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 [...]

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 [...]

Wacko world of willfully weak market — chicagotribune.com
Are homeowners still in denial about falling home values, or have they learned to be realistic? It depends who you ask, naturally. Mary Umberger tells us that Zillow.com thinks homeowners are in denial, not surprising for a company whose business model is based on the presumption [...]

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 [...]

Top 100 markets forecast: Where home prices are headed next
CNN/Money reports that housing prices should continue to decline in 75 of the top 100 U.S. markets over the next 12 months. As of May 2008, Chicago’s median home price is $279,000, a 29.2% increase in the past five years. However, this is expected [...]

In a recent survey conducted by Coldwell Banker, 78 percent of its agents reported that their clients have indicated more interest in living in the city instead of the suburbs because of higher energy costs.
The overwhelming reason for this change of heart is to reduce commuting costs, but a majority of those surveyed also cited [...]

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 [...]

Zillow.com has just released their quarterly home value reports for major metropolitan real estate markets. The good news is that home values didn’t decline in the Chicago area as much as they did in the rest of the country. The bad news is that they did decline 5.8 since the first quarter of [...]

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 [...]

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 [...]

Most housing markets are less overvalued - CNN/Money
Analysts from National City Corp bank say that the home valuations–the difference between what a home should cost and its actual price–are at their lowest in four years. That isn’t to say that home prices have stopped declining, but now, even in a market like Chicago that [...]

A sampling of news articles on the real estate market this week. In a word: sellers, bad; buyers, good:

So what’s the incentive? Builders ask - Mary Umberger says builders are cutting back on some of the more ridiculous $70-80,000 incentives they had been throwing in to entice buyers. Builders are more likely now [...]

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 [...]

Before you catch yourself thinking that today’s tough housing market is an unprecedented event, read Mary Umberger’s column this week. She reminds us that real estate markets in every part of the country have suffered through tough times before that lasted much longer than the current market correction is expected to last. Remember, [...]

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.