June Chicago Real Estate Newsletter

Real Estate News

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Quick and Inexpensive Fixes for a Good Showing 

Getting your home ready for market doesn’t necessarily have to break the bank. Here are some inexpensive and easy improvements to make your home more enticing to potential buyers.

To read the full newsletter including information on Chicago’s best beaches and featured properties, click here .

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com

Cook County Property Taxes Getting too High?

Real Estate News
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Photo by Pixabay on Pexels.com

Every year it seems as though your Cook County property taxes keep getting higher and higher each year.  When you first bought your condo or home, the property taxes may have been lower and easier to manage but after time your property taxes may have climbed much higher over the years.

You may be thinking there is nothing that I can do about the increase amount in my property taxes. Or that if I were to appeal my taxes, it would be too difficult to navigate.  Appealmytaxes is a company that can help you with the process of appealing your Cook County property taxes.  The best thing about this company is that there is also no cost to you if you do not receive a reduction in your property taxes.

 

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com

 

 

April Real Estate Market Report for West Town & Chicago

Real Estate News

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The April real estate market was heating up in West Town along the the warm weather finally arriving in Chicago.  New listings in the West Town neighborhood increased 2.6% for detached homes and increased 14.6% for attached properties. Listings under contract decreased 3.1% for detached homes and increased 2.3% for attached properties.

The median sales price in West Town was $897,550 for detached homes and $456,000 for attached properties. Months supply of inventory for detached units is at 4.9 months and 2 months supply for attached units.

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Chicago Real Estate Report

New listings in the City of Chicago were down 22.5% for detached homes and down 44% for attached properties. Listings under contract decreased 35% for detached homes and decreased 45% for attached properties.

The Median Sales Price in the City of Chicago was $159,900 for detached homes and were $89,250 for attached properties. Months Supply of Inventory is 1.6 months for detached units and .7 months for attached units.

There still continues to be very low inventory in Chicago.  For sellers, this means it’s a great time to sell and for buyers they need to act quickly if they find a property that they love since there is a low supply of condos and houses. For buyers in the West Town neighborhood, there growing amount of inventory because the single family home supply is near 5 months.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com

How Much Has Your Home Increased in Value Over the Last Year?

Real Estate News

How Much Has Your Home Increased in Value Over the Last Year? | Keeping Current Matters

Home values have risen dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices have increased by 6.7% year-over-year.

CoreLogic broke down appreciation even further into four price ranges, giving us a more detailed view than if we had simply looked at the year-over-year increases in national median home price.

The chart below shows the four price ranges from the report, as well as each one’s year-over-year growth from February 2017 to February 2018 (the latest data available).

How Much Has Your Home Increased in Value Over the Last Year? | Keeping Current Matters

It is important to pay attention to how prices are changing in your local market. The location of your home is not the only factor that determines how much your home has appreciated over the course of the last year.

Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.

Bottom Line

If you are planning to list your home for sale in today’s market, find a local agent who can explain exactly what’s going on in your area and your price range.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

New Greek Restaurant at SixO6 Cafe Bar

Local Business, Neighborhood News

I have been wanting to try out the Six06 Cafe Bar for awhile now.  I finally ate at this place last weekend and it did not disappoint.  The restaurant has Greek food but, it also has a coffee bar in the morning for the local commuters to enjoy. They do have a rooftop area as well but, the rooftop space has not officially opened yet.

I order the hummus and pitas chips for an appetizer and it was so creamy that it tasted homemade. Our waitress even brought out more pita chips that were warm from the kitchen after we finished most of the chips that came with the dish.

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For our main course, we asked the server for her favorite recommendations and her recommendations we excellent choices! We decided to order the Six06 Burger which had gouda, topped with caramelized onions and a feta sauce.  When I ate the burger, all I could think of was that is tasted like a Greek style burger.  The burger had a unique flavor that made it stand out from the usually burger you would get at most restaurants in the area. The french fries that came with the dish were seasoned with Greek spices which made it hard to stop eating them because they were so good!

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The other main dish that I shared, was the Chicken Pita which was the server’s other recommendation.  The Chicken Pita dish had a mustard sauce on it along with cucumbers, tomatoes and onions.  This dish felt similar to a chicken kabob in a pita sandwich. Out of the three different options that I tried from their menu, my favorite was the Chicken Pita.

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I definitely would recommend that you should try this new Greek restaurant located on Chicago Avenue in the West Town neighborhood of Chicago. I can’t wait when the rooftop to open up this summer and to try out some more tasty Greek dishes!

