I’m in Chicago and found the best realtor to work with. Is now the best time to buy a condo?
Please if your looking for a condo you have to email me and work with my realtor. I just want to hear from others about their views if now is the best time to buy in Chicago. My realtor has shown me great listings that seem to be quite a steal for the price. I’m just afraid to buy now and regret not waiting. I don’t think the prices are going to drop much more than they are now.
Its not the best time. Seriously.
The property values in my opinion are still inflated. So if you buy now, your value will drop next year and the year after. If you wait you can buy at that lower level and save up more money.
If you are planning on living somewhere for 30 years and never moving, then the value in a year or two probably isn’t that important and in that case you might still want to wait but you would be less dissapointed if you buy now and the value drops.
February 28th, 2010 at 7:20 pm
Check with the Realtor and make sure they tell you how many foreclosures there are in the building. Foreclosures will drive the value of whatever you buy down. If you are buying within the city (downtown area) you should be okay. The Realtor may be showing you the foreclosures and that is why they are such a deal. When I have watched the news here in Chicago they haven’t been real optimistic about the housing market though. In our neighborhood there are too many foreclosures which have forced the value of our home down.
References :
February 28th, 2010 at 7:57 pm
There is never a bad time to buy its just depends if you want to hang on to the property long enough for it to be worth it to you.
References :
February 28th, 2010 at 8:40 pm
Its not the best time. Seriously.
The property values in my opinion are still inflated. So if you buy now, your value will drop next year and the year after. If you wait you can buy at that lower level and save up more money.
If you are planning on living somewhere for 30 years and never moving, then the value in a year or two probably isn’t that important and in that case you might still want to wait but you would be less dissapointed if you buy now and the value drops.
References :
http://chicagoweekendfun.com/2007/08/21/chicago-condos-homes-and-mortgages/