Orland Park, IL Real Estate News

By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET. Home buyers and rate shoppers in Oak Lawn would be wise to take note. The jobs report is almost always a market-mover. Consider last month. Although net job creation fell well-short of expectations in January -- just 36,000 jobs were added -- the national Unemployment Rate dropped to 9.0%, its lowest level in 2 years. The marked improvement surprised economists and sparked inflationary concerns within the investor community. This, in turn, caused mortgage rates to rise. In the days immediately following the jobs report's release, conforming rates across Illinois jumped 0.375 percent. That's equivalent to a mortgage payment increase of $22 per month...
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By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Mortgage rates are up 0.875% since mid-November, causing home buyer purchasing power across Oak Lawn to fall more than 10 percent since. Persistent concerns over inflation are a major reason why and this week's Consumer Price Index did little to quell fears. CPI rose for the third straight month last month. Wall Street was not surprised. As the economy has picked up steam since late-2010, the Federal Reserve has held the Fed Funds Rate near zero percent, and kept its $600 billion bond plan moving forward. The Fed believes this is necessary to support the economy in the near-term.  Over the long-term, however, Wall Street worries that these programs may cause the economy may expand too far, too fast, and into runaway inflation. Inflation pressures mortgage rates to rise. Inflation is an ...
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By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
If your ARM is due to adjust this spring, your best move may be to allow it. Don't rush to refinance -- your rate may be adjusting lower. It's because of how adjusted mortgage rates are calculated. First, let's look at the lifecycle of a conventional, adjustable rate mortgage: There's a "starter period" of several years in which the interest rate remains fixed. There's an initial adjustment to rate after the starter period. This is called the "first adjustment". There's a subsequent adjustment until the loan's term expires. The adjustment is usually annual. The starter period will vary from 1 to 10 years, but once that timeframe ends, and the first adjustment occurs, conventional ARMs enter a lifecycle phase that is common among all ARMs -- regular rate adjustments based on some pre-se...
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By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Existing Home Sales surged 12 percent last month, closing 2010's housing market with strength. An "existing home" is a home that cannot be categorized as new construction; a resale. According to the National Association of REALTORS®, seasonally-adjusted, annualized Existing Home Sales figures climbed by more than a half-million units in December as compared to November. It's the 3rd straight month of home resale improvement nationwide. Sales volume is now as high as it's been since May 2010 -- just after the federal home buyer tax credit's expiration. In addition, the number of months needed to sell the complete, current home inventory at the current pace of sales fell by 1.4 months, tying December for the biggest one-month home supply improvement in 2 years. It's yet another signal tha...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
The following chart shows single family Orland Park homes activity for the past year.  The last time I showed Orland Park real estate sales stats I had a lively "discussion" with an Orland Park home owner that did not believe the data.  These charts are produced by a company called Market Dynamics and the data comes from our local multiple listing service.  This shows a picture of Orland Park single family homes for sale, under contract and those that sold and closed for 2010. I have to shrink the chart so it fits in this post, but the colors tell the story.  The red columns represent homes that were available for sale in a given month.  The blue columns are homes under contract and the green columns are Orland Park homes that sold and closed that month. Just like 2009, there is a huge ...
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By Kevin Lanham, Chicagoland FHA Expert
(Pacor Mortgage Corp)
Homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders. The monthly Housing Market Index registered 16 out of a possible 100. January's reading is three points higher than the 2010 low-point, set in September, and in-line with last year's average reading. According to the NAHB, the market for newly-built, single family homes remains relatively weak "following a below-expectations finish in 2010". Builders expect a better 2011. The Housing Market Index dates to 1985. It's a composite of surveys which gauge the builders' perceptions of the new home-buying market. There are 3 surveys and they ask: How would you rate market conditions for sales of new homes today? How would you rate market conditions for sales of new...