Six06 Cafe Bar – 1641 W Chicago Ave, Chicago, IL 60622

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

 

What If I Wait Until Next Year to Buy a Home?

Real Estate News

What If I Wait Until Next Year to Buy a Home? | Keeping Current Matters

We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have remained historically low which has allowed many buyers to enter the market.

As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.

The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 5.2% over the next 12 months.

What Does This Mean as a Buyer?

If home prices appreciate by 5.2% over the next twelve months as predicted by CoreLogic, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

What If I Wait Until Next Year to Buy a Home? | Keeping Current Matters

Bottom Line

If buying a home is in your plan for this year, doing it sooner rather than later could save you thousands of dollars over the terms of your loan.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

May Real Estate Newsletter

Real Estate News

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Offering your abode for short-term rentals can be appealing if you want to earn extra income and have someone in the home while you’re away. Just talk to me first if you’re unsure whether your condo or homeowner’s association allows it and to find out whether your city or town has any restrictions.

To read the full newsletter including tips on gardening and featured properties, click here .

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com

Bonci Pizza – New Location in Wicker Park

Local Business

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I had been hearing a lot about Bonic pizza that opened in the West Loop and I haven’t had a chance to make it there yet.  Lucky for me, Bonci recently opened a second Chicago location in Wicker Park. Bonci serves Roman-style Pizza which is different than the wood fired pizza traditionally associated with Italy. They serve a variety of one of a kind pizzas including meat and vegetarian options.

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When you order your pizza choice at the counter, my advice is to order a few different pizzas and to share with a friend. The Bonci employee will ask how large of a piece you want for each of your pizza selections.  If you are curious about trying out a new and different pizza, you can be conservative and get a smaller piece.  I ended trying a few different pizzas and I even tried the Roman-inspired rice and pasta balls stuffed with cheeses and meats. When your pizza is ready, it will be served cut into small pieces which is perfect for sharing. My favorite pizza was a tie between the Pear and Gorgonzola cheese pizza and the Caramelized Onion pizza. I would definitely recommend Bonci to anyone who loves pizza!

Bonci – 1566 N Damen Ave, Chicago, IL 60622

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

 

Fun Night Out at Royal Palms Shuffleboard Club

Local Business, Neighborhood News

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I recently got to try out my shuffleboard skills at Royal Palms Shuffleboard Club located in Wicker Park , and it was definitely a fun night to experience with a group of friends! I have only played shuffleboard a handful of times and every time had been in Florida which was the same skill level as many of my friends. We also didn’t know the rules or how to play the game but, lucky for us there was a staff person from Royal Palms that explained the game to us and proper shuffleboard etiquette.

I had a fun time trying to play the game that is mostly known for being played in the state of Florida.  There also was over-sized Jenga and Connect Four games to play while you are waiting to play shuffleboard.  Courts are rented on a first come, first served basis and courts a $40 an hour or you can reserve a cabana ahead of time. Unfortunately, they do not serve food but, they feature a different food truck every single night. There is a schedule of the food trucks that will be serving food at Royal Palms that can be found on their website. The night I was there,  the 5411 Empanada Truck was dishing out food and the empanadas were tasty!  I highly  recommend stopping by Royal Palms Shuffleboard Club if you are looking for something unique and different to do with friends!

Royal Palms Shuffleboard Club – 1750 N Milwaukee Ave, Chicago, IL 60647

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

Amy.pearson@bairdwarner.com

 

 

 

 

 

 

Buying a Home Is Cheaper Than Renting in the Majority of the US

Real Estate News

Buying a Home Is Cheaper Than Renting in the Majority of the US | Keeping Current Matters

The results of the 2018 Rental Affordability Report from ATTOM show that buying a median-priced home is more affordable than renting a three-bedroom property in 54% of U.S. counties analyzed for the report.

The updated numbers show that renting a three-bedroom property in the United States requires an average of 38.8% of income.

The least affordable market for renting was Marin County, CA, just over the Golden Gate Bridge from San Francisco, where renters spend a staggering 79.5% of average wages on rent, while the most affordable market was Madison County, AL where 22.3% of average wages went to rent.

Other interesting findings in the report include:

  • Average rent rose faster than income in 60% of counties
  • Average rent rose faster than median home prices in 41% of counties
  • While median home prices rose faster than average rents in 58% of counties

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, meet with a local real estate professional who can help you find your dream home.

Amy Pearson

Real Estate Broker

Baird & Warner – Gold Coast

amy.pearson@bairdwarner.com