The Chitownproperty team is sponsoring a virtual Thanksgiving food drive again this year to benefit the Greater Chicago Food Depository. Just go to the virtual drive webpage, fill up a cart with food items, and checkout just like you would at any other online store. You can donate as much as you want; any amount helps!

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.

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 employment, good credit history) and can put at least five percent down, if not more.

One couple Podmolik mentions, first-time buyers, adjusted their expectations as to how big of a house they could afford and made sure they put down as much money as possible. Another man, who qualified for a jumbo loan, had to put down at least 25 percent and pass a number of checks on his employment history. The point is that you can buy a home now, as long as you can truly afford it.

CNN/Money posted this short video with tips for buying a home on a budget. We’re a little suspicious of such advice followed by a Porsche commercial, but the pointers are useful. Some highlights:

• Shop for a home priced about 2.5 times your combined annual income
• Be conservative when securing a loan–try to put at least 10-15% down to get a better rate and lower your payments

Plus, check out their mortgage calculator to see exactly what you can afford to buy.

This American Life - Another Frightening Show About the Economy

Last week, Chicago Public Radio’s This American Life broadcast an episode in which Alex Blumberg and NPR’s Adam Davidson explain, in clear, frank language, what caused the current financial crisis, and what remedy we can expect from the current solutions being proposed by lawmakers. It’s essential listening for understanding the problems facing our economy, not just from a real estate mortgage perspective, but for what it means to the average consumer.

You can listen to a stream of the episode online, or download a full copy to your computer for a short time. We will also be making copies of the show available on CD, so please contact us if you’d like one.

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 Journal says that now may be a good time to buy if you:

• have access to credit
• have fat cash reserves
• aren’t already over-exposed to real estate
• have a secure job or income stream
• expect to hold the property for at least two years

If you’ve been listening closely, that’s the same advice you’ve already heard about buying at any time, not just in the current tough market.

Price: $249,900 + 20K parking
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Outstanding one bedroom in the heart of River North. This unit has great space with an open kitchen complete with granite, maple, stainless and breakfast bar. The floor to ceiling windows overlook the new park that was recently built on the Chicago River. The unit also has brand new hardwood floors, washer/dryer, and a walk-in closet. Building features include an outdoor pool and sundeck, doorman, workout room and more. The monthly assessments include all this plus heat, air and cable. Deeded garage parking is available for only $10K! This is a fabulous home at a great value in a fantastic location.

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 that it knows how much your home is worth better than you. On the other side, a study by Reuters and the University of Michigan finds that just less than half of homeowners–twice as many as last year–think that their home has declined in value.

We’ve found that the degree to which sellers are flexible about asking prices depends on their urgency. Those who are just testing the waters, or haven’t even started shopping for a new home yet, are more willing to stick to their dream price. Those whose home has been on the market for a long time, have already purchased a new home contingent upon the sale of their current one, or need to relocate, are more flexible.

We hate to use the term “realistic” about describing how someone determines an asking price, because that implies that holding out for a certain price is always bad, even if time and urgency allow. Some sellers can afford the risk of longer market times in turn for getting a higher asking price. But others need to sell within a certain time period, and those people need to be the most flexible and willing to adjust their expectations according to their circumstances.

Price: $439,000
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Exceptionally wide 3 bedroom, 2 bath condo in an intimate elevator building in the heart of Lakeview. A huge 21×23 foot living/dining space with pristine hardwood flooring and wood burning fireplace with custom mantle, perfect for entertaining. The elegant gourmet kitchen is finished with 42” maple cabinets, spacious granite counters and stainless appliances. This home includes 3 large bedrooms with 2 luxurious spa-like marble bathrooms with whirlpool tub, separate shower and double bowl sinks. This is the only condo in the building with a 20×40 foot private deck, big enough for any gathering. This home has been freshly painted throughout, ready for a new buyer. Enormous closets and garage parking complete this fantastic and well -priced home!