sunation, Other/Just Looking in 60611

When is a good time to buy a condo in Chicago?

Asked by sunation, 60611 Fri Jul 13, 2007

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9
David’s answer
"If there was ever a buyer's market, it is NOW! Price reductions coupled with interest rates that are at a historical low is a perfect storm favoring the buyer. Waiting for a possible further reduction in prices could actually be counter productive in light of a likely increase in interest rates which would result in a higher monthly mortgage payment. Scovell+Sabatini Team"

This 2.5 year old post was SO wrong it is funny. I'll bet the realtor who posted it regrets it now. How many clients has he misled with his misplaced enthusiasm?
1 vote Thank Flag Link Thu Feb 3, 2011
Even though this is almost 3 years old I figured I still wanted to answer. Now! This year with interest rates low and all the short sales and foreclosures that is lowered the prices as well as the government tax credits and all the green credits for high effecient products! Good luck with purchases!
Web Reference: http://www.maryjodaly.com
0 votes Thank Flag Link Sat Mar 6, 2010
I think we as Realtors need to be careful when answering this question. With 2007-2009 behind us now, it proved to be an even better time to buy in 2009 and still in 2010. While we all need to keep a positive attitude, especially when communicating with the public, we shouldn't be making predicitions on price movement. History has proven too many times making those prognosticators look dumb.

Let's leave the price predicitions to the economists and focus on serving our individual clients to the best of our abilities, no matter what the overall business climate is.
0 votes Thank Flag Link Thu Mar 4, 2010
If there was ever a buyer's market, it is NOW! Price reductions coupled with interest rates that are at a historical low is a perfect storm favoring the buyer. Waiting for a possible further reduction in prices could actually be counter productive in light of a likely increase in interest rates which would result in a higher monthly mortgage payment. Scovell+Sabatini Team
Web Reference: http://scovell-sabatini.com
0 votes Thank Flag Link Wed Jun 11, 2008
I think the best time to purchase a condo and possibly get a real good deal starts the beginning of November and ends the first month of the new year. You will ask why and the reason I found this to be true is the fact that sellers who are willing to have their property shown during the holidays are typically really motivated to sell. To be sure, it is stressful for an owner to constantly show their property but duing the holidays is is even more so.

Many of these properties have been on the market a long time and since the seller is unwilling to take the property off for the holidays and leave it off for 4 months you know they are motivated. Keep in mind, most people selling who aren't as motivated, will take their property off the market for the holidays and for 4 months thus allowing the property to come back on the spring market as new. My using this marketing strategy, the listing sheet market time shows as new.
Web Reference: http://sheldonchicago.com
0 votes Thank Flag Link Mon Nov 5, 2007
I still think there is somewhat of a seasonality to our market - inventory will be at it's highest 1st and 2nd quarter of each year. First time buyers still drive a large segment of all move ups and their ability to sell. That being said, start with an area you want to live in, then focus on your financial ability( you may decide to wait or may have too.). Knowing these two key factors, then good hunting - depending on what your current living committment is (do you rent , own, or no obligations) don't let timing be a reason why you missed out on a deal - you don't want to be the person who said " I coulda , woulda, shoulda bought that place" but I was not ready to pull the trigger... Moral of the story - Q1 & 2 more houses on the market, more people to compete with (maybe less motivation to negotiate) - Q3 &4 less inventory and less people (maybe more motivation to sell?)
0 votes Thank Flag Link Wed Aug 22, 2007
The good time to buy a condo in Chicago is...when you feel you're ready. It's a myth that you should buy in the winter since the prices are lower, this might have applied in the past, but definitely not anymore. I think right now it's a good time to buy a condo since a lot of new properties are developed in South Loop and West Loop where the real estate market is upcoming and it will be a great investment over the next 3 to 5 years.
Web Reference: http://ownchicagohome.com
0 votes Thank Flag Link Mon Jul 30, 2007
The saying goes "buy real estate and wait, don't wait to buy real estate." Over time, the benefits to owning real estate are tremendous. The biggest benefits are tax savings, appreciation, and debt paydown.

It's always a good idea to "think resale" when you purchase property. There may be some features that are not important to you, but would be important to buyers in the future. And don't forget about the all-time most important feature...location!

Happy hunting!
0 votes Thank Flag Link Sat Jul 14, 2007
With low interest rates and plenty of condos to choose from, now is a great time to buy. That doesn't mean that you should buy with wreckless abandon, though.

Give serious consideration to the factors that will drive your home's resale value over the time period you're likely to live there. There are lots of units out there, but some buildings, locations, floorplans are likely to have enduring relative value. Others will have a hard time standing out from the pack.

It's also important for you to work with a real estate professional who's not afraid to help you negotiate based on real market data. We sometimes have an inside scoop that may help you gain the upper hand in getting the best price.

If you have your eye on the south lakefront -- South Loop, Bronzeville, Kenwood, Hyde Park -- I'd be happy to shed some light on what current market conditions may mean for you.
0 votes Thank Flag Link Sat Jul 14, 2007
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