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Old 04-18-2021, 06:20 AM
 
Location: City of North Las Vegas, NV
12,600 posts, read 9,390,917 times
Reputation: 3487

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In case you missed it, NW Indiana homes are selling like hot cakes and some above asking price and many sales are to Illinois people escaping high taxes and draconian measures:

https://www.nwitimes.com/business/lo...2ad203f18.html


A new commuter rail system is in the works making NW Indiana even more attractive.
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Old 04-18-2021, 01:37 PM
 
121 posts, read 175,770 times
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Homes in Illinois are also selling like hot cakes and over asking price.

Same is true in most places in the country. Low inventory plus low interest rates plus an increase of homes in the suburbs is causing prices to go up.
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Old 04-18-2021, 02:09 PM
 
Location: Chicagoland
93 posts, read 126,313 times
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Northwest Indiana is extremely hot right now - but so are the Illinois suburbs. The statistics on home prices between 2019 and 2020/2021 are really crazy, and that is true for many of the Chicago suburbs. As Logic87 mentioned, it's pretty commonplace in much of the country due to low inventory & interest rates. While many clients are moving from Illinois to Indiana, many others are moving within each state - and I even know some people moving to Illinois from Indiana.

It's pretty normal for homes to sell above list price now, many without contingencies too or other methods that allow for a more competitive offer. My buyers just received an accepted offer on a home in Burr Ridge because they were willing to offer a higher down payment - same story for another situation I had in St. John, IN. A home in Dyer, IN just sold for $45k over list - cash sale. It's a difficult market for buyers, and offers need to be extremely competitive. Patience is key!
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Old 04-18-2021, 04:56 PM
 
Location: City of North Las Vegas, NV
12,600 posts, read 9,390,917 times
Reputation: 3487
Quote:
Originally Posted by Logic87 View Post
Homes in Illinois are also selling like hot cakes and over asking price.

Same is true in most places in the country. Low inventory plus low interest rates plus an increase of homes in the suburbs is causing prices to go up.
true, but the point and difference is still the value you get in NWI
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Old 04-18-2021, 05:00 PM
 
Location: City of North Las Vegas, NV
12,600 posts, read 9,390,917 times
Reputation: 3487
Quote:
Originally Posted by Ditto97 View Post
Northwest Indiana is extremely hot right now - but so are the Illinois suburbs. The statistics on home prices between 2019 and 2020/2021 are really crazy, and that is true for many of the Chicago suburbs. As Logic87 mentioned, it's pretty commonplace in much of the country due to low inventory & interest rates. While many clients are moving from Illinois to Indiana, many others are moving within each state - and I even know some people moving to Illinois from Indiana.

It's pretty normal for homes to sell above list price now, many without contingencies too or other methods that allow for a more competitive offer. My buyers just received an accepted offer on a home in Burr Ridge because they were willing to offer a higher down payment - same story for another situation I had in St. John, IN. A home in Dyer, IN just sold for $45k over list - cash sale. It's a difficult market for buyers, and offers need to be extremely competitive. Patience is key!
If I had to say which direction people are moving from and to and without having any stats, I would say many more people are willing to make the move to NWI from IL than vise versa. I am talking about the Chicagoland area movement and not the whole states.
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Old 04-18-2021, 09:01 PM
 
2,029 posts, read 2,362,554 times
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Quote:
Originally Posted by WildWestDude View Post
In case you missed it, NW Indiana homes are selling like hot cakes and some above asking price and many sales are to Illinois people escaping high taxes and draconian measures:

https://www.nwitimes.com/business/lo...2ad203f18.html


A new commuter rail system is in the works making NW Indiana even more attractive.
In case you missed it, according you your article prices are up 9.1% in Indiana, and 15% in the Chicago metro area according to ABC news below. Also volume is up 18% in Chicago according to ABC, only 3.5 in your article in Indiana. What is your point besides the fact that you do not do your homework?

https://abc7chicago.com/chicago-hous...r-me/10446221/
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Old 04-18-2021, 10:40 PM
 
Location: Edmonds, WA
8,975 posts, read 10,215,820 times
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Quote:
Originally Posted by Justabystander View Post
In case you missed it, according you your article prices are up 9.1% in Indiana, and 15% in the Chicago metro area according to ABC news below. Also volume is up 18% in Chicago according to ABC, only 3.5 in your article in Indiana. What is your point besides the fact that you do not do your homework?

https://abc7chicago.com/chicago-hous...r-me/10446221/
In case you missed it, home value appreciation in NWI was among the hottest in the country way before COVID and this little experiment we are all being thrust into. Illinois has many areas that are still not even close to the 2006 peak levels. NWI blew past that several years ago. It’s been a hot market for quite some time now so the fact that it’s now slightly below Chicagoland as a whole, in terms of percentages, isn’t particularly surprising.
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Old 04-19-2021, 12:03 PM
 
Location: Indiana Uplands
26,411 posts, read 46,591,155 times
Reputation: 19559
Illinois can't quite compete with this in terms of Indiana's property tax cap language:

"Indiana property tax caps limit the amount of property taxes to 1% of property values for homesteads (owner-occupied), 2% for other residential property and farmland, and 3% for all other property. The caps provide a dual benefit to taxpayers. All taxpayers benefit from the predictability the caps provide. In addition, taxpayers who would otherwise pay above the cap receive direct property tax relief in the form of a tax credit (known as a “circuit breaker credit”) that reduces the bill to the capped amount.



The amount of the credit for each property type is outlined below. The credit is the amount that exceeds the stated percentage.



1)Homestead exceeds 1%
2)Residential property exceeds 2%
3)Long-term care property exceeds 2%
4)Agricultural land exceeds 2%
5)Nonresidential property exceeds 3%
6)Business Personal Property exceeds 3%

https://boonecounty.in.gov/Offices/A...caps%20provide.
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Old 04-20-2021, 08:39 AM
 
Location: City of North Las Vegas, NV
12,600 posts, read 9,390,917 times
Reputation: 3487
Quote:
Originally Posted by Justabystander View Post
In case you missed it, according you your article prices are up 9.1% in Indiana, and 15% in the Chicago metro area according to ABC news below. Also volume is up 18% in Chicago according to ABC, only 3.5 in your article in Indiana. What is your point besides the fact that you do not do your homework?

https://abc7chicago.com/chicago-hous...r-me/10446221/
You missed the point teacher. Again, the point is you still get more VALUE when looking for a home in NWI. Actually, even more so now with the higher increase in IL
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Old 04-20-2021, 08:45 AM
 
121 posts, read 175,770 times
Reputation: 171
Quote:
Originally Posted by WildWestDude View Post
You missed the point teacher. Again, the point is you still get more VALUE when looking for a home in NWI. Actually, even more so now with the higher increase in IL
You can also find more “value” by looking for a home in Montenegro. I bet $500k goes a long way with a nice home near the coast in Montenegro.

What’s the point of posting NWI real estate news in the Chicago Suburbs?
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