Evanston IL Real Estate

The third quarter sales statistics in Evanston are not as bad as all those doom and gloom people predict. Infact in my opinion the Evanston Real Estate Market is quite normal. The statistics I am quoting come directly from the MLS and I make no representation to the accuracy of this information. 

During the past three months  in 2007 (July, August, September) there have been 144 homes that have sold and another 30 homes which have gone under contract bringing the total homes sold  for the past three months to 174.  In 2006, 129 homes sold during the third quarter.  With all the talk about how bad the real estate market is this seems to be good news for Evanston. In addition to sales, the market time for single family homes is taking a little longer to sell with the average market time for the past 3 months being 131 days. Currently, there are 280 active homes on the market with the average list price being $699,000.

 During the past three months in 2007 (July, August, September) there have been 221 condo sales with another 73 condos under contract bringing the total to 294 condos sold. Compare this to 2006 totals 0f 284, there have been 10 more condo sales this year compared to 2006.  The condo market is a little weaker due to the number of condo’s on the market for sale. Currently there are 582 active condo’s for sale with the average list price being $370,000. The average market time is 178 days.

It’s official the feds lower interest rate by .50 basis points to help the economy. I would love to here your opinions:

1. Will lowering the interest rate by 1/2 point stimulate the housing market?

2. If you are a buyer sitting on the fence are you more motivated to look because interest rates are lower or are you still going to wait it out?

Love to hear your opinions…

The Northwestern Wildcats shut out their opponent Northeastern (27-0). This was the first shutout in over a decade. Meanwhile the Wildkits season so far has not been as good. The Wildkits opened the season with a loss to West Chicago (23-3) and lost their second game to Lane Tech (7-0). The season is still young. This week  the Wildcats have another home game against Nevada and the Wildkits have an away game at Maine West.

Just a quick not to let you know how I can help you or anyone you might refer to me.

Lonnie ha a daughter who was entering Northwestern University as a freshman and thought buying a condo was a prudent investment rather than spending money regularly for college housing.

Lonnie contacted me because she wanted to use part of the tuition account as a down payment for a small condo for her daughter Karen to live in instead of renting. I got to work immediately looking for appropriate properties in commuting distance from the University. Over one weekend Lonnie and Karen had several nice places from which to select, and the ended up choosing a two-bedroom vintage condo that was perfect for Karen. Karen will rent the other bedroom to help cover the mortgage, and Lonnie will make money as the value of the home appreciates over the next four years. Now that strategy earns Lonnie an A+!

P.S. Instead of spending money on rent, Lonnie has an investment for her future. Who is the next person you know who may be interested in an investment property? Please give me a call to discuss how I can let them know about my services.

If you are in the market to buy a home or condo it just got easier. All you have to do is go to my website and go to MLS listings and begin your search.  This is a hassle free way to search for homes on your own. When you find something you are interested in seeing then I hope you would call me so I can make the appointment for you. If you would like a more custom tailored search then try my HomeFinders Service where I send you listings that will hopefully become your next Dream House.

 I thought I might share with you one typical day of a real estate blog.  On this particular day, I had over 30 visitors and here are some questions visitors are seeking and my answers to their questions:

 1. Define Common Area: 

Common Area is usually referred to as space shared by all who live in or occupy space in the building.  There is common area space in  residential buildings and commercial building.  Typical common  area space are hallways, elevators, outside landscapping, parking garage.

2. Define Condo Assessments:

In keeping with the theme above, condo assessments usually are monthly payments used to pay for the upkeep of common areas of the building. Typical condo assessments are landscapping, snow removal, lights and outlets for public areas, janitorial service,  building insurance. scavenger services. On occassion  some utility expenses may be include like heat and water. Cooperative buildings include real estate taxes in the monthly assessments while condo’s do not.

 3. Define Property Management:

Property management handles the financial affairs of a building including the general maintenance including operating expenses, and budget for a building. Some buildings will hire professional property managers while others will be self managed.

4. Define Contract Pending:

Contract pending is one of the stages during the buying process. Typically a buyer will make an offer to purchase and if the offer is accepted the contract may have certain contingencies. Typical contingencies include attorney review and inspection (A/I), mortgage contingency, sale of other home contingency. After these contingencies expire the contract usually goes into a Contract Pending status until closing.

If you are seeking a particular answer to a real estate question you can e-mail me at : jacklewitz@sbcglobal.net or call me at 708-309-5334 or visit my website and I will be glad to answer your questions.