It Ain't All Big Hair and Cadillacs

Real data regarding the real estate market in Chicago for October, 2007 is not doom and gloom. According to ChicagoCondosOnline.com, based on year to date figures compiled through October, 2007, the city unit sales are down 6% YTD, but the good news is median sales prices are UP 5% compared to 2006.

For detailed charts on Month Over Month and Year Over Year: Go now to:

http://www.chicagocondosonline.com/marketoverview.html

As I advise all of my clients, when hearing and reviewing the data regarding home sales and the overall real estate market, it is very important to maintain proper perspective. When comparing 2007 sales to 2006 sales, one must keep in mind that real estate transactions were historically high in 2006. A 6% decrease in real estate sales in 2007 compared to 2006, a historic year for transactions, that number is not all bad.

If you are looking to purchase a new home, now is a good opportunity to look and purchase. The inventory of available properties is high and selection is at its best. Not only is selection high, interest rates remain at historically low rates. While the sub-prime mortgage collapse has impacted the mortgage business, it has not impacted credit-worthy buyers with substantial downpayments.

If you are looking to sell your home, the key is be patient and realistic. Market times are high because the inventory of available competing properties is high. If you are motivated to sell quickly, you must be realistic with your asking price. Contrary to what you may hear on the news or read in the paper, home/condos are selling. As is the case under any market conditions - properly priced property generally sells in the shortest period.

Below is our monthly report on February sales, which were down 7% over January and down 5% compared to February 2006.

Market time in February was up 10% over January but down 2% compared to a year earlier.

For detailed charts on Month Over Month and Year Over Year: Go now to Market Overview.

Ric Cox, President & CEO

In 2006, the Illinois General Assembly passed a new law which requires the placement of Carbon Monoxide Detectors in residences.

Public Act 94-741 mandates that every dwelling in Illinois must be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes.

A dwelling unit is defined as a room or suite of rooms used for human habitation, which would include a single-family residence as well as each living unit of a mulit-family residence and each living unit in a mixed use building.

The law exempts residential units that are in buildings that:

1. do not rely on conbustion of fossil fuel for heat, ventilation or hot water
2. are not connected in any way to a garage
3. are not sufficiently clos to any ventilated source of carbon monoxide.

Buildings with electric heat are exempt.

The law allows three different types of alarms to be used to meet the requirement. The alarm can be battery powered, a plug-in style (with battery back-up) or it can be wired into the AC power line with secondary battery back-up.

The carbon monoxide alarm must bear the label of a nationally recognized testing laboratory and must comply with the most recent standards of the Underwriters Laboratories (UL).

The carbon monoxide alarm may be combined with the smoke detector provided that the combined unit emits an alarm in a manner that clearly differentiates the hazard.

Willful failure to install a detector is a Class B misdemeanor . Tampering with, or removing, destroying, disconnecting an alarm (except in maintenance or inspection) is a Class A misdemeanor.

This law is effective January 1, 2007.

For more information or resources on this topic, visit www.illinoisrealtor.org

Information provided by the Illinois Association of Realtors.