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By Tim D. Krzyskowski, REO PRO
(Realty Executives Ambassador (Orland Park, IL South Chicago))
I'm approached by many first time home buyers on a weekly basis. The first thing they always ask me is to find them a foreclosed property at a great price. This blog entry will cover the initial points I try to cover when I initially consult with a new first time homebuyer interested in a foreclosure. I'm always up-to-date with the ins and outs of the foreclosure industry because I list and sell foreclosed homes for a few major banks all over the Chicagoland area. Despite taking listings from banks wherever I can get them I prefer to help buyers in my local market which is Orland Park, Tinley Park, Orland Hills, Homer Glen, Lockport, Mokena, and Frankfort. How does the buying process for a foreclosure work? The buying process is basically the same as purchasing a property through a trad...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
The following are listings I had that I no longer have active. If you'd like to search for Orland Park homes (or any area), click the link and you'll find properties in your price range with photos and property descriptions.  This search is already set up for Orland Park single family homes for sale, but you can put in any town, or multiple areas. SOLD!  11910 Windemere Ct., Orland Park - This is a great 2 bedroom, 2 bath Orland Park condo for sale in an elevator building with the balcony facing the courtyard (with a gazebo) and garage parking.    SOLD!  14030 Charleston Dr., Oland Park - lovely 3 bedroom, 2 bath North Orland Park split level home with a sun room and beautiful landscaping.     SOLD!  11556 Lake Shore Dr., Orland Park - 4 bedroom, 3 1/2 bath townhouse with a finished bas...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
UPDATE - our southwest Chicago Suburbs website has changed again, but you can still click the link below to see all active single family Orland Park homes for sale. I have updated my long-standing website with a brand new look, layout and MLS search (also referred to as an IDX search).  The new look features new community pages such as the Orland Park homes for sale page. You can quickly view all currently listed homes for sale in Orland Park without even having to do a search.  There are links to allow you to create an advanced search if you choose to do so.  You can keep it to Orland Park or you can search in multiple villages. You will also find a Facebook widget that will bring you to the Orland Park Living fan page.  But wait, there's more!  Get some facts and demographics with a l...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
I attended Rain Camp Chicago specifically to learn more about local Facebook Fan Pages like my Orland Park Living page.  I listened to Ben Kinney's presentation but he kind of quickly glossed over the one thing I was interested in learning more about.  I wanted a step-by-step tutorial but he had a lot to cover in one afternoon. So I kept searching and reading about Facebook Fan Pages.  I think I even downloaded the "Soci@l" e-book right after the rain camp, but I didn't read it. I still haven't read the whole e-book yet, but I skimmed over two sections that I thought would fill my needs.  The first was "growing your online audience - friends, followers and connections".  I was really interested in the chapter on "advertising on social networks - working your haven't mets".  I still want...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
Update - these properties are all sold, but you can find plenty more by clicking Orland Park homes for sale. Newest Orland Park Home For Sale - 14030 Charleston Dr. Click on the address link above to get all the scoop on this great North Orland split level home with beautiful landscaping.  This Orland Park home is located in the popular Heritage Estates subdivision.   Be sure to check out the single property websites for the listings below.  Each website offers multiple photos, a virtual tour, map location plus Walk Score, school info, calculator and more! 11910 Windemere Ct. - SOLD - Beautiful condo featuring 2 bedrooms and 2 full baths (including the huge master suite), plus 1 car garage parking. 12013 Winchester Rd. - OFF MARKET - Lovely 3 bedroom split level with 2 full bathrooms, f...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
Click the link to the new Facebook Fan Page for the popular suburb of Orland Park, IL.  I would love for this to be an interactive page for everything Orland Park. If you have a business you can post about it.  If you have news you can share it.  I have posted some Orland Park pictures and will continue to do so and would love to have more photos depicting life in this lively village. This isn't just for Orland Park residents.  If you have an interest in Orland Park I'd love for you to join this fan page. If you're interested in Orland Park homes for sale please click the link and you'll see photos and a short description of properties currently on the market. If you'd like to see any properties in Orland Park call Judy Orr at 708-536-8200. 
