Chicago Becoming Popular Destination For Retirees
March 12th, 2012 categories: Chicago Info/News, Economic Recovery, For Buyers, For Homeowners, For Sellers
Chicago has become a prime destination for retirees. And that’s good news for homeowners here.
According to a recent feature story by the Reuters news wire, a growing number of U.S. residents are choosing to retire closer to their homes than they had in the past. The story cites Chicago as one city that is now attracting a greater number of retirees.
This is a change from the traditional thinking regarding retirees. It used to be that when people moved after retirement they traveled to warm-weather cities in Arizona and Florida.
Today, though, retirees are more often choosing to retire in smaller homes or condominiums near where they spent much of their lives. The Reuters story cites several reasons for this: Retirees often want to remain near their chidren and grandchildren. Others want to remain active with their local churches and community organizations. Others simply have become a part of their community and don’t want to leave it behind, even for the promise of warmer temperatures.
Economic factors are also making cities such as Chicago attractive places for retirement. Many retirees purchased their homes long enough ago that they’ll still make a substantial profit, even in today’s challenging housing market, when they sell their properties. And because housing prices in Chicago and its suburbs are down from their peaks in 2006, these retirees when downsizing can afford nice residences in prime locations.
And by staying in a city like Chicago, retirees can take advantage of the eclectic restaurants, shopping districts and entertainment that a large metro area like ours offers.
I’ve always said that Chicago is one of the best places in the country to live. This new report from Reuters provides me with just one more piece of evidence. If retirees are choosing to live here, despite the (usually) bone-chilling winters, you know that Chicago’s a special place.
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Magazine Survey Offers More Proof: Chicago Is Good For Business
March 9th, 2012 categories: Chicago Info/News, Chicago Real Estate News, Economic Recovery, Housing Market
It’s easy to focus on the negatives when you’re living in Illinois. After all, the state — along with the city of Chicago — is known for its corruption. Our last two governors have been sentenced to jail time, Chicago aldermen are constantly caught up in corruption probes and nepotism seems to be the order of the day when it comes to hiring throughout the state.
But there is good news, too. And sometimes it’s too easy to overlook it.
For instance, Site Selection Magazine recently brought some good news to anyone who wants to see Illinois and Chicago shake their way out of their economic doldrums. According to the magazine, Chicago ranked second among metropolitan areas and Illinois seventh among states in the number of new and expanded corporate facilities that they saw in 2011.
This is good news. When new corporations come to the state or city, or when existing ones significantly expand their current facilities, that pumps new dollars into the local economy. And that’s one of the keys to putting people back to work.
It’s obvious how this helps the Chicago and state housing markets. When the economy is stronger and more people are working, residents are more likely to make the significant investment involved in purchasing a home. If you’re trying to sell a Chicago home, then — or even if you’re thinking of putting your home on the market in the next couple of years — you should be thrilled with Site Selection’s Chicago and Illinois rankings.
I’ve long maintained that Chicago offers a lot to corporations seeking new homes. We boast a great location near the center of the country, and we’re supported by a strong transportation system of rail and roads. At the same time, employees will enjoy living in Chicago. The city offers a great mix of restaurants, shops, theaters, parks and night life. And the housing stock here is strong, with corporate employees able to find everything from luxury mansions to quaint Chicago bungalows.
So next time the news of a convicted Chicago alderman gets you down, think back to Site Selection’s sky-high ranking of Chicago. our city is still strong, even in this current economic downturn. That’s good news for home sellers across the region.
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REALTORS® Survey: Local Residents Still Consider Housing Part Of The American Dream
March 7th, 2012 categories: Chicago Info/News, Economic Recovery, For Buyers, For Homeowners, Housing Market
Housing values are down. Foreclosures are up. A growing number of Chicago-area homeowners are underwater on their mortgage loans, owing more on these loans than what their homes are worth.
You’d think that this combination would sour Illinois residents on the benefits of owning a home. Surprisingly, though, the latest survey by the Illinois Association of REALTORS® shows that state residents still believe that owning a home is an important part of the American dream.
According to the survey of Illinois residents, 75 percent of respondents said that buying a home remains a sounder long-term financial investment than does sinking their money in the stock market.
