Chicago is showing a median homes sales price of $176,400 compared to the U.S of $166, 367. It is always great when we see our home town holding up in a down economy. Prices are still down from a year ago but the trend is improving. The chart below will give you a good idea of where we are at in 2010.

State home sales from 2008 through 2009 saw a continuous lose and in 2010 there was a significant gain in the state of Illinois homes sale showing that sales are much stronger than a year ago. The growth for home sales is moving up slowly.

The Prime Foreclosures and delinquency in process for Chicago remains leveled off with the United States. Just remember that we are not at the end of short sales and foreclosures effecting the current market.

Below is a detailed report that goes over Today’s Market…

Drivers of Local Supply and Demand…
Local Economic Outlook…
Share of Total Employment by Industry…
Construction: 12-month Sum of Local Housing Permits…
Affordability of getting a loan…
The Mortgage Market…

Click Here to View the Full Market Report

As a real estate professional, I take pride in providing you with information that may help you make a decision whether you are buying or selling a home in the Chicago Land Area.
If you are looking for a Chicago real estate agent, look no further, I can help you find your dream home. Contact me, Marina Jacobson at 847-510-5009 or you can email me at Marina@marinajacobsonhomes.com. Please visit my website MarinaJacobsonHomes.com for more information about your Chicago Land Neighborhood.

Chicago home sales jump 32% in May

It is great news to deliver to home sellers who want to list their home. We know that the home tax credit drove buyers out into the market as well as the low price tags on short sales and foreclosures. It is no surprise that I can report this based on the perks we have seen in the market. This idea that home sales continue to drive forward after the tax credit is wonderful for everyone. We are seeing the market recover in the number of sales.

Median home sale prices remain steady from this time last year but the high end homes are the harder sale, as buyers know they have their choice of homes, and more money equals more buying power. Although we see home sale prices remain lower then 2 years ago, this is great news for both buyers and seller; Chicagoland Homes Are Selling!

According to the Illinois Association of Real Estate, Crain’s has reported the following information. As a Northern Illinois Realtor I feel it is important for you to see the numbers of homes that are selling and keep you informed on the Real Estate market. Working with a professional who knows the market is what can set your home aside from the rest when selling or get you the dream home that you have always wanted to buy.

(Crain’s) — More homes were sold in Chicago in May than a year earlier, marking the ninth month in a row of year-over-year gains.

The Illinois Assn. of Realtors reported Tuesday that last month’s sales of 2,057 single-family houses and condominiums represented a 32.1% increase from May 2009 sales. The median price also rose, up 2.2% to $230,000, from the same month last year.
The city’s May sales uptick was also seen in the greater Chicago area, where 33.6% more homes were sold. The median price for those homes, however, fell, down 4.8% to $190,500.

Illinois home sales were up 27.1%. The median price of the 11,638 homes sold statewide last month was $157,00, a slight increase from the $156,000 median of May 2009.

The National Assn. of Realtors said Midwest home sales remained strong in May as the homebuyers tax credit drove sales nearly 22% higher than in May 2009. The credit called for offers to be made by April 30.

The data released Tuesday show 130,000 sales in the 11-state Midwest region in May. The median home price increased more than 2%, to $150,700.

Midwest sales again rose more than national ones. Nonseasonally adjusted figures show May home sales nationwide increased about 18% over last year.

The Associated Press-Re/Max Monthly Housing Report, which also was released Tuesday, showed home sales increasing in all but one of 12 major Midwestern cities tracked. Fargo, N.D., led the region with a 66% sales jump. Detroit reported the only sales decrease, a 15% drop.

Are You Looking to Buy or Sell Your Northern Illinois Home?

If you are looking to buy or sell a home in Northern Illinois or you have any real estate related questions please feel free to contact me, Marina Jacobson at 847-510-5009 or email me at Marina@MarinaJacobsonHomes.com. Visit my website at www.MarinaJacobsonHomes.com for current real estate information. Click Here to Search The MLS Listings for FREE

CHICAGOLAND REAL ESTATE MARKET JANUARY – APRIL 2010

In the first four months of 2010, the Chicagoland real estate market showed significant improvement over last year with gains in the number of homes sold and other key real estate metrics. More than 5.7 billion dollars of homes were sold throughout the region with an average MLS sale price of $227,708, which is very near the average sale price one year ago.

MARKET VELOCITY COMPARED TO 2009

The market continues to absorb inventory, with the numbers of months’ supply dipping well below nine months in April, after climbing above twenty months at the beginning of last year. The number of homes for sale in April increased slightly from the previous month, while the average market time continues to shorten. The number of units sold was 43 percent above April 2009, with a corresponding 49 percent increase in dollar volume.

The positive trend is likely to continue, as the number of contracts remains strong. In April, pending sales reached their highest point in two years, with written business nearly double that of April 2009.

MORTGAGE UPDATE – RATES REMAIN NEAR 5%

Rates for 30 year fixed loans stayed near five percent throughout the month of April briefly increasing to 5.21 percent, then declining for three weeks to 5.00 percent for the week ending 5/6/2010. Attractive loan rates continue to be a strong factor for both move-up and new buyers, along with increased affordability and a wide selection of homes.

KOENIG & STREY

There is a tremendous amount of activity at Koenig & Strey Real Living. We are launching our new branding and identity while doing an exceptional volume of business. With a 66 percent increase in the number of homes sold in 2010, we are performing well above the 40 percent increase in the rest of the Chicagoland market.

If you are looking to buy or sell your Chicagoland Home, look no further. Marina Jacobson of Koenig & Strey can help you with all of your Real Estate needs. We use inovative marketing online to find you your dream home and when listing your home we make sure you home is on top of the market. Call me, Marina Jacobson 847-510-5009 or email me Marina@MarinaJacobsonHomes.com for more information on buyer or seller a Chicagoland Home. Visit MarinaJacobsonHomes.com for all of your Real Estate needs.

Waiting doesn’t always pay off – interest rates may rise while you are waiting for home prices to go down even lower. It’s a buyer’s market in most areas, and rates are historically low. Below is an example of the difference in monthly payment if interest rates rise 1%.

In addition, purchasing power goes down as interest rates go up. If interest rates rise by 1% – and you want to maintain a monthly principle and interest payment near the one shown above at the lower interest rate – your purchasing power would be reduced by over 10%, from a sales price of $300,000 to $269,645.

The payment amount provided does not include homeowners insurance or property taxes which must be paid in addition to your loan. Your actual payment may be higher. Your loan’s interest rate will depend upon the specific characteristics of the loan transaction and your credit profile up to the time of closing. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR.

Talk to me about your financial needs and goals. Why wait when you could be taking action! Now may be a great time to purchase a home! My expertise in home buying can help you when looking for your dream home. If you are looking to buy a home in Glenview, Northbrook, Morton Grove or Chicago call me, Marina Jacobson at 847-510-5009 or email me Marina@MarinaJacobsonHomes.com. To search the MLS for FREE visit my website at MarinaJacobsonHomes.com.

Homes Sold in Northbrook IL

Home Sales Report in Glenview IL.

Glenview, Morton Grove and Northbrook.
HAFA is Underway!

Real Estate Facts in Glenview, IL

The Obama administration has announced that it is revamping its foreclosure-prevention efforts. Here is how the changes may affect you right here in Glenview, Northbrook and the surrounding areas

Here’s a good guide.

Glenview, Northbrook, Morton Grove Foreclosure Changes