Taylor-Brown Real Estate Talks

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In the third quarter of 2008, Chicago has 9,806 newly constructed homes for sale. In 2009, there are only 7,206 new construction homes for sale.

The average sale price of homes in Chicago is down from $328,000 to $324,000. There are over 3000 newly constructed homes for sale under $250,000 in 2008.

Equally important to note the interst rate for home equity line of credit have increased from 5.61 to 8.30 from 2007 to 2008.

It is often important to look at trends when considering purchasing a home, but it is difficult to determine if the unstableness of the market will continue or if the market is at a break even point. We will continue to watch trends and make that determine in the near future, so stay tuned.

Remember that trends is not what sells a home price. The price of homes may not get any lower so get in “where you fit in.”

Originally posted 2009-07-23 16:00:53. Republished by Blog Post Promoter

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