Monday, December 29, 2014

How accurate are free online home valuations?



You can find free online home valuations on many sites, but, how accurate are they? Chicago  appraiser Michael Walsh takes a look at the RealAVM provided by the MRED MLS and those provided free by eppraisal.com and Zillow.com. The results are interesting.

Tuesday, December 23, 2014

Chicago appraiser Michael Walsh talks about gentrification



Want to know about gentrification?  Chicago appraiser Michael Walsh of Citywide Services talks about a neighborhood phenomenon in which middle and upper income persons purchase neighborhood properties and renovate or rehabilitate them.

Sunday, December 21, 2014

An interesting board up on Chicago's West Side




Chicago appraiser Michael Walsh says that you can always find something interesting on the West Side of Chicago. Here is a colorful board up.

Saturday, December 20, 2014

Bank Owned and Short Sale Properties exceed 50% of total sales in Lyons, IL 60534



Chicago area real estate appraiser Michael Walsh recently completed a appraisal on a single family home in Lyons, Il 60534 and found a large number of Bank Owned and Short Sales still in the market.

 According to MRED MLS statistics for the last twelve months for MLS area 534, Lyons, the median sales price for Detached Housing increased +26.6%, average marketing time increased +7.3% to 118 days on the market, and there is currently a 5.1 month supply of inventory. This level is a small oversupply. REO & Short Sales account for approximately 51% of total sales.

This increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.

Thursday, December 18, 2014

Maywood sees median price increases of 25.3% in the last year. What's Up?



Single family home prices in  Maywood, Il have increased over the last three years. According to MRED MLS statistics for the last twelve months for MLS area 153, the median sales price for Detached Housing increased +25.3%, average marketing time declined -28.4% to 106 days on the market, and there is currently a 5.5 month supply of inventory. This level is considered in balance. REO & Short Sales account for approximately 54% of total sales.

According to Chicago area appraiser Michael Walsh, this increase in median price is due in part to appreciation and in part to more Fair Market sales than REO/Short Sales in prior years.