If you’re debating whether it’s time to become a homeowner, you should know one thing: Housing is currently a great value in the city of Chicago.
Housing prices are dipping across the city, including in some of its top neighborhoods. This means that buyers today can buy more home for their dollars than they’ve been able to for years.
The numbers from the Illinois Association of REALTORS® back me up. According to the association, the median price for a home – including single-family residences, condominiums and co-ops – stood at $222,500 in November. That’s down 23.3 percent from November of last year, when the median price hit $290,000.
These numbers aren’t unusual. The median sale price for a home across the nation stood at $181,300 in November of last year. That’s a drop of 13.2 percent from the median price of $208,000 one year prior.
At the same time, homes aren’t selling as quickly. Home sales in the city of Chicago for November of 2008 were down 41.3 percent to 1,057 sales. In the same month one year earlier, home sales came in at 1,801. This slowdown has left a glut of homes on the market, meaning that buyers not only are paying less for homes in Chicago today, but they have more properties from which to choose.
Don’t expect, though, to steal a home. Sellers may be eager to move their properties, but they still won’t react well to an offer that’s insultingly low. That’s where the value of an experienced REALTOR® comes in. A REALTOR® can help you make a good, solid offer, one that is fair for the property on which you’re bidding.
It’s difficult to get excited about the residential housing market with all the gloom and doom you see on the news. But take a look at the prices out there and you’ll see the truth: If you’re in the market to buy a home, this is a great time to act.
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