Here's a chart for zip code 60606 showing median price and inventory trends. http://www.kendooley.com/my-blog/2009/2/6/60606-inventory-me
Also, contrary to an earlier post, the tax credit has not been increased from $7,500 to $15,000 but instead has been proposed http://www.kendooley.com/my-blog/2009/2/5/15000-tax-credit.html
As a first time buyer, here are some additional useful tips http://www.kendooley.com/purchase-contract/
Best of luck, Ken Dooley
I do have an agent...who is great! I just feel like I want to be personally educated with whats going to happen and take on some of the research so I can know I am getting a good deal.
Maria - Great info about the mortgage company and special building program! I never knew any of that. I'll be sure to research that.
Jeff- I agree 100%. Thats what I was thinking....just see what happens!
Any more suggestions will be greatly appriciated!
They all work (from time to time).
Hi, your question is two-fold. First I would find out if your Mortgage company or Bank can close a unit in this building. There are quite a few rentals and to be quite honest some lenders/banks are unable to close in buildings that have a high rental ratio. Also find out if the building qualifies for any special programs. If you are a first time buyer make sure you get your $7500 tax credit.
As for making an offer...if you are working with an agent your agent should do a CMA( Comparative Market Analysis). In this instance where there are not a lot of sales over the past 6 months, you would look at similar buildings in the area with the same square footage, amenities, etc. It is very important that you also figure out the average price per square foot in the area. Then you can make an educated, fair offer. If you need help with this, I can help you.
This is why in this market you should have a buyer's agent. Quite a few people dont have the experience or knowlege and could possibly make a big mistake with wrong information. Feel free to contact me on my website or at my email address. Good Luck and hope to hear from you.
I have found some comparables in this building. If you are not currently working with an agent, please conact me and I can help with a price and all of the paperwork involved. Of course at zero cost to you!
Have a great day!