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Old 02-22-2016, 09:43 PM
 
197 posts, read 275,497 times
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We moved to the neighborhood SD 204 in 2011. We bought a house for 160k a very good price and according Zillow the house zestimate 70k more than what we paid for. I like the neighborhood, walking distance to school, we have an open space view from the backyard, and I don't feel I could and want to move to another house. However, I just realized that there are becoming more and more houses for sale in my neighborhood and surrounding areas. It is kind of strange, because the neighborhood is rather safe and family oriented. What is your knowledge about current real estate condition? Let me know as I am not an expert. Thank you.

Last edited by majka; 02-22-2016 at 09:49 PM.. Reason: mistakes
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Old 02-23-2016, 05:44 PM
 
28,460 posts, read 80,463,896 times
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Default Well...

Quote:
Originally Posted by majka View Post
We moved to the neighborhood SD 204 in 2011. We bought a house for 160k a very good price and according Zillow the house zestimate 70k more than what we paid for. I like the neighborhood, walking distance to school, we have an open space view from the backyard, and I don't feel I could and want to move to another house. However, I just realized that there are becoming more and more houses for sale in my neighborhood and surrounding areas. It is kind of strange, because the neighborhood is rather safe and family oriented. What is your knowledge about current real estate condition? Let me know as I am not an expert. Thank you.
The biggest factor is almost certainly the continued negative pressure that homeowners feel with rising property taxes and stagnant / declining business. There are many offices along the I-88 corridor that are vacant / well below peak occupancy.
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Old 02-23-2016, 08:15 PM
 
197 posts, read 275,497 times
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Thanks Chett I was hoping to read your point of view.
I understand. The question is how come just minute drive from my neighborhood in Naperville there are a lot of brand new houses and another are under constractions, I think there are needs. The houses looks like are feeling up with new families pretty fast and they start from at least 450k. I drive almost everyday and see it.

If you know any good source of webside to read about current market I will be appreciate.

Last edited by majka; 02-23-2016 at 08:56 PM..
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Old 02-23-2016, 09:27 PM
 
169 posts, read 521,561 times
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We have a townhouse in 60502 and I know that if we didn't have a great tenant, we would finally consider selling bc the market is getting better for those of us that bought "starter homes" around 2007, but didn't want to pay 40k to sell even 3 years ago. Many people that were stuck in those homes bc of the market finally have some wiggle room and won't get hit as hard on the selling side and can buy a new home at record low rates. Just what I have seen across the board in our neighborhood. For awhile people that thought they *might* have their first baby in those homes were still there a couple years later with 2-3 kids in our starter homes. It was nice bc many of us were in the same position and it resulted in many kids in the community, but it was very frustrating.
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Old 02-24-2016, 07:07 AM
 
28,460 posts, read 80,463,896 times
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Default Lots of truth to that in certain kids of developments...

Quote:
Originally Posted by chisub View Post
We have a townhouse in 60502 and I know that if we didn't have a great tenant, we would finally consider selling bc the market is getting better for those of us that bought "starter homes" around 2007, but didn't want to pay 40k to sell even 3 years ago. Many people that were stuck in those homes bc of the market finally have some wiggle room and won't get hit as hard on the selling side and can buy a new home at record low rates. Just what I have seen across the board in our neighborhood. For awhile people that thought they *might* have their first baby in those homes were still there a couple years later with 2-3 kids in our starter homes. It was nice bc many of us were in the same position and it resulted in many kids in the community, but it was very frustrating.
I have seen that sort of "ready for the next step" sales pattern play out in areas where many homes were bought by those just starting out. The negatives associated with the 2008 era collapse (foreclosures / massively underwater...) have largely cleared out and folks that maybe now have a child that is no longer in need of commercial off-site aftercare (which kind of ends around third grade) are probably contributing to the "move up" timing too.

The best source for trends is really the MLS data itself, and while there are some real estate agents that do send out summaries or blog about their interpretation of the data, the real value is finding the right agent to help you decide if your situation makes sense to "buy / sell / hold". It is too hard to generalize; depending on your own long term assessment of where your career is headed / what sorts of employment pressure is likely to impact your own situation it really does not make sense to over extend yourself. OTOH if you truly need a bigger home the current mortgage rates are incredibly attractive, so much so that it probably makes sense even if you anticipate no net appreciation after sky rocketing property taxes, as the of deduct-ability of those taxes means that with the right income situation you are kind of getting a free ride from Uncle Sam...
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