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Berkeley : Real Estate Advice

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  • Local Info1
  • Home Buying1
  • Home Selling1
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Activity 6
Mon Mar 17, 2014
Dan Tabit answered:
The accuracy of forecasts gets lower the further out you forecast. A weekend weather forecast is more reliable than one 30 days out. The same is true for forecasting the Real Estate market.
Assumptions must be made and if the assumptions are true, the forecast will be pretty good. If they are wrong, then no one knows.
For example, we've seen a general positive trend for many months in most markets. As long as things stay the way they are, it's reasonable to assume Summer of 2015 will be fine What if, however the election this fall changes things, Russia and the US get more intense over Crimea, a terrorist event occurs somewhere, a major scandal breaks out in Washington DC, etc. I hope you get my point.
If you can't sell until next summer, there's little knowing where the market will be then will matter. Either it will be okay or it won't. If you could sell sooner, you can decide that summer of 2014 is good enough, or in the fall or maybe right now.
Anyone telling you anything with certainty either has a time machine or is guessing.
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Fri Nov 8, 2013
Kimberley Petersen answered:
As a local expert in the Berkeley Market. I would feel comfortable saying that we will likely see price increases, in a healthy manner. without knowing any exact details it is hard to give a true answer to your question. I would be glad to take a look at the property for you though. ... more
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Thu Jun 13, 2013
Jim Elder answered:
Berkeley is a decent community which like most of Illinois has seen property values plummet with economic issues we have faced. They have good infrastructure, taxes are in line and they have convenience after convenience. Proximity to the Metra and Expressway. Most of your shopping can be done in town or near ton. And the price of a home is a tremendous value.

I have a few clients who have looked in the Western suburbs and chose Berkeley.
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Tue Mar 1, 2011
Michael Cline answered:
Your loan officer will help you determine what purchase price you can get approved for. And also how much down payment you'll need, plus closing costs. Once you have an estimate of how much money you'll have to bring to the closing of your new home, you'll know what the bottom line is for the sale of your existing home. In other words, if it's determined that you need $10,000 to close on your new home, then you know you must walk away with at least $10,000 in proceeds (after payoff of current mortgage, realtor commissions & closing costs) from the sale of your existing home. Hope that makes sense. Good luck!

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