Rates are Great ~ Carpe Diem!

This week our new President Obama was inaugurated, and our hope for a brighter future renewed. With that in mind, follow these links for your neighborhood market reports:Lincoln Park, Lakeview and Bucktown/Wicker Park.

Enclosed are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. To get broader perspective in reviewing this data, I also compared sales data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.

As you might expect, sales volume for condominiums and town homes has gone down and market time has gone up for Lincoln Park, Bucktown and Wicker Park. Lakeview however, went up in sales volume and down in market time by just over a month.

In reviewing the condominium, town home and single family home sales data for Lincoln Park, Lakeview, Bucktown and Wicker Park from CAR for 4th quarter in 2007 and 2008, volume is down there too. However, single family homes in Lincoln Park and Lakeview have gone up in average sale and median home price, as well as a faster market time. I believe that’s a sign of good things to come. We live in a great city with great services, parks and transportation, as well as a growing number of great schools.

We are in a Buyer’s market, and there are transactions happening. Lenders are able to close loans.

If you are wondering if now is a good time to trade up to your next home, the answer is yes. While you may not net as much from the sale of your home, the savings on the larger home will offset the loss on your current home.

Interest rates are great! Remember that markets ebb and flow, and the bottom of the market is shaped like a U, not a V. Even a 10% drop in home prices is wiped out by a 1% increase interest rate on a 30 year mortgage. Don’t wait; you will likely miss the market.

Contact me for your own market analysis or comprehensive statistics throughout the city for single family homes, multi-unit buildings, condominiums and town homes.

Buy, sell, rent or stay put? (Should I stay, or should I go now?)

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!

Maureen Moran’s Inaugural Blog

Welcome to my first blog! I’ve lived in Chicago since 1989, selling real estate since 1993. I’ve worked with buyers and sellers north from Andersonville and Lincoln Square, Lincoln Park and Bucktown and near north Gold Coast and Millenium Park.

I started my personal website Chicago Dream Home in 1998, and I was ahead of the curve then. Now, I feel like I have a lot to catch up on with my blogging, and I’m very excited to get started. I like the conversational and informal format of a blog as well as the ability to pack my blog with useful content.

My goal is to offer insights and market details on the neighborhoods I know best, provide expert advice on the transaction which is always accompanied by a transition and show off our great city. I want to be your real estate resource for Chicago. Please make comments, especially when there is a topic you want more information on or a point or you simply have another perspective to share. If you’d like, email me directly or call me at Rubloff Residential Properties 312-368-5956.