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The Growing Gap in New vs. Existing Prices of Single-Family Chicago Homes

Chicago, we have a home price gap. The difference between new and existing home prices in Chicago grew from 10% in 2008 to 70% in 2016, according to a report by John Burns Real Estate Consulting. The median price of a new home price in the Chicago area was $349,300 in 2016. By contrast, the median price of an existing home was $205,200. (John Burns Real Estate Consulting, based in Irvine, CA and with offices throughout the US, provides independent research and consulting services related to the US housing industry.) “This price gap has made it much more difficult for builders and developers to compete against a much more affordable resale market,” said Burns. According to Burns, “While this

Where is Chicago in the Housing Cycle?

Where is Chicago in the real estate buying and selling cycle? Since SpringView Investments manages more than 100 single-family homes in Chicago for investors across the US, it’s a question we take quite seriously and monitor continuously. John Burns Real Estate Consulting recently reviewed the 20 largest home markets and identified whether they were in an early recovery, expansion, exuberant, contracting, or full downturn phase. (John Burns Real Estate Consulting, based in Irvine, CA and with offices throughout the US, provides independent research and consulting services related to the US housing industry.) Chicago placed early in the expansion phase, often characterized by rising home valu

Harold Willig: No More Housing Bubbles?

A Realtor.com July 2016 report says that there’s no housing bubble to burst, particularly in the 10 metropolitan regions with record-high median prices like San Francisco, San Jose, Austin, Salt Lake City, and Dallas. “There is no evidence of the systemic risk of the mid-2000s housing bubble," the report said. "In fact, what is happening now is the opposite of what occurred during the housing boom of 2004-2006 – credit remains tight; flipping is not rampant; and new construction is severely constrained.” Chicago, where SpringView Investments currently owns and manages more than 100 single-family homes, was not listed in the top 10 metropolitan areas for overheated prices. What typically crea

10 Ways to Invest in Real Estate, by Harold Willig

What’s your real estate investment niche? Some like to invest in single-family homes (our specialty). Some stick to large apartment complexes. Others only invest in real estate notes. Some of the other ways to invest in real estate include: 1. Commercial If you want to go commercial, you’ll have a lot to choose from. Commercial investments include small strip centers, stand-alone buildings, supermarkets, and big box megastores. The good: potentially strong positive cash flow. The bad: commercial property can often sit empty for many months or years. Not recommended for beginners. 2. Duplexes, Triplexes and Four-Plexes Small multifamily properties of two to four units combine the straightfo

Rental Prices for Single-Family Homes on the Upswing, by Harold Willig

A relatively new form of debt security is the Single Family Rental Securitization. These debt securities are backed by the rent checks from a portfolio that may include thousands of single-family rentals purchased by institutional investors. Morningstar recently analyzed the trends of 24 single-family rental securitizations with about 93,000 properties. The findings paint a positive portrait for investors, institutional and private, about trends in the single-family home market: 1. Rents have increased during the past year, particularly for 3-and 4-bedroom homes. According to Morningstar, rents for properties that backed single-family rental securitizations increased 5.4% alone in June 2016.

Homeownership Trends In Chicago: Fewer Homeowners, and a Generation Gap, by Harold Willig

Homeownership rates in Chicago have changed dramatically in just the last few years, since 2007. A recent article in Chicago Agent Magazine reported on a study done by Apartment List which looked at the last seven years of data from the U.S. Census Bureau. The three key takeaways include: * Home ownership rates in the greater Chicago area have fallen from 69% in 2007 to 63.6% as of December 2014. The decline in home ownership in Chicago was less than many other metropolitan areas; in Phoenix, Miami and Denver, the decline was more than 8%. What’s more, Chicagoland’s homeownership rate of 63.6% was greater than the national average of 62.9%. * Chicago has a home ownership generation gap. Th

How to Winterize Your Single-Family Home Investment, by Harold Willig

Winter’s coming in just a few months. In Chicago, where SpringView Investments invests and manages a portfolio of over 100 single-family homes for investors, winterizing a property is critical component of property management. As an investor, how can you insure that your property, and your tenants, are properly safeguarded from winter’s chills, and save on energy bills in the process? Heating A programmable thermostat can help your tenants save between 10% to 20% of there total heating costs…if they set it down several degrees for the nighttime. Clean furnace filters and insulated electric outlets and switch plate covers should also help. Windows And Doors As part of your pre-rental checklis

The Best Investment: More Americans Believe in Real Estate, by Harold Willig

Where should you invest – stocks, bonds, savings accounts, real estate, gold? According to recent survey by Gallup, Inc., and by Keeping Current Matters, a real estate information source for agents and buyers, of the choices offered, more people in the United States preferred to invest in real estate than other opportunities. According to the study, 30% of Americans believe that real estate was the best investment opportunity, 24% said stocks, bonds, or gold, 14% said savings accounts, and only 6% said bonds. The higher the income, the report said, the greater the likelihood for the belief in real estate as a potentially superior long-term investment. Upper-income Americans were much more li

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