Chicago Real Estate Blog

Increase in Existing Home Sales Surprises Economists

The latest report from the National Association of Realtors (NAR) revealed that February home sales for existing properties rose from the previous month by 2.9% countrywide. The slight jump was a surprise to economists who believed February’s national home sales volume would decrease from January’s numbers. In Chicago, median condo sale prices were up 10% from February of 2007.

Posted at 09:13AM Mar 27, 2008 by Kate Hoffman in General  |  Comments[0]

Rent-to-Own Homes – No Nest Egg Needed

A new construction condominium development in United Center Park is offering Chicago home buyers a rare rent-to-own option that gives purchasers time to save up for a down payment while living in their new home. The rent-to-own deal is offered through Dream Town Realty (details are available by contacting Ken Monarrez at 312-543-8256 or kmonarrez@dreamtown.com). This type of financing opportunity is still fairly uncommon in the Chicago housing market, but it comes at a time when the home buyers are in need of a new alternative to achieve their home ownership dreams.

Posted at 09:15AM Mar 25, 2008 by Kate Hoffman in General  |  Comments[0]

Baby Boomers Inspiring New Type of Home Design

Much of the Chicago housing market focuses on young couples, first-time buyers and families… However, there’s a huge demographic group out there that outnumbers other consumer groups, and their age is inspiring residential builders to design specialized homes.

Posted at 09:15AM Mar 24, 2008 by Kate Hoffman in General  |  Comments[0]

Fed Cuts Rates – How Will it Affect Home Mortgages?

The Federal Reserve cut interest rates again this week (by 0.75% this time) – so what does that mean for your home loan rates? Well, it may actually cause fixed rate mortgages to go up, but if you have an adjustable rate mortgage (ARM) you might see lowered loan rates as a result of the series of Fed cuts that began in September of 2007.

Posted at 01:23PM Mar 20, 2008 by Yuval Degani in General  |  Comments[0]

Chicago Real Estate Transfer Tax Hike Will be Paid by Seller

Buyers can relax as sellers pick up the tab on the new real estate transfer tax increase that will take effect at the beginning of next month. A previous decision that would require home buyers to cover the cost of the April 1st tax hike was overturned in a unanimous vote by Chicago City Council yesterday. A proposal to shift the additional tax ($3 per $1,000 of the sale price) to the seller was approved on Wednesday, 49-0.

Posted at 05:12PM Mar 13, 2008 by Kate Hoffman in General  |  Comments[0]

Real Estate Transfer Tax Increase Could Be Transferred to Sellers

In early February, City Council approved a 40% real estate transfer tax increase that raised the amount Chicago buyers would pay on their new home from $7.50 per $1,000 to $10.50 per $1,000 of the purchase price. That means a $350,000 property would require the buyer to pay another $1,050 in taxes once the new initiative goes into effect on April 1st. That is, until the City Council Finance Committee decided this week to go forward with a proposal that would make the home seller responsible for the additional $3 per $1,000, instead of tacking it on to what the buyer already pays in transfer taxes.

Posted at 09:11AM Mar 12, 2008 by Kate Hoffman in General  |  Comments[0]

Green Exchange is Chicago’s One-Stop Green Shop

When complete, Green Exchange will be the biggest shopping center of its kind in the U.S. and the first retail project intended exclusively for green businesses in the Midwest.

Posted at 03:28PM Mar 10, 2008 by Kate Hoffman in General  |  Comments[0]

Earth Hour Spreads to Chicago

Green living is important to Chicagoans. It’s a value that is growing in popularity by the minute. The mounting interest and support for “going green” has surfaced in rising numbers of Chicagoland events, expos and fairs centered around energy conservation and other approaches to maintaining a green existence. Earth Hour is a cool upcoming event that inspires us to take action against the effects of global warming by simply switching off the lights for 60 minutes.

Posted at 01:25PM Mar 04, 2008 by Kate Hoffman in General  |  Comments[0]