Drew Curran

Drew Curran

Residential Broker

630.484.4289

drew@drewcurranhomes.com

 

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Mortgage News Report | 12/12/2014

The housing market gives us many opportunities to surprise ourselves. Forthwith, some of the latest. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for November 28 reported their seasonally adjusted Purchase Index was up 3% from the week before. Another nice surprise came when residential construction posted a seasonally adjusted annual rate of $353.8 billion in October, up 1.3% from the month before. Some folks were also surprised to see the September 10-city S&P Case-Shiller home price index up 4.8% year-over-year, the strongest month-on-month increase in seven months.

Another mortgage surprise came when the Federal Reserve Bank of New York reported that originations rose in the third quarter for the first time in a year. Looking ahead, a leading financial ratings firm says they’re bullish on housing and homebuilding for 2015. One analyst explains, “Prices will increase at a more modest rate than in 2014, but affordability will remain strong by historical standards, enticing buyers.” The CEO of a large real estate data firm commented, “The gradual recovery of the housing market continues….The continued actual and projected rise in home prices confirms that fact.”

Thank you Veterans! | 11/11/2014

Happy Veterans Day to all who have served this great nation in a service uniform.  There are countless ways to serve our nation, but raising your right hand and taking the oath to defend the Constitution against all enemies foreign or domestic takes guts.
THANK YOU!

 

5 Housing Trends for Fall 2014 | 11/04/2014

Bank Rate article on FALL 2014 Trends to Watch For

End of Daylight Savings Time | 10/30/2014

Click the link to get the skinny on Daylight Savings Time

Hinsdale / Chicago Luxury Market rocking it in 2014 | 10/29/2014

In Hinsdale, 93 luxury homes sold so far this year at a median sales price of $1,505,000.

Click here for the article.

6 Steps for Choosing a Contractor | 7/31/2014

Talk to anyone who’s had work done on their home. They’ll tell you to do your research and choose your contractor carefully. Here are six steps to walk you through the process.

Step 1: Seek Counsel
Compile a list of contractors after talking with friends, family, neighbors, coworkers, the National Association of the Remodeling Industry or the National Association of Homebuilders.

Step 2: Interview the Contractors
Ask questions such as:
– How long have you been in business?
– Do you take on projects this size? (Ask for examples of three previous clients.)
– What other projects will you be working on at the same time?
– Will you be subcontracting the work and, if so, how will you oversee their work?

Step 3: Recon
After you have a short list of contractors:
– Check them out on Yelp and other review sites.
– Look them up with the Better Business Bureau.
– Call the contractors’ previous clients to hear about their level of satisfaction.
– Visit their current job sites.

Step 4: Money Talk
After the contractors listen to your plans, ask for bids that include cost of materials, labor and their profit margins.

Step 5: Project Schedule
Ask contractors to estimate completion dates for major milestones and the final completion date. Ask for a payment schedule that is contingent on those completion dates.

Step 6: Make Your Choice
If possible, don’t simply choose the lowest bidder. See how each contractor measures up in the above areas. Remember to ask for a contract that details the payments, schedule and their personal liability, workers’ compensation and property damage insurance coverage.

What’s ahead for interest rates? | 5/01/2014

One of my favorite sources of financial guidance and news is Vanguard.  See this 3 minute video below on where they think interest rates are headed in the near term.

What’s ahead for interest rates?

You may want to reconsider listing off the MLS | 4/19/2014

Many local families are convinced “pocket listings” or off MLS listings are the way to go for various reasons.  I’ve never been a fan of this approach and this article below talks about the $ they are likely leaving on the table.

Study says off-MLS deals cost home sellers big bucks

A new season for home buyers | 4/05/2014

A New Season for Housing Will First-Time Buyers Face Challenges?

Spring is officially here. The warmer season will hopefully bring a much-needed warm-up to the housing market, which suffered from the harsh winter weather.

Weather, tight credit, and higher home prices were the cause for stagnant housing in recent months, according to the National Association of REALTORS® (NAR). February Existing Home Sales fell by 0.4 percent from January to 4.60 million units on an annualized basis. While this figure was in line with estimates, it was still 7.1 percent less than the number of Existing Home Sales registered one year ago.

Weather was also blamed for lower-than-expected Housing Starts in February, reported at 907,000. Housing Starts have been declining since November’s annual rate of 1.101 million—the highest since 2008. However, Building Permits, a sign of future construction, increased by 7.5 percent in February to 1.018 million, well above expectations.
Better readings are anticipated in future housing reports, as the weather becomes milder around the nation.

Housing Out of Reach for First-timers? It seems first-time homebuyers are being squeezed out of the market due to rising home prices and tighter lending requirements.
First-timers accounted for 26 percent of purchases in January, down from 30 percent a year earlier, according to the NAR. This figure is the lowest the NAR has recorded since it began monthly measurements in October 2008, according to Bloomberg.

Strong housing markets are indicated by robust constructions starts, new home sales and first-time homebuyer volume. A worrying trend is that there is insufficient inventory for average priced homes, with home sales over $250,000 increasing by 8.2 percent, and those under $250,000 decreasing by 10.7 percent, according to the NAR.

Prices on the Rise U.S. home values continue to rise as buyers compete for a limited supply of properties for sale. Prices climbed 12 percent in January from a year earlier, the twenty-third consecutive gain, said Irvine, California-based CoreLogic Inc. last month.

Analysts assert that there aren’t enough homes on the market, with recovery efforts since 2008’s housing bubble focusing too much on the financing side, and not enough on the physical side. Conditions could improve as building permits are approved and housing starts slowly pick up the pace.

The Bottom Line Home loan rates remain attractive compared to historical rates. If you have any questions about your personal situation or would like to inquire about housing and home loans, please don’t hesitate to contact me.

To Buy or Not to Buy, that is the ? | 2/24/2014

So, when’s the last time you heard a Realtor say, “it might not be a great time to buy.”  Well, I’m not going to be the 1st, but this article will give you some good insight into today’s market…Appears as if the Chicago market is a little bit better positioned than some over-priced markets right now.

Read the article here