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Welcome Milena- Our New Team Member

We would like to welcome Milena DeMario into our team!   Milena comes to Enterprise Realty Brokers from another large agency where she has learned the real estate business and has worked with much success.   However, after learning about the value that Enterprise Realty Brokers provides to its clients and the goals and ambitions of our team, the match was inevitable.  We look forward to working with Milena in the years to come!

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Real Estate Prices Hold Steady in the First Quarter 2019

Average price of residential real estate property in the Chicagoland area in the first three months of the year remained unchanged in comparison to the first quarter of 2018- $220,000. While this is an increase of 7.3% over the same period in 2017, the real estate prices over the past 12 months have remained unchanged. There are still pockets of the Chicagoland where real estate remains attractive and prices continue to grow, but on average, market is holding steady.

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Are We Still in the Seller’s Market?

We are often asked by our clients about how long we think the home they are selling will be on the market before we receive an acceptable offer. While there is no surefire way to predict this metric for each individual property with absolute certainty, our agents use statistics and available data to provide our sellers with a good estimate they can rely on. One set of information we recently analyzed is the number of days it took to get a signed contract on properties in Cook, DuPage and Lake Counties over the past 12 months, conclusive with February 2019. The data showed that the sellers in DuPage County will receive an acceptable offer on their home the fastest- within 39 days, while the sellers in Cook County and Lake County can expect to receive an acceptable offer on an average within 45 and 54 days respectively. The analysis of this information also showed that the number of days it took to receive an acceptable offer improved in all three counties in comparison to the same period previous year. While the pace of decrease in the number of days has indeed slowed down, the fact that the homes are selling faster than the previous year is a good sign for all the sellers out there. Despite different headwinds the real estate market has been facing recently, we are still in the seller’s market.

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Welcome Julija- our new agent!

Welcome Julija! We are happy to announce that Julija Jovanovic is our new team member! Julija was recently licensed as a real estate agent and has decided to start her career by joining the Enterprise Realty Brokers team. As a resident of Brookfield Julija is an expert in the communities of Brookfield, LaGrange, Countryside, North Riverside, etc. We are excited to have Julija on our team and we look forward to seeing her help buyers and sellers achieve their real estate goals.

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Happy New YEAR!

On behalf of the entire team of Enterprise Realty Brokers I would like to wish all of you a happy and prosperous 2019!  This year was a record-breaking year for Enterprise and this is all thanks to our clients who have put faith in us to handle one of the biggest investments of their life for them.   Thank you for your trust and we look forward to working with you again in 2019 and beyond!

Sincerely,

Dan Cuckovic

Managing Broker/Owner

Enterprise Realty Brokers

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Real Estate prices continue to grow

With 2018 nearly over and the stock market going through some rough time, we decided to look back and see how the real estate market has performed, relative to prices, this year. Despite the interest rate hikes and the stock market turbulence, 2018 will be a positive year for the Chicagoland’s real estate market.

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Happy Holidays from Enterprise Realty Brokers

2018 is almost behind us and we would like to wish all of our clients happy and safe holiday season.  This was a record year for Enterprise Realty Brokers and we look forward to working with all of you in 2019!

Sincerely,

Dan Cuckovic

Managing Broker/Owner

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Q1 Real Estate Market Update- Good time to be a seller!

The first three months of 2018 proved to be challenging for the Chicagoland real estate market.  While the economy and the job market continued to perform well, the lack of supply of real estate available for sale has reached new lows.  The real estate agents are blaming supply as the most important driver of the slowdown in the number of closed sales in the first three months of the year.  So let’s look at some of the data to see if this theory holds true.

Homes available for sale

At the end of March 2018 there were 33,412 homes available for sale in the region of the market covered by the Midwest Real Estate Data service (MRED), which covers approximately 19 counties of the Northern Illinois and surrounding areas.  This is approximately 16% less homes available for sale in comparison to the same period last year.  At the end of March 2017 there were 39,997 homes available for sale.  Additionally, the number of new homes hitting the market has dropped each of the first three months of the year in comparison to the 2017.

Market Supply

As a consequence of the lack of the new homes on the market, the “month’s supply” measure (indicating how many months would it take to sell out of the current inventory if no new homes are listed) at the end of the March 2018 was 3.1.  This number has been keeping steady since December 2017.  As a reminder, a good, balanced market, is when the “month’s supply” gauge is somewhere between 6-7 months.  The current measure of 3.1 indicates a strong seller’s market.

Average Home Price

In support of the number indicated above is the fact that the average sales price continues to climb up.  At the end of March 2018 the average sales price was $230,000.  This, in comparison to $220,000 the year before, yields a modest 4.5% increase in an average property value.  It is observed that the largest increases in the property values came from the lower priced homes, while the larger homes, particularly in Lake County, have seen stagnant, if not declining prices.  This is mainly due to very high property taxes which are driving away some of the demand for these homes. 

Interest Rates

When talking about the Q1 of 2018 it is difficult not to touch the topic of interest rates.  There was a lot of discussion about interest rates and how the FED has increased, and plans to continue to increase interest rates few more times this year.  While rate hikes by FED are not directly related to mortgage rates, a correlation can be made between the two events.  The mortgage rates have indeed increased and a conventional 30 year mortgage will now cost you somewhere around 4.25-4.5%, depending on the creditworthiness of the borrower.  According to the Freddiemac.com, the average 30 year interest rate at the end of March 2018 was 4.44%, with .5% points, while at the end of March 2017 this rate was 4.2% with the same point percentage.  Clearly, the interest rates are on the rise and this can be considered an impediment for the homebuyer.  However, it is important to note that despite this increase in mortgage rates, the rates are still considered to be some of the lowest in history, and as such, a good deal for the borrower.

Market Activity

All this leads us to a measure of market activity (number of closed sales) for the Q1 of 2018.   Due to all the factors mentioned above, the market activity has indeed subsided in the first three months of this year in comparison to the same period last year.  The number of closed sales in the MRED region in the first three months of the year was 22,556, in comparison to 24,193 in the same period last year.  This yields a 6.8% reduction in closed sales.  While this number can be considered significant, the real estate agents are hopeful that the number of closed sales in 2018 will rebound and at least meet the number of closed sales in 2017.  Realtors are hoping for more seller movement at the end of the school year, which should help the buyers who have been looking for a while to find their perfect home.  And as the interest rates should not be changing significantly at least until June this year, the Q2 of 2018 should be a good time for both buyers and sellers.   

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Congrats to Paige L!

Congrats to Paige L. on the purchase of her new home in Wonder Lake. Paige was a new client to Enterprise Realty Brokers and we thank her for using our services. We look forward to working with Paige in the future and we wish her the best of luck in her beautiful new home.
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New Agent- Welcome Giorgia

We would like to welcome the newest addition to our team, Giorgia Kusic. Giorgia joined Enterprise Realty Brokers because she recognized the quality that our company offers to its clients. She wanted to be a part of a growing company where she can truly make a difference. She brings another level of energy and passion for real estate to our team. Giorgia will primarily service the southwest Chicago suburbs. She speaks English and Serbian. You can reach her by calling 708-340-3668 or emailing [email protected]