in the good ole days, house/condo appreciated
not anymore
they came too far out of line with rent and income
rent for now
its cheaper
and there is no risk

anyways

good luck

Hi Maddie,
Did you ever make a decision on buying a condo in Chicago? When you asked the question the market was doing alright (not great, but just alright). Now, the market is definitely more a buyers market then ever. If you haven't made a decision yet I have plenty of material that I can provide you with to help you weigh your options. If you've decided that buying is that way to go (which in this market, I definitely think it is), please contact me at Sierra@PruPref.com and we can discuss what you are looking for.

Its never been a better time to buy if you are careful and get a good deal. You may need to make a few bids and pass on some homes to do that so get some help with the process.
Good luck!

Timing the market is like predicting the future. If you or I knew exactly when to buy or sell at the top or bottom of the market, we’ll we probably wouldn’t want to share our information. You might wait for lower prices, but what about higher interest rates? The people with low credit scores who waited to buy a few months ago, might not be able to get a loan at all now. I think there is no perfect time to buy, but if you’re thinking about it do it. Buy to coincide with the end of your current lease. Buy because you plan to stay a while. There are tax benefits to think about and leveraged appreciation to consider. What will make you happy? Or your family happy? If you wait, when will you know the time is right? I say buy now if you’re ready to buy, don’t wait. If you need a good Realtor to help walk you through some of the consideration just let me know and I’ll be glad to provide you a good recommendation.

It depends what area you're looking for. Also, it's a buyers market right now, so it's a perfect time for a good investment, but like I said before: look for an upcoming and safe area in the same time, hold the property for 3-5 years, and you will be happy. Here is an article on buying a condo:

http://ownchicagohome.com/blog/2007/07/04/7-questions-you-mu…

Maddie,

Before you begin working with any real estate agent (I"m not one), be sure to check whether they're licensed in Illinois. Here's the official site:

http://www.obrelookupclear.state.il.us/

You'll find that some of the people holding themselves out as real ewtate professionals on this site are not properly licensed. Beware.

In the markets you mentioned, here are the appreciation rates for condos over the past few years.

Lincoln Park 1-year=7%, 5-year 18%, 10-year 100%
Lakeview (Wrigleyville) 1-year=3%, 5-year=18%, 10-year=119%
Rogers Park 1-year=8%, 5-year=50%, 10 year=100%

Those neighborhoods are historically stable, as you can see, although that's no guarantee of future growth. The thing to remember is the features that make those neighborhoods desirable to you are not going to change (proximity to lake, nightlife, transportation, etc.)

In a market like we see today, it's a great time to be a buyer. I wish you the best of luck and would be happy to give you more statistics if you need. sterling@kw.com

They say all politics are local, well so is real estate. New York has it's own market and Chicago the same. Chicago though is affordable unlike New York, and right now there are incentives, plus the low interest rates and plenty of product to choose from. This is the best time to buy. Visit my web-site and there is an article on "How to Avoid a Bad Condo Buy"; it may help you. http://www.themaverickteam.com search uder market trends.

thanks all for the reply. actually, i'm not very familier with real estate in chicago. my friends live in New York state, epecifically NYC and Buffalo, NY. according to them, the market there and in general are in the down slope. right now, i live in Glenview, IL. the area i'm interested in are rogers park, wrigley, lincoln park, lakeview.. closer to the city and have more lively lifestyle. I think right now, I need to narrow down to a smaller area then start my search there.

Unless your friend is a real estate professional, I highly recommend not listening to them. People base their information off of one article they read, or word of mouth, and more often then not, it's not true. I'm a real estate agent, and am working with many buyers and sellers right now! The market is active because people are always buying and selling in Chicago, period. It's actually a great time to buy right now, in fact, people often miss the opportunity to buy in a "down" or "buyers" market. Seller's are more flexible with price and are much more motivated. So, in a nutshell, don't listen to your friend. If you want to buy a property, I recommend speaking with a real estate professional. You can always email or call me if you have any questions. - Sierra Bloom sbloom@atlandrealty.com

Maddie, your friend is talking quite generally. What is she basing her information on? The best time to buy - for you - is when you are financially and emotionally ready to buy. Whether you buy a condo or townhome is a question of price and personal taste. If you are ready to start looking, I encourage you to talk to a mortgage broker to find out your price range and then take a look at what's available. If you want some additional help, please email me. I can send you a first-time buyer planning kit.

Your question is far too broad, and you don't provide enough information to frame an intelligent answer.

What's your price range? How long do you expect to stay in the home you'd buy? What are your neighborhood preferences?