With the instability of the stock market and the economy as a whole, many people are asking themselves the following questions. Should we buy our first home? Can we live with this house we’ve outgrown? Do I qualify for a mortgage, or should we just stay put?
When you answer to those questions, factor in that now is a good time to buy. Rates are good and real estate is a still a good investment that offers the benefit of a place to live. Historically Chicago has been a stable market. Our growth has been steady and measured. If you have owned your home since 2005, you probably are going to enjoy an appreciation in the value of your home.
According the
Chicago Association of Realtor sales data, the average sale price for single family homes in the Lincoln Park, Lakeview and Bucktown has trended up since 2005, although the Gold Coast and Wicker Park hit a peak in 2007 and come have come down slightly.
2005 was one of the most robust years for condominium sales with record breaking appreciation. Since then average sale prices did level off a bit, but in 2008 the average sale price is now above the 2005 values for the Gold Coast, Lincoln Park, Lakeview, Bucktown and Wicker Park.
So, what about now. The indications are that the market will remain steady with not much growth over the next 6 to 8 months, and we won't likely see any major dips in Chicago. Waiting by the sidelines will not help you buy more house, or sell your house for more. Further, the reality is that your real estate is more than an investment, it is where you live. The constant in life is change, which may mean a move. Do what you need to do. Investigate your lending options. If you need to sell, contact me to determine the value of your home.
Let me know your thoughts!
Labels: bucktown, chicago association of realtors, first home, gold coast, lakeview, lincoln park, sell your house, wicker park
