In today's Crain's Chicago Business we read an article that said a suburban Chicago homeowner sued Zillow for it's 'sloppy' estimate.  The homeowner is alleging that Zillow's estimate of her home's value has created a "roadblock" to selling at what she thinks it's worth. 

So that posed the question: How accurate is Zillow's Zestimate?  Not as accurate as you think!  

Zillow's method of creating a Zestimate draws on public records and a proprietary algorithm. Zillow estimates the accuracy of chicago area homes come within 5 percent of the eventual sale price 47 percent of the time. It comes within 20 percent of the sale price 86 percent of the time. 

Why is Zestimate inaccurate?

• Inaccurate basic information
• Mistakes or omissions in sales prices and property tax records 
• Upgrades or unique features that are unaccounted for

The best way to learn the value of your home is to contact a real estate professional and get a property valuation. 

Call Carolyn at 312-545-2834 or Jose at 312-799-7088 today!

Click here to read the Crain's publication

A Challenge Turned into a Success!

Just Closed! 6451 N Northwest Hwy - Edison Park, Chicago

When our clients contacted us in early June, they were very frustrated!  Their home had been on the market for a year and a half, was listed with two different real estate agents, but they had not been able to sell it.  They were desperately looking for someone who could help them get it sold for the right price and as quickly as possible.   We knew it would be a challenge to take on a listing that had been on the market for so long, and we needed to develop a strategy that would help us successfully sell their home.

We met with our clients to gain an understanding of their goals and plans for the future.  We asked a lot of questions about the history of the listing, what was working, what was not working and why they felt their home didn’t sell.  We were interested in the number of showings, feedback received, price adjustments, and offers received.  Through our discussion, we learned that the clients had received offers; however, were unwilling to negotiate from the price they had set, and therefore could never reach an agreement with potential buyers.    

We realized that to sell this property we needed to educate our clients and help them understand the home buying process and how to become successful sellers.  We explained that our top priority was to price the home to sell and to be responsive to the market.  Through the use of our unique online marketing plan, we expected to attract the most qualified buyers within the first couple of weeks and would likely receive an offer.  Our clients liked our plan and decided to hire us.  

We listed the property after it had been on the market 475 days!  Within 20 days, we not only had an offer, but we helped our clients successfully negotiate the best price and terms, and sign off on the contract!  

Our clients were very happy with the price they received for their home, and told us that we really helped them realize that they got a great deal!  We wish them the best of luck!

Thinking about selling? Schedule a private consultation with us! 

If You're Thinking About Selling? Now is The Time.

Chicago real estate prices in 2016 are up and Inventory is at its lowest. It is expected that this upward trend will level off and slow down in late 2016 and early 2017.

Why?

- Interest rates

• The Federal Reserve raised interest rates for the first time since 2006.
• For every .125 of a percent your payment increases by about $20.00 a month for a $250,000 loan.

- Chicago's Historic $589M Property Tax Increase & Scavenger Service fee

• On average, homeowners will see a 12.2% increase on their tax bill.  On a $250,000 home this estimated increase translates to approximately $500.00  Scavenger Service 
• Scavenger Service fee $9.50/month

source: DNAinfo

- Buyers

Today’s first time home buyer is concerned with what they can afford.  During the recession between 2008-2012, investors drove the market with “cash” purchases and no need to finance.  In 2013-2014, conventional financing began to gain momentum and today we are seeing an increase in FHA financing with low-down payment programs.  This is signaling a shift in the market.

Total monthly payment increase: Approx. $70/month

Bottom Line:

While $70.00 a month doesn’t seem a lot, it translates to about $17,000 in buying power that a potential buyer no longer has. The buyer who once could qualify for $250,000  now only qualifies for $233,000.

This also affects the selling price of the home since it will stay on the market longer, thereby driving inventory up.  When inventory increases, home prices decrease.  The bottom line is that the price of the home will most likely need to be reduced to $240,000 and ultimately sell for $233,000.

Sell Your Home for 100% of Asking Price.

Schedule a private consultation with us to determine if it makes sense for you to sell at this time. Contact Us

View Recently Sold properties in your neighborhood Here.

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By: Jose Hernandez

Real estate broker with Coldwell Banker - Chicago

Condos for sale in the Gold Coast, Chicago | Off-Market Deal!

Just closed on another off-market deal in Chicago's premier neighborhood, the Gold Coast.  This property was a split floor plan 2BD/2BA with Lake Michigan and city views.

Gold Coast condos for sale are in high demand especially for split floor plans.  

Location is key and the Gold Coast is know for it.  Walking distance to Oak street beach, North ave beach, Mag Mile, Old town, River North, Lincoln Park Zoo, and much more.

Search Real Estate For Sale In The Gold Coast

Search Real Estate For Sale In River North

Search Real Estate For Sale In Streeterville

Thinking About Selling? Start Here.

Real Estate Market Update in University Village, Chicago - December 2015

Are you considering selling now? According to our data maybe you should wait a few months.  

• Real estate in University Village had the most sales in 2015 between May and August.

• The most popular properties in University Village were 1 & 2 bedroom condos with a total of 145 units sold.

• Most properties sold within 98-94% of asking price.

• The average sales price in University Village was $260,357

• Average market time in University Village is 75 days.

• Only 9 Properties closed in December 2015 in University Village Chicago - Attached properties

Search All Properties for Sale or Rent in University village.

University Commons Chicago

University Commons only had 2 properties close in December 2015

1. A 2BD/1BA at 1151 W. 14th Place Sold for $217,500

2. A penthouse unit at 1000 w. 15th street Sold for $342,000

The penthouse unit appears to have been sold by an investor who had acquired the unit in late September 2015 for $244,500 according to public records.

Thinking About Selling? Start Here.

Jefferson Park 2 flat for sale in Chicago

5326 W. Foster ave, Chicago IL 60630

Jefferson Park 2 flat for sale - Just listed!

Listed $399,000

This property sits on a HUGE lot (30x155) which has plenty of space for kids to play and for you to entertain during the summer.

This one will not last, schedule a private tour today!

312-788-7079

Search ALL income properties here.

Thinking about selling? Give us a call today!

 Offered by Carolyn Durocher & Jose Hernandez | Coldwell Banker Residential