Bought a condo 2 yrs ago, but now we're interested in taking advantage of prices in a single fam hm. Bad idea?

Asked by Dan, Chicago, IL Tue Feb 24, 2009

We have a 3rd floor, 2250 sq.ft. Condo in a 4 flat. Very high-end. We don't have to sell. But owning a single family home interest us. We live in the Lakeview area in Chicago. - Is this a good idea?

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NonRealtor, , 23456
Tue Feb 24, 2009
When you see how much money you have lost on your condo in just 2 years, you will realize that it may be better to stay in the condo. Plus you would have inspections, real estate commissions, closing costs, etc for selling and buying. Enjoy the condo. Good Luck
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Anthony Meno…, , Boston, MA
Tue Feb 24, 2009
As long as your buying a home at a higher price point; you should be fine! Most sellers that are upgrading, will be able to offset the potential loss in the declining market, by negotiating a better deal on the higher purchase...i.e the percentage of a loss will be offset by the gain of the loss the seller of your higher priced home, will most likely have to absorb.
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Edith Karoli…, Agent, Winnetka, IL
Tue Feb 24, 2009
Hi Dan, I want to make sure I understand your questions correctly.
You own a flat in the wonderful Lakeview area of Chicago, and you do not need to sell.

You would like to buy a single family home though, now my questions to clarify
a) if and when you decide to buy that single family home, will you then need to sell your condo?
b) where would you want to buy your single family home within the city or near city suburbs like
Glenview, Wilmette, Northfield etc.

Upgrading, selling and moving into a larger and generally speaking more expensive property is a good time to do so, as you have many choices, lower pricing, low interest rates and truly good negotiation possibilities!

You will most likely have to accept a little less for your own condo at this time, but you will save a larger bite on the larger single fam. home.

So as you can see, depending on what , the price range and where you are looking to buy it may make a difference whether this is the right time for you.

Feel free to contact me directly at - I would gladly e-mail you a free pre market overview of your area and your type of property without home visit initially and I would also e-mail you available single fam. homes in the size, style, price range and locations you would like to explore. All arriving in your e-mail inbox with your choice to ask for additional information and you can make changes to your search criteria at any time.

Hoping to hear from you and I would love to assist you in your decision making process and in selling and finding your next home.
Warmest Regards!
Edith YourRealtor4Life! Working always in the very BEST interest of her clients!
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Brian and Dan…, Agent, Chicago, IL
Tue Feb 24, 2009
This is a great market to purchase a property for whether it's a first home, second or just an investment. There is a lot of competition out there and homes are being priced favorably for buyers .Since you wouldn't have to sell your condo prior to a new purchase that works even more for your benefit. I'd more then happy to discuss your options with your further in regards to selling, renting and buying. Look forward to hearing from you soon!
Thank you.
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Tom McCarey, Agent, Chicago, IL
Tue Feb 24, 2009

Two things - there's not been a better time to go to the next level for your next step home. At the same time, though, the current selling market is prodigiously challenging. Lakeview hasn't been gutted with respect to value. But there is an absorption rate of roughly seven months - which translates into seven months or more of inventory. Also, the price point you may anticipate may be a) difficult for a consumer to finance and b) may be out of whack with buyer perceptions.

Here's the thing though - the hit you may have to take on selling your place may be more than offset by the bite you may be able to achieve on your buyside transaction with a qualified realtor.

What you might want to do next is contact an experienced real estate professional familiar with Lakeview, the caliber of your property, and with an aggressive marketing program and structured negotiating plan to discuss the possibility of listing.

Best of luck with your next step!

Thomas McCarey
Luxury Home Marketing Specialist
Certified Negotiating Expert
Accredited Buyers Representative
The Real Estate Lounge Chicago with @properties
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Jeffrey Kropp, Agent, Chicago, IL
Tue Feb 24, 2009
This is a great idea if you can rent your place out and carry both mortgages. I have been amazed at the deals my clients have gotten in single family home market, it just blows my mind. The sharks are in the waters though so you need to take some very specific steps to beat the competition. My client beat out three other bids on his foreclosure by doing exactly what I said.

I am an exclusive buyer agent in Lincoln Park and would be glad to point you in the right direction.
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davidwbrower, , Woodstock, GA
Tue Feb 24, 2009
I like the way you are thinking. Can you buy without selling your condo? This about it.. you want to take advantage of the pricing and get a great deal as a buyer in a buyer's market. Hopefully you won't need to sell the condo and can get a lease on it. The moment you will decide to sell the condo you are now a seller in a buyer's market and you will be giving the next buyer of your condo a bargain. So, hold on to the condo... rent it out if you can and buy a home. Do the math too.. not sure how much you are thinking about but if the new home is worth twice as much as the condo and you know you are getting it at 20% off let's say.. then the savings is still twice as much as the loss on the condo even if you were to sell it now and take a 20% loss to do so. It's just a matter of the numbers and your perspective. It's the best time in decades to buy.. money is dirt cheap and houses are as close to the bottom as ever. You will be regretting not buying that home at 5% interest rates and prices so low when you look back 10 years from now. If you can find a lease on the condo, hold on to it and sell it later when prices rebound in a few years. I hope this helps. Good luck!
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