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Chicago Edison Park Local News

Still "Flying off the shelf" - October 9th, 2016
In Edison Park if you price it right, it's gone in hours. EVERYTHING is here and the average price still around $375k. AFFORDABILITY with record low interest rates.

Real Estate News in Chicago Edison Park - March 25th, 2016
Rates are still helping to make home owning AFFORDABLE! Prices have risen over the last several years but still "comfortable". And low inventory has created MULTIPLE BID situations on anything priced competitively.

News for Chicago Edison Park, IL - August 9th, 2015 9:33am
As has been the case the last few years, the market climbed steadily and strongly from late January through late July/early August and slowed a bit. BUT this September has been stronger than the last 3! With rates still very low AFFORDABILITY is the word.

News for Chicago Edison Park, IL - March 1st, 2015 11:17am
It may be too cold to think about Spring but THIS MARKET IS SO HOT IT SHOULD WARM YOU UP! All properties are receiving contracts. Rates are still historically low, consumer confidence is higher, FHA has reduced PMI rates and Buyers are leaving cyberspace and purchasing homes.
National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Spring 2018 Market Update
If you can qualify, now is an exceptional time to buy a home in the Northwest Side and any other EXTREMELY ACTIVE area. With the still low rates AFFORDABILITY is the word.(For now)
Average Sold Home Price: $375,000

Average Time on Market: 60-90 days

Best Selling Price Range: $300,000 - $349,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Increasing

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: No Change

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: First Time Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Downtown Chicago

Contact Information
Team Fallico
Craig: 847-226-0834 Nick: 312-972-4623
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Mortgage Rates for Apr 21st, 2018
30 year fixed rate: 4.25%
15 year fixed rate: 3.66%
30 year jumbo rate: 4.40%
15 year jumbo rate: 4.12%
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Real Estate Professional, Team Fallico Team Fallico
Dream Town Realty
Specializing in Chicago Edison Park Real Estate
7280 W. Devon Ave
Chicago, Illinois 60631
Craig: 847-226-0834 Nick: 312-972-4623
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Team Fallico for current Chicago Edison Park, IL market conditions before acting on this information.)
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