Chicago Real Estate Blog

Cost of Home Ownership Based on Both Price and Mortgage Rates

The total cost of home ownership is a point that buyers do not always consider when purchasing a home. Buyers will often get hung up on the purchase price of a house, with negotiations going back and forth over just a few thousand dollars and neither side willing to give in.

Purchase price is short-term while cost is long-term. While it is important for a buyer to understand price trends and the direction home values are headed, a factor of equal importance is the long-term cost of home ownership. Both the price and the interest rates must be calculated into the long-term cost.

Rising Interest Rates Increase the Cost of Home Ownership  

Cost of Home Ownership on 30 yr.Fixed Mortgage

 CNN Money stated in a recent article that

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The South Loop is one of Chicago's fastest growing neighborhoods. Unfortunately, because of its industrial past, the area has a reputation of having "nothing to do" which couldn't be farther from the truth.

In the mood for some delicious cuisine? For an evening of fine dining, complete with a selection of over 1,600 wines from around the world, check out Chicago Restaurant Everest. Chef Joho's menu, wine list, and cuisine have received international recognition.

Other well-reviewed restaurants in the South Loop include Gioco, Chicago Firehouse, and Opart Thai House.

Looking for a place to unwind after work or catch the game? Kroll's is your answer. Offering an impressive beer selection and in-house Bingo, don't miss out on $3 pints on Mondays.

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Keeping your pet safe-an important pet recovery tip.

Each year thousands of animals are admitted to animal shelters and humane societies.The statistics say that one out of three pets will become lost in their lifetime. Microchips are a permanent method of pet identification. It is a quick and painless procedure so that if your pet goes missing an animal shelter or a veterinary office can scan the pet and call the microchip company's recovery center where your pet is registered. The recovery center will identify your pet with the information they have on file. These chips are implanted by a vet beneath the surface of the skin between the shoulder blades. It is like a vaccination and painless for the pet while lasting the lifetime of the animal. While

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O'Hare vs. Midway - The Great Chicago Airport Debate

An ongoing debate for travellers to our city and Chicago residents alike is which airport to use: O'Hare or Midway. Of course, if you're travelling to most international destinations, your choice would be O'Hare. Midway only handles domestic flights and select service to Toronto and a few Mexican locales. In a city such as Chicago that is unfortunately known for its weather-related flight delays, it's important to take all things into consideration before booking.

O'Hare

O'Hare is the second busiest airport in the country, behind Hartsfield-Jackson Atlanta International Airport. This means that there are more options for flight times, but also more foot traffic and it's more crowded. The consensus

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Historically low interest rates and what it means to your monthly payments.

Interest rates are continuing to go down. As of this month they are close to 3.4%. It is a historic number and if you are in the market looking to buy you should consider taking advantage of low rates. This assumes you have good credit, a strong down payment and can qualify for the monthly debt obligations. The slide below shows you how much a $100,000 mortgage would cost you in principal and interest (P&I) over the last ten years given the interest rate.

Cost of 100K Mortgage

Let us say you want to buy a condo for $360,000. You decide to put down 20% and borrow $300,000. If you multiply $443 * 3 your payment for principal and interest would be $1330.44. If you look at the P&I payment on a

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Are we in a Chicago market recovery?

In my last blog I discussed the national real estate market. The more relevant question is what is the trend in the local Chicago market? The real estate market trends in one neighborhood and or at various price points can vary dramatically. Basic economics are about supply and demand. How much inventory is available and how many people want to buy determines the direction of prices.  

Months Supply Impact on PriceIs Chicago a buyers’ or a sellers’ market? The best way to address this is to look at  inventory by price point and neighborhood. Typically one to four months of inventory means it is a sellers’ market and you will begin to see appreciation in pricing. Five to six months of inventory is when prices stabilize and seven + months of

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Are we in a real estate market recovery?

When asked this question as a REALTOR®, I first look at the overall national real estate market and then evaluate the specific local market conditions.

Pending Home Sales Chart

For several months now, all indications show that the national housing market is picking up and much of the media states we are now in a “housing recovery”. In most markets across the country, sales and prices are moving in a positive direction. The Pending Homes Sales chart demonstrates overall sales increasing from June 2010 levels to July 2012.

Housing Facts 2012 vs. 2011Nationally, home sales are up 8.6%, inventory is down 24.4%, distressed properties are down 33% and interest rates are down by almost one point. One caveat: although it shows that median home prices have gone up

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In my previous blog I mentioned the Oktoberfest celebrations that will be taking place through out Chicago for the next few weeks. With the amount of beers and brats being consumed across our great city, you may think you are in the original Oktoberfest location...Munich, Germany. This year our Chi-toberfest is bigger and better than ever with a line-up of activites to keep your bellies full of wiener schnitzel and your feet dancing to the polka. Here are a few of my favorite events across all different parts of the city:

 Oktoberfest CelebrationThe Annual Berghoff Oktoberfest -  With the restaurant's founder, Herman Joseph Berghoff, being an immigrant from Germany back in the late 1800s, it's no suprise that you can find the best of Germany in this beloved The Bergoff

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