Hi Rohan,

I am not an agent, but I did want to let you know that I am selling my 2300 sq. ft. townhome located in the downtown Woodstock area. It is 5 yrs. new. Granite countertops, Stainless steal apps, 2 car garage, 3 bd/3 bth, all neutral decor. Close to the train and park. Love to bike ride to the downtown bakery, starbucks and opera house.

Selling price = $189,900. For sale by owner.

Thanks,

Angela

Dear Rohan;

There has been significant price declines in the areas you are looking at. When you are looking at sources look at several not just one. Find a property you like and have your realtor do some research on it and comps over the last 3 months. With this information you should be able to determine if the price is close to fair market value at this time. Buy properties that you believe have value today and in the future. You will not be able to find the exact bottom of the housing market- but you are closer to bottom than to the top. It is a buyers market and will be for a while longer, but the big price declines will eventually stabilize. Remember, not everyone is underwater or losing their job. The other thing you need to add into your equation is the very low interest rates- by the time you decide to buy the rates might be MUCH higher than today's.
Mark Karambelas
Team Karambelas
Baird and Warner

Rohan: We are the largest office in th NW Suburbs and there are some great deals out ther right now. You can rent as yo are but when you leave, you will be lucky to get a thank you for helping the owner pay his mortgage for him.

Definitely buy and I can help you with pertinent info provided to you direct from the MLS which is the best source for up to date info.

I sell in Arlington heights, Palatine, Mount Prospect, etc. and prices are now stabilizing so you do not want to miss the opportunity. We need to make sure what you can afford so you need to be pre approved which is what we do for free.

I just found a townhome in MP for a person relocating. 4 years new, gorgeous for $272,500. Arlington heights has some good choices now in your price range.

Lets start your search very soon!

Last note: People that are waiting for the bottom, usually miss it becaue you don't realize it until its gone. Prices will start trending up, not big increases overall but bvack tonormal appreciatin after this financial crisis adjustment.

Rohan,

One more thing I forgot to mention was the tax credit that you can receive now when you buy your first home. Here's the link to the article: http://www.brandonschuppe.com/newtaxcredit.html

Market inventory, in my opinion, is one of the best predictors of price for an area. The fact that the most recent closings have not shown declines, does not mean that you cannot find a home at a lower price. You will find that the price a seller is willing to sell their home for is dictated by their motivation to sell. If there are only 20 active buyers in an area, with 60 properties on the market, one of those sellers will be likely to give you a good price to get the sale.

In short, it is a great time to be a buyer. Inventories are very high and buyer traffic has declined. There will come a time when, either through more affordable financing, lower prices, increasing rents or some other factor, that buyer traffic will increase. In this case you can expect the market price for properties to start to tick up.

One of the barometers you should use is the buy vs. rent equation. If buying is less expensive than renting, you should buy soon. There are many tax benefits to paying a mortgage that cannot be realized with renting as well. If you decrease your monthly expenditure by buying, you should come out ahead on the long run.

Congrats on saving the money for a down payment. It's an accomplishment that has been too long forgotten.

Best of luck.

Buying my second and thrid short sale/foreclosure in a very nice Townhouse development in Schaumburg, 2 min from the Metra. These are 1300 sq ft townhouse 2 bed room 2 1/2 bathroom one car garages for under 180! it's a great time to buy in Schaumburg.

Good luck.

Hi Rohan,
Take a look at a report on our website and the resources we have there for you. We are local experts who would be happy to meet with you to discuss the home buying process. There are fantastic opportunities for qualified buyers. Many banks our selling there REO properties at huge discounts!

Rohan,

The time that you have sat back and saved money is a smart thing to do.

I truly blame the media for a lot of the scares going on. The home values have suffered because of it. I also blame 100% financing. Banks were so eager to just give out money to anyone who had no money, but had decent credit. The 100% financing "flooded" the market with people who wanted to purchase their first home. This caused home values to sky rocket (supply in demand).

Now, with over 5 million people across the country, suffering to make a mortgage payment or in foreclosure, the banks and lenders have tightened up their qualifications to get a loan. Appraisers are being very conservative when doing appraisals. Prices are, in my opinion, in ranges of prices that we were seeing 10 years ago.

Remember the old slogan, "buy low, sell high"? Prices are low, lenders are tightening up and you don't need 100% financing. I think that makes it a pretty good time to get in there and start looking. It doesn't mean you have to buy, but I'll tell you that there are some very nice homes out there at huge discount prices.

If there is anything I can do to help, just give me a call, or send me an email.

Good luck with your decision.

Keep saving. This is not the time to buy. Currently the economy has some serious issues, and you don't want to lose your hard earned savings. Good Luck