Real data regarding the real estate market in Chicago for October, 2007 is not doom and gloom. According to ChicagoCondosOnline.com, based on year to date figures compiled through October, 2007, the city unit sales are down 6% YTD, but the good news is median sales prices are UP 5% compared to 2006.
For detailed charts on Month Over Month and Year Over Year: Go now to:
http://www.chicagocondosonline.com/marketoverview.html
As I advise all of my clients, when hearing and reviewing the data regarding home sales and the overall real estate market, it is very important to maintain proper perspective. When comparing 2007 sales to 2006 sales, one must keep in mind that real estate transactions were historically high in 2006. A 6% decrease in real estate sales in 2007 compared to 2006, a historic year for transactions, that number is not all bad.
If you are looking to purchase a new home, now is a good opportunity to look and purchase. The inventory of available properties is high and selection is at its best. Not only is selection high, interest rates remain at historically low rates. While the sub-prime mortgage collapse has impacted the mortgage business, it has not impacted credit-worthy buyers with substantial downpayments.
If you are looking to sell your home, the key is be patient and realistic. Market times are high because the inventory of available competing properties is high. If you are motivated to sell quickly, you must be realistic with your asking price. Contrary to what you may hear on the news or read in the paper, home/condos are selling. As is the case under any market conditions - properly priced property generally sells in the shortest period.
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