Chitownproperty

An old stained bathtub can be frustrating, but you don’t want to take the easy way out to try to fix it. It may need more work than simply cleaning the stains; the finish could be worn away, exposing the porous substrate to stains. Do-it-yourself refinishing kits probably won’t do the job and the best way to do it right is to hire a professional. The cost is minimal relative to the value it will add to the bathroom, plus it will save you the cost of having to replace the tub completely.

Sales of existing home dropped in October by 2.7 percent, and could have been larger had not so many New Orleans residents been relocating after the hurricanes. Despite the decline, the national median price of a home rose 16 percent over the previous October to $218,000. Sales of new homes, however, continued to climb in October.

The cooling market demands more resourceful buyers and sellers, to capitalize on the dynamics of their local market.

Having to submit a backup offer may be discouraging, but if you wanted the home badly enough and the orignal deal falls through, you’ll be glad you did.

Buyers are taking their time and sellers are still a little unrealistic with their asking prices.

A revival of Rogers Park has been fueled by a number of new condo developments.

Unfamiliar and noxious odors are sometimes the first warning for maintenance problems in the home.

Someone dropping by unexpectedly? Follow these tips to get your house in shape in a half hour.

From the Tribune:

For many inheritors…deciding what to do with the family home is not so simple or straightforward. The process can be fraught with heartbreak, sibling rivalry and–given today’s superheated real estate market–pressure to cash out quickly while home values remain high.

State and local government revenues are up, and some localities are refunding property taxes to home owners. Property taxes have increased 34 percent over the past five years, three times faster than inflation, according to the Bureau of Economic Analysis. Some places, like New York City, are giving a flat rebates to taxpayers. Other places like Pennsylvania are using casino revenues to fund rebates. No property tax news from Illinois or the City of Chicago yet, but we can only hope this trend catches on here.

We’re taking a break for the holiday the rest of this week, but we’ll be back Monday with a roundup of the weekend real estate news. Happy Thanksgiving!

The Fulton Market and Fulton River Districts are becoming two of the city’s hottest neighborhoods, as a flurry of residential development and restaurant, club, and art gallery openings make this erstwhile warehouse district a popular destination for young professionals. Fulton Market is bounded by Grand, Ogden, Madison, and the Kennedy Expressway. The Fulton River District is nearby, bounded by the river, Kinzie, Halsted, and Randolph. Both areas have experienced and influx of residents in the past 10 years, which developers attribute to its central location and accessibility to downtown.

High gas prices and heating costs may slow development in distant suburbs and curb the demand for large homes.

A cooling housing market and tighter restrictions on lending mean that more buyers will turn to fixed rate loans.

Some users of home offices decide it’s time to move out .

The day after Thanksgiving is the busiest day of the year for not just shoppers, but plumbers too. Think twice before dumping those leftovers down the drain.