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Thanks for the suggestions. As a town, Wheaton definitely offers a lot from an amenities standpoint and with my wife having grown up there, she's done her best to inform me of the park district gym, Rice Pool, the nearby forest preserves, etc.
Thank you hollingsworth for your info on the area around Childs. If we end up seeing the house this weekend I may get a better feel for the area while driving around. I'm familiar with the immediate downtown Wheaton area but not so much in between. Also, the house suggestions are appreciated. No central A/C is definitely a deal breaker for that price, however, I do like the look of some old houses that have been renovated. I grew up around Beverly and tend to be more open to houses and neighborhoods with a little age. I think my wife's preference is for something a little newer.
Part of our consideration for some of the other towns I listed is to be a bit closer to the city. The commute time for Elmhurst and Wheaton is marginally different on Metra. La Grange Park is another story, much better commute but different types of houses. We just recently added Wheaton to our search after realizing that we aren't seeing much we like in our price range in these other towns.
Really, the only people we're close to that are in Wheaton are my in-laws. Most of my family is around Oak Lawn and most friends are either on the north side of Chicago or around Oak Lawn. The preference for the western suburbs is the decent Metra schedules and at some point to benefit from the schools.
RE: Metra
The time difference between Wheaton and La Grange (quickest express) is 21 minutes in the morning and 15 minutes in the evening. We (obviously) felt compensated for the extra time by the stronger dollar value and wider range of very local family-orientated amenities. I spend a few extra minutes on the train, and my wife (SAHM) has everything at her fingertips with the kiddos. Ditto for all of us on the weekends.
When we were shopping towns we enjoyed La Grange very much -- def one of the best suburban downtowns -- but felt the surrounding amenities and overall feel, discounting nearby Brookfield Zoo, averaged a little more "adult." We also felt La Grange was too "compressed," but in retrospect that was more uninformed nitpick on our part than a valid knock. Tighter blocks have just as many pluses as those with a little more elbow room.
BTW, the home on Evergreen (no central A/C) has an open house this Sunday @ 1.
Quote:
Originally Posted by fusillirob1983
RE: Lombard: totally aware it's the odd one out and really we're not that excited about it beyond that it's the most affordable. Elementary schools seem good but there seems to be a drop off at Glenbard East. If I bought in Lombard I would definitely prefer it be a starter home in a meatier part of the price range for the town.
We've visited about 35 houses so far and are quite picky, but it's a large financial decision. We'd like to make sure we have a house with a decent resale value if we decide to trade up in 5-10 years.
I'm of the opinion that one should never seek out a "starter home." Buy as though you won't be able to sell, and don't compromise on location.
Last edited by holl1ngsworth; 04-21-2016 at 03:55 PM..
From the points I highlighted above it probably makes sense to "prioritize" what sorts of factors really are central to your goals. I completely understand one partner hoping for something a little more "turn key" while the other is willing to think it terms of "potential" but if you've seen nearly three dozen homes things are not likely to get resolved without some kind of "heart to heart".
There is nothing wrong with having a bit of an eye to future value, and I actually encourage most folks to give some thought to that, especially when it comes to things that might make a home overly personalized, but part of that equation also means giving thought to the likely price trajectory for the town(s) you are looking at as well as the specifics of any house. In that context it is hard to argue that any town is better positioned for price stability / appreciation than Wheaton if you are looking in the price range around $400k.
It is probably smart to try to get feedback from a trusted friend in the trades if you have fears about some homes needed updating -- especially when it come to older homes many will raise questions about things like lack of central air or older hot water heating systems but if you understand what the likely cost to modernize may be and the potential returns that doing so may bring that can help overcome reservations related to such things.
With rates still incredibly attractive and inventory rather constrained in most towns I would anticipate the pace of deals to increase rather dramatically. That makes it doubly important for you and your partner to be ready to make an offer on a home that both of you are happy with. Perfect homes generally exist only in Hollywood movies and certain TV shows -- real world is going to be all about trade-offs. If you both are clear about what sort of initial price makes sense, what sorts of near-term budget is realistic for personalizing / updating the home, and what your real priorities are that will give you an edge vs folks that are less sure of what sort of homes they want to move forward with.
I really don't think it's about having a heart to heart or not. We're very aware of the trade offs we are both willing to make. I would be completely open to a turn key property at the right price but am being realistic about what exists in the market. We've seen quite a bit that needs some work that we'd probably take a chance on at the lower end of our own price range, but not at what they list for, or what they'd likely sell for. We've also requested to schedule showings at at least 7 properties and had them go under contract before getting the showing scheduled, which is a whole other issue. In other words, these would come on the market on a Tuesday and would be gone by Thursday or Friday. We're certainly aware of the benefits of seeing during the week and are hoping to do that soon, but it is difficult living and working in the city to schedule showings in the burbs on a weekday at a moment's notice. Things seem to be getting out of hand.
