Is this a buyer or sellers market? (schools, taxes)

[Caglee]

We've been looking in the western burbs since last summer and can't find a house. There is not much on the market and what little inventory there is goes quickly and for exorbitant prices. I understand it's geographically dependent, but for us it's a complete sellers market. There does seem to be a lot more inventory for houses out of our budget (>350k), so if you can spend that kind of cash, I can see it being a buyers market for you. There does not seem to be a lot of middle ground in housing right now, lots of very small cheap old houses and lots of expensive mcmansions.

[BRU67]

Originally Posted by mr roboto

Agreed. In fact Chicagoland will be a tale of 2 realities soon like other rust belt areas. The middle class is getting pushed out.

It's amazing. In some communities, we have prospective buyers writing heartfelt notes to homeowners explaining that they really need their expensive house because little Timmy and Suzy will be just positively devastated if they don't get into the No. 191st best high school in the nation per U.S. News and World Reports (yup, that's as high as any IL suburban high school ranks nationally despite the unfair funding advantages that our state gives wealthy districts). While in other communities, there is heartbreakingly high poverty, school districts that must make do with about a quarter of the funding per pupil due to bargain basement property values and foreclosures, and gang violence. Something is just sickeningly wrong with this picture.

[IrishIllini]

Originally Posted by Lookout Kid

Looking at comparable sales and any data I can find, it seems like my house is worth about $40,000 more than I paid in 2013. I'm not sure how that happened, but I'll take it.

I'm up just shy of 20k on a house I bought in December, lol. Also unclear how that happened, but I'll gladly take it.

[JJski]

We bought dec, 2013 in La Grange and are way up... Happy!

[chet everett]

Lots of folks who've already responded are correct -- the divergent paths of sometimes adjacent areas is really highlighting the destructive forces that are shaping the housing scene in this state. For every globe trotting hip young tech connected high income consultant or family that is clinging to their precious EL access city home or those with school aged kids contemplating plunging into a desirable affluent suburb there are orders of magnitude more people at best treading water as ever more employers that once were sources of solid wages flee the growing chaos wrought by decades of corruption and incompetence.

Folks that have seen their home equity increase "on paper" in nice towns are countered by folks in formerly desirable areas that seen once huge office campuses turn into tumble weed strewn sites of despair. Predictably that means the folks that do live in the areas that have good access to a variety of transportation options are seeing demand for their towns increase.

While there are bidding wars in the hottest parts of Chicago or other desirable towns other areas suffer from the unchecked exodus of even the wealthy, who like canaries in the coal mine are simply not willing to stick around and watch their wealth diminished through the unenviable confluence of higher taxes and eventual diminished home values -- Millionaires are leaving Chicago at record setting pace | April 4,2016 Chicago Tribune

Sorta throws a monkey wrench into the plans of condo developers hopping to get sky-high prices but maybe it will also see rents continue to climb Are retiree renters a growing market segment or just a consequence of Baby Boom Demographics and real estate melt down?| April 5, 2016 Chicago Tribune

[midwestfamily]

North Suburbs - Northbrook, Glenview, Deerfield....

Older non-remodeled homes under $400k - sell fast

Somewhat remodeled older homes between $400K and $600K sell very fast - especially if they have the popular HGTV / IKEA white kitchen / white countertop and Floor & Decor grey tile in bathrooms...

Newer homes - build between 1990 and 2010 - sit on the market ... for a long time... with very little movement... These are priced between $700k and $1Mil (depending on size, location, lot size...)

Very difficult to sell a nice high-end priced home - a lot of casual "lookers" who are "just looking" based on feedback... Focus seems to be on cosmetic trends and not location / school district / newer house – as it was in the early 2000’s when we were buying our home… Back then anything newer in these upscale towns with great schools would sell immediately…

Now all sold data shows almost every newer home sold in 2015/2016, was sold at a loss of ~20%+ compared to the purchase price in late 90’s to 2010…

Even lowering the price below competition does not help – many homes still sit on the market for a year or more… Just seems like there are less and less people who can afford a home (mortgage) above $500k or so…

[Paige65]

I'm probably still about 15% below 2007 market value. I would guess that's true for Highland Park as a whole

[middle-aged mom]

Originally Posted by nanannie

Not a sellers market in Barrington Hills. An affluent area in the NW burbs. Home have been sitting and sitting. Not unusual to have homes on the market for over a year, sometimes ,years.

Price point matters. Entry level is doing reasonabley well in the NW suburban area. A semblance of bank- owned properties persists.

Trade up markets remain a buyer's market, 20% +/-, off peak, especially 60010. Recent updating tends to be a gift to the buyers. The Village is doing better than the outlying Barringtons. Buyers don't seem as interested in acreage or the commute to the city when the schlep to the train is included.

Many, many good values to be found in South Barrington, right now.

Very few shorts and foreclosures and thus very little investor/ flipper interest.

The North Shore / near North Shore areas however, are doing quite well, relatively speaking. The commute is better.

[OccidentExpress]

It's a sellers market for retirees who are leaving the state and wealthy investors and developers who play real estate as if it's a casino game, but working-age people who are anchored to Illinois are going to continue getting squeezed. Some will have the wealth to handle the rising property tax burden and ride out the next housing value correction but many won't. In the end, the stratification of the haves and have-nots will accelerate until Chicagoland becomes a checkerboard of rich and poor suburbs with nothing in between. With urban gentrification comes suburban blight so the wealthy suburbs better start building some big walls.

[DougStark]

Originally Posted by nanannie

If you are responding to my post,Obviously, you don't know our area . Check out Barrington Hills, it's a buyers market.not hard to believe if you are familiar with the area. Hard pressed to find 4-500,000 homes here.
The City,different story, also suburbs like Elmhurst or Naperville ,different story.
Barrington Hills,it's awful now to sell.
We shall sit. And when it's time, do FSBO or a realtor who truly knows this area.
Five acre minimum is often a different type sell.

nanannie, I suspect the potential buyers in BH love the home and area, but then they factor in the property taxes and realize they can't afford that extra expense.