Q1 2024 Chicagoland real estate market overview

It is early April, which means we are at the very heart of the spring real estate market in Chicago. April also means we get a chance to reflect on the market throughout Q1 of this year. So far, the market this year has been heavily influenced by two factors: interest rates and inventory. Sellers are hesitant to list because they are locked in at a lower rate than today’s, so that when they purchase their next home the higher rates are a mental hurdle. As a result, we see the low inventory we are experiencing today – it’s a domino effect/self-perpetuating cycle! 

What we at Busby Group really want Chicagoland sellers to know is that you can truly get a great price for your home right now due to our lack of inventory and pent up demand – take advantage of this current marketplace scenario! There are many, many ways to sell right now and either not buy immediately, rent, buy down an interest rate – all captured in this blog post. 

The very bright spot of happy news is that properties in Chicago continue to appreciate. Across all neighborhoods prices are up, which is good news for all Chicagoans. 

Inventory

As in the entire country, inventory in Chicago is at historic lows across the market in both the city and suburbs. Inventory in March 2024 is actually even lower than it was this time last year. We do anticipate the spring market to continue later than usual this year due to the early rate volatility, and believe that sellers who need to sell in 2024 will begin entering the market in April and May. 

For buyers, low inventory means making sure that you uncover every stone whether that be on or off-market opportunities. Inventory this low typically indicates a sellers’ market, and generally that is what we see across Chicago, but demand is currently very neighborhood-driven. For example, average market time for condos in Lincoln Park (47 days) is significantly lower than the market at large (67 days). 

Market Time

Lincoln Park single-family home market time is higher than condos at 79 days, primarily driven by the higher price tag – single family home buyers are that much more sensitive to interest rate volatility. In the suburbs though, market time across the board is lower than the city, continuing the trend of the past few years of people moving from the city to the suburbs. 

Average Sales Price

Average sales prices for condos and single-family homes across Chicagoland have been in relative lockstep over the past three years, up approximately 20%. With inventory so low the past several years, coupled with the fluctuations in rates, this amount of appreciation in such a short time is striking – and also promising! Investing in Chicagoland real estate continues to be a strong option. 

The inside scoop on how to shop for homeowners insurance

Can you name one thing that every homeowner must purchase before closing? If you guessed homeowners insurance, you win! Homeowners insurance is part of the deal, and a very important part at that! I recently sat down with Kevin Grady, a representative at Allstate that I have used personally and referred to dozens of clients. He’s knowledgeable, helpful and pragmatic, and he was also the perfect person to ask: what should we look for when we select insurance? 

In this video we cover: 

• Why you should always get a home inspection (even if your contract is not contingent on it!), especially to inspect the roof and basement

• Why it is important to choose a reputable insurance company

• The report you should ask a seller for if you are worried about potential issues (I had never heard of this, and it’s a great tip!)

• The most important aspects of your home to insure (Kevin told me to buy this additional insurance and it was a lifesaver!)

• When to file claims

What could be better than new construction?

One phrase we use with relative frequency in real estate is, “better-than-new-construction,” and I realized recently that consumers may be confused by this turn of phrase. I think it is most confusing because “better” is a totally subjective word, especially when it comes to one’s home. The truth is, if you want new construction, nothing is better than that! 

But, there are some pros and cons to be aware of when it comes to new construction versus a remodeled home. The biggest benefit to new construction is that you will be the first person to ever live in it, plus you receive a builder warranty, which provides protection for approximately one year! Everything will feel, look and smell fresh. On the flip side, this may also be a con for new construction. Because everything is new, you will be the person to discover all the home’s kinks and quirks. That discovery process may be more than you want to take on. 

With new construction, there are also several standard items that are traditionally not included with the home such as washer/dryer, window treatment, closet organizers, light fixtures and ceiling fans. Additionally, most of the finishes will be “builder’s grade,” meaning generic enough to appeal to the masses and typically not the highest quality available. For some this may be a benefit because they are excited to customize their home, while for others these additional items feel like a costly burden. 

Right now we have two “better-than-new-construction” homes on the market with so much to offer, including so many of the features you may miss with new construction including upgrades, size, charm and location. 

Upgrades
Our listing at 180 E Pearson, residence #6006, was recently fully renovated with design-forward modern finishes including slab ceiling detail in the kitchen with integrated lighting, solid-core panel detailed doors, designer lighting, fully customized closets and automated lighting and blinds (rarely found in new construction!). When a homeowner remodels instead of a builder, there is a greater attention to quality and design – you won’t find builder’s grade finishes anywhere in this home. 

