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Market Conditions in 60617 : Real Estate Advice

  • All19
  • Local Info1
  • Home Buying7
  • Home Selling5
  • Market Conditions0

Activity 176
Tue Jun 19, 2012
Philip Sencer answered:
The rental market in Hyde Park seems to be about like it is in most areas of the city. It tends to favor the tenant over the landlord. If anything, there are more 'nominal' rent concessions, not hikes. You should be very happy to keep your current tenant without trying to nickle & dime for a few $$ more.

philip
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Tue Jul 14, 2009
Karen Breen Elia answered:
I don't mean to sound pessimistic, but I don't know if the term "hot neighborhood" hasn't gone the way of the dinosaur. I believe that the new mortgage guidelines will prohibit any neighborhood from extreme levels of appreciation. Hot neighborhoods were created with the "cloud a mirror, get a mortgage" guidelines that led to an over funded, over heated marketplace. Those days are thankfully over, although as in physics, every action has an equal reaction, and so we are stagnating in a morass of over restricted lender requirements.

But I digress. . . Look at West Town, particularly those areas between Kinzie and Chicago Aves, west of Western (Smith Park a.k.a The Patch) and just west of Western Ave between Chicago and Division and North to Fullerton. Edgewater Glen, Magnolia Glen are also noteworthy if you want to be close to the lake. I still think Albany Park and especially Avondale is affordable.

Good luck in your search!
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Mon Jun 15, 2009
Kipp Blackburn answered:
Tue Jul 14, 2009
Denise Sands answered:
Appraisals are used as the pulse of the industry. Comparable sales in the last 6 months are very important to a mortgage lender for determining how much to lend on a particular house. Foreclosure prices do drag down the average sale price and must be mentioned in the formal appraisal. It is a wonderful buyer market due to the backlog of houses on the market. This, of course, varies from county to county. Agents are already seeing multiple offers on homes. If you are considering the purchase of a higher priced home, the time is NOW! ... more
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Wed May 20, 2009
Kipp Blackburn answered:
There are so many variables, both personal and financial. Have you considered renting the property to cover your liability and finding yourself an apartment?

If you're struggling financially, I suggest you attempt to sell your home at an attractive price, with your eye on netting the 20% you need for a down payment. By downsizing, and taking advantage of the buyers market, your short-term loss - in hind sight - may not appear to be much of a loss at all...so long as you make a smart purchase. It might come out in the wash, so to speak. By waiting "5 years" for the market to be a more favorable one for selling, you'll only pay more on the buy-side. If you got an especially good deal in 2007, you may not be in such a tight spot as you think. Only way to find out is to put in on the market ASAP before the market slows down in July. Buying activity is way up.

Does your property qualify for FHA funding?
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Thu Apr 30, 2009
Kipp Blackburn answered:
No one can answer this question. It depends on too many unknown variables, as well as your own personal circumstances and goals. Would it be your personal residence, or strictly an investment property? Either way, the longer you can hold it, the better the outcome will be.

Its a buyers market, so its obviously a much better time to buy than it was in the three or four years of price increases prior to the crash. Who knew? Nobody in their right mind would have been buying, and banks would not have been lending, if we saw what the very near future had in store. Similarly, we can't effectively forecast where prices are headed in the short term. Its a calculated risk. Trump says "Its a great time to buy real estate". One thing is for certain, there's a lot of opportunities. You just have to make wise choices...and the deeper the pockets the more you stand to gain.
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Mon Apr 6, 2009
Christopher Thomas answered:
Dear Corey,

Buying a house at full prices does not necessarily lead to having to sell your house a year later.

Are you working with a real estate agent now, or are you planning to work with a real estate agent?

Without more specific information about both the property that you're considering and your own financial desires, it's impossible for someone in a forum like this to answer your question.

If you do not yet have a real estate agent- I would suggest speaking with multiple agents before you make a choice on whom you'd like to work with, and I would not necessarily rule out people who have responded to your request here. These agents tend to be pretty technologically up to date (compared to the vast majority of Realtors), and as a result they can often respond to requests more quickly.

I have also included some links on how to choose a Realtor if you are just starting out whether you are buying or selling.

http://www.bankrate.com/brm/news/real-estate/picking-agent1a.asp

http://www.realtor.com/Basics/Buy/Looking/Realtor.asp

http://homebuying.about.com/od/choosearealestateagent/

http://realtytimes.com/rtpages/20041209_chooseagent.htm

Let me know if you have any questions or if you need additional assistance. Good luck.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.myagentchris.com
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Sat Apr 11, 2009
David Cruickshank answered:
Marie - The bank is using an automated valuation model (AVM) to determine value for your home. The only way to get a true value is from an appraisal. Now i've said that you may be elligible for the new Home Affordible Refinance program which allows you to refinance up to 105% of the loan to value. I have written blog all about this program. Please go to this link and let me know if I can help you achieve a lower rate using this program. http://www.trulia.com/blog/david_cruickshank/2009/03/home_affrodable_refinanc

David Cruickshank
Ardain Mortgage Corp
847-354-5455
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Tue Jul 14, 2009
David Cruickshank answered:
Please read my blog about the home affordible refinance program. http://www.trulia.com/blog/david_cruickshank/2009/03/home_affrodable_refinanc

Here's the deal! Guidlines have been posted by Fannie and Freddie and lenders will be rolling out the programs in April. Not all lenders will be involved but I have four that will most definatly be offering the program. I am collecting applictaions now so that when the programs roll out I can put people in front of these lenders. You can switch lenders like a normal refinance. You do not need to stay with countrywide. This way you will have access to more lenders and better rates.

