Eric, Home Buyer in Chicago, IL

Near West Side;How's the market doing there.Any comments?????

Asked by Eric, Chicago, IL Tue Apr 8, 2008

i'm planing on buying a condo and i really like this area because its near expressways and public transportation and not that far away from downtown

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Well, since this question was posted and answered by the people below.. a whole lot has changed in our economy and market. What hasn't changed is really long market times, frustrated and scared sellers, lack of showing requests for over-priced listings etc. As a Realtor who works with a great deal of buyers, I've found even over the past few weeks, buyers are starting to come out of the woodworks. Their curiosity is peeked and they are actively looking for deals.
As a buyer, you are in a fantastic position and I am pretty confident that anyone who is educated on the economy, the real estate market, etc. you ask would tell you the same thing.
If you have at least 3-5% to put down, have GOOD credit (700 or above) and know you are planning on staying in your property for AT LEAST 3 years, then it truly is time for you to become a homeowner.

When you ask how the market is doing, it's down. It's down everywhere. Just remember, as a buyer, the market being DOWN is good for you.
Let me give you some food for thought... over the past 100 years, the market has gone up and down in cycles. On average, in a down cycle, the market has been down by 4% (again this is an average). Currently, on average we are down 7.9%, which would put us down by double than the average amount (I was a math major;). The point is that if you are "waiting out the market" or "waiting for the market to go down more"... you shouldn't be. NOW is the time to get the great deals.

That's my two cents! I currently have a listing in the Loop/west loop at 625 W. Jackson. My seller is listing at the same price he paid for it over 2 years ago, and he has put about $10,000 into the property. He's losing money but he has to sell as he is moving to LA. Again, now is the time for the deals.
Good luck and if you haven't found the right place yet, I can send you over some great properties I know of in the Near West Side neighborhood. - Sierra Bloom Imwalle - Jameson Real Estate - sbloom-imwalle@jameson.com
0 votes Thank Flag Link Sun Nov 16, 2008
According to the news this morning. The City of Chicago's housing market is down by 25%. You can go on the Chicago Tribune website under real estate and find out exactly how much up or down that area is. I am letting you know that the news said specifically the City of Chicago because realtors are quick to say "no, it is the entire Metropolitan area and the suburbs are dragging down prices." Ha, not this time!
0 votes Thank Flag Link Tue Aug 26, 2008
This area is very close to public transportation, the Loop, as well as restaurants, parks, etc. The city is paying close attention to this area and the homeowners are very attentive and involved in CAPS and development issues.
0 votes Thank Flag Link Wed Aug 20, 2008
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