Bucktown and Lakeview markets are begining to Twitch

We are nearly half way through this year, and the real estate market has started to twitch with activity. The neighborhood market reports reflect some of the lowest sales volumes most of us have ever seen, even for a first quarter. The reports speak for themselves, but I’ll add that I was impressed by the sales volume for Bucktown/Wicker Park. Our local market has started to see some activity, which will begin to show up in the second, third and fourth quarter reports.

Posted here are the sales statistics for condominiums and town homes listed on the Multiple Listing Service in Lakeview, Lincoln Park, Bucktown and Wicker Park. Additionally, you will find data from CAR (Chicago Association Realtors) which includes buildings of all ages and sizes.

While regulations on lending have gotten more rigorous, loans are still available and interest rates continue to be great, hovering around five percent. Some qualified buyers are contemplating FHA financing, especially first time buyers with low down payments. It is by far a buyer's market which will likely continue through the year or 18 months, as this 'market correction' settles in.

Home sellers are on the market for many of the same reasons they usually are: job change, marriage/divorce and birth/death. Those who are considering upgrading to their next home (well positioned financially in their current home, or not), are smart to recognize the value of buying a home for far less, and acknowledge that they may not sell their home for as much as they would like. They will benefit from a nicer home that they can live in longer with relatively lower property taxes and closing costs, as those are impacted by the sale price.

While at this point there aren't many foreclosures in these areas, short sales are a bit more common. Great deals can be found. In the new construction realm, some builders are faced with high interest rates on their construction loans and high carrying costs. Many builders are willing to do more 'soft cost' upgrades, in addition to taking less than they are asking.

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

If you are looking to buy, sell or debating which direction to go, give me a call 800-561-2242 or 312-953-7811.

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.