I am currently working with numerous investors who all want to buy, but there just isn't enough quality inventory! Prices have definitely stopped dropping in the area, every new property coming on the market today is priced higher than the one before. Many bank owned properties are selling for more than the listing price. It's a great time to buy.
Real Estate Broker, J.D.
Charles Rutenberg Realty
first the economy, then the unemployment numbers, and then ridding the market of short sales, foreclosures and other distressed properties and then prices will stop from dropping ....
Although a very optimistic person, the faster all other factors will recover, the faster the real estate pricing will too.
Hard to tell today, when that will be the case!
Hope this helps a little ...
Edith YourRealtor4Life and Chicago Connection and Northshore Expert
Working always in the very BEST interest of her clients
Americorp Real Estate
Brokers Associate, e-PRO
The farther south you go the worse it will be. The entire S Loop became over developed, just too many units were built which will negatively affect the demand/supply balance for many years to come. There are still 3-4 newer construction projects that got caught when the market changed and decided to just rent out all the units until things improved so some day even more units will hit the market.
You need to be very careful for what you buy and what you pay and where it's located. Be near an El stop, but not witinin ear shot of the noise. Have parking and a real good view and pay a good price and have a 5+ yr time frame to hold on to it or find another neighborhood.
If you really mean zip 60616............that is barely S Loop....16th to Cermak. I would avoid it.
Wait another year to buy, prices are declining. From Trulia's data, It looks like you have about 15 months of inventory in this zip, normally you should have 6 months of inventory, so there is too many houses for sale, which means prices will drop. Good Luck