In the Chicagoland Primary Metropolitan Statistical Area (PMSA), home sales including single-family homes and condominiums totaled 5,453 in November 2011. That’s up 20.7 percent from homes sold in November 2010. Continue reading
ManyCookCountyproperty tax bills came out in October, and while Chicago and suburban landowners assume their property values have sunk, it may not translate to lower tax bills.
Countywide, property owners will collectively pay a 2.68 percent increase — a rise of more than $300 million — in property taxes this year.
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In October, Cook County property taxpayers received their 2010 2nd installment tax bills, due November 1. For some homeowners and business owners, those bills caused “sticker shock.” Increased tax bills may not only impact the taxpayers directly, but may indirectly impact the real estate business. Property taxes may change the likelihood of properties selling or transacting. As a real estate professional, there are things you can do to advise your clients on lowering their tax bills and keeping their properties affordable and marketable.
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Market Snapshot
In the Chicagoland Primary Metropolitan Statistical Area (PMSA), September 2011 home sales, including single-family homes and condos, tallied 6,035. That’s up 13.3 percent from September 2010.
The median home price in the Chicagoland PMSA for September 2011 was Continue reading
U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.
The good news? Two key measures now suggest it’s an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). Continue reading
For Sale By Owner (FSBO) Statistics
FSBOs accounted for 9% of home sales in 2010. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales. Continue reading
People often ask me what the difference is between a short sale and foreclosure. This is a simplified explanation.
A short sale typically occurs when an owner can’t afford his or her mortgage payments or needs to sell the property for some other reason but the value of the property is less than the owner owns on his mortgage. The lender or bank holding the mortgage allows the Continue reading