The survey, of 600 homeowners and renters in the state, also found that 54 percent of respondents said that banks should enact stricter requirements for passing out mortgage dollars. A total of 55 percent of respondents said that the government should make assistance available to help prevent homeowners from losing their residences. Finally, 61 percent of respondents said that owning a home is a better value than renting an apartment.
The poll did find, though, that Illinois residents are realistic about the state of the housing market in Chicago and the rest of the state. A total of 34 percent of respondents said that they thought housing prices would increase a lot or a little in the next five years, while 41 percent said they thought prices would remain the same during this period. An additional 19 percent said that they thought home prices would fall a little or a lot in the next five years.
The survey results offer more evidence that owning a home remains an important goal of most local residents. After all, if the REALTORS® poll shows support for housing that is this strong in such a challenging economy, imagine how many respondents would identify housing as an important financial step if the economy was strong.
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Walk Scores and Green Features Now Easier For Sellers To Advertise
March 5th, 2012 categories: Chicago Real Estate News
If you’re one of the many home buyers looking for homes that boast environmentally friendly features, Chicago Magazine recently had some good news for you: Chicago’s Multiple Listing Service is now showcasing the “green” amenities that come with the city’s for-sale properties.
According to the story, Midwest Real Estate Data, the Multiple Listing Service covering Chicago and Northern Illinois, recently added a Walk Score to its listings, a measure of how easy it is for residents to walk to such amenities as public transportation, grocery stores, libraries and restaurants.
That’s certainly green. But it’s only the start of the changes that Midwest Real Estate Data is adding to its listings. In late February, the listing service was scheduled to add new searchable fields that list homes’ green features and environmental designations, Chicago Magazine reported.
As the Chicago Magazine story says, this isn’t only a benefit for home buyers. The ability to list their homes’ green qualities also gives sellers an edge, especially in a Chicago housing market that remains so challenging.
By advertising their green features, sellers can attract environmentally conscious buyers. No one is claiming that low-VOC paints or dual-flush toilets will be the key factors in buyers’ decisions to purchase specific homes. But if buyers are considering two homes that are nearly identical in location, price and quality, those extra green features might persuade them to make an offer on the more environmentally friendly property.
The same can be said about the Walk Score. Many buyers today desire to live in a neighborhood that allows them to stow their cars and walk to restaurants, shops, parks, libraries and schools. Sellers, then, who can list high Walk Scores might attract a greater number of potential buyers to their homes.
Personally, I’m all in favor of anything that helps sellers better market their homes. And I know for a fact that many buyers in Chicago are actively seeking environmentally friendly homes. These changes to the local Multiple Listing Service, then, can only benefit the Chicago housing market.
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2012 Starts Off With Familiar Story: Chicago Housing Sales Up, Prices Stagnant
February 28th, 2012 categories: Chicago Real Estate News
The year got off to a strong start in Chicago as far as home sales are concerned. But housing prices in the city? They remain stagnant.
That’s the mix of news provided by the latest home sales statistics compiled by the Illinois Association of REALTORS®.
According to the association, Chicago home sales — a figure that includes both condominiums and single-family homes — hit 1,093 in January. That’s an increase of 5.7 percent from the 1,034 homes sold in January of last year.
The rising sales also continue a trend: Home sales in Chicago have been steadily increasing. The strong showing in January bodes well for expected home sales in the city throughout 2012.
What hasn’t improved, though, is the average sales price of a Chicago residence. And that’s troubling news for sellers. According to the REALTORS® association, the city of Chicago median sales price stood at $149,000 in 2012. That’s down only slightly — 0.7 percent, to be exact — from the median sales price in January of 2011. Back then, the sales price stood at $150,000.
This means that homeowners trying to sell Chicago condominiums or single-family homes that they purchased in 2004, 2005 or 2006, back when the city housing market was still booming, have to face the strong likelihood that they will have to take a loss on their home sales.
Today’s Chicago housing market provides a lesson that housing is not just about making a quick buck. A home provides shelter and a respite from the outside world. It provides real, tangible benefits, not to mention numerous emotional ones. Housing, though, was never meant to serve as a type of get-rich-quick scheme.
It’s impossible to predict when Chicago housing prices will start to rise again. We need to clear more foreclosure properties off the local market before this can start to happen. But if you are in the market for a home, now is a great time to buy. Just remember, housing is more than just an investment. It’s a product, one that gives us all so much.
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