Our single-family home listing at 3305 W Belle Plaine is another great example of quality finishes with its upgraded deck with composite decking, custom attached shelving throughout, custom closet organizers (rarely found in new construction!), and Lutron dimmers – all the details that make a house a home. Both of these properties are great examples of investing in smaller details that make a huge difference when it comes to the look, feel and functionality of a home. 

Size 
One fact of living in Chicago is there are only so many wide lots in the city. With our listing on Belle Plaine, you could be the proud owner of one, without having to lift a finger with remodeling. The same goes for our home at 180 E Pearson, which is a high-floor corner unit with endless west, south, city and lake views and just shy of 3,000 square feet of living space. To get the same view and square footage in a new construction building, you would easily wait 18 to 24 months. 

Charm
At our listing on Belle Plaine, you get the best of all worlds with modern updates, mixed with some of the original charming design of the home including an incredible dining room wood built-in with mirror. At 180 E Pearson, sellers added a versatile sliding solid wood door/feature wall which opens into the office/third bedroom – an update you would only think of after having lived in the home. 

Location 
In some parts of the country, big plots of land still remain empty close to a downtown area. That is very much not the case in Chicago! With these remodeled homes, you are able to live in what feels like a new home, but in a prime location close to everything. 

With our Pearson listing, you also get the benefit of resort-like living through access to the Ritz Carlton Hotel amenities including room service and concierge; plus the Carlton Club Spa, fitness center, indoor pool and lounge. With Belle Plaine, you get a prime location close to Horner Park, restaurants/breweries/shopping, and easy 90/94 access.

Don’t get me wrong, new construction is a great option, but for those who want something unique – and fast – remodeled homes are the perfect solution!

The Best 7 Tips and Tricks for Getting Organized in the New Year

By: Ashley Rapp

As the new year begins, it’s the perfect time to get your life and spaces organized. Whether it’s your home, workspace, or personal life, being organized can bring peace of mind and help you accomplish your goals more effectively. 

Here are my top 7 tips for getting organized… 

1. Set Clear Goals: Before diving into organizing, it’s important to set clear goals for yourself. Determine what areas of your life or spaces you want to organize and what outcomes you hope to achieve. Having specific goals will help you stay motivated and focused throughout the process.

2. Declutter and Simplify: Start by decluttering your spaces. Get rid of items you no longer need or use (I call this “low hanging fruit”) – what is taking up valuable real-estate? (no pun intended 😊).  Set a timer for 30 minutes and take a box for donation and a trash bag for trash around your home.  You will already feel better after this exercise and start to realize where you need to spend more time. 

3. Prioritize and Schedule: Getting organized does not happen overnight.  It takes time and planning.  Make a list of tasks and prioritize them based on importance and urgency. Create a schedule or to-do list and block your calendar to help you stay on track. Set deadlines for tasks and allocate specific time slots for different activities. This will ensure that you make progress and avoid feeling overwhelmed. 

4. Start Small: Please do not start with the entire kitchen.  Start with your junk drawer, pantry or laundry room.  Get the hang of it before you jump into larger projects. 

5. Do not buy product until you know exactly what you need:  Organizing product can be expensive and it is an invest.  I strongly recommend not going to The Container Store or Target until you have taken everything out of your spaces, sorted, edited and measured.  This will help you save money AND prevent extra product in your home that you won’t use. 

6. Regular Maintenance: Organizing is not a one-time task; it requires regular maintenance. Set aside time each week or month to review and declutter your spaces. Take a few minutes each day to tidy up and put things back in their designated homes. Consistency will help you maintain an organized lifestyle. 

7. Delegate and Seek Help: Don’t be afraid to delegate tasks or seek help when needed. If you’re overwhelmed or have limited time, consider hiring a professional organizer.  I promise, you won’t regret it! 

Getting organized is a journey that requires effort and consistency. By setting clear goals, decluttering, creating systems, and maintaining regular maintenance, you can enjoy the benefits of an organized life.  Embrace these tips and tricks, and start the new year off with a sense of calm and productivity! 

Busby Group Gives Back 2023

At Busby Group, helping to create a better community for all Chicagoans is a foundational piece of our business, and our partnership with the Greater Chicago Food Depository (GCFD) is just one way we contribute. 

Since November 2020, a portion of the proceeds from every Busby Group deal goes directly to GCFD via our year-long food drive (you can donate anytime!). To date we have raised funds for nearly 90,000 meals, making Busby Group the #12 overall fundraising team for GCFD. We also expanded our partnership this year with our first annual Busby Group Pantry Pickup, during which we collected nearly 1,000 food items! And the team has also been busy with their own charitable efforts too!

