This autumn, the culmination of three major events, the national housing crisis, the $700 billion financial sector bailout and the presidential campaign, likely resulted in one of the most intense blitzes of news and information the American public has ever experienced. Yet despite all the headlines, sound bites, breaking news and special reports, one question remained largely unanswered: “How does it all affect me?”
A lot of us have spent time during the past few weeks looking for answers. If you’re like me, you (anxiously) took some time to review your investments and account statements to see how recent events have impacted your current financial situation. But while getting a snapshot of a retirement account is as easy as logging onto the Internet, accurately determining your home’s current value isn’t quite that simple.
Web sites like Trulia can be a good place to start, but to truly get an idea of what your home is worth, there is still no substitute for a Comparative Market Analysis (CMA) – the pricing worksheet I prepare in order to help set a listing price for a seller or submit an offer on behalf of a buyer. A CMA is an accurate gauge of a home’s value determined by comparing the subject property to similar properties currently for sale, pending or recently sold. It takes into account many factors including location, property features and market conditions.
In light of recent events, I thought you might be interested in a current CMA of your home. Whether you’re thinking about selling in the near future or you’re just curious, this report should give you a better idea of where things stand today. For a big-picture view of Chicago-area market performance for the first half of 2008, you can also view the latest version of the @properties Market Report at www.atproperties.com/marketreport.
Despite the turmoil in the global economy, I firmly believe in the strength of the Chicago real estate market (and the numbers seem to support this view). While we did not experience the runaway appreciation of markets like South Florida and Las Vegas, neither have we seen the huge price drops that have hit those markets either. And Chicago is poised to take advantage of an economic recovery. We are a candidate city for the 2016 Olympics, the Fast Company 2008 City of the Year, and the #1 city in the world in resident satisfaction according to a recent international survey. These are all things that benefit Chicago homeowners today and in the long run.
Your home in Chicago remains a great investment. It is still the only investment you can live in, and it still offers great tax benefits and a hedge against inflation.
If you want to discuss the current value of your home in more detail, please don’t hesitate to contact me here or via www.atproperties.com. And, as always, please keep me in mind if you or someone you know will be buying or selling a home.
Take it easy!