Chicago Condo Directory

December 10, 2009 - If you’ve been holding tough, waiting for Chicago real estate prices to drop even lower, you may want to rethink your buying strategy. About 27% off all Chicago condos and homes showed at least one price reduction as of December first, that number was 15% less than it was last month. The data was released by Trulia and reported in a recent Tribune article.

Statistics showed that of the 27% of single-family homes in Chicago that did have a price cut, the reduction was around 10% off the original listed asking price. The article also stated that of the 26% of Chicago condos that had reduced prices, the average drop was about 7% from the original asking price. The national average is that 22% of all homes for sale have made at least one price cut of about 11% off the original list price. These are all regular homes and condos for sale and not auctions, foreclosures or REOs.

So what does that mean? Either sellers believe that the market will turn around sooner rather than later and they are going to wait it out, or they have gone as low as they are willing to go on Chicago condo prices for the time being. With so much inventory still on the market though, buyers are still in a pretty good position to shop around and negotiate. But you may have to work a little harder in the upcoming months to get the deal and price you want on Condos In Chicago.

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November 23, 2009 - According to the latest report from the Illinois Association of Realtors, Chicago area home sales were up 33.3% in October of this year, compared to last year. There were 7,286 Chicago condos and single-family homes sold in October 2009 compared to 5,467 in October of 2008. For just in-town Chicago, there was a 28.5% increase in October 2009 compared to the same month last year, with 2,012 single-family homes and condos sold. In October of 2008, there were 1,566 units sold in-town Chicago.

However, even with the increase in sales of Chicago real estate, the median price of homes in the Chicago area fell again. For October 2009 the median price was $190,000, which is a 15.6% drop from the median price in October 2008. For in-town Chicago, the median home price in October 2009 was $215,000, which is 18% lower than it was in October of 2008. This is said to be due to the high number of short sales and distressed properties that are being bought by buyers.

The extension of the $8,000 first-time homebuyer tax credit to qualified buyers who close by June 30, 2010 should help to keep the number of sales increasing. But according to a recent Crain’s article, even though FHA has decided to push back some of the new rules for condo mortgages it backs, it is still more difficult to get a loan for a condo than a single-family home. The article also pointed out that mortgage interest rates for a 30-year fixed loan ticked up to 5% in October 2009.

We’ll have to wait and see what the first quarter of next year brings for Chicago home sales. Even if the pace of sales continues to gradually increase, it will probably still be some time before we see the price of Condos In Chicago increase significantly.

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November 12, 2009 - There are only a couple more days left if you want to cash in on the Find Your Place In Chicago program offered by The Partnership For New Communities. The Chicago real estate developments participating in the program are Park Boulevard, Lake Park Crescent and Parkside of Old Town. There are about 133 eligible condos and townhomes combined in these developments.

If you remember, there has been a $10,000 grant available to buyers of certain units at some Chicago real estate developments. That is still in effect, but if you can sign a purchase agreement by November 15th and close by January 30, 2010 then you can also get an $8,000 tax credit. Add that to the federal tax credit for first time homebuyers that has been extended into the middle of next year and that’s a pretty good monetary incentive.

This new $8,000 matching tax credit isn’t the only new incentive either. The Illinois Housing Development Authority is offering what they are calling the 30 Year Home Start Mortgage program. It is basically a forgivable loan of 3% of the Chicago condo or home purchase price and tops out at $6,000. The idea is for buyers to use it as part of a down payment. Qualifications are that the buyer has to contribute at least $1,000 or 1% of the purchase price, live in the residence for 10 years and have a minimum credit score of 640. You also have to go to a home ownership seminar and agree to have a 0.5% fee added to your loan interest rate.

Time is running out for this new program, but you might still want to get out this weekend and see if there are any Chicago Townhomes or condos in the participating developments that interest you.

Technorati Tags: Parkside of Old Town, Chicago Townhomes, Chicago Real Estate