The community area of Forest Glen is located approximately 12 miles northwest of the Chicago "Loop". Forest Glen is at the city's northern edge and has borders with the villages of Lincolnwood, Skokie and Niles.
The community area includes the neighborhoods of Edgebrook, Middle Edgebrook, Wildwood and Sauganash.
This neighborhood is predominantly comprised of detached single family homes. According to data from the Northern Illinois MLS there were 168 sales in 2007, up from 146 in 2006. The average sales price was $524,687.00, this was a slight increase from $522,520.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 80 days.
As of January 7, 2008 there were 117 active listings of detached homes. Based on the 2007 level of absorption of 14 sales per month there is 8.35 months of available inventory. A 3-4 months supply of inventory is considered "in balance".
For the year end of 2007 sales volume was up +13.09%, average sales prices were up +0.41%, and the days on the market were up +78.75%. This market is oversupplied and the 117 active listings have already been on the market an average of 177 days.
All of this points to a cooling market, long marketing times and lower prices in 2008. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
How to be sure that your listing is competitive? Get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house in the current market.
The community area includes the neighborhoods of Edgebrook, Middle Edgebrook, Wildwood and Sauganash.
This neighborhood is predominantly comprised of detached single family homes. According to data from the Northern Illinois MLS there were 168 sales in 2007, up from 146 in 2006. The average sales price was $524,687.00, this was a slight increase from $522,520.00 in 2006. Marketing times were an average of 143 days on the market, up over the 2006 average of 80 days.
As of January 7, 2008 there were 117 active listings of detached homes. Based on the 2007 level of absorption of 14 sales per month there is 8.35 months of available inventory. A 3-4 months supply of inventory is considered "in balance".
For the year end of 2007 sales volume was up +13.09%, average sales prices were up +0.41%, and the days on the market were up +78.75%. This market is oversupplied and the 117 active listings have already been on the market an average of 177 days.
All of this points to a cooling market, long marketing times and lower prices in 2008. If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.
How to be sure that your listing is competitive? Get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house in the current market.
1 comment:
Buying International Real Estate
Andrew Clayton
1-2-2008
Have you ever thought about buying a second home in a foreign country? Most of us have spent a few minutes online drooling over some of these properties. However, most of us quickly let the dream fade away when we realize how complicated and risky this venture can be.
The hardest part about buying property abroad is that every country, state, and city has different rules and conventions. So to be smart about it we usually start by researching foreign ownership restrictions, tax ramifications, currency issues, etc. This can be very time consuming, costly, and may even lead to out dated and incorrect answers. Along with this, doubt usually sets in; what if the property is over priced and I’m the only idiot in the world who doesn’t know it?
The best way to purchase real estate in foreign places is to contact a trustworthy, local, real estate professional. A local real estate agent will be familiar with the market value of properties in the area you are searching, and they understand the local laws. Your next question is probably; how do I find a trustworthy local real estate agent?
There is a website called UniFersal.com,
http://www.unifersal.com/index.php . You can find properties, look at property pictures, and even chat, call, or message a pre-screened, local real estate professional who speaks your language and specializes in the particular city you are searching in.
UniFersal.com does a background check on all of the real estate professionals that would love to help you buy real estate in their city. They confirm the professional’s real estate expertise in that city, and even ask for references.
If you are serious about buying a property in a foreign country, don’t try to do it alone. Use the internet to drool over properties, then get serious and contact a local professional.
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