Chitownproperty

Two separate reports this week showed new home sales and prices increasing after the long downturn. On Monday, the Commerce Department reported that sales of new single-family homes rose 11 percent in June, the third month in a row. And on Tuesday, the Case-Schiller Price Index from Standard & Poor’s showed that eight cities, including Chicago, showed price increases in May. While some economists say this may just be due to activity by speculators, both reports indicate that the nearly-two-year housing slide has at least slowed.

How not to sell your house — chicagotribune.com

The Tribune’s Mary Umberger offers a list of gotchas that can prevent you from selling your home, or when you do, getting the highest price possible. Beyond making sure the home is in good shape and free of clutter, sellers often don’t think about other factors, like their reaction to offers and personalization of the home, that can impact a successful sale.

The single most important thing to understand before you start shopping for a home is how much you can afford to spend. CNNMoney.com has a handy calculator that lets you plug in values such as your annual income, other debts like car payments or student loans, a proposed mortgage rates, and taxes to calculate how much you can afford in both a conservative or aggressive scenario.