2017 May Be Your Year To Be A Homeowner (Again)
By: Maria Girlie Pascual
Depending on which article you are reading for Chicago’s real estate trends, this becomes a half-full, half empty situation. While 2016’s real estate market was one of the busiest for buying and selling, it was predominantly a seller’s market with inventory not quite satisfying the demand for millennials entering the homeowners’ landscape, and with properties being the object of bidding wars at the height of summer, it was enough to frustrate some of the new buyers.
Still, experts argue that while the market was indeed lively, appreciation of market values only rose an average of 2.5% compared to the national average of 3.6% overall in other states. The strongest areas where home gains are expected to continue to rise this year are at The Loop, especially by Fulton Market, at the stable North Side which is now 3% above their peak, steady growth seems to be the trend in Lincoln Park, and other North Side neighborhoods including Lakeview, the North Center, Logan Square and Avondale. Logan Square, in fact, has enjoyed a 61% surge in prices from 2012 statistics, and last year, an average Logan Square home was up by 6% in price from last year.
This year, experts are looking towards the Bridgeport, Brighton Park and Humboldt, Garfield Park neighborhoods to appreciate, where prices have climbed up 50% during the last ten years, even if historically, this ratio is still 30% below its peak in 2006. These areas that have escalated attribute their popularity to their proximity to the downtown area via public transit, and have neighborhood amenities that have mushroomed close by like restaurants, big box grocery and department stores and other specialty establishments that appeal to the younger population. Those who do not want to pay the current Logan Square prices are now looking in Humboldt Park, and Garfield Park may just be the next neighborhood to enjoy a surge in home prices.
With that fact, the suburbs have trouble recovering as fast, and it may take another one and a half to two years before these areas come up to par with the pre-market crash of 2006 prices, according to Mr. Geoffrey Smith, Executive Director of the Institute for Housing Studies at De Paul University, and mentions Palatine, Barrington, Orland Park, Lemont, Winnetka and Northbrook in this category. Still, sellers are feeling more positive about their homes and are hopeful that this appreciation will continue as long as mortgage rates stay low.
With this in mind, and the fact that rates may indeed change, homebuyers can still avail themselves of the $8000 dollars for down payment with minimal closing costs and you can check this out at www.fundmyhome.net for the requirements. Some of these are:
1) The home must be owner occupied, so no rentals will be allowed with this program.
2) The home must be in an approved area and the website will show maps of where these approved areas are.
3) This program is available for first time AND repeat buyers as long as they have the minimum credit score required and a two year job history.
4) There are no income limits.
5) The program is good for ANY residential property type.
Call me to see if you qualify. For those with foreclosed or short sