Tips for First-Time Buyers in Park Ridge

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Posted by Park Ridge Real Estate | Posted in First Time Buyers, Park Ridge | Posted on 03-04-2017

Buying your first home is very exciting and very scary! It is probably the biggest single investment you will ever make and there are lots of stories of people falling into debt or their homes being repossessed. Spending some time looking at your options before you commit to a house and mortgage will make you feel more confident and you will be able to relax and enjoy your new home.

The most important thing to consider is your budget. Work out how much you are currently spending and how much you will have spare. Go along to the lenders with those details, and see what they can offer. Remember that life may not go as you are planning, the interest rate may go up, you might decide to start a family or get given a pay-cut. If your mortgage payments are below your maximum limit you will be able to manage the things life throws at you without worrying. When you look at your budget remember to include the costs of taxes and insurance for the house. Check the costs of utilities for the new home – don’t just guess, check with the Realtor.

If you are debt-free or managing your debt well before you buy your first home, you will be in a better position to manage a mortgage. Your credit score will be good so you may be able to access better interest rates. If your debt is not well controlled it might be worth seeking some advice before looking at a mortgage.

Once you have an idea of how much you can comfortably borrow and you are happy that you can meet the monthly payments – you can start house hunting. This is the fun part of the process! Make sure you are looking at houses that are within your budget, don’t be tempted to look over your budget or you’ll end up disappointed. If you look at a home that needs renovating or repairing, make sure there will be enough money left for the work.

The process of buying a home can take 3 months or so, so be prepared for a bit of a wait! It is a great time, making sure you have all you need for you new home. Deciding on curtain colors and furniture styles and decorating to make it yours. If you have allowed for these things in your budget you need to stick to the amounts you have allowed, if you haven’t budgeted for furniture and decorations, put up with what is already there until you have more cash or make very cheap alterations. There are plenty of ways of decorating for virtually no cost, using furniture recycling projects or rehoming friends old furniture. Decorating on a shoestring can actually be a lot of fun!

Hopefully you will have a little bit of money left when you first move in for a nice bottle of something to celebrate your fantastic new purchase! Congratulations!

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Chicago Is The Place For Festivals!

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Posted by Park Ridge Real Estate | Posted in Interesting Events, Park Ridge | Posted on 24-03-2017

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English: Ozzy Osbourne, Prince of Darkness, at...

Ozzy at Toyota Park

Toyota Park will host the Chicago Open Air Music Festival from 14th-16th July. This is a heavy metal music festival with a line-up including Kiss, Ozzy Osbourne, Megadeth, Anthrax and Steel Panthers, among many, many more. As well as music, the festival boasts gourmet food and craft beers. Ticket prices vary from $50 for the cheapest one day ticket to $400 for the most expensive VIP weekend ticket, and the tickets can be paid for in installments. Children are welcome, but tickets are for all ages, no kids concessions.

If you fancy something a bit more sedate, the Southport Art Festival might be more up your street. It showcases a wide range of art forms including acrylic, jewelry, sculpture, photography and mixed media. There are interactive exhibitions to keep youngsters (and not so ‘youngsters) occupied. There will be vendors providing a range of food and drink. The festival is running on the 14th and 15th July and admission is free.

Maybe you like a festival with more variety? The Pitchfork festival might be for you. Held in Union Park, Chicago, it boasts music from different genres; including indie rock, alternative rock and hip hop! There will be both established and emerging artists so you can find new artists while enjoying those you already know.  The line-up will include LCD Soundsystem, Danny Brown, Solange, Kilo Kish and Nicolas Jaar. There will be additional events; late night jazz, talks with artists, film screenings and an onsite art installation.

Millennium Park is a good place to look at for music and art festivals all around the year, lots with free entry. Even without a festival, the park is amazing. With stunning landscaping, plenty of food and drink concessions, and amazing sculptures; the park really is a must visit. If you have a free day or weekend then Millennium Park is a good place to consider!

In Chicago, on one weekend there are three very different festivals in three different parks, and a park with events on all the time! What an amazing city! Why would you need to go anywhere else?

Chicago is just another benefit of living in Park Ridge.  Summer is coming and I can’t wait!

 

US Home Prices Back Near The 2006 Level

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge | Posted on 30-11-2016

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According to a private analysis, the US home prices have fully-recovered from the housing bust and Great Recession of the last decade. This is phenomenal news for homeowners. The Standard & Poor’s CoreLogic Case-Shiller national home price index, released today, shows that home prices are slightly above the peak of July, 2006. This is the peak after four years of steady gains and it bodes well for the housing market.

That being said, Real Estate has always been about location; not all cities have recovered fully, but the upward trend shows reason for optimism across the board. Couple the increase in jobs with the historically low mortgage rates and we have a seller’s market. On top of all that, the incoming administration is talking about eliminating or curtailing some of the most restrictive measures put forth in the Dodd Frank act, which has stymied mortgage writer’s abilities to place buyers into their products.

For all of the good news, there are other sides to this boon – for one, inventory is tight, especially at the entry level of the market. This is great for owners in the rental market, but this tends to keep out a lot of first-time-buyers as they are priced out with the quick-moving inventory.

All in all, this is fantastic news for homeowners – the tricky part is getting more renters to make that jump into ownership. This will happen organically as they start to find that renting is more expensive than owning – especially when you consider the tax breaks afforded to homeowners.

If you have any questions about the Park Ridge market, please feel free to contact me for a detailed analysis of your home or prospective move into this area.

U.S. new home sales race to near nine-year high – Reuters

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge | Posted on 25-08-2016

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By Lucia Mutikani | WASHINGTON

WASHINGTON New U.S. single-family home sales unexpectedly surged in July, reaching their highest level in nearly nine years amid robust demand, brightening the housing market outlook and bolstering views that economic growth will pick up in the third quarter.

Housing market strength should offset some of the drag from manufacturing, with other data on Tuesday showing production at factories remaining constrained by weak orders.

“A very rosy picture is beginning to emerge on the housing market, pointing to sustained buoyancy in the sector’s recovery, which remains one of the few bright spots for the U.S. economy,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

The Commerce Department said new home sales jumped 12.4 percent to a seasonally adjusted annual rate of 654,000 units last month, the highest level since October 2007. It was the fifth straight monthly gain in new home sales.

July’s increase, however, likely exaggerates housing market strength as it has not been matched by robust housing starts.

Still, sales were up 31.3 percent from a year ago.

Economists had forecast single-family home sales, which account for about 9.6 percent of overall home sales, slipping to a rate of 580,000 units last month. July’s surprise increase pushed new home sales well above their second-quarter average, pointing to sustained momentum in the market for new homes.

The gain came mostly from homes not yet started or still under construction, suggesting a rebound in residential construction investment, which was a minor drag on economic growth in the second quarter.

Housing market strength, marked by rising home values which are boosting household wealth, is helping to buoy consumer spending, cushioning the blow to the economy from a downturn in business spending as well as an inventory correction.

Tightening labor market conditions, which are steadily lifting wages, as well as mortgage rates near historic lows are supporting housing. Reports last week showed groundbreaking on single-family housing projects rising to a five-month high in July and sentiment among homebuilders increasing in August.

Robust demand for new homes is boosting homebuilders like Toll Brothers (TOL.N), which on Tuesday reported a rise in revenue for the fourth straight quarter. The luxury homebuilder said it had sold more houses at higher prices.

The solid housing market is also supporting purchases of big-ticket electronics such as home theater systems, fattening profits for companies like Best Buy (BBY.N). The largest U.S. electronics retailer on Tuesday reported a higher-than-expected quarterly profit and raised its earnings outlook.

RAISES NEAR-TERM OUTLOOK

New home sales are likely benefiting from a chronic shortage of previously owned houses available for sale. With sales surging, the inventory of new homes on the market fell to an eight-month low in July. This means builders will need to ramp up construction activity to meet demand.

At July’s sales pace it would take 4.3 months to clear the supply of houses on the market, the fewest since June 2013, and down from 4.9 months in June.

“This marginally raises our near-term outlook for the housing market, as tightness in the new home market suggests further impetus to new construction ahead,” said Andrew Hollenhorst, an economist at Citigroup in New York.

In the wake of the report, the broader PHLX housing index .HGX, which includes builders, building products and mortgage companies, rose 2.07 percent, outperforming the overall U.S. stock market.

Shares in the nation’s largest homebuilder D.R. Horton Inc (DHI.N) rallied 3.43 percent and Lennar Corp (LEN.N) surged 3.89 percent. Toll Brothers vaulted 8.5 percent. The dollar was little changed against a basket of currencies, while prices for U.S. government debt fell.

What does this all mean?  Well, for starters, it means homes are selling briskly and that inventory is down.  It’s a sellers market and has been for a while now.  Real estate, obviously, is a regional market, but we are seeing pre-2006 increases in home values.  Homes in certain areas are appreciating at about 10% near the Park Ridge area.  Even with all the new regulations in place, people are still buying and they are paying more to get what they want.

If you need any assistance with your real estate questions in, and around the Park Ridge, IL area, please call on me – I know the market intimately and will always shoot straight with you.

Good luck!