Julie
Julie has been on the board of Neighborhood Parents Network for several years. Julie is also actively involved with smaller local food pantries, sorting food and picking up donations on a regular basis. Both of Julie’s daughters are also running their own food drive right now, taking after their mom!

Barb
Served as the Chairman of the Veteran’s Committee for the Rush Women’s Board on this Road Home Project, which addresses the invisible wounds of war. One interesting event they hosted was mask making for vets. Each vet makes one and they are all very telling and therapeutic as it relates to their experiences. 

Susan
Put together a Polar Plunge team that raised $10,405 to benefit Special Olympics. Also asked for donations to Noah’s Ark Animal Sanctuary in lieu of birthday gifts.

Jane
Makes donations and write in requests for NARAL and Planned Parenthood. Also a volunteer work for Vote Forward, writing letters to registered voters to encourage them to go and vote.

Pamela
Supports the Anti-Cruelty Society in the name of dog, Rubie, who was rescued from them.

Mara
Chicago Children’s Advocacy Center Board Member, working on the Luminary Award Dinner planning committee and the Night of Heroes planning committee. Also supported the Pancreatic Cancer Awareness Walk and the World’s Most Beautiful Ride in Tahoe for blood cancers.

Maggie
Continues to volunteer with Special Olympics Chicago/Special Children’s Charities.

Amanda
Volunteers with Wicker Park Bucktown Mutual Aid.

Liza
Volunteers at Chicago Canine Rescue walking dogs with her daughter, and donates and fundraises for Balance, Inc., an organization that supports people with disabilities.

Michaela
Participated in Busby Group Pantry Pickup! Volunteered with a group of neighborhood women to revive our Edgebrook farmers market – and hosting a winter holiday market.

Celeste
Participated in Busby Group Pantry Pickup!

First annual Busby Group Pantry Pickup!

Did you know one in five Chicago households are experiencing food insecurity (a set of circumstances that prevent access to food) in 2023? At Busby Group we find that number not only devastating, but also inspiring to take action. 

In 2020, in the midst of the pandemic when everything felt uncertain, Busby Group partnered with the Greater Chicago Food Depository. It felt like a tangible step toward helping in some way, and it was one of the best decisions we have made to date. 

Since then, with a portion of every sale donated to the Food Depository, we have raised nearly $30,000 and over 88,000 meals – in fact, Busby Group is the #12 overall virtual food drive! 

Those funds helped support the nearly 1.5M households served by the Food Depository network of more than 800 community partners in 2021 alone. And since the pandemic, those numbers have only continued to grow: last year the Food Depository provided 77.3M meals, which is a 25% increase compared to pre-pandemic times. 

All of this to say, supporting our local community has always been a foundational aspect of Busby Group, and that commitment continues to grow. Our latest expression of that commitment is a new tradition Busby Group Pantry Pickup!

What is Busby Group Pantry Pickup?
The idea is simple: let us make it as easy as possible to support the Food Depository, plus say hello! The week October 23, the Busby Group team will caravan throughout the city picking up donations. We would love you to participate! Click below to schedule your preferred pickup date and time, and we will see you then! 

Most needed food drive items
Peanut butter 
Canned or dried beans
Canned soup/chili/stew 
Canned fruit 
Canned vegetables 
Canned fish

Please avoid items in glass containers.

Donate directly to our virtual food drive
$1 helps provide 3 meals!
Click here>>

313 S Racine Penthouse B: An Unbeatable Location!

In my line of work, I see just about every nook and cranny of Chicago, and just like with my kids, I could never pick a favorite! Each location has something different to offer. For our incredible penthouse listing at 313 S Racine, location is at the forefront of what I love most about this home (don’t get me wrong, the home is spectacular inside too!). 

In the heart of the city’s best dining
Always first on my mind is food and restaurants, so the first location highlight is its close proximity (walking distance!) to some of Chicago’s best restaurants. Everyone knows and loves Restaurant Row, but there are also many other must-visits close to this home. If you haven’t been to any of the following, I highly recommend making a reservation!

• Monteverde (for pasta!)

• El Che Steakhouse (a go-to favorite)

• Cone Gourmet Ice Cream (the best!)

• Greektown! Many of Chicago’s favorite restaurants are just down the street in Greektown. Athena’s patio in the summer is our favorite.

Museums and theaters
Yes we have museums and theaters throughout the city, but three of my favorites happen to be in this neighborhood including Chicago Children’s Theater (which offers shows and classes throughout the year), the Instagram haven also known as WNDR Museum and the National Hellenic Museum too! 

