US Home Prices At Record High

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Posted by Park Ridge Real Estate | Posted in Market Stats, Uncategorized | Posted on 28-07-2017

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US Home prices topped a new high in May for the 6th month in a row.  The Standard & Poor’s Core Logic national home price index went up 5.6% in May from their latest report.  We have officially passed the peak from July 2006 by 3.2%.

Seattle. Portland and San Francisco are accountable for much of the increase as there are more rental properties than single family occupancy.  The national average is 64% of owner-occupied homes – San Fran is at 36%, Seattle is at 46% and Portland is at 52%, far below the national average.

For now, it’s still a seller’s market – home are selling within 60 days and many areas are seeing multiple offers.  Quite the change from 10 years ago…

When it rains…….IT POURS! Planning for extreme weather in Park Ridge

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Uncategorized, Weather | Posted on 24-07-2017

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Wow, that was some storm that rolled through Park Ridge and the surrounding areas last week.  Itasca, Medinah, Schaumburg were hit especially hard as well as out west.  North of us is like a disaster zone – Mundelein, McHenry, Crystal Lake, Wauconda and the surrounding areas are still digging out from the downpour.

Rain and wind totals from the storm are jaw-dropping. Nearly 7 inches of rain fell near Bartlett and Itasca was hit with a microburst with winds hitting 70-80 mph. That’s scary!  All you can do is hunker down and wait for the storm to pass.  That being said, having a contingency plan is critical for the extreme weather that is prone to hit anytime, anywhere in the Chicagoland area.

One of the greatest investments one can make is to buy a generator.  Power outages are inevitable and when that happens, there goes the ability to pump water out of your basement.  Having back-up power for your sump pump will provide much needed mental relief when storms hit.  I don’t know too many people that haven’t been affected by our weather.  Besides being able to keep your sump pump running, at least you’ll have lights, can keep your fridge running and fans when it’s hot.  Take my word for it, it’s the best $300-$400 you’ll spend.

When storms pound our area, that’s when you find out very quickly if your home has any leaks.  Hopefully, you’re not bailing with buckets when they hit, but extreme storms have a tendency to expose vulnerabilities that weren’t obvious to homeowners.  It’s hard to plan for a storm like that – thankfully, it’s just water damage and felled trees that affected the suburbs.  Fences were knocked down, basements flooded, roads are closed and bridges are out but no one was seriously hurt to my knowledge.

There are products on the market that will keep valuables and precious momentos off the basement floor if/when flooding occurs.  It’s critical to keep photos, books, and keepsakes off the floor in your basement – some things are not replaceable.

Stay safe and all the best to those that were hit hardest by this 200 year storm.

Home Sales & Prices Going Up

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Posted by Park Ridge Real Estate | Posted in Uncategorized | Posted on 16-05-2017

Logo of the National Association of Realtors.

Logo of the National Association of Realtors. (Photo credit: Wikipedia)

Good news – Home sales are up!  The other side of that is; Prices are Up!

The most-recent report released by The National Association of REALTORS® tells us that 5.62 million homes were sold in the first quarter of 2017. Also in the report, the national median home price is up 6.9% from last year’s report.  Demand is strong as mortgage rates are still relatively low and inventory is short.

Across the country, here are the highest of the highs and the lowest of the lows with regards to median home price:

Cumberland, Maryland – Up 21.4%
Vero Beach, Florida – Up 18.2%
Ocala, Florida – Up 17.6%


Elmira, New York – Down 14.5%
Binghamton, New York – Down 14%
Atlantic City, New Jersey – Down 9.1%

6 out of the top ten cities with the biggest increase in sale price are in Florida. 4 out of 10 of the negative growth areas are in New York and New Jersey.
Data provided by Wall Street Journal and National Association of REALTORS®


The housing market in Park Ridge, Illinois is robust. Prices are trending upwards and homes are selling in about 90 days. The general feeling and consensus at the office is that home sales in our area will continue to rise and we will have multiple offer situations for homes in and around the PArk Ridge area.

If I can help you, please feel free to contact me.

Water Damage and Home Inspections

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Posted by Park Ridge Real Estate | Posted in Remodeling, Uncategorized | Posted on 02-09-2015

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This is one of the toughest aspects of the real estate business; dealing with unknowns.  We can hire good inspectors, do thorough walk-throughs, even hire mold detectors – but sometimes water does its damage without making itself known.

Here are some details to watch for when doing your second look at a home.  Watch out for cracked grout, caulk, tiles or shower doors.  Look at the toilets at floor level and make sure there’s no rust, residue or bowing in the floor.  Case in point – my web guy Paul just bought a home in Florida and the home is only 6 years old.  He certainly didn’t expect anything major to wrong with a newer home and in fact, that’s the main reason he bought it – he thought a newer home would be a safer purchase.  Wrong….

