_gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();

Posts Tagged “home owner”

Dec 09 2009

27 percent of listings in Chicago contained at least one price reduction

Posted by: helenoliveri in News, tags: , , , , ,
By at least one measure, price cuts on Chicago homes appear to be waning, which means sellers are getting more realistic or they’re willing to wait longer for their desired price.

While more than 27 percent of listings in Chicago on Dec. 1 contained at least one price reduction, the number of listings with price reductions still was 15 percent less than a month ago, according to realty Web site Trulia.com.

In Chicago, 27 percent of single-family homes had been reduced in price, by an average of 10 percent from the original price. Among the 26 percent of condos with price cuts, the average reduction was 7 percent.

Trulia’s survey only includes homes for sale conventionally and does not include foreclosures and short sales.

Nationally, 22 percent of homes on the market have had at least one price cut, the lowest level since Trulia began tracking price reductions in April. The average price cut was 11 percent off the original list price.

Mary Ellen Podmolik

Chicago Tribune

Comments No Comments »

Sep 11 2008

When is it NOT right to buy?

Posted by: helenoliveri in News, tags: , , , ,

Stepping into a mortgage is not always the easiest thing in life to commit to. Cost, value, your position in life, and many other factors all weigh in on whether or not you should make the jump. The following are some things you should be looking at to determine whether or not you are really ready to buy a home.

  • You plan to move from the area within the next few years. During the last boom, you could buy and sell in six months to a year in many markets and recoup your buying and selling costs and still have enough cash left over to buy again.That’s no longer the case in a growing number of markets where home prices are inching up, flat or falling.It’s also easier, logistically, to move out of a rental home than a home you own and must sell.
  • You are inflexible. Buying is better suited for you when your life is on a steady course. If you are still in your globe-trotting youth and out to see the world, unless you want to also manage house swapping or renting, buy when you’ve settled down.
  • You expect a job change or income reduction. Similarly, if you plan to earn enough money to return to college, become a Hollywood celebrity or join the Las Vegas poker circuit, home ownership probably isn’t for you. You can, however, opt to co-own, buy well within your means, say a tiny condo in an affordable community, or use some other affordable home-buying strategy.
  • Buying will cost far more than renting. Again, do the math. Some high cost housing markets have gotten so expensive renting makes sense based solely on the mortgage vs. rent difference.

It’s a good time to buy when your finances, planning, goals and lifestyle mesh with the financial responsibilities required for homeownership.

Comments No Comments »