After a flat spring market, what’s in store for Northern Illinois for the rest of 2011? There are some factors that will be starting to influence prices and activity in the region beginning now – the most important being the rate of new foreclosures. Recent statistics show we’re currently at a 44 month low for new foreclosure filings. Also, the “shadow inventory” that was the big worry this spring has yet to materialize and many now believe that it was largely hype. As you can see from the graph, our downward slide in median price bottomed in May and since then we’ve seen things move up a bit. I would expect that to continue through this fall with perhaps a leveling off during the winter months. It remains to be seen what the current turmoil with the financial markets and uncertainty with Europe and the threat of a double-dip recession will do, if anything. I honestly don’t attribute our improvements since May to an increase in the number of new buyers – more of a combination of pent-up demand, fewer foreclosures and time of the year. There are lots of buyers “bottom shopping” this market – snatching up any juicy deals that come through. That’s causing an interesting situation where homes at certain price points are selling in days with multiple offers while others sit un-touched. Often the foreclosures in this market are garnering a lot of attention because they represent a quick purchase opportunity at great prices.Continue reading →
Illinois Real Estate Blog Commenting
Today, I decided to reverse a decision I made years ago and allow comments on my Illinois real estate news blog. When I created this blog back something like 5 years ago, I initially encouraged comments from visitors. I was very much into the Web 2.0 concept of providing a user-oriented site with ways for visitors to interact with content. What resulted was perhaps 2 years of dozens of daily spam comments from bots and other garbage that I didn’t want on my site. I think I ended up approving 1 comment and deleting several thousand. Based on this experience, I closed down comments on all of my blogs and blog posts. This had the unfortunate side effect of really limiting the community involvement of my site.
Based on this, you might wonder why I’m now enabling comments again. First, I am doing this on a trial basis. If I don’t get any community involvement and just get a bunch of spammy comment garbage and bots, I will once again clamp down. However, I really do want to foster discussion on my blog. I participate in several other communities of real estate bloggers with often lively discussions and I have the desire to foster the same types of discussion here. Second, there are some much more useful tools that have been developed to combat comment spam. Askimet and similar spam captcha programs has made me want to try again.Continue reading →
Eric Rogers has officially completed the real estate license transition from an Illinois Real Estate Salesperson License to an Illinois real estate Broker’s License. Learn more about Eric Rogers, your Illinois real estate expert.Continue reading →