Chitownproperty

Finding an area with appreciation potential — chicagotribune.com

This syndicated article in the Tribune says that the trick to buying a home now is finding a neighborhood with appreciation potential:

Real estate specialists who view the economy on a large screen are confident that those with the nerve to buy a home in the current market will one day be glad they did—particularly if they’re now able to capture a quality property in a desirable neighborhood at a bargain price.

“Throughout history, property markets have always gone through cycles. Buying smart now means picking one of those prime neighborhoods where values will be among the first to rebound,” says Barry Nystedt, a real estate broker and president of the National Association of Exclusive Buyer Agents ( www.naeba.org).

Nystedt, who considers this an opportune time for first-time buyers to make a purchase, predicts that values in many coveted communities will very gradually begin rising during the next six to 12 months. In areas where the economy is weak, however, he says prices could remain stagnant for three years or longer.

First-time buyers who can make a good downpayment and plan to stay in their home for three to five years are in prime position to find a deal. To help you find the right neighborhood, the Trib also published this nifty map that shows home value changes all over the Chicago area for the past year.