Park Ridge TodayPark Ridge Illinois Real Estate and More

Average price per square foot for Park Ridge IL was $220, a decrease of 17.6% compared to the same period last year. The median sales price for homes in Park Ridge IL for Jan 10 to Mar 10 was $320,000 based on 88 home sales. Compared to the same period one year ago, the median home sales price decreased 10.1%, or $36,000, and the number of home sales increased 72.5%.

There are currently 402 resale and new homes in Park Ridge on Trulia, including 146 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Park Ridge IL was $507,826 for the week ending Apr 07, which represents an increase of 1.1%, or $5,481, compared to the prior week.

Obviously home sales are way up and pricing is still extremely attractive. 

Here are the National Real Estate Market Stats for March 2010.

The overall feeling is that Spring is going to see an increase in activity and that the tax credit has helped drive the market over the rough winter that we just went through. As with everything, location is key – all major markets are included in the report and you can look at the stats and overall prognosis for the coming months. 

 

It has to be Spring because we are going to crack 70 degrees this week – The Cubs and Sox start their seasons in the next couple days and real estate activity is starting to pick up again.  The weather really does have an impact on Real Estate, certainly in our part of the country.  The National Association of REALTORS issued their latest report stating that the weather had impacted showings last month.  Flip that to our recent weather and things are looking better for Real Estate. 

We haven’t heard much about extending the tax credit yet, but there will be a flurry of activity this month to try and meet the 4/30 deadline.  Here’s to Spring!!!

 

Here’s the most recent report from Credit Suisse on the Real Estate market, organized by major cities.  The gist of the report is that the severe weather has affected sales in January but that April and May should see significant increases in activity and hopefully, transactions.  Just cannot get away from the weather….

 

Other than a mostly beautiful weekend, all the talk around Chicagoland was about the Bears and their free agent signings this past Friday.  Not sure how deep your loyalties run, but I know I could turn the channel without hearing about the big splash they made in the free agent market.  Most of the talk about them was not so good before the pickups they made, but now it seems the optimism is back in Chicago. 

Amazing how quickly things can turn – now let’s do that with Real Estate in the area by extending the tax credit for first time home buyers and for people that have lived in their primary residences for the last 5 years. 

Reading the business section of the Daily Herald lately has my head spinning.  Last week – The big story was new construction sales were the worst since the dinosaurs roamed the earth or something to that effect – Then two days later – Home sales up 43% from last January!  Again, the catalyst for the surging sales is being attributed to the Tax Credit for First Time home buyers and the new one for existing home owners.  Lastly, there was one other article about property values increasing in Kane County. 

I really like to work with facts, not dramatic headlines. Fact, this is one the very best times to buy real estate – looking for something bigger, now is the time.  Investors are also reaping some of the benefits of this market.  In fact, did you know that you can buy a home with your IRA as an  investment? 

If you need any of the facts, please let me know.

 

Here is yesterday’s Business front page from the Daily Herald:  “Home Sales Still on Shaky Ground”
Here is today’s Business front page from the Daily Herald:  “Home Prices, Confidence Increase”Â
Get the facts about your local market, just like you would anything that will impact your life as much as a Real Estate purchase.  One thing is still certain in this market – It is the time to buy your first home or move up in price if your career is stable (Is there such a thing?).  The media certainly loves drama – but I work with the facts – Please let me know if you need market statistics for Park Ridge or the surrounding areas and you be the judge as to which headline is most accurate.

Now – How confusing is this?

 

I was doing some research on the HARP program and other mortgage plans that have been introduced and I stumbled onto a message board for people that are purposely walking away from their mortgages and mailing the keys to the lender, thus Jingle Mail.

Researching (sometimes called surfing) I found more on “Planned Foreclosures” in other parts of the country that have been affected the most by the housing markets.  I have to say, the argument is a good one, albeit one with many repercussions, mostly negative.

Without a doubt, this affects not just that homeowner, it affects the entire neighborhood. I’m sure most would agree that our lives have been affected by this; bad mortgages, overzealous lenders and fictional applications for homes. On the other hand, it is impossible to have 10% – 12% appreciation annually on a home, so something had to give.

We’re in the midst of pulling out of the worst of this, thankfully Park Ridge hasn’t been hit as hard as other parts of the country.

I was recently talking to another Park Ridge agent and we were going over some showings last weekend when it was about 2 degrees outside. I know I’ve been very busy with showings and she told me she showed 27 homes last Sunday 1/3. Now, this was the weekend of the New Year’s Holiday and it was brutal outside, BUT if you have to look for homes, you’re going to look for homes.

The recent tax credit for both new and current homeseekers has really boosted activity. We are thankful for many of the programs that have been introduced to the ailing real estate market and even more thankful that some of them are working well.

Please feel free to contact me if you would like to know more about your real estate options.