Chicagoland Real Estate Has Really Changed in Just a Year

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

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.”

It Is Time to Buy in Chicago, IL Find Out Why?

Originally posted 2009-05-04 05:10:37. Republished by Blog Post Promoter

Are you in the market for a home, but are unsure if now is the right time to purchase a home?  Well, you are in luck.  According to an article in the Chicago Tribune, properties are at its lowest prices along with the market having the lowest interest rate in over 30 years and recently the market experienced an increase in sales of homes.  In “March sales of previously owned single family homes and condominiums in Illinois posted their second consecutive month over month gain, and for the first time since June, the statewide median price for a home rose from the prior month.”

 

Every county seen an increase, for instance,

• Lake County sales increased by 65 percent
• Kendall County sales increased by 51 percent
• Cook County sales increased by 38 percent

 

There may be number of factors that are causing the increase in sales to include

• 8,000 non-repayable federal tax credit first time home buyer program
• the lower interest rate on 30 year loans

 

Even though it is a good time to buy, it is still important to make sure that the buyer understands that in order to make sure that the home that he or she is interested in purchasing is a good investment the buyer needs to have a home inspection.  The home inspection lets the buyer know the condition of the electrical, plumbing, roof, etc.  The buyer will know based on this report if there are items that must be taken care of now or are deferred maintenance and can be taken care of in a couple of years.  This information is valuable if the new potential homeowner does not have much money for unexpected repairs to the home. 

 

Still yet, buyers are being advised that they will find good deals in this market that they would not have found two years ago.  Sellers who are selling are being advised to list their homes lower to ensure that the homes are sold at a quicker pace and available to more buyers.