Park Ridge Real Estate News

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Real Estate Info | Posted on 25-07-2016

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Skyline of The City of Park Ridge, Illinois

Skyline of The City of Park Ridge, Illinois (Photo credit: Wikipedia)

As we head into August and the impending “back to school” sales, it’s important for prospective buyers to stay diligent with their searches.  Homes are selling briskly and are receiving multiple offers in many cases, especially in Park Ridge and the surrounding areas of Niles, Des Plaines, Mount Prospect, Prospect Heights etc.  It’s in your best interest to act quickly with new listings and to always make sure you are in touch with your lender, if you have one.

Summer is headed into its final month and we all know what that means; fall is coming, the NFL is coming and before you know it, winter! ugh!

If there’s anything I can do to help you buy or sell your home in/around the Park Ridge area, please contact me at your earliest convenience. I can help….

Hope you have a good week…..

 

 

Park Ridge Events

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Park Ridge Community Events | Posted on 13-07-2016

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I just wanted to pass on some information with regards to events happening in Park Ridge.  Here is the list from the community website.

RECURRENT EVENTS

EVERYDAY

SOLID FORM MEDICATION COLLECTION

Collection 24/7 in the Police Department at 200 S. Vine

(PLEASE – NO LIQUID MEDS OR SHARPS!)

TUESDAY 7 pm / THURSDAY 11 am

YOGA

St. Luke’s Lutheran Church; 75 minute classes; $5 donation

THIRD TUESDAY EVERY MONTH

SENIOR BREAKFAST WITH THE POLICE

at the Senior Center, 100 S. Western Avenue / 9 a.m.

Questions?  Call Officer Ben Peterson at 847/318-5233

FIRST THURSDAY EVERY MONTH

MEDICATION, SHARPS, BATTERY, & BULB COLLECTION

1st Thursday of every month in the foyer of City Hall; 8 am – 11 am

Questions? Call 847.318.5281

SECOND FRIDAY EVERY MONTH

SENIOR ASSISTANCE

Kris Sadur, Outreach Coordinator from Congresswoman Jan Schakowsky’s office

Senior Center, 100 S. Western Avenue  / 9 a.m. – 11 a.m.

EVERY SATURDAY THRU OCTOBER

FARMERS MARKET

on Prairie between Garden & Main

MONTHLY

CENTER OF CONCERN

QUESTIONS?  Call 847/823-0453

Every Monday, by appt.

Employment Counseling

Every Wednesday, by appt.

Grief & Loss Counseling

Seniors & Caregiving Counseling

Medicare Counseling

Legal Counseling


J U L Y  

15 July

District 64Summer Session #2 Ends

 

16 Saturday

Canopies on Courtland, 10:00am

 

22 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

23 Saturday

Park Ridge Chorale Concert; 7:00pm

St. Luke’s Lutheran Church

 

27 Wednesday

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

A U G U S T  

2 Tuesday

The Breakfast Club; 7:30am

Park Ridge Chamber @ Lola’s Diner

 

5 Friday

Crusin’ Park Ridge; 6:00pm

PR Library Parking Lot

 

10 Wednesday

Monthly Networking Luncheon; 11:30am

Park Ridge Chamber @ 720 Garden St

 

17 Wednesday

District 64 School Opens

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

26 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

S E P T E M B E R 

2 Friday

Crusin’ Park Ridge; 6:00pm

PR Library Parking Lot

 

6 Tuesday

The Breakfast Club; 7:30am

Park Ridge Chamber @ Lola’s Diner

 

7 Wednesday

General Mtg. – Speaker Gayla Steel; 11:30am

21st Star Chapter NSDAR @ PR Country Club

 

8 Thursday

General Meeting; 7:00pm

PR Garden Club @ Senior Center

 

10 Saturday

10th Annual Community Garage Sale

8:00am – 4:00pm

 

14 Wednesday

Monthly Networking Luncheon; 11:30am

Park Ridge Chamber @ 720 Garden St

 

17 Saturday

Spirits of the Old Park Ridge; 10:00am

PRHS @ Town of Maine Cemetery

 

20 Tuesday

Ladies Night Out; 6:00pm

Park Ridge Chamber @ PR Country Club

 

21 Wednesday

Under 40 Networking BBQ; 6:00pm

Park Ridge Chamber – Location TBD

 

22 Thursday

Kiwanis Peanut Days

throughout community (through 9/24)

 

23 Friday

Women in Business Breakfast; 8:30am

Park Ridge Chamber @ 720 Garden St

 

24 Saturday

Kids Sale; 9:00am – 12:30pm

PR Newcomers Club @ St. Andrew’s Church

 

“In Her Shoes;” 9:00am

1st United Methodist Church

Real Estate – What to do in a Seller’s Market

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge, Real Estate Info | Posted on 03-05-2016

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English: An icon from the Crystal icon theme. ...

