Real Estate Blog

orland park home buying powerIf you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “What can we afford?” Many buyers become so caught up in how much they can afford that they don’t realize their total buying power—that is, the total amount of purchasing potential they actually have.

Buying Power Defined

Your buying power is comprised of the total amount of money you have available each month for a mortgage payment. This means the money you have each month after fixed bills and expenses. Any money you’ve saved for a down payment, the proceeds from the sale of your current home, if applicable, and the amount of money you’re qualified to borrow all impact your buying power as well. When you take all of this into account,

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This beautiful Orland Park 2-story home sold in one day to a cash buyer!  First and only showing - SOLD!

14001 Creek Crossing, orland park home for sale

This goes to show that an Orland Park home that is in great condition and priced correctly can sell quickly in today's market.  These sellers were going to get a mortgage for their next purchase but they didn't have to.  We were able to close on both homes on the same day.

This home offered 4 bedrooms plus 3 1/2 baths (a full bath in the master en suite plus a full bathroom in the finished basement).  There is a warm and inviting formal living room and a dining room.  The large kitchen featured plenty of cabinets and opened up to the spacious family room.  The four nice sized bedrooms were upstairs.  The finished basement had room for an

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You can usually spot new design trends by looking at new construction, especially new subdivision models.  Most builders keep themselves up-to-date with current decorating styles.  One builder I met said they will build one spec home using a cool tone (grey) and the next one with a warm tone (beige).

The current trends are all about utilizing rich color, maximizing texture and creating comfortable interiors you can’t wait to relax in. Use these trends to get inspired to makeover your home’s interiors and create spaces you love that also appeal to your personal style. Remember, if you plan to sell in the next few years, you may want to avoid doing anything dramatic and instead incorporate small changes that would appeal to buyers.  We plan on moving

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Great curb appeal not only makes your home the star of the neighborhood, it can also improve its value and help you sell it for more. Whether you’re thinking of listing your home or just want to make your home the envy of your neighbors, here are several ways to increase your home’s curb appeal.  Download a pdf here.

1. Make your home’s exterior look like new.

For many potential buyers, the condition of the exterior of a home can offer clues to the condition of the interior. The first place to start when boosting curb appeal is the exterior of your house.

Paint.  Paint is the best way to make your home appear newer. While you can paint your home yourself, if it’s large or more than one story, consider hiring a professional.   FHA financing,

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I read several years ago that we should only have our sellers sign disclosures that were mandated by law.  Required disclosures are our Property Disclosures mold disclosure form no longer needed in Illinois(Residential Real Property Disclosure Report), Lead Based Paint Disclosure for homes built prior to 1978  and the Radon Report.  Some lenders require the Lead Based Paint form for all homes, which I think is ridiculous as the form explicitly states that it is for properties built "prior to 1978", so I don't understand why some lenders don't accept the date as lead was removed from paint in 1978.  I do not have my sellers sign that one if their home was built after 1978.  If a buyer's lender requires it we can argue the fact or sign one at that point.

Some years back a Mold Disclosure was created

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2016 Real Estate Sales Statistics

I have included areas that are on my mailing list of friends, family and clients.  If your area isn't listed please mention it in the comments section below and I'll add it.  If you'd like to receive an instant home value click here.  Please note that although this home value provider is the most accurate I have used (and I've tried a few), a better market value could be received by filling out this form.  

  
 

# Of Homes Sold

Average Sales Price

 Area

2016

2015

% Change

2016

2015

% Change

 

Alsip

187

181

3.3%

$148,514

$138,626

7.1%

 

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It's always nice to see positive figures for annual Orland Park homes for sale comparing 2015 to 2016.  This year was a good one!

Orland Park real estate sales statistics 2016

The number of single family homes sold in Orland Park in 2016 increased by 13.4%

2015 - 486 homes were sold in Orland Park

2016 - 551 homes sold

More good news is that average sale prices increased by 3.1%

2015 - average sale price for homes in Orland Park was $324,145

2016 - average sale price was $334,081

More stats for Orland Park homes sold in 2016 

Average market time in 2016 was 100 days

Average sales price ratio to original list price was 94%

Average sales price ratio to most recent list price was 97%

We live and work in Orland Park so it is our main hub for real estate in the southwest

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Interest rates keep going up on a day to day basis.  As I'm writing this, rates are above 4%.  We haven't seen that figure in a while!  

So before anyone panics, I'd like to go down memory lane to when I purchased my first house.  We were given a 10 year mortgage at 10.5% interest with a 20% down payment (the 3 bedroom, 1 bath single level home on a crawl in Evergreen Park cost $18,000).  We made it into a cute little dollhouse.  We didn't balk at 10.5% interest - those were the going rates.  But look at that low price!  In only about 3 years we sold it for $47,500 - those were the days.

I remember when the market went wild when rates fell to 8.5%.  It was definitely a seller's market at that time.  It was difficult for buyers to get their offer

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Here is an infographic of some real estate buyer and seller profiles of 2016 that I thought many people would find interesting.

orland park real estate buyers and sellers

Home Buyers

Age

Nothing really shocking to me about buyers.  It is interesting to see how the average age has changed since 1981.  I bought my first house in 1976 at the age of 22-23.  That house cost $18,000 and it didn't hit me at the time but instead of a 30 year mortgage we were given a 10 year mortgage!  We were happy with our 10.5% interest rate.  I still drive past that house whenever I'm in the area.

Marital Status

I normally work with married couples but I do get the singles.  In fact, I worked with a couple this past year (they never did buy, but that might be good) that had just started dating and I

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Click photo above to view the website for this home

This is a one-of-kind custom home in Lockport in Oak Creek Subdivision.  4 bedrooms, 3 1/2 bathrooms, 3 car garage, basement, slate tile from Italy, hardwood and read on for more!

Lockport real estate for sale 

This is located on a large corner lot - 82X132X123x114 that is professionally landscaped with a fenced back yard.  The 3 car garage has a side drive and entry.

Lockport home staircase

Step into the foyer and you'll be greeted with the beautiful wooden floating staircase.  The formal living room is to the right and the formal dining room is to the left. Straight through is the family room with a slate fireplace and beautiful windows.

lockport home for sale family room with fireplace

gourmet kitchen 17963 Mitchell Lockport

The family room is open to the gourmet kitchen with plenty of cabinets, granite counter

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