Life between two parks
I love Chicago’s parks so much, and this home happens to be right between two great ones: Skinner Park to the west and Bartleme Park to the east. Skinner Park is seven acres, and features a field house, basketball court, baseball fields and a playgroup. Bartleme Park is much smaller, but just as great with a play area, sunken dog park and a beautiful viewing hill with city views! It also hosts the West Loop farmers market on Saturdays.

Convenience
This home is literally close to everything! Target is around the corner. Ogivlie Transportation Center and Union Station are down the street. You can easily walk to the Loop. And as far as highways, this home is also perfectly positioned between 290 for those heading west, and 90/94 for those heading north or south. 

Easy access to education and institutions
Living near a school someone in your family attends is a game changer! This home is luckily close to four top institutions including Skinner West Elementary, Whitney Young Magnet High School, Saint Ignatius College Prep, Montessori Academy of Chicago and Rush and University of Illinois Chicago just on the other side of the highway. 

Interior highlights
The interior of this home is as perfect as the location. Highlights include: 

• New construction 4-bed, 3.5-bath duplex penthouse with 2 living areas, 3 outdoor spaces, 10-foot ceilings and high-end finishes just finished by one of the city’s top builders in the perfect West Loop location

• One of the building's largest roof decks featuring a built-in grill, east-facing city views and privacy fence

• Sleek designer eat-in kitchen boasts all luxe appliances, huge 12-foot island with seating for 6, Quartz countertops and pantry

• Private main level primary suite with 2 very generous walk-in closets and access to the second balcony and ensuite primary bath boasts floating double-bowl vanity, free-standing soaker tub, glass-enclosed walk-in rain shower and separate water closet

• 1 tandem parking space (fits 2 cars) with electric vehicle charging station (upgrade) in heated garage available for an additional $70K

Please contact me directly for a private showing of this amazing opportunity! 

Three real estate considerations for growing families

As a real estate broker and mother of two, I know one thing for sure: the nesting aspect of pregnancy is very real – and no one escapes it! It makes sense since it forces parents to really prepare the physical spaces they live in day-to-day for a new baby. 

I’ve seen some clients early in their pregnancy firmly believe they will stay put and make do in their current home once baby arrives. Then, all of the sudden the third trimester begins and BAM! Nesting in full force, and it becomes extremely urgent that they move to a bigger home. I have seen this happen countless times, and I am always happy to fly in with my cape and save the day!

Extra space is your friend
But truthfully, it never hurts to talk with a real estate broker early on in pregnancy because those of us who have been around the block will ask good questions like: where will visiting family/friends and/or additional support people sleep? Where will the stroller go? Will you have both a crib and bassinet and do they both fit where you want them to go? 

As baby grows and continues to amass toys, a larger bedroom with space to play or a separate playroom/area becomes more and more necessary. And remember, storage baskets and/or an armoire are your friends! You can start to see how real estate does come into play with all of the scenarios. 

Childcare/work from home setup
Then there are all the questions around childcare and careers. If you’re working from home, it is important to consider your work area and whether or not crying/playing sounds will carry. The first few months baby will be quiet, but trust me when I say they get very loud! If baby is headed to daycare, consider the daily commute time. 

Floor plan considerations
Structural implications are important to consider too. Some new parents think a duplex up is a great solution, but then realize that means carrying diapers and strollers upstairs. I always call families that live on the top floor of a walkup “Super City Parents” because you have to really be up for that type of cardio everyday! 

With many duplex floor plans, kid bedrooms and the primary suite are often separated, so that is something else to think about – sick days, baby feedings – these things matter. Also stairs! Think about whether or not you want interior stairs in your life. 

Did you just turn your brain to mush? Hopefully at least some of this was helpful in kick starting your thought process. You can find many more helpful resources here – a destination we created specifically for growing families.

Please contact me anytime to discuss further. I have been through all of this firsthand, so I know how it goes! 

Chicago is for everyone suburb highlight: Skokie

Welcome to Skokie – home of diversity, highly-rated schools, Pita Inn and Old Orchard Shopping Center. Although Skokie is well known for all of these, there is so much more Skokie has to offer. I was born and raised here, and it was an easy decision for my family to recently move back. Skokie is a suburb just north of the city, about 30 minutes (or more with Chicago traffic) outside of downtown. We have our very own CTA train – the beloved Yellow Line. It has two stops – one at Oakton and one at Dempster. If you need to go to Chicago, , you can hop on at either stop and ride to Howard to catch the Red Line into the city. 

