Chitownproperty

The big real estate news of the week of course was the median price of American homes will fall this year for the first time since the government started keeping such statistics in the 1950s. This is more proof of the long slowdown in the housing market, and further underscores what we’ve been saying about treating your home first as a place to live, and secondly as an investment. All home owners and prospective buyers should know by now that home values aren’t guaranteed to rise, and carry the same kind of risk as any investment. That’s why it’s so important to choose a home based on how you will enjoy living there, not how much money you think you can make by selling it in a few years. If a home is to be viewed as an investment, it is in the long-term.

One bedroom condo in ideal West Loop location

Price: $294,900 + 25K parking
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This truly beautiful one bedroom bath and a half condo has the space of many two bedrooms. It’s perfect for entertaining. The living/dining room is huge with a gorgeous open kitchen at one end and a large balcony at the other. The kitchen has shaker style cherry cabinets, granite counters and stainless appliances. The half bath is great for guests and is situated off the foyer along with a hall closet. The master suite is very private and includes a walk-in closet and a marble master bathroom with whirlpool tub, separate shower and double bowl sinks. The unit has high ceilings, hardwood floors, central air, laundry in unit, extra storage and gets great light. Located in an intimate building with low assessments, elevator and rooftop deck, this home is in the heart of the West Loop steps from restaurants, shops and the loop. Attached garage parking for $25K.

Stylish one bedroom West Loop condo

Price: $285,000 + 25K parking
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Step into this amazing Lofthaus condo in the heart of the West Loop, steps from everything! This HUGE one bedroom is just shy of 1000 square feet and can accommodate all types of furniture – very versatile space. The units boats hardwood floors, a sleek kitchen with granite and stainless, a gas fireplace with limestone surround and 10.5 foot concrete ceilings. There is a large and fully enclosed master bedroom with a huge walk-in closet. The bathroom in finished in beautiful limestone and has a large soaking tub. Floor to ceiling windows surround this condo in addition to a 75 foot balcony with bright and open, west views. Laundry in-unit, extra storage, and heat and gas included in your assessments. Garage spot available for $25,000.

Huge West Loop Two Bedroom Condo

Price: $375,000
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Rarely available, huge and amazing concrete loft in premier building located in the heart of the West Loop. This two bedroom, two bathroom condo is covered with windows and has one of the largest floor plans in the
building at 1436 square feet. This beautiful unit has hardwood floors, a kitchen with maple cabinets and granite counters, huge walk-in closet, fireplace, balcony and extra storage. The building amenities include a 24 hour door person, full workout room, roof deck, business center, dry-cleaners receiving room, bike room and on-site management. This home shows beautifully and is in immaculate condition. A 2 car tandem parking spot located in a secure and heated garage completes this amazing package.

We’ve said here before that you should always think of your home as a place to live first, and an investment second. It’s true, you can likely count on a home to appreciate in value over time, but you can’t count on it as a sort of piggy bank. CNN/Money breaks down some of the myths about using your house as a source of funds.

From the Chicago Tribune:

“… the disadvantages of for sale by owner (known as FSBO) efforts are potentially just as large as the savings. That’s especially true in a buyer’s housing market, where drumming up interested sellers is much more difficult than a few years ago.

Cutting out the real estate agent could end up being a decision that’s penny-wise but dollar-foolish.”

The rest of the article weighs the pros and mostly cons of selling a home by yourself. While some people can save money by marketing a home on their own, most find that the expertise and hard work of a listing agent are more than worth the costs.

Roscoe Village Two-flat

Price: $549,900
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Excellent two-flat in Roscoe Village, steps from Hamlin Park. Great option for an owner occupied or total income property. The building has been up-dated with new kitchens (granite, cherry and black appliances), windows, new baths, HVAC, water heaters and electrical boxes. Both units feature central air and gas forced heat with separate utilities. The first floor rental is a 2 bed/ 1 bath with hardwood floors throughout and back deck. The duplex up has a large living room, dining room, eat-in kitchen, bedroom and deck. A spiral staircase takes you to the second level which has a HUGE master suite with enormous bathroom: Jacuzzi tub, separate shower, skylights and in-unit washer and dryer. Huge back yard and 2 car garage. Excellent building in a fantastic neighborhood!

This week CNN/Money examines common moves people take to make financial gains from their homes, like prepaying a mortgage, taking out a home equity loan, renovating, and getting an adjustable rate mortgage. Depending on your financial situation, any of these options can be good or bad. Read more and take advantage of their handy calculators to see if any of these moves make sense for you.