Page 60 - February 2017

A real look at real estate
It’s a seller’s market in Chicago
Please allow me to introduce myself as a new member of the Herbert Law Firm, where I am honored to be an associate attorney. I
have been an attorney for more than 16 h
years, practicing real estate law, estate planning, criminal law and traffic de- fense. I am a former Cook County State’s Attorney, and partnered with attorney Dan Herbert in the Markham
Courthouse. I have tried hundreds of criminal cases. Since leaving the State’s Attorney’s Office in 2004, I have continued to practice criminal and traffic defense.
I am also a licensed real estate broker with Stapleton Brothers Realty. This better equips me to answer le- gal questions in the real estate industry, which is ever changing and of great importance to our readers. I can list your home for sale, or help you buy one.
The 2017 housing market forecast
Home prices in the Chicago metro area rose steadily over the last year or so. Gains are expected this year too,
based on several forecasts and predictions for the Chi- cago real estate market. Median home prices and sales activity both increased in June 2016. According to the
TAMMY WENDT
Real Estate
Illinois Association of Realtors, 13,620 homes were sold in the Chicago metro area that month, which is an increase of 2.1 percent from the same time last year. Meanwhile, the median price paid for a home in the Chicago area rose 4.6 percent last June, to $242,500, compared to the previous year.
LAW
Illinois Association of Realtors, 13,620 homes were
Again, that’s for the entire metro area.
Currently, the Chicago housing market favors sellers
over buyers because there is a small pool of properties available for sale (hence, a seller’s market). Housing supply is struggling to keep pace with buyer demand. These trends no doubt fuel the Chicago housing market predictions for 2017, some of which call for additional price gains over the next year or so.
Mortgage rates rising in 2017
Mortgage rates are expected to rise in 2017. That’s the latest forecast offered by the economists at Freddie Mac, the government-controlled buyer of mortgage loans. Here is their forecast for 30-year loan rates in 2017, based on average rates they expect to see during each quarter:
• Q1 : 4.5 percent
• Q2 : 4.7 percent
• Q3: 4.9 percent
• Q4: 5.1 percent
One word of caution: Don’t bank on these rates—they
are basically just an educated guess. Nevertheless, the bottom line is that rates are expected to rise gradually over the coming months.
Below are average listing prices for some popular Chi- cago neighborhoods from the week ending January 18, from Trulia.com:
Greektown: $3,280,000 Lincoln Park: $1,165,799
Portage Park: Edgewater: Beverly: Canaryville: Garfield Ridge: Mt. Greenwood: Scottsdale: O’Hare:
$312,814 $304,752 $303,138 $256,362 $229,205 $216,095 $200,182 $190,295 $178,368 $174,079
Near North Side: Roscoe Village: Wicker Park: Lakeview: Sauganash: Near South Side: Edison Park: Bridgeport: Norwood Park: Jefferson Park:
$980,084 $729,357 $656,380 $629,072 $616,851 $483,060 $425,057 $385,106 $338,123 $335,875
Rogers Park:
West Lawn:
Austin: $98,299 Englewood: $29,062
Have a great month, and stay safe out there. d
60 CHICAGO LODGE 7 ■ FEBRUARY 2017