Seller’s Market

There is no doubt that Park Ridge and the surrounding area is seeing a true seller’s market. If you are the seller, this is a great position to be in for many reasons:

  • You will most-likely see multiple offers for your home
  • You can pick the buyer that is most-ready to close
  • You will hopefully get more for your home than you asked for
  • You should be able to sell your home quicker in a seller’s market
  • Real estate inventory levels are low
  • Rent is getting more expensive
  • It’s Real Estate Season

If you are the buyer in a seller’s market, here are some points to consider as you look for your new home:

  • Make sure you are looking at new homes immediately as they come on the market (other shoppers will be doing this)
  • Get Pre-Qualified before looking at any homes
  • Be aggressive with your offer if you find something you like
  • Do not try to over-negotiate with your seller – they may choose another buyer
  • Be ready to move (get your quotes for movers)
  • Don’t settle for a home you don’t want (even if you feel pressured to just buy a home, don’t buy it for that reason)
  • Be flexible with your time if possible (you have to act quickly in a seller’s market)

If you have any questions about how to successfully buy or sell a home in a seller’s market – please feel free to call/email me with your needs.

 

St. Patty’s Day and Real Estate

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Posted by Park Ridge Real Estate | Posted in Park Ridge, Real Estate Info | Posted on 17-03-2016

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St. Patty’s day and forwarding our clocks ahead is typically the start of our busy season in Real Estate. Park Ridge homes, townhomes, condos will be listed and sold with more frequency the closer we get to summer. Although we have still had a very busy winter, REALTORS® know that Spring/Summer in Chicago and the suburbs like Park Ridge is the start of the listing season. Many “listers” have children in school and try their best to time the market with the end of the school season.  It’s the same with buyers, especially in Park Ridge.

With that, Happy St. Patrick’s Day to you and watch out for the green beer!

 

Park Ridge, Illinois Real Estate Statistics & Demographics

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Posted by Park Ridge Real Estate | Posted in Market Stats, Park Ridge | Posted on 01-03-2016

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Current market stats and demographics for Park Ridge:

Current Park Ridge Demographics

market stats 2016

schools

stats

Graphics and Data courtesy of Trulia

Building Permits for Park Ridge

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Posted by Park Ridge Real Estate | Posted in Building Permits, Park Ridge, Real Estate Info | Posted on 10-02-2016

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Building permit from 1921

Building permit from 1921 (Photo credit: Wikipedia)

This question comes up a lot at parties, gatherings, picnics, etc. – Do I need a permit to Build a BLANK?

Oftentimes, I can offer up a definitive yes or no – but in other instances, it’s important to check the source as permit requirements can change from year to year.

Here’s the building permit info straight from the source…The City of Park Ridge…

“A building permit is generally required for most construction, including new building construction and additions, garages, interior and exterior alterations, driveways, heating and air conditioning work, electrical and plumbing work, swimming pools, fences, patios, decks, sheds, re-roofing and siding. Routine maintenance that does not change existing electrical, plumbing or mechanical system or any structural walls will not require a permit. No permit is needed to change windows unless the window opening is being enlarged. Reshingling a roof does not require a permit.  Building Permit Application Form.

Citizens of Park Ridge can call the Building Department at 847-318-5291 or 5292 to find out if a project requires a building permit.

Most Building Permit applications are processed in less than a week; however, it may take up to 15 working days to obtain a Building Permit for larger construction projects. The time it takes to obtain a permit depends on the type of construction work being done and what needs to be reviewed.

Building Permits for residential structures are valid for a period of one year. If work is not completed within one year, the applicant may request up to a six month extension. A permit may be extended only once. Permits may be renewed after expiration but the applicant will have to pay half the cost of the original permit fee.

When considering building a new home, the size of the house that may be built is determined by the Zoning Ordinance. The floor area ratio, the amount of open (green) space, amount of lot coverage and the required setbacks all influence how big and where a house may be built on a zoning lot.

All new construction, including residential construction and major additions, but not including detached accessory structures on single family residential parcels, must be approved by the Appearance Commission prior to the issuance of a building permit. Permits should be applied for well in advance of the proposed construction starting date.

A permit is for your protection — it assures that the work is permitted under the law and that it is checked by City inspectors to make sure the work was done properly.”

Click here for a list of Construction Guidelines that may assist you in the permit / building process.
Click here for Permit Submittal Requirements.
Click here for Right-Of-Way/Easement Encroachment Agreement

Of course, if you have any questions about building a new home, please feel free to call on me to help answer any questions you may have about the Park Ridge or surrounding area of NW Chicagoland…..