One of the things that we know about the coming year is that no one knows what is going to happen.
Good market or bad, there are always opportunities. This year Chicago Real Estate Notes will highlight such opportunities through articles, market statistics and reviews of laws and legislation.
Let’s start 2009 with a few things that we do know:
1. Home prices are low and in many cases will continue to drop.
2. Inventories of available homes remain historically high.
3. Mortgage rates are approaching record lows, even though down payment percentages are higher than in past years, due to changing criteria.
4. The Federal tax credit is still available for homes purchased by June 30th for those who qualify.
5. FHA loans are available for as little as 3.5 % down.
Conclusion:
The market is favorable for:
First time home buyers
Home owners wanting to upgrade to a larger home
Investment properties
“In Town” properties for those living outside of the city
The market is less favorable for:
Homeowners wanting to downsize to a smaller home
Homeowners selling and not re buying
Chicago Real Estate Notes will highlight opportunities weekly that will help you make the most of this market.
Please check the Market Statistics tab for a current analysis of Active, Sold and Under Contract listings by neighborhood