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By Julea Joseph, Julea Joseph House Stager - Reinventing Space
(Reinventing Space)
Home Beautiful on a Budget - DYI Workshop & Tea "...good design isn't about a price tag" Do you love to decorate, but struggle with your space? Need tips on how to reinvent and rejuvenate your rooms - but don't have a lot of cash?  Then grab your friends and get ready for an awesome interactive Sunday afternoon Workshop & Tea  filled with DYI ideas on redesigning your rooms, decorating tips, and how to update your home without breaking the bank.  With interior stylist and home stager Julea Joseph, who has been featured on HGTV, CLTV & ABC.  Meet & greet withlocal businesses that too offer you budget conscious solutions to your decorating dilemmas and receive a FREE mini design consultation with members of the Interior Stylist Network.   Wrap up the event with refreshments & a Goodie ba...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
The chart below shows the data relating to supply and demand throughout the past 12 months for Orland Park homes. Although I had to make the chart small enough to fit into this post, you can still see the difference between the amount of properties for sale shown by the red line compared to the blue line which represents Orland Park homes under contract and the green line which shows Orland Park homes that have sold and closed.  When you look at the data it puts into perspective the lopsided amount of inventory that was available last year and the much smaller amount of homes that went Deal Pending and those that ended up Sold and Closed. When there is such a disproportionate difference it bolsters the fact that buyers had a lot to choose from and the only Orland Park homes that sold we...
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
How many Orland Park Townhomes and Condos are up for sale today?  Click the link and although the amount might have changed depending on when you read this, today (11-22-09) there are currently 370 attached properties up for sale in Orland Park. UPDATE:  This Orland Park townhome is sold.  Also, be sure to check out my newest Orland Park townhouse listing located in the popular The Enclave At The Preserves subdivision located at 11556 Lake Shore Dr., Orland Park IL  60462.  This was originally a model with 4 bedrooms, 3 bathrooms, a full finished walk-out basement, water view and much more!  View photos, maps and get all the information you'll need by clicking the address link. If you're a seller and would like your property featured with it's own personal website, call Judy Orr at 708-...
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There is an old joke about the Chicago weather.. There are only two seasons in Chicago... winter and construction! I am happy to read that tollway construction is coming to a end and most amazingly $200 million under budget.  For me that`s smooth sailing on 294 and I-88 without lane closures and heavy rush hour traffic. Also the new roads have 50yrs of old concrete, asphalt and repairs to have deeper, smoother highway roads to break the speed limit on. Great!   I can`t believe I am reading about a Chicago area project coming under budget when did that happen last when the first Mayor Daley was around? Construction and corruption have always been together in this town os it is great to read a big project saved the tax payers a little money.
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By Todd Probasco, Regional Manager
(American Financial Network NMLS ID 232536)
In today's market we all need to be with people who know how to close a deal. If you need help with a real estate deal or a mortgage feel free to contact me. Todd Probasco Main Street Real Estate Community Mortgage www.GetaHomeGetaMortgage.com  
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By Julea Joseph, Julea Joseph House Stager - Reinventing Space
(Reinventing Space)
                  See what Julea does for an empty space, for new homeowners on My First Place.  Air Time  Thursday - December 8th and December 22nd.  7:30 pm CST! http://www.hgtv.com/my-first-place/picky-and-plugging-away/index.html The 2nd home in a series of 4 - From furniture selection to finishing touches, see how Julea take a space from plain and empty to elegant entertainment ready!
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By Judy Orr, SW & Near West Chicago suburbs
(HomeSmart Realty Group)
How many homes are for sale in Orland Park today?  Today, there are 268 Orland Park homes for sale.  How does this compare to active listings at other times this year?  Are things better or worse? In January, I wrote a post in my Chicago Suburbs Real Estate Blog that there were 244 homes up for sale in Orland Park.  Many listings in January have been sitting over the winter.  Although I did have a wonderful January one year (can't remember when that was), the month of January is usually a bit slower.  A lot of sellers don't list their properties until the spring.  Orland Park had less homes up for sale this past January, 2009, then it does now in October. In April there were 287 homes on market, up from January.  This reflects the spring selling season where many sellers try to get the...
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