I hope that helps.
You should consult a Realtor to help you determine what is a better course of action for YOUR situation. Interest rates are low and there are a lot of homes for sale. You may do well buying as it seems to be a very good time to do just that. If you feel that renting would make more sense after calculations are concluded and compared then, by all means you should rent. In either case you won't go wrong. It just takes some time to calculate what the costs would be in either case and also finding a dream home that you may fall in love with.
Best of luck !
The decision can certainly be a bit overwhelming. I would recommend you ask a few questions before making a decision. 1. How long do I intend to be in the area? (if you think you might relocate within a few years, then you might want to consider holding off in case the market worsens.) 2. Am I comfortable with a particular area? (If you just moved to such a large area and are not familiar with it, then it might be best to rent for a year to "get a feel" for where you would like to purchase). 3. What is the tax equivilant mortgage payment versus renting of the properties in which you have an interest? (You can get some basic advice on my site at http://www.tchurchwell.com regarding the rent versus purchase decision. However, you should talk to your financial planner or accountant to get a true measure of the tax exquivilency.) Hope this helps.
You should find a local REALTOR that can do a Rent vs. Buy Calculation for you with your tax bracket and interest rate information to see if it makes financial sense.
That's a beautiful community and I don't see any major price swings taking place in either direction and it's more of a question as to whether it makes financial sense for you then anything else.... A local REALTOR can also pull up current market activity including properties currently in contract that will show the prices that people are willing to purchase at in the current Glenview market. (My opinion, but that's going to be the most accurate "Predictor" of what's going on.)
My wife grew up in Northbrook so we know the area well... I absolutely love the area and the village environment...
Buying vs Renting? Mortgage interest rates are low and there are good deals in this real estate market...I say buy. It is always better to pay yourself (tax deductions, equity building, etc.). It is unknown to all of us what is going to happen tomorrow, it may be better or may be worse... I would take advantage of the market today.
Century 21 M.B. Real Estate
We are located in Libertyville IL and although our business is primarily retirement, second home, vacation and investment property across the country, we do have an obvious finger on the pulse of the market in general. If you are talking about "North Chicago" by the Naval Base, this market will take a very long time to recover. If you looking for property in "northern IL" around the North Chicago area, then we believe there are good opportunities we could refer you to. Email me and lets talk!
The Schaffer Realty Group