Elmhurst real estate blog archive


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Home Sales Continue to Rise as Home Prices Drop

by Thomas Makinney

November of this year brought about a surprising increase in sales to the Chicago area, 71.6% to be exact, from November of 2008.  According to the Illinois Association of Realtors, there seems to be a few key reasons for this trend which shows this as the fifth month for the year over year improvement.

-    Built-up Demand from Buyers
-    Low Interest Rates
-    Government Tax Credit for First Time Home Buyers

The increase is also at an incredible rate due to the struggling economy of 2008.  October and November of last year brought about the lowest home sales Chicago had seen in years as it reflected the nations’ financial crisis.  A market on the rise stimulates trust and, hopefully, will bring about a resurgence of both motivated buyers and sellers.

And, although these statistics show a stumbling economy gaining balance and strength… we are not yet fully up and running.  Median prices for homes in Chicago continue to fall.  

In November, the median home sale was $189,000 bringing the average down 9.1% last year at that time.  Below are more examples of this sales increase/price decrease trend.

-    Total regional sales for this year were at 6,826.  Last year this number was at 3,978.
-    The City of Chicago saw 1,859 market sales for November as opposed to last year’s 1,094.
-    Median sales in the city are down 3.4% from last year with an average price of $215,000.
-    Total Illinois sales were at 10,361 in November of this year, bringing sales up 64%.
-    Statewide median price was $155,000 a decrease of 4.3% from November 2008.
-    The average interest rate last month, according to the Realtors’ release, was 4.93% for a 30-year fixed-rate mortgage which is 5.0% lower than last year.

As this year draws to a close, one can only hope that the real estate market continues to see positive results.  The tax credit extension until April 30, along with the continued recovery from economic shock should contribute to the markets’ trend persistent development.

Source of Information, Chicago Business Website:

Happy Holidays!

by Thomas Makinney

Sending you warm wishes this holiday season and hopes for a happy and prosperous new year!

Also, a special thank you for your continued business and referrals over the years!

Elmhurst, IL December Real Estate Market Trends

by Thomas Makinney

The various graphs below will give you a visual report of Elmhurst, IL market statistics gathered using data from MRED*. The graphs are updated on a monthly basis so it’s easy to see the latest real estate market trends in Elmhurst. Please feel free to contact me if you have any questions.

*Midwest Real Estate Data LLC

I make no claim as to the accuracy of this data and have provided this data as a service to others.

Assessed Value of Your Home Too High?

by Thomas Makinney

Maria and I find ourselves increasingly fielding inquiries from family, friends, and clients recently that their assessed values are above present market value. Do you think your homes assessed value is above present market value? The information below will help you determine what you can do!

Appealing an Assessment

Reasons for an Appeal

You have a legitimate reason to appeal your property tax assessment if you can prove any of the following:

1. The assessed value of your property is higher than the property's actual market value. (As determined by a recent sale or appraisal.)

2. The assessment of your property is based on inaccurate information, such as incorrect dimensions for a building or lot.

3. The assessment of your property is higher than those of similar surrounding properties.

Eight Steps to Appeal an Assessment

There are eight steps you can follow to appeal your property assessment.

1. Determine the fair market value of your home.

2. Determine the prevailing level of assessments in your township.

3. Determine the assessed value of your property.

4. Discuss your appraisal with an assessor.

5. Determine the basis for your formal complaint.

6. File a written complaint with your county Board of Review.

7. Present your evidence of unfair assessment to the proper review board.

8. If unsatisfied with the Board's decision, appeal to the State Property Tax Appeal Board.

Source of Information, York Township Website: http://www.yorkassessor.com/York/content.asp?file=appeal

Displaying blog entries 1-4 of 4