Buying Chicago real estate

Top 10 Reasons to Buy Real Estate in Chicago Now!

• Price—During the first-half of 2009 in the metro Chicago real estate market, the average price of a home was $259,354, according to data from the MRED multiple listing service.  As of mid-July, 31 percent of Chicago-area homes listed for sale had at least one price cut, compared with 29 percent of listings in June and 26 percent of listings in April, according to Trulia. Nationally, 24 percent of homes on the market have had at least one price cut.

• Availability—Currently there are 19,621 homes for sale in Chicago for an average price of $258,000—a 7.5% increase from last month, but a 20% decrease from the prior year, with an average listing price of $453,235. Choose now while you have a chance.


• Bank owned and Short sales—Today there are more foreclosure and short sale opportunities in the Chicago market than ever before. According to Ted’s research, in the past 90 days, 43 percent of home sales in Cook County have been bank-owned foreclosures; nationally, 35 percent of sales were foreclosures. They've sold faster, too, with an average local marketing time of 53 days for a foreclosure compared with 73 days for a traditional sale.


• $8,000 for First-Time Homebuyers—long a catalyst to economic development, first time homebuyers, as part of President Obama’s government stimulus package, offers an $8,000 tax credit for first time home buyers. Most first-time homebuyers do not know the technical aspects of this bill; Ted has helped over 300 first time homebuyers find homes in Chicago.


• A home purchase must be closed no later than Nov. 30, 2009 to qualify for the credit; if you are thinking of purchasing a home, now is the time to contact Ted for his First-Time Buyers Guide (text FTBG to 312-810-6693).

• Interest rates are at all-time lows—Although credit and mortgage acceptance is now more difficult to obtain, lenders are readily lending at excellent rates (see current mortgage rates now!). Ted’s trusted finance team will get you started immediately with one phone call (call Ted now at 312-810-6693).

• Incentives—From free parking to free dog walking, in today’s downtown Chicago market, especially the condo market, incentives get more and more enticing. Whether it’s free or pre-paid assessments, free parking spot(s), mortgage point buydowns, free furnishing, move-in assistance, cash, gym memberships, vacations—now is the time to talk to someone who knows exactly what each and every building may be willing to offer you now.      

• Limited Possibility—There is a finite amount of downtown real estate available for sale. Downtown inventory is starting to decrease—now is the time to buy while there are still ample choices at excellent values.

• We are not Las Vegas, California, or Miami—Chicago is a stable real estate market, we never had the massive over-inflated sub-prime mess. While some areas of Miami or Las Vegas now sell at 50% of what they sold for 4 years ago, many areas in Chicago saw slow, sustainable housing gains, and still do. Although this year, in the Chicago area the median home price decreased by 2.1%, according to Ted Guarnero, “the impact of foreclosures is partly to blame for local home values sinking in April to the same level they were at in mid-2002, but it is still relatively small.”

•  Great Opportunity—The economy is based on cycles, now, maybe more than ever, is a great time to take advantage of a bargain at a low interest rate.

•  Sweet Home Chicago—Chicago is a beautiful place to live! The largest city in the Midwest, Chicago is internationally renowned as the capital of “work hard, play hard” and there is no better way to enjoy it other than living in the heart of it. 

Ted Guarnero is a top producing residential real estate agent with Baird & Warner in Chicago’s Streeterville office. For more information on Chicago's current real estate market call Ted @ 312-810-6693