Real Estate Market

In The Loop: Real Estate Chicago Style

October 2014 Market Update

You may be asking if now is a good time to be looking to buy a home before 2015. Experts predict home prices will continue to rise in 2015. Therefore, it is definitely a good time to be buying with prices continuing to climb. Here are some other considerations about housing hunting during the holidays…

  • Lower seasonal prices are likely before the anticipated increases in 2015. Many homes on the market during the holidays are being offered because the sellers are being transferred. January is a high workplace transfer month. Transferees are trying to sell their homes during the holidays because they feel they have to.
     
  • Less competition among buyers is common because many are concentrating on holiday activities. If they don’t have to move for some reason they tend to wait until after the year-end holidays. That means fewer competing offers and less likelihood of bidding wars.
     
  • Seller anxiety begins to set in during the holidays. That means potentially better deals can be had. Sellers who need to move get more willing to bargain during the holidays because there is less demand from buyers.

Take a look at October’s real estate sales statistics.

October 2014 Real Estate Market Update

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in Oct 2014 decreased 11.6% for the month compared to Oct 2013. The average selling price increased by 22.5% to $838,795 and the average market time increased by51 days. Homes sold for 97% of the listed price.

Neighborhoods included in these statistics are: Avondale, Albany Park, Edgewater, Irving Park, Lakeview, Lincoln Park, Lincoln Square, Logan Square, Loop, Near North Side, Near South Side, Near West Side, North Park, North Center, Rogers Park, Uptown, West Ridge, West Town.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Oct 2014

160

$838,795

97%

96

Oct 2013

181

$684,186

96%

51

 

Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in Oct 2014 decreased by 11.6% for the month when compared to Oct 2013. The average selling price increased 7.5% to $403,613 and the average market time increased by 4 days. Homes sold for 98% of the listed price.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Oct 2014

989

$403,613

96%

71

Oct 2013

1,119

$375,301

98%

67

 

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in Oct 2014 increased by 3.1% from Oct 2013. The average selling price increased 8.0% from Oct 2013 prices, and the average market time decreased by 19 days. Homes sold for 96% of the listed price.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

Oct 2014

92

$480,183

96%

61

Oct 2013

95

$444,501

99%

80

 

Curious about the value of your home? Get your home's value here!

5 home design tips on layering

faucetDesigners are often drawn to a simple, modern look - however, layering unique patterns and textures in the home is a quickly growing trend. Keep your space harmonized, yet distinct, with the tips outlined below.

Fancy frames.

An empty wall holds endless potential. If the room is small, expand your space with a mirror collage featuring a variety of shapes and varnishes. Is your heart set on a colorful patterned wallpaper? Showcase your favorite print in a large frame for a beautiful living room backdrop to avoid feeling overwhelmed. Art fans should collect a variety of frames in different finishes and styles to create a "living room gallery" featuring a beautiful art display.

Transitional design.

For a distinct kitchen environment, combine the artisan feel of the early 20 Century with sophisticated technology. The kitchen is the perfect setting to feature products that tout high-design and innovative technology.

Pillow patterns.

Choosing pillows isn't always easy. While it's fun to mix and match, certain textures complement each other better than others. For example, linens and wool tend to look better with woven fabrics while shiny and matte fabrics are best kept separate. Mixing contrasting textures such as silk and corduroy calls for a strong sense of design confidence - but it can be done.

Rugs on rugs.

Layering is a design tactic that fashion and interior designers use to make a statement. Start with a flat, neutral rug as your foundation and add a smaller, accent rug on top. Investing in a large rug with a subdued color is smart, but have fun with the accent rug. Whether cowhide or a geometric print - choose a similar color scheme and play with the positioning by placing the top rug at a purposeful angle.

Old, renewed. When thinking about your space, it's important to remember that design inspiration can be found anywhere. Look for antique candle holders or paperweights. Check out antique shops or thrift stores for hidden treasures. When traveling, visit flea markets and local art fairs. Transform an old object like a rustic slab of wood into a glossy countertop for your kitchen island. No matter where you travel, keep an eye out for timeworn treasures for your home.

Layering textures and patterns, combining modern with rustic - blending home design can result in a truly transformative space that captures your individual style. (BPT)

Holiday shopping? Scammers hope you'll send them money for online purchases

computerThis holiday season, will you be one of the 197 million Americans to shop online, according to eMarketer? Holiday shoppers will go online to buy everything from gift cards to cars, flat screen TVs to smartphones. And at least some of them will have their holiday spirit dampened by scammers who use a variety of schemes to convince victims to send money for a bogus purchase.

"The holiday shopping season is an opportunity for scammers," says Dan Marostica, vice president of fraud risk management of Western Union, a leading money transfer company. "In the hustle and bustle of the holidays, con artists are counting on Americans' desire for a good deal to help them cheat holiday shoppers out of their hard-earned money."

Scammers attempt to contact consumers on a variety of online venues, from popular auction and free-ad websites to social media and even pop-up ads. Some scenarios hinge on one tactic - convincing the buyer to send money to the scammer via money transfer.

"Criminals may purport to be selling an item privately and claim they can only accept a money transfer," Marostica says. "Or they may be offering something for 'free' like a puppy, simply asking the buyer to send a money transfer to pay for shipping. These cheats know that once a money transfer is paid it is difficult for the victims to get their money back from the seller.

As the holidays approach, follow these tips to avoid becoming a victim of an online purchase scam:

  • Never pay for an online purchase by sending a money transfer to an individual.
  • When shopping online, stick to established, reputable retail sites or auction sites that have clearly defined policies for how they will help settle a dispute between buyers and sellers.
  • Look for visual cues that a website is secure, such as a URL address that begins with "https" or a lock symbol on the lower part of the page. These signs indicate a website has taken security measures.
  • If you can't find a company's physical address and customer service phone number on its website, consider doing business elsewhere.
  • Be wary of private sellers offering goods at extremely low prices, or those who require you to pay by money transfer. Don't believe a seller who claims your money transfer will be held in escrow - Western Union does not offer an escrow service - or one who suggests you put the money transfer in a friend's name for security purposes changing it after you receive the goods. Once the criminal has your friend's name, he or she may be able to pick up the money transfer.

"Money transfer is a great way to send money to family and friends for the holidays, but you should never use it when dealing with someone you haven't met in person," Marostica says. "And you should never send a money transfer to pay for goods or services from an individual on the Internet.

To learn more about fraud prevention, visit www.westernunion.com/stopfraud. (BPT)
 

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