With a population of 66,000+, Skokie is one of the most diverse suburbs around. This is obvious just from looking at the food and grocery stores. Oakton Market is our go-to, with a massive selection of any and all ethnic foods you could dream of. Once I went for sesame seeds and there were 10+ options. I didn’t even know that there were that many types! If you want Greek quick service, there are three options within a mile of each other (Hubs, Dengeos, Grecian Kitchen). My tip? The lunch special at Hubs is cheap, huge and delicious. We even have a fully Kosher Dunkin Donuts plus many other Kosher restaurants nearby. Looking for Latin American small plates? Go to Libertad! Feels more like Thai? Get delivery from Tum Tim Thai on Oakton. The choices are endless and more importantly, tasty. 

Having two small children, we were anxious about our neighborhood having enough for us to share with our kids. We were so pleasantly surprised to find the abundant options. We are doing something new every few weeks! The Skokie Public Library is so amazing that it borders on hard to describe. It’s great place for adults who want to work remotely, or for those who want to curl up in a big comfortable chair and read a book. The children’s section is brightly colored and full of classic and new books and educational toys. They even have some water play in the outside area in the warmer months. My girls are obsessed with the Skokie Bookmobile. It’s a mobile library that makes stops throughout the town. It’s so much fun to track it down and pick out books with the kids. A good tip – you can even return your library books OR pick up a book on hold from there and save yourself a trip! 

My newest discovery? The Skokie Valley Trail. We hopped on our bikes and rode this beautiful trail last weekend, and it really transported us to feeling like we were in another place. You can ride through Skokie and into Sauganash through the woods. We have seen strollers, rollerbladers and people walking – it’s the perfect getaway for some peace and exercise. On the other side of the city is the Skokie Northshore Sculpture Park. This trail is almost two miles of beautifully landscaped walkways with 60+ pieces of art to view. It has parking lots at multiple stops making it an easy place to get to if you don’t live nearby.  

Below are some other places and things to do in Skokie that are some of our favorites. If you are looking for a tip or more information, feel free to contact me, I have all the inside information! 

• Sketchbook Brewing Company 

• Skokie Festival of Cultures

• Illinois Holocaust Museum 

• Emily Oaks Nature Center

• Kneads & Wants Bakery 

• North Shore Center For The Performing Arts

• Skokie Sports Park 

A round up of the best mom advice

I think we all know by now that if you ever need some real deal, nitty gritty, truthful advice – you have to consult a mom. Whether it’s your mom, a friend’s grandma or a fur baby mom, moms ALWAYS have the best advice. Even though I am a mom myself to two crazy daughters, I still find myself calling, texting and emailing my mom for advice. Whether I have questions on my career, my marriage or health insurance, she continue to amaze me with her wealth of solid advice. 

So, I tapped into my community to ask them, “What is the best advice you have ever received from a mom?” And today, I wanted to share their answers with you in the hopes that you could read them and incorporate them into your life. Plus, if you have some advice to share, please send it to me so I can share with everyone. Good advice is golden and should be shared! 

And, as my mom always taught me to be thankful, I need to say - THANK YOU to all moms. We wouldn’t be here without you. 

“Never drink cheap alcohol! Always spend money on a good pair of shoes and an even better bra. Trust me, it’s worth it!” – My amazing mom

“Never date a man who has dirt under his nails. If he can’t clean his nails, he’s not worth it.” – Amy’s mom 

“Never walk into a store without a coupon. Always ask for a markdown.” – Georgi’s mom 

“If you get the opportunity to go out for some “you” time, take it! But more importantly, when you get home, don’t ridicule how your spouse did everything while you were away. They won’t load the dishwasher how you do; the kids may not have the right pajamas on (or even skipped bath) but it really does not matter in the grand scheme of things. What matters is that your kids are safe, and you had some time off!” – Brittany’s mom

“All of your plates can’t be spinning at once perfectly and that’s okay. Sometimes one area needs more focus and there will always be dishes. Just enjoy what you can while it’s there. And – make time for you and your spouse. Life gets busy and hard but it’s important to connect and remember why you wanted to start a life together in the first place!” – Caitlin’s mom

“Keep calm and drink wine on stroller walks!” – Ali’s mom 

“Being a mom is all about keeping a million balls in the air but it’s important to know which are plastic and which are glass when inevitably you have to drop some.” – Kaitlin’s mom

“You have 18 summers with your kids so truly savor every one of them. And, everything is a season, so the hard days will eventually pass but so do the good ones. Just live in every moment.” – Stephanie’s mom 

“Keep calm and drink wine on stroller walks!” – Ali’s mom 

“Surround yourself with good people.” – Kierstyn’s mom