Teresa Trues…, Home Buyer in Glenview, IL

what is your opinion on renting or purchasing in this crazy market? we just relocated to the north chicago

Asked by Teresa Truesdale, Glenview, IL Sat Apr 26, 2008

area and are a bit concerned about jumping into purchasing, but.....rents are also very high: $3000 for 4b/3b and purchasing is in the $700,000 range. Taxes are $12000 a year w/hoa dues, which puts a price tag of $4500 on mortgage......any websites to 'predict' real estate trends if we hold off purchaing for a year?

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Teresa, I would recommend renting for a year and taking the time to buy the right house at the right price. Naturally realtors think you should by now, no matter what the market conditions. Study the local market you like and follow sales closely in your price range. Once you see the inventory of houses for sale decreasing significantly, then likely the market is firming up. I will guess this will take 1-2 years, but keep an eye on it. Renting will get you alot of flexibility that you will be grateful for...
2 votes Thank Flag Link Tue Apr 29, 2008
It's a great time to buy now. Prices have fallen on average over 30% from '08 levels and interest rates are still at record lows.
Web Reference: http://www.PaulCionczyk.com
0 votes Thank Flag Link Tue Apr 2, 2013
Not sure if the market is moving upward in Illinois at the same rate it is in Utah? If so, it is a good idea for a person to get in the real estate market as soon as possible. Home ownership has a lot of benefits that renting doesn't. The tax benefits alone are a huge incentive. A simple mortgage calculator can help a potential home owner determine what their monthly obligations will be. Here is a mortgage calculator if you are not able to find one. http://st-george-home.com/

I hope that helps.
0 votes Thank Flag Link Mon Apr 1, 2013
http://hotpads.com/mortgageCalculator.htm

This a helpful financial tool to help you evaluate your decision.
0 votes Thank Flag Link Mon Apr 1, 2013
Hello,

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 !
0 votes Thank Flag Link Wed Apr 30, 2008
Teresa,
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.
Web Reference: http://www.tchurchwell.com
0 votes Thank Flag Link Wed Apr 30, 2008
Teresa,

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...
0 votes Thank Flag Link Sun Apr 27, 2008
Dear Teresa,
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.
Teresa Sterna
Century 21 M.B. Real Estate
847-778-7358
Web Reference: http://www.teresasterna.com
0 votes Thank Flag Link Sat Apr 26, 2008
We are living temporarily in the Glen and really like the area----easy to walk to shopping, eating, convenience to work, etc.......we are trying to decide whether to rent another year (in another part of Glenview) or purchase a townhome in the Glen area.....opinions on renting versus buying right now?
0 votes Thank Flag Link Sat Apr 26, 2008
Dear Teresa,
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
terry@marianschaffer.com
877-886-8388
0 votes Thank Flag Link Sat Apr 26, 2008
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