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Market Conditions in 60607 : Real Estate Advice

  • All36
  • Local Info3
  • Home Buying14
  • Home Selling3
  • Market Conditions2

Activity 2
Tue Jul 6, 2010
Matt Laricy answered:
If the association is in a mess, I would stay away.

If your looking to buy, make sure you have a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
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Tue May 6, 2008
Marty Phelan answered:
Dan, anytime you're hearing data on the real estate market being presented it's important to remember 2 things; 1) Real estate is a local market - always will be. Believe it or not there are some parts of the country experiencing a seller's market right now! 2) Be sure you know exactly what stats are being presented. For example, is that 10% a decrease in median sales price or average sales price? There is a difference. To more directly answer your question however, the West Loop and West Town markets are doing nicely. Although the number of units sold in the first quarter of 2008 is down in both areas, the median sales price has gone up 7% in both areas. I've also seen a decrease in market times. NOTE: This is not including new construction - only "re-sale" transactions as compared to 1Q07. So there is data out there to refute the claim that prices are even falling at all, much less will they continue to fall. Are there people losing money? Sure, if they significantly overpaid or took out all of their equity. All in all, despite the media's representation, the Chicago market is holding up nicely. I have a detailed report coming out shortly outlining the 1Q08 performance, and if you'd like one just let me know! Good luck with everything! - Marty ... more
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