On his inspection report, there was mention of grout needing to be redone in the master bath. Turned out that a loose tile coupled with poor construction turned into a complete teardown of the shower.  There was black mold, soaked insulation and the contractors did not use concrete Durock or Hardiboard for the backerboard for the tile.

One little crack in the grout turned into a $2500 bathroom retile job!

Pictures forthcoming but the lesson to be learned here is that whenever there’s a question about water damage or anything damaged in an area where water will be present – PLEASE have an expert look at it.  Seems like his inspector missed this – but when he told me about it, he mentioned that he knew right away it was going to be bad when he got down on the ground and looked at the problem. In fact, he’s kicking himself for not checking it more thoroughly.

I get it, I totally understand what’s going through your head when you are buying a home – A million things.  Try to watch out for this kind of issue – I hope we can help one potential buyer with this story.  Paul said he would post pictures….

 

Stock Market Woes and Real Estate

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Posted by Park Ridge Real Estate | Posted in Market Stats, Real Estate Info, Uncategorized | Posted on 24-08-2015

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By now, I’m sure you’ve heard about the losses at the NYSE.  What does this mean?  How does this affect me?  What, if anything will happen in Real Estate. because of it?  The short answers – (Hopefully) not much, not much, and not much.

Now, that might seem a little dismissive and perhaps, too flip or succinct a diagnosis, but is it really?  Like everything in life, it’s about timing.  Now, please don’t get me wrong, this will affect a lot of people, but most of those affected are playing the market for a living.  Companies that were hardest hit – Apple, for example – aren’t going anywhere.  They will be here next year and once the market corrects itself, it’ll be like it never happened.

This will also affect anyone that was going to cash out a 401k this week, someone who had their escrow money in a stock account, as well as stall the gains they were most certainly counting on.  But what I’m really trying to say is – don’t freak out!

I empathize with anyone that was financially affected by this, but I’m hopeful that your money will come right back to you if you stay in the market.

It’s too soon to tell if this will affect the Real Estate market – we will see what happens but in the meantime, keep your wits about you and talk to a professional if you need to.

 

More Positive Real Estate News

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Posted by Park Ridge Real Estate | Posted in Uncategorized | Posted on 15-02-2010

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Logo of the National Association of Realtors.
Image via Wikipedia

Home prices rose in more than 40 percent of U.S. cities during the fourth quarter of 2009.  The National Association of Realtors said last Thursday that the median sales price for previously occupied homes rose in 67 out of 151 metropolitan areas in the October-December quarter versus a year ago.  The national median price was $172,900, or 4.1 percent below the fourth quarter last year. That was the smallest year-over-year decline in more than two years. Sales of homes are up over 27% from a year ago and much of the activity is attributed to the tax credit extension.  Good news, nonetheless.

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Arts in Park Ridge

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Posted by Park Ridge Real Estate | Posted in Park Ridge Community Events, Uncategorized | Posted on 15-01-2010

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Here is a list from the Park Ridge Community Network for the arts in our great town:

Bog Theatre
The Bog Theatre is an Equity theatre company that is working to provide fertile ground for the arts in Park Ridge and suburban Chicago .
www.bogtheatre.com

Brickton Art Center
year-round fine arts classes, supporting and promoting artists through free professional art exhibitions
www.bricktonartcenter.org

Manifold Melodies
We offer private lessons in piano, voice and percussion to all ages. We also offer music awareness lessons to children from 18 months to 6 years old.
www.manifoldmelodies.com

Midwest Young Artists
Opportunities for Young Musicians.
www.mya.org

Park Ridge Art League
The Park Ridge Art League was organized in December 1943 to encourage artists in the expression of art, and develop a greater knowledge and appreciation of art in the Community.
www.ParkRidgeArtLeague.org

Park Ridge Cultural Arts Council, Inc.
The Park Ridge Cultural Arts Council invites you to explore the wide variety of arts & entertainment available in the Park Ridge area.
www.parkridgearts.org

StageCoach Theatre Arts Schools
StageCoach Theatre Arts Schools offers boys and girls ages 4-16 a comprehensive education in singing, drama, and dance.
www.stagecoachschools.com

A Great Website for Finding Something To Do

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Posted by Park Ridge Real Estate | Posted in Park Ridge Community Events, Uncategorized | Posted on 05-01-2010

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I don’t know about you, but this weather really restricts activity, especially if you have children.  Here’s a great site for finding something to do in the Chicago area.   Stay Warm!

Winter Activities

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