I think you're right about inventory and the pace of deals. It was supposedly going to pick up shortly after the Super Bowl, then more in March and more in April. It seems like it has picked up but not at the pace we hoped.
During this market, you have to see a house *the day* it is listed. Period. If it's on the market for more than a week, it's either over priced or it's terribly staged. I found a deal on one that was poorly staged and had a listing agent that didn't aggressively try to sell it. Nonetheless, it went under contract less than 10 days after listing (this was earlier in the year, too) and there would have been other offers if the sellers weren't wanting to move quickly. Inventory - it is historically low, especially in the areas that you're describing, at the budget you want. It's just terrible. From those I've talked to (granted, a small subset of Realtors in the area) they do not think that a lot of houses are going to come on the market. Some even think the market has already peaked, which I find crazy, but if that's the case, then, wow.
If your Realtor isn't getting you properties in advance, or at least aware of them, it might be worth finding someone else.
Regarding Lombard - I have friends who live there and are in the better elementary school, and are not zoned for Lombard Eash (they're in the Villa Park high school, I think). So, it's the more desirable part of town. They bought in 2009 (bottom of the market) and their house has not appreciated enough to get rid of PMI in the last 7 years. Trading up just isn't as possible if you lock yourself into a place with lower values.
You'll probably get much more "return" for your money doing a little work on a place in LaGrange Park, Wheaton, Glen Ellyn, or Downers. Would you consider living closer to the College Ave train?
I really don't think it's about having a heart to heart or not. We're very aware of the trade offs we are both willing to make. I would be completely open to a turn key property at the right price but am being realistic about what exists in the market. We've seen quite a bit that needs some work that we'd probably take a chance on at the lower end of our own price range, but not at what they list for, or what they'd likely sell for. We've also requested to schedule showings at at least 7 properties and had them go under contract before getting the showing scheduled, which is a whole other issue. In other words, these would come on the market on a Tuesday and would be gone by Thursday or Friday. We're certainly aware of the benefits of seeing during the week and are hoping to do that soon, but it is difficult living and working in the city to schedule showings in the burbs on a weekday at a moment's notice. Things seem to be getting out of hand.
I think you're right about inventory and the pace of deals. It was supposedly going to pick up shortly after the Super Bowl, then more in March and more in April. It seems like it has picked up but not at the pace we hoped.
I did not mean to imply that you and you partner are necessarily "at odds". Good houses at your price point are known to quickly go under contract in desirable areas, as you've already seen. If you have already gotten pre-approved and are working with a good buyers agent you probably are doing about all you can to try be "first in-line" when homes hit the market. It can get a little crazy when you wonder if there are ever going to be more homes listed that are worth considering, but historically the listings peak as schools get out for the summer.
Unrealistic prices are another story -- when sellers are even 10-15% above where they should be it really wastes everyone's time and for some listing agents they encourage this behavior with "you can always come down" old school sales pitches. With well known price points for online sites far tighter price groupings are shown to serious buyers and the strategy makes overpriced homes stick out like a sore thumb.
The time difference between Wheaton and La Grange (quickest express) is 21 minutes in the morning and 15 minutes in the evening. We (obviously) felt compensated for the extra time by the stronger dollar value and wider range of very local family-orientated amenities. I spend a few extra minutes on the train, and my wife (SAHM) has everything at her fingertips with the kiddos. Ditto for all of us on the weekends.
When we were shopping towns we enjoyed La Grange very much -- def one of the best suburban downtowns -- but felt the surrounding amenities and overall feel, discounting nearby Brookfield Zoo, averaged a little more "adult." We also felt La Grange was a little too "compressed," but in retrospect that was more uninformed nitpick on our part than a valid knock. Tighter blocks have just as many pluses as those with a little more elbow room.
Regardless, both towns have plenty in common -- great schools, vibrant cores, transit-orientated, lots of young families, etc. -- so take my opinions with a grain of salt. If you ask C-D's resident La Grange expert, JJski, why she didn't land in Wheaton she'll probably say it was too far out to even consider! But, hey, in-laws? Free babysitting??
BTW, the home on Evergreen (no central A/C) has an open house this Sunday @ 1.
I'm of the opinion that one should never seek out a "starter home." Buy as though you won't be able to sell, and don't compromise on location.
Thanks, all good things to consider. As mentioned before, other than the in-laws, most of my friends and family are much closer to or in the city. I don't have a problem driving places, whether it be from Wheaton or Elmhurst to wherever, but can see people I know having less of a desire to make the trek down I-88 to come visit. In addition, my current work commute door to door is 30-35 minutes, so something in the one hour range will be a slight adjustment.
