Archive for the 'market' category
|8008 - CHI - Near North Side
Median Sales Price
Rolling 12 Months
Attached & Detached Single-Family Properties
Owning Continues to Become More Affordable Relative to Renting
A great article by Nick Timiraos in Saturday's Wall Street Journal references several cities, including Chicago, where home ownership may be more afforable then renting. Excerpts :
Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.
Other cities where owning is now cheaper than renting include ... Las Vegas, Miami,... Chicago and Phoenix.
Mortgage rates are a big reason why affordability continues to improve. In 1991, a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage. Today, it gets that homeowner a $350,000 loan, a 77% increase in borrowing power
Chicago Real Estate artists parters with Chicago's best lending experts which can help provide you the information to make your own rent vs. own decisions.
Read the full Wall Street Journal article here :
(Crain's) — Downtown condominium developers looking for reasons to be optimistic didn't find many in the third quarter.
Downtown developers closed 229 sales in the quarter, up slightly from 196 in the second-quarter but down from 251 in the year-earlier period, according to a report from Appraisal Research Counselors, a Chicago-based consulting firm.
Psychology may be the biggest force working against condo developers as would-be buyers, worried about prices falling further, wait out the market. The eurozone crisis, contentious debt-reduction talks in Washington, D.C., and volatility in the stock market haven't helped, either.
“There's always the herd mentality in purchasing real estate,” said Gail Lissner, Appraisal Research vice-president. “Right now, there's a widespread reluctance to make the purchase, and renting becomes an easier decision.
Pricing continues to be an important factor in motivating those reluctant buyers, Ms. Lissner said. Once again, developers who cut prices were among the sales leaders in the third quarter....
Click here to view the detailed excel spreadsheet.
|"You'd have to be crazy to open a real estate company in Chicago in this market!"|
|- my father, my banker, my dentist…and possibly you.|
|That is probably true, IF this was my (or your) father's chicago real estate company.|
|Chicago Real Estate Artists llc is a nimble, niche Chicago real estate brokerage formed to provide clients with service beyond "traditional" brokerages, and savings beyond "discount" brokerages. We focus on what our real estate buyers, sellers and renters want – “solutions” to their real estate needs, delivered with great service at the lowest possible cost to the client. This includes customizable rebates for our buyers and renters, as well as low listing and property management costs.|
Advanced real estate search tools are widely available online. Zillow, Trulia, ChicagoREA.com and many other websites can provide exceptional, up to the minute interactive information. Chicago Real Estate Artist's expertise, and difference, revolves around our agent's ability to quickly interpret and act on that data to better serve our clients specific needs.
|The current real estate market provides a broad spectrum of challenges, along with an equal amount of tremendous opportunities. We are opening this company now to be able to provide our talented brokers - true artists - with the flexibility to provide the best available solutions to these challenges.|
|We very much look forward to working with you.|