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 [...]

Buyers that got off the sidelines and into the game — chicagotribune.com
The Tribune’s Mary Ellen Podmolik profiles a couple buyers who decided to take the plunge in the recent unsteady market. How did they do it? The old fashioned way. Mortgages are still available for buyers who qualify under traditional rules (steady [...]

Is Now a Good Time to Buy a Home? - WSJ.com
Doesn’t it seem like someone is always saying it’s a good time to buy a home? Obviously, this is a tough time to be doing any kind of significant spending, let alone making purchase as large as a home. But the Wall Street [...]

A $7,500 nudge for first-time homebuyers — chicagotribune.com
As part of the sweeping housing bill passed by Congress last week, first-time home buyers will get a tax credit of $7,500 if they make their purchase from April 9, 2008 through June 30, 2009. Only first-time buyers or those who have been renting for the past [...]

Buying vs. renting, or cost vs. time — chicagotribune.com
Since the slumping home market has changed the equation determining the benefits of buying or renting, the Tribune is taking a fresh look at this age-old question. Prices are generally lower now, meaning it might be a good time to buy, but a tight credit market [...]

What to know before choosing a developer — – chicagotribune.com
The Tribune posted a nice guide this week for how to perform due diligence on a developer if you are buying a new home, with tips for checking up on their track record and history with the city, pricing selections, and warranty items.

Even in this climate, there’s no rule like an old rule — — chicagotribune.com
This week’s Tribune has a useful article about how longstanding “rules” of real estate still apply, even in today’s changing market. Buyers and sellers can count on certain maxims to get the best deal, regardless of the financial environment, including:

You [...]

Recognizing value key to buying home — chicagotribune.com
Calling today’s market a “buyer’s market” implies that now is the time to find a deal, but buyers show signs of wanting to wait a little longer, to see if prices will go any lower. That’s not a bad strategy, says the Tribune’s Carolyn Bigda, but the [...]

Sale ain’t over till it’s closed — chicagotribune.com
You already knew that technically, your house wasn’t sold until you left the closing table and handed over the keys. But if you did sell your home in the past few years, you probably closed the deal mentally as soon as the buyer signed the contract.
Not so [...]

It’s still buyer vs. seller — chicagotribune.com
The Trib’s feature real estate story this week points out something that’s painfully obvious to those of you trying to sell your homes right now: the buyers are in control, and not just by having a large selection. Buyers know that some sellers are desperate to move, and [...]

Tips for bargain-minded homebuyers in the new year
Since there are still many sellers eager to move their homes and mortgage rates are down, getting ahead of the traditional spring market may be an even better opportunity for buyers this year. The Tribune notes that would-be buyers should be ready to make an offer to [...]

Townhouses are an attractive option for home buyers looking for a step up from condos, but perhaps not ready for the additional maintenance and cost of a detached, single-family home. The decision to buy a townhouse is a matter of preference for living style and one of cost, but the Tribune summarizes a few [...]

We know calling the current tough real estate market a “buyer’s market” sounds like rationalization, Realtors trying their best to put a shine on something that isn’t there, but there are solid reasons for why new buyers can find a good deal now more than ever:

“It’s no secret that home buyers can grab real-estate bargains [...]

The recent downturn in the local condo market has opened up new opportunities for first-time buyers, the Tribune says. Some owners anxious to sell in today’s tough market are more willing to negotiate, and developers are throwing in more amenities as part of the base price to entice purchasers.

Check out this great video from CNN.com about saving for a downpayment on a new home, including how to weigh investment risk given a set amount of time before the purchase.