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.