Western Springs Real Estate Market Trends – Illinois

SmartPhone Real Estate Shopping in Western Springs, IL - April 24th, 2012 10:06am
Need a real estate app for your smartphone to assist your real estate shopping on the go? Try Platinum Partners Mobile. In addition to the usual listing data and mapping features, it gives property tax info and tells when a property is under contract, something most real estate apps for mobile phones don't do. The information is accurate and time-sensitive, with no not-on-the-market properties to wade through. The app works with all types of phones including iPhone and Android phones.

Real Estate News for Western Springs, IL - April 23rd, 2012 9:31am
Getting your real estate information from Zillow? Don't. While Zillow is a fun tool for playing Realtor, it can't replace the expertise of a professional in a local market. Here's a tale of one property as an example. This home is a gut rehab in a neighborhood of mid-centruy properties, many not rehabbed but in good to fair repair. Good schools. Everything is new, inside and out. It is approx. 1,500 square feet, with a master suite, 2 1/2 baths, a family room, hardwood floors, new kitchen and baths...EVERYTHING INSIDE AND OUT IS NEW. It is currently listed for 329,000 which matches the SOLD comps for the area for gut rehab homes of similar size and ammenities. Zillow says no, 243,000 is the correct price. The problem starts with missing square footage. The tax assessor has an incorrect number (1,000), so Zillow repeats it. Zillow also doesn't account for this being a "new" old house. Zillow says it is worth less than the house next door that recently sold for 270K, without a rehab and with less actual square footage, and is cedar siding vs. brick for the subject. Sadly, the owners of this home are being damaged by the Zillow Zestimate as it in no way reflects the value of their home.

Consumers need to be aware that Realtors don't control information on Zillow. We don't even necessarily allow our listings to be on Zillow, but there they are. Zillow doesn't help sell the home as market times don't improve and buyers don't come in from Zillow. Neither the Realtor nor the homeowner is able to correct errors on Zillow. Zillow doesn't know your local market and its Zestimates are notoriously incorrect. Yet every day I hear buyers tell me, "Zillow says..." Do yourself a favor. Work with a licensed professional - a Realtor - in your area. Using Zillow as your source of real estate knowledge is kind of like doing surgery on yourself, following directions on the Internet. ... [ + Read Full Article ]

Real Estate News for Western Springs, IL - March 21st, 2012 11:08am
The Western Springs, IL weather is amazing this year and so is the news in the real estate market. While there are still lots of distressed properties left in the pipeline - short sales and foreclosures - the trend is positive. Although prices are down from last year, buyers are entering the market again in numbers not seen since 2008. While an uptick in spring is normal, this year it is earlier and stronger than last. The surge in buyers can be attributed to continued low interest rates, the affordability (low prices) of the properties on the market, and positive signs in the labor market, among other factors. I think that there might just be lots of pent-up demand!

New in Real Estate for Western Springs, IL - February 8th, 2012 9:39am
Real estate statistics for 2011 have been released by the Mainstreet Organization of Realtors. For Burr Ridge, IL (close neighbor to Burr Ridge, IL): Detached single family home sales rose 7.2% over 2010 with 104 sales (97 in 2010). The average price of a Burr Ridge home dropped 13.4% - 721,632 from 833,187. The median Burr Ridge home price also dropped - 606,000 vs. 683,500.