn’t even early enough. So negative would be the traffic.

All right my pro, gotta have a pro now would be the food in Chicago is amazing! I know you if you’re not familiar with Chicago, people say deep dip pizza, which I prefer thin crust but they usually say hot dogs and pizza. But you have every type of food possible in Chicago. I’ve had Serbian food, Puerto Rican, Cuban and just a wide variety of food that you can try in Chicago. There’s also food festivals in Chicago as well as amazing top chefs that have restaurants in Chicago. There’s restaurant row on Randolph Street which has amazing restaurants that you gotta check, out so definitely food scene a pro.

All right the next one would be Chicago is a transportation hub. We are located in the midwest of the united states and a lot of trains come through Chicago. You’ve got the Amtrak as well as there’s Metra commuting to the suburbs on the train. And then you’ve got the CTA which is the it’s kind of the subway train station that runs throughout the metro area of Chicago. The Blue Line and the Orange Line can take you to the airports which is kind of awesome, so you can take the Blue Line all the way to O’hare and not have to pay for expensive parking at the airport, which is nice. And then the Orange Line it’s like the subway train, goes all the way to Midway Airport same thing you don’t have to pay for parking to take the Orange Line so definitely a pro would be the transportation in Chicago.

So those are my pros and cons of living in Chicago. Hope you enjoyed them, I’m Amy Pearson realtor with @Properties and check out my next video.

Will housing Prices Ever Go Down? Should I wait to buy till 2022?

Real Estate News

Are you thinking should I wait till 2022 to purchase a house? I have been getting that question from my clients, buyers, from friends and they want to know if should they wait till 2022. So that’s why I made this video today. I’ve got some facts and did some research for you guys on two reasons why waiting till 2022 will actually cost you money. If you’re a renter or you’re thinking about becoming a homeowner for the first time, or your home that you’re currently live in just doesn’t fit your needs anymore you need more space. If you’re hoping if we just wait a little bit longer, maybe prices will come down.

There are two questions that we need to ask. You need ask yourself what will home prices be in 2022 and what will mortgage rates be in 2022? To help shed the light on the answers questions the three major housing industries that project home prices appreciation in 2022. Here are their forecasts for 2022. We’ve got Freddie Mac appreciation of 5.3% Fannie Mae 5.1% appreciation and Mortgage Bankers Association 8.4% appreciation. All three are saying house prices are still going to keep appreciating using the average of these three projections it’s a 6.27%. Homes that appreciate and sells today that are valued around $350,000 will be valued next year at $371,000 average by the end of next year. That means if you delay buying your home till 2022, you could pay an additional $21,000 on that house, crazy I know by waiting.

Where will market rates be in 2022? Well today 30-year mortgage rates fixed are hovering at historic low rates which is great however experts believe that with the economy recovering and doing better that it will continue to tick up. So the forecast for the fourth quarter in 2022 by three major entities. They believe interest rates will be going up. Freddie Mac believes it will go up at 3.8%, Fannie Mae thinks 3.2% and Mortgage Bankers Association thinks 4.2% could be interest rates in 2022. So all think that there’s gonna be a tick up in interest rates so average, that averages out to 3.7% percent with the three together. That really could end up costing you more money in 2022.

What does that mean for you ? If you were to purchase a home in 2021 purchase amount $350,000 and average mortgage mortgage rate you got 2.86% your monthly payment is $1,899 a month, this is in 2021. If you wait till 2022, that same house will be $371,000 average mortgage rate interest rate will be 3.7% it’s gone up and your monthly payment will be $2,166. That’s an average of $267 increase a month and it’s about $3,000 dollars a year that you’ll have to pay more because you waited a year. T

hat’s just some research I did on what it’ll cost you by waiting until 2022. Fall time, winter as we’re going into fall winter it’s a great time to make purchases! Please keep me in mind, I’m Amy Pearson realtor with @properties.

Chicago Western Suburbs – Top 5 Suburbs in the Western Suburbs of Chicago

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Have you been thinking about what suburb in Chicago Western area is the perfect place for you and your family to move to? Well I've got you covered today because I've got my top five western suburbs to check out. I'm Amy Pearson, I'm a local realtor with @Properties and if you like my top five suburbs video, please hit the like button! 


Lisle


All right my number five would be Lisle, Illinois. Lisle is a suburb of Chicago with 
population around 23,000. It is in DuPage County and it's rated one of the best places to live in 
Illinois. living in Lisle offers residents urban and suburban mixed feel most residents own their 
own home and while there's lots of restaurants coffee shops and parks many young professionals 
live in Lisle and residents tend to lean more moderate political views and Lisle the public 
schools in the area are also highly rated. Lisle is known for the Morton Arboretum, which is I kind 
of call it an outdoor tree museum, you can drive through it, hike through it and there's also a 
children's garden area, It's great to check out the Morton Arboretum. There's Four Lake Ski Hill 
and Lisle as well as Benedictine University are some of the key things that Lisle is known for. 


