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Market Conditions in 60657 : Real Estate Advice

  • All81
  • Local Info8
  • Home Buying20
  • Home Selling10
  • Market Conditions3

Activity 3
Sun Apr 9, 2017
Kathy Burgreen answered:
I'm in the New York City area - not Chicago. However, within NYC and even the suburbs, 2 deeded parking spots that come with the condo purchase are extremely valuable and sellers can increase their asking price.

However, I don't know if that applies to Chicago. The issue is how available is resident parking and how often / how much are parking tickets given out by police? In NYC, parking on the streets is difficult, parking garages are available but expensive and those parking tickets from the cops - $30 - 60. per ticket. In the suburbs it's $10 - 25. per ticket.

You have to weigh the pros and cons of resident parking and see if you can increase your selling price.
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Fri Jan 15, 2010
Chris Richter answered:
That's a really good question, Jim. The tax credit is, to me, a short-sighted reason to buy. The important stimulus package ends on March 31.

The Federal Reserve has been THE buyer of mortgage bonds for over a year. They've spent (most of) $1.25T, they're done in March and all reports that cite Fed governors say they're thinking a +/- 1% mortgage rate increase is coming. That would then apply to all buyers in the April 1 - June 30 period.

I don't see how you "win" by writing a contract on April 30th for a June 30th close. Let's ignore any possible increases to home prices from now until June and compare today's rate versus June 30th's. Interest expense on a $300k loan over 5 years:
--Rates up 0.5%: Cumulative interest is ~$7,200 higher.
--Rates up 1.0%: Cumulative interest is ~$14,500 higher
--Rates up 1.5%: Cumulative interest is ~$22,000 higher

Over 10 years the numbers are staggering. Moral of the story: I think the people that closed this month or last are the big winners on the tax credit--both the $8,000 and the ~5% mortgage rates.

Just my $.02,
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Tue Oct 14, 2008
Laura Montalbano answered:
According to the National Association of Realtors satisics, Chicago is still over priced for the average US statistics. The prices are coming down or just averaging out after the demand went, in my opinion, out of control. Feel free to contact me for further assistance with your Lakeview property. ... more
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