Lenders have not issued any guidelines on how they will appriase the home yet but I should know by the beginning to middle of April. Please let me know if I can help you. There is no obligation or commitment for me to assess your situation.

David Cruickshank
Ardain Mortgage Corp
847-354-5455
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Fri Mar 15, 2013
Dallas Texas answered:
Speak with agent provide info to you and CPA you can receive tax advantage on property you own.

However in many instances if a person clears items no longer used amazing how much space you can create, till condo sales.

Lynn911
~ National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
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Wed Apr 1, 2009
Scott Newman answered:
There was just a piece in the news recently about how Cook County government is working on a plan to integrate the high amount of foreclosures and the declining market into the tax assessments for this year. If you look at year over year tax amounts from 2006 to 2007 a lot of them went down- although marginally in most cases. The problem is that nothing is selling and I think if there were more recent comparables out there to use as closed comparables then the government would be more willing to accept what is happening. Also keep in mind that every budget out there in government is in deficit and to expect them to be in a big rush to further along that problem by taking in less money in property taxes doesn't make sense.

Scott Newman
Newman Realty
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Tue Mar 17, 2009
Christopher Thomas answered:
Dear Will,

Like in most markets nationally, foreclosures in Cook County will put downward pressure on prices of market rate (non-foreclosed and non-short sell) properties that are on the market. While no one can "predict the weather" with respect to how low prices might dip, it is fairly certain that it will take many months for prices in the housing market to stabilize and stop falling. I don't know if you're interested in buying or selling (in these various cases this news should strike you very differently- good for buyers not so good for sellers), but I would fully expect prices to continue to decline through the end of this year and possibly into early next year. I'd love to be wrong about this, but it looks like putting the brakes on the economy's decline is going to take quite a bit of effort and time. Let me know if you have any additional questions.

Sincerely,
Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
http://www.mayagentchris.com
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Mon Jan 26, 2009
Kale Realty answered:
Hi Louise-

I would be happy to help. What is the exact address of the property?

I work in the South Loop and know these buildings well

You can contact me at nick@kalerealty.com

Thanks!

Nick
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Thu Oct 6, 2016
Christopher Thomas answered:
Dear Stephanie,

The short answer to your question is yes- the value of your home will be affected. However if you do not need to sell your home in the immediate future, the negative impacts of a foreclosure sale on your home's value will be lessened.

Do you need to sell in the next 3-6 months?

Sincerely,

Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
christopher.thomas@sothebysrealty.com
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Fri Dec 19, 2008
Fabrizia asked:
hello,May I have the average price of Chicago community areas divvided by years since 1991 if it's possible?in excel format if you have.....ty very much
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Tue Dec 16, 2008
Scott Newman answered:
It really depends on what condition the inside of the property is in. Single family homes in this area start in the 200's and go up to well over a million. Contact me if you'd like a FREE private evaluation of this property or others in the area.

You can also try following the included link to a FREE insta-compare home price evaluation search tool I have on my website. Go to my site and click the "Your Home's Value" tab.
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Wed Nov 19, 2008
Robert Darrow answered:
Lincoln Square should come out ahead of Albany Park. Why, you ask?

1. Transportation. In Lincoln Square there's slightly better access to transportation. Even though the brown line runs through Albany Park, the ride is shorter from Lincoln Square. Western Avenue busses get you north and south - which are more difficult on smaller north-south routes like Kedzie and Pulaski.

Plus Lincoln Square has access to the Ravenswood Metra train. Twelve minutes to Downtown if you catch the right express train.

2. Shopping. The retail center along Lincoln Avenue draws shoppers from all over Chicago. Heck, you could argue that stores attract shoppers from as far as Hollywood if you count the day Angelina Jolie visited Timeless Toys.

3. Stability. As the market softened, sales stalled and foreclosures shot up in Albany Park. Lincoln Square stayed firm, and had fewer foreclosures.

4. Higher prices. Lincoln Square has higher prices. That's because the types of properties for sale are nicer. That's a problem, however, if you can't afford the higher prices. But the higher prices should attract more development and developers to Lincoln Square.

5. It's closer to the Lake. Sure, Albany Park is right next to Lincoln Square. But it's always more desirable to be closer to the lake. Lakefront neighborhoods enjoy higher prices, shorter market times, and better appreciation.
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Tue Oct 14, 2008
Greg Zaccagni answered:
Laura:

My October newsletter was on this very subject. Consider visiting my website and entering your email address and you will have updated information monthly.

The Mortgage Advisor - October 2008 (reprint)

The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.

Some of the program's $700 billion would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults.

The proposed legislation also calls for the financial sector to help make up the difference if the government does not recoup its investment in five years.

The government will receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.

Money for the rescue plan will be phased in. The first $350 billion would be available as soon as the president requested it. Congress could try to block later amounts if it believed the program was not working. The president could veto such a move, however, requiring extra large margins in the House and Senate to override.

The plan would require the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.

Despite the changes made during an intense week of negotiations, the heart of the program remains Bush's original idea: To have the government spend billions of dollars to buy mortgage-backed securities whose value has plummeted as hundreds of thousands of Americans have defaulted on their home loans.

The legislation would place "reasonable" limits on severance packages for executives of companies that benefit from the rescue plan, said a senior administration official.

www.GregZaccagni.com
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Tue Sep 30, 2008
CMLHoldings answered:
Supposely Thursday...Congress has to convene for the Jewish holiday.... I guess the problem is nothing to worry about if they can take a vacation at this time.
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