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Market Conditions in West Town : Real Estate Advice

  • All27
  • Local Info0
  • Home Buying7
  • Home Selling1
  • Market Conditions5

Activity 5
Alison Hillm…, Other/Just Looking in San Francisco, CA
Mon Jul 23, 2012
Alison Hillman answered:
Hey Mark-

Were you having trouble finding it? It's right here :)

http://www.trulia.com/crime/

To find crime near that listing, scroll down and click on the crimes tab

http://www.trulia.com/property/1084910912-1008-N-Rockwell-St-Chicago-IL-60622

Good luck and be safe!
Ali, Community Manager
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0 votes 1 answer Share Flag
Bill Hope, Both Buyer and Seller in Chicago, IL
Sun Apr 12, 2009
Bill Hope answered:
I dont live in WestTown but Humboldt Park rather and love it. The park is the key feature and there is a ton of new construction with young professionals moving in with their families here. I live very close to the park and feel very safe. There are two police officers that just moved in across the street as well. The neighbors are great and consistently helping each other out. If you purchase in the Humboldt Park area anywhere near the park itself, you will definitely see a huge return within 3 - 5 years. ... more
0 votes 6 answers Share Flag
Bill Hope, Both Buyer and Seller in Chicago, IL
Sun Apr 12, 2009
Bill Hope answered:
Hi Corina -
i live in WestTown near Humboldt Park and love it. The Humboldt Park (east side of) is up and coming. There are a lot of more affluent young professionals moving into my neighborhood because of the potential for home value increase and the proximity it is to the beautiful park. I have a wife and daughter and feel very safe around here. the neighbors are great and the alderman in Humboldt is a strong one who looks to improve the neighborhood and community. I say go for it! it would be a wise investment. ... more
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Torrey Lewis,  in Chicago, IL
Fri Jun 20, 2008
Torrey Lewis answered:
Shirlee,

You are correct in that you will have to consider the economic costs and benefits of a decision like this. Selling now is not recommended by most Realtors that I talk to, because in this market, you are not likely to maximize your profit. Buyers are looking for deals, and with so much competition in the marketplace, if you can hold off selling, you will probably make more money in the long run.

That being said...

If you sell now, and then rent, you are losing out on a key componant of the real estate world: Building equity. When you rent, you are building someone else's equity, and doing nothing for your own financial gain. If you do find a buyer for your current place, and have the financial ability, I would recommend buying another home. WIth sellers continuing to compete for buyer's business, this is absolutely the market to try and buy another home. If you sell now, then rent, and wait to buy another home, it's my bet that prices are going to begin rising in the next year, and you could miss out on some extra equity in your new place.

If you decide to go ahead and sell your current home, and lease something bigger, make sure that whatever profit you make from the sale goes into some sort of interest bearing savings account, and make sure that you continue to add to it! If you do rent, it should be something less expensive that what you pay now in a mortgage. That way, when you do get back into the market to buy, you won't have to stretch too far to buy your next home.

Hope this helps! Good luck!
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1 vote 2 answers Share Flag
Jim Gramata, Real Estate Pro in Chicago, IL
Fri Feb 22, 2008
Jim Gramata answered:
There are deals out there like you wouldn't believe. It is a buyers market. If your concern is only that you don't want to be a landlord then pay a mangaement company to manage the property for you. Note, on a 2-3 unit property you'll be hard pressed to reach a net income (esp with management company).

I encourage my clients to think outside the box and jump into a multiunit property if they can because the income taken from the rents can be used to increase the buyers net income and this gives them more buying power. More power means bigger properties which will mean a better ROI on your downpayment. PLUS you can live in one and deduct the rest on your taxes as expenses.

You've just moved from a buyer to an investor all in one fell swoop
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