We’re still dusting off from an absolutely crazy year in the Chicago real estate market, where the cost of a typical Chicago mortgage increased by more than 50% over the span of just six months.  What is happening now, and what moves should prospective home buyers make? Let’s dive in.  Hang on a sec! Every neighborhood and housing type is unique. Center Coast handcrafts hyperlocal market reports for every nook and cranny of Chicago and its surrounding suburbs. To get localized stats, forecasts, and the best advice for buyers and sellers in your neighborhood, fill out the form below ..read more

If Google search trends are any indication, many Americans are concerned about a real estate market crash. Search traffic for these terms has spiked many times in the last year – and are being further fueled by rising inflation, recession fears, and geopolitical uncertainties.  If you bought a Chicago home in the last two years, it’s only natural to be concerned. After all, you bought at a time when prices had quickly risen nearly 25 percent – it’s understandable to worry that prices could come down just as quickly as they rose.  This is a valid concern in some areas of the country ..read more

It’s no secret that is owning a home has gotten more expensive.  And while Chicago hasn’t experienced the soaring real estate prices we’ve seen elsewhere in the country, Chicagoans have still been affected – both by rising home prices and mortgage rates, as well as by the general expenses associated with homeownership. In this post, we’ll talk about some of the biggest factors contributing to the increased costs of purchasing and owning a home. How expensive are homes in your neighborhood? Time out: before we go any further, we want to let you know that the cost of owning a home varies d ..read more

Mike McElroy is a regular contributor on the WGN Evening News. Today, he shared his predictions for the 2023 housing market. They discussed the cooling housing market, what’s next for interest rates, and how buyers and sellers should prepare. Disclaimer: in this segment, we discussed the Chicago housing market as a whole. But astute readers know that every city and neighborhood is different. To get a detailed analysis of your area, fill out the form below: Ben Bradley: Well, the real estate market is experiencing a big cool down from the start of 2022. Lourdes Duarte: There are now more ho ..read more

The dreaded low appraisal.  Although they don’t happen often, they do happen. According to the most recent data from Fannie Mae, home appraisals only come in low about 8% of the time. But for buyers and sellers who end up in that unlucky minority, that statistic is far from comforting.  If your appraisal came in low, there’s no reason to panic just yet. Yes, it’s a problem that needs to be solved. But with the right agent support and a few key strategies, there is still a chance you’ll be able to move forward with your home purchase or sale as planned. Here are four strategies you c ..read more

It’s no secret that is owning a home has gotten more expensive.  And while Chicago hasn’t experienced the soaring real estate prices we’ve seen elsewhere in the country, Chicageons have still been affected – both by rising home prices and mortgage rates, as well as by the general expenses associated with homeownership. Here are some of the biggest factors contributing to the increased costs of purchasing and owning a home. #1: Home Prices Although housing prices have soared these last few years, Chicago remains more affordable than many other major U.S. cities. That’s not to say that a 2 ..read more

Once you make the decision to buy a home, there’s one step you’ll likely take before all others: jumping online to view homes for sale in your area.  But just as a home catches your eye, you notice that it’s tagged as “contingent.” Then as you scroll a bit further, you see another property listed as “pending.” Especially if this is your first time navigating the buyer’s market, these terms can be confusing. What do they all mean? And if a property is listed as “contingent,” does that mean it’s off the table as an option? Here’s what you need to know about these common real estate listing ..read more

U.S. home prices fell for the third straight month in September, with another 1% decline reported by the S&P CoreLogic Case-Shiller National Home Price Index. As the leading measure of home values in the United States, the Case-Shiller home index tracks changes in residential real estate prices based on the “repeat sales method.” This method uses tax data on properties that have sold at least twice to calculate the rate of appreciation for a particular area.  You may be asking why we’re just getting the data for September now. The reason is that the data relies on county tax records ..read more

Mortgage rates have soared this past year. Rewind 12 months and rates were almost four full percentage points lower than what they are now. For many would-be homebuyers, this has slashed their buying power and dampened their spirits. A survey by Fannie Mae in October found that just 16% of people believe that it’s currently a good time to buy a home. Now for some good news: we don’t actually believe this is true. While there’s no sugarcoating the higher rates, there’s a reason for optimism. Just last week, the Consumer Price Index report came out with data that suggests inflation may have pea ..read more

Home prices are falling in Chicago, but it’s not for the reasons you think.  Rather than a broader market trend, the falling prices are simply a normal seasonal adjustment we see every year around this time. We’ve written about the seasonality of the market before, but most people don’t quite appreciate the magnitude of seasonal changes.  Savvy home buyers who understand this trend have an opportunity. The median home price in Chicago is typically 10 to 20% less for homes that close in December of any given year than homes that close in June.  If you’re considering buying a h ..read more