Wednesday, September 27, 2006

Buying a Home in Chicago - There May Never Be a Better Time

The Illinois Association of Realtors is reporting that the sale of homes in Chicago has slowed and the inventory of homes on the market has increased. The Illinois median home price has actually dipped by 1.9%, and although Chicago prices have not fallen, the upward trend seems to have stalled for now. Combine that fact with dipping interest rates, and it is truly the right environment in which to buy.

From the IAR website:
Last year at this time we were experiencing record home sales and a tight supply. Now REALTORS are reporting more homes on the market, which means improved opportunities for buyers, especially with the recent dip in interest rates,” said Robert Zoretich, president of the Illinois Association of REALTORS. “The Illinois housing market should experience a soft landing as we slow down from last year’s record-breaking sales pace. The best thing that any seller can do in a softening market is to work with a professional to correctly price and market the property.
So you own a home already, and you're worried about upgrading now? You don't want to settle for less than you think your home is worth. If its a buyer's market it can't be a seller's market too, right? Right, and not right.

Interest Rates over the Last 22 Years

Image from

If you're considering buying a new home you may need more space, you may be able to afford more space, and you may subscribe to the investor's adage "buy low and sell high". You may have bought your current home "low", but selling it "low" now will enable you to make the greater investment, and investment in a bigger, more valuable home now, when you can still buy "low". Would you rather 100 shares of IBM or 200 when the market goes up?