We've tossed around the thought on the free babysitting, but they have 7 grandkids already. I wouldn't say they're "over it" but it's doubtful they'd be up for 5 days a week.
In regards to a starter home what's your thoughts on 1) we have enough saved to buy, 2) don't want a condo or townhouse 3) don't have quite enough saved up to get a house where we don't feel the need to trade up.
We currently rent, but it's a one bedroom apartment and things are tight as is. I think if we saved 2-3 more years, assuming we have no kids by then and both work full time (I'd guess unlikely on at least one of those things) we can do that easily.
During this market, you have to see a house *the day* it is listed. Period. If it's on the market for more than a week, it's either over priced or it's terribly staged. I found a deal on one that was poorly staged and had a listing agent that didn't aggressively try to sell it. Nonetheless, it went under contract less than 10 days after listing (this was earlier in the year, too) and there would have been other offers if the sellers weren't wanting to move quickly. Inventory - it is historically low, especially in the areas that you're describing, at the budget you want. It's just terrible. From those I've talked to (granted, a small subset of Realtors in the area) they do not think that a lot of houses are going to come on the market. Some even think the market has already peaked, which I find crazy, but if that's the case, then, wow.
If your Realtor isn't getting you properties in advance, or at least aware of them, it might be worth finding someone else.
Regarding Lombard - I have friends who live there and are in the better elementary school, and are not zoned for Lombard Eash (they're in the Villa Park high school, I think). So, it's the more desirable part of town. They bought in 2009 (bottom of the market) and their house has not appreciated enough to get rid of PMI in the last 7 years. Trading up just isn't as possible if you lock yourself into a place with lower values.
You'll probably get much more "return" for your money doing a little work on a place in LaGrange Park, Wheaton, Glen Ellyn, or Downers. Would you consider living closer to the College Ave train?
This is my favorite on the market, and it's in good shape. I viewed it during my search, I bet they'd come down 5%.
Good luck...
The "going with someone else" is probably happening if we don't find something in the next two weeks.
That house certainly looks nice and renovated and I think we initially considered seeing it when we added Wheaton to our MLS feed. It looks like it's about a block from the college though, which I think is a little too close for both our comfort, for starters. I think we're quite picky and can likely list off a few other reasons why I wouldn't be interested in that house (no sidewalks, 1 car garage to name a few more).
Desirable quiet neighborhood, nearby Kelly Park is quite nice, less than mile walk to Metra and downtown, less than quarter mile walk to outstanding elementary and middle schools.
Inventory is much tighter than I realized. There's nothing even halfway updated under $450k that's not pending. Even if you forget about walking distance to anything. This time last year there were plenty of nice four beds offered below that price point, now even three beds are hard to come by -- the nicer ones are all under contract at over $400k.
I still think the Evergreen house is primed for negotiations. That little neighborhood is really warming up. There are a few tear-downs within a block of there, one just completed and a couple in progress. Can't beat the walkability and (potential) price. Otherwise, the listing quoted above is just about the best four bed value out there... so long as you're OK with the unique look and layout.
Last edited by holl1ngsworth; 04-22-2016 at 09:24 AM..
In regards to a starter home what's your thoughts on 1) we have enough saved to buy, 2) don't want a condo or townhouse 3) don't have quite enough saved up to get a house where we don't feel the need to trade up.
Yea, I get that. I'm just saying "settle" now on the house rather than on the town or neighborhood. The adages are tired but true. You can make improvements to your home, but you can't pick it up and move it to a better school district or more amenity-rich town. RJA29 gave a good example. Buy into a location you won't mind living in for a long, long time.
Inventory is much tighter than I realized. There's nothing even halfway updated under $450k that's not pending. Even if you forget about walking distance to anything. This time last year there were plenty of nice four beds offered below that price point, now even three beds are hard to come by -- the nicer ones are all under contract at over $400k.
I still think the Evergreen house is primed for negotiations. That little neighborhood is really warming up. There are a few tear-downs within a block of there, one just completed and a couple in progress. Can't beat the walkability and (potential) price. Otherwise, the listing quoted above is just about the best four bed value out there... so long as you're OK with the unique look and layout.
I think what you're saying makes sense. We're hoping for a lot the houses to look similar to the 3 middle ones you suggested but they're out of our price range.
The Cross Street house has some nice updates, but you hit the nail on the head with the layout. It came across our MLS the other day. The finished basement looks quite nice too, however the overall layout and some of the room sizes were a deal breaker.
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I think we are on the same page about "pace"...
But, hey, in-laws? Free babysitting??