Wheaton

Number four would be Wheaton, Illinois. Wheaton is also a suburb of Chicago population around 
53,000 it is also located in DuPage County. It is one of the best places in Illinois to live 
living in. Wheaton offers a dense suburban feel and most residents own their own home in 
Wheaton. Residents can enjoy lots of restaurants, coffee shops, and parks. Many families and 
young professionals in Wheaton and residents tend to lean conservatively politically. The 
public schools in Wheaton are also highly rated and Wheaton is known for it's home to the DuPage 
County Fairgrounds. The DuPage County Fairground Association hosts the annual DuPage County 
Fair in late July. There's also the Coosley Zoo is located in Wheaton, it's a great smaller 
scale zoo probably perfect for a toddler size, it's really pretty great for toddlers and 
there's Wheaton College located in downtown Wheaton sometimes referred to as the Harvard of 
Eventual schools. 

Glen Ellyn

All right number three would be Glenn Ellyn, a suburb of Chicago they have 
the population around 27,000. It's a little bit smaller town Glen Ellyn is in DuPage County also 
rated one of the best places in Illinois to live. Living in Glen Ellyn offers residents an 
urban suburban mix, most residents do own their own home and in Glen Ellyn there's lots 
of restaurants coffee shops and parks to enjoy many families in Glen Ellyn tend to lean 
conservatively politically. The schools in Glen Ellyn are highly rated. Some things that Glenn 
Ellyn is known for is for actually the setting of a local resident O. T. Nelson's 1975 novel 
The Girl Who Owned A City, it's actually a young adult book, I highly recommend it, I've read it. 
And Glenbard West High School were also used in the setting of the movie Lucas which was filmed in 
1986, great movie. 

Oak Park

Number two western suburb of my top of my top five western suburbs would be 
Oak Park, Illinois. Oak Park is the first western suburb outside of Chicago and many 
houses in Oak Park are over 100 years old. And it's where Frank Lloyd Wright style homes 
are also there because he had a studio there. There's also the historical Gunderson style 
homes in Oak Park which is a suburb of Chicago population 52,000. It's located in Cook County and 
it's one of the best places to live in Illinois rated. Living Oak Park offers residents an 
urban suburban mixed feel. Most residents own their own home in Oak Park and there are a lot of 
restaurants, coffee shops, and parks .In Oak Park the public schools in Oak Park are highly rated 
and the residents also tend to lean liberal. In Oak Park also has two CTA lines that run through 
Oak Park ,there is the Blue line as well as the Green line and the Metra, all great for 
commuting. And according to Niche.com, Oak Park is the number three best suburbs 
for young professionals in Illinois. In Oak Park here are some of the things that 
is known for it is known for Frank Lloyd Wright architect and he lived and designed several houses 
and buildings in Oak Park area. It was also the birthplace of Ernest Hemingway. 

Naperville

All right number one on my list would be Naperville, Illinois. Naperville is a city in Illinois population 
147,000. Naperville is located in DuPage County and it's rated one of the best places in Illinois 
to live living in. Naperville offers residents a dense suburban feel and most residents do 
own their own home in Naperville there's plenty of restaurants, coffee shops, and parks to enjoy. The residents in Naperville tend to have moderate political views and the public schools in neighborhood are highly rated. Some of the things that Naperville is known for would be the downtown Naperville Riverwalk which has lots of parks and sidewalks and bridges for people to enjoy, the top-rated schools, the Naperville Settlement which
is a area of historical buildings that people can pay to go into and check out. It's really great around the holidays and they decorate the buildings up and the DuPage Children's Museum is also located in Naperville and it is home to North Central College. 


Now that I've shared with you my top five Chicago Western Suburbs, it's easy to see 
why people are making a move to these communities. I'm Amy Pearson, realtor with @Properties, 
I provide local community and real estate information on the western suburbs

Tips for First Time Buyers! What should first time buyers look out for when buying a new Home?

Real Estate News

I’m going to give you my two tips that I always like to tell my buyers. There are two things you can’t change about that property that you’re thinking about buying. My name is Amy Pearson I am a realtor with @Properties, I am on the Lux Home Chicago team, we serve Chicago, downtown Chicago as well as the Naperville area, if you’re thinking about buying or selling please keep me a mind, I’d love to help you out.

My two tips I tell everyone that is a first-time buyer, which are the two things you can’t change about that property is location and the other one is the footprint. Okay, location I know you always hear location, location, location, but it’s 
true! If you find your perfect dream home and it’s 10 miles on the edge of town you can’t change that, it may be a perfect home but your commute may take longer, getting to the grocery store could take longer. Is that location going to fit your lifestyle for the next 5 to 10 years or however long you’re known that property? You need to keep that in 
mind because you can’t change location of that property.

The other thing you can’t change is the footprint. When i say footprint, I mean the square footage of the home so if you’re looking at a home that’s 2,500 square feet. You can’t change that footprint of your home unless maybe you buy a house and you do a addition later but really you’re working with 2,500 square feet. If you’re thinking of maybe growing your family or having additional pets is that footprint that you bought originally going to continue working for you for the next five to ten years? You need to think about if it will work for the lifetime that you own at home.  

