Real Estate Market

In The Loop: Real Estate Chicago Style

Positive About Real Estate

Zillow’s new survey-based index gauging consumer sentiment about housing markets and homeownership indicates that more U.S. consumers feel positive about real estate market than not.

All households had a real estate confidence index of 63.7, according to the telephone-based survey of 10,000 consumers conducted by Pulsenomics LLC on behalf of Zillow. The Zillow Housing Confidence Index ranges from 0 to 100 with marks above 50 indicating positive sentiment.

The index includes a “Homeownership Aspiration” component that measures renters’ attitudes and likelihood of pursuing homeownership. Nationwide, renters had an aspiration index of 59.3, indicating that more renters than not aspire to be homeowners.

In addition, 10 percent of current renters nationwide said they plan to purchase a home within the next 12 months.

Zillow estimates that 4.2 million first-time homebuyers would flood the market if all renters purchase a home who indicated that they’d like to in the next 12 months.

Take a look at sales figures in our local real estate market for February 2014.

Chicago Real Estate Sales – Detached Single Homes

The number of Chicago detached single homes selling in February 2014 decreased 22% for the month compared to February 2013. The average selling price increased by 20% to $ 739,541 and the average market time decreased by 9 days. 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

February 2014

77

$ 739,541

95%

116

February 2013

99

$ 594,897

94%

125

 

Chicago Real Estate Sales – Attached Single Homes

The number of Chicago attached single homes selling in February 2014 decreased by 1% for the month when compared to February 2013. The average selling price increased 18% to $ 389,241 and the average market time decreased by 25 days.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

February 2014

607

$ 389,241

97%

93

February 2013

611

$ 320,532

96%

118

 

Chicago Real Estate Sales – 2-4 Flats

The number of Chicago multi-family properties selling in February 2014 increased 14% from February 2013. The average selling price increased 8% from February 2013 prices, and the average market time decreased by 7 days.
 

Date

Sold Listings

Average Sold Price

SP:LP

Average Market Time

February 2014

71

$ 430,341

97%

127

February 2013

61

$ 394,116

98%

120

 

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

Valuable Remodeling Projects

cost vs valueWhen it comes to remodeling your home, exterior replacement projects continue to offer homeowners the biggest bang for their buck. That’s according to this year’s Cost vs. Value Report, which compares construction costs with resale value for 35 remodeling projects in 100 markets across the country.

Realtors® rated exterior projects, such as entry door, siding and window replacements, among the projects expected to recoup the most upon resale. These types of projects are essential to home maintenance and generally inexpensive. The added bonus is they enhance curb appeal, which is crucial to attracting buyers.

The report also estimated the national average cost-value ratio (resale value as a percentage of construction cost) at 66.1 percent, a jump of 5.5 points over last year and the largest increase since 2005. For the second consecutive year, the value of remodeling has increased for all projects in the survey.

Click here to learn the Cost vs Value of your remodeling project.

New Tax Bracket For Higher Income Households

A new tax bracket was introduced in 2013 which influences long-term capital gains, additional Medicare payroll tax, Pease limitations and the Medicare surtax on unearned income.

The video below explains some important items you need to consider when you prepare your 2013 tax return.
 

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