December Real Estate Market Report for West Town & Chicago

Neighborhood News, Real Estate News, Uncategorized

IMG_1793.jpg

The temperatures may have been cold in Chicago lately but, the real estate market is heating up in West Town.  New Listings in the West Town neighborhood increased 9.2% for detached homes and increased 15.8% for attached properties. Listings Under Contract decreased 2.2% for detached homes and increased 3.8% for attached properties.

The Median Sales Price in West Town was increased 13.3% to $940,000 for detached homes and increased 5.9% to $450,000 for attached properties. Months Supply of Inventory for detached units is at months and 2.3  months supply for attached units.

Chicago Real Estate Report

New Listings in the City of Chicago were up 4.4% for detached homes and up 7% for attached properties. Listings Under Contract increased 3.9% for detached homes and increased .4% for attached properties.

The Median Sales Price was up 4.5% to $229,900 for detached homes and were up 3.2%  to $320,000 for attached properties. Months Supply of Inventory is 4 months for detached units and 3 months for attached units.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

Affordable Properties in West Town

Uncategorized

Everyone keeps talking about how there is a low inventory and prices are going to keep going up.  I thought I would feature three properties that are priced at more affordable prices in the West Town area.  The following properties are great for first time buyers or if you are interested in a rental income property.

1 Bedroom Condo in Humboldt Park

photo0 (7)

2735 W Le Moyne St Unit B, Chicago, IL 60622 listed at $114,000

Humboldt Park Gem! 1 Bedroom Convertible / 1 Bath Condo Conversion. Hardwood Floors, Spacious Kitchen, Granite Counters, Large Bath with Separate Jacuzzi Tub and Shower. High Ceilings. Laundry In Unit. Steps away from beautiful Humboldt Park, shops, restaurants and transportation. Bring your buyers and investors, unit can be rented.

 

 2 Bedroom Condo in Humboldt Park

photo0 (5)

1456 N Fairfield Ave Unit B, Chicago, IL 60651 listed at $144,900

Spacious 2 Bedroom, 1 Bath Condo, steps to the Park. All the upgrades typically found in Higher Price Unit.  Granite counter tops, Hardwood floors throughout, Stainless Steel Appliances, Laundry in Bldg.  This unit can be owner occupied or rented out for an investor. Cheaper than renting in the heart of Humboldt Park! This is an awesome opportunity for a first time buyer or your smart investor.

 

Great 3 Bedroom Condo in West Town

photo0

2751 W Augusta Blvd Unit 2, Chicago, IL 60622 listed for $321,900

Location Location Location!! This West Town Condo is near it all – restaurants, shopping and public transportation! Beautifully updated 3 bedroom – 3 full bath condo in the heart of the city has upgrades galore. Gated entryway into a quaint courtyard area with paver brick patio. Recently refinished hardwood floors throughout most of the condo – Large family room with stunning gas fireplace – vaulted ceilings and a wall of windows makes the room light and bright. Eat-In kitchen has 42” cabinets with crown molding – granite counter tops with plenty of cabinet and counter space – stainless steel appliances and the finishing touch a gorgeous stone tile back-splash – 3 full bathrooms all updated and have granite counter tops as well. Huge deck perfect for grilling and entertaining. Condo was freshly painted and new carpet in the bedrooms.

As you can see, there are still a few deals that are out there in the West Town area of Chicago.  If you are a buyer and you are interested in viewing one of these properties, please contact me today for a showing at amy.pearson@bairdwarner.com.

 

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Mortgage Interest Rates Are Going Up… Should I Wait to Buy

Real Estate News, Uncategorized

Mortgage Interest Rates Are Going Up… Should I Wait to Buy? | Keeping Current Matters

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeksFreddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates Are Going Up… Should I Wait to Buy? | Keeping Current Matters

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

Lack of Existing Home Inventory

Uncategorized

20170922-EHS-Report-KCM

Some Highlights:

  • The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
  • First-time homebuyers made up 31% of all sales in August.
  • Homes are selling quickly with 51% of homes on the market for less than a month.
  • A limited supply continues to drive up prices for the 66th consecutive month.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com