Those are my two tips a first time buyers that you need to think about that you cannot change with that property when you buy it. Alright I’m Amy Pearson with @Pproperties please keep me in mind if you are thinking of buying or selling in the Chicago area.

 

Moving from Chicago to Naperville – Cost of Living in Chicago, IL VS Naperville, Illinois!

Real Estate News

I’m Amy Pearson with @properties. I am a realtor on the team Lux Home Chicago Chicago. And today I’m going to talk to you about the cost of living: Chicago versus Naperville, Illinois. If you’re thinking about making the move, I’ve done the research for you. So, you don’t have to do the research what the cost of living is. All right. So, I am Amy, realtor here, with @properties. I work with buyers, sellers, renters, as well as investors. I’d love to help you out. If you’re thinking about making a move to the Western suburbs or in the Chicago area, I work the downtown market as well. 

Here’s my research. This is 2021 numbers. It’s actually from June, 2021, according to numbeo.com. I did do the research. I didn’t just make these numbers up. All right. So, grocery prices in Naperville, Illinois are 19.4% lower than in Chicago, Illinois. So, your grocery bills would be a bit cheaper shopping in the burbs. All right. Restaurant prices in Naperville compared to Chicago are 5.48% lower than Chicago. 

grocery cart with item
Photo by Oleg Magni on Pexels.com

A meal, if you’re to get an inexpensive restaurant in Chicago, would be about $17. In Naperville, it would be $16. So, a little… A dollar difference. What about a gallon of milk? Okay. A gallon of milk… This is June, 2021 numbers again. A gallon milk in Chicago was $3.13, and in Naperville it was $2.77. So, 11% cheaper. All right. What about gas? My mom used to always, “Make sure you fill up your gas in the suburbs”. And there’s a reason why people always tell you to fill up in the suburbs, your gas in your car. Chicago, a gallon of gas is $3.03. This is June, 2021. And in April it was $2.63. 13% cheaper to fill up in Naperville than in the city.

Childcare costs. If you’re wondering, if you have a young child, what will your childcare cost be? For childcare for full-day preschool, this is preschool, monthly amount, if you were to live in Chicago would be $1,400ish. If you were to be in Naperville, childcare preschool full-day would be around $1,100. So, it’s about 22% less. All right. What about the cost of living difference for apartment living? We’ll just do some basics: one bedroom in the city center. In Chicago, a one bedroom average in the center of downtown Chicago would be about $1,800. And in Naperville a one bedroom in the city center would be $1,500. So, 18% cheaper to rent in Naperville versus Chicago. And then price per square foot. To buy an apartment in the city center of Chicago versus Naperville, per foot in Chicago, it is $443. And then in Naperville, price per square foot, it is $191. So, it’s 56% less to buy an apartment in the downtown area of Naperville versus Chicago.

Those are some stats I thought you might find interesting on the cost of living in Naperville versus Chicago. If you’re thinking about buying or selling or making that move out to the suburbs, I’d love to help you out. I’m Amy Pearson with @properties. Shoot me an email at Amy@atproperties.com if you have any questions. Take care.

Chicago Real Estate Market 2021 – Where to buy in 2021? Looking for a Buyer’s Market in Chicago?

Real Estate News, Uncategorized

I have gotten a few calls from people asking where should I buy now? I know the market is really hot but where would be a good place for an investment? Well, here is one of my tips for buying right now if you are looking for an investment property maybe, even a rental property. I have even gotten calls from people looking to buy a condo for their child that is going to start college in the fall.  

One market that you might want to think about is the Gold Coast in downtown Chicago. Why? Why are you thinking? Well there is an 11 months inventory. That’s right 11 months! Doesn’t mean a condo will be on the market for 11 
months, it just means if nothing new is added to the market, it would take 11 months for everything to sell. Compare it to a suburb, say Naperville it’s around one month inventory. Stuff is moving fast in the suburbs. Gold Coast it has 11 months inventory, it is a buyers market. So great place for an investor right now to look at is the Gold Coast!

Number 2 area that you can think about as an investment would be the South Loop area. The current month inventory for July 2021 is at 6 months. Technically 4 – 6 months is considered a balanced market. But it is at 6.1 
so it is ticking up there so South Loop is one to keep an eye on if you are thinking of buying an investment property.

Alright those are my 2 areas, tips for 2021 where you should think about buying an investment property. I’m Amy Pearson with @Properties, please keep me in mind if you are thinking about buying or selling

April Real Estate Newsletter

Real Estate News

34F4A833-9583-4BBF-9BDF-4CAD6BF13827Buyer’s Contingency 101

Buying a new home before yours is sold is tricky, but it’s not impossible. One way to do it is through a home sale contingency, where you make an offer on a home under the agreement that you will close only if your own home sells. When evaluating this option, here’s what buyers and sellers should consider.

To read the full newsletter including a Guide to Greening your Home, 31 Best Brunch Restaurants in Chicago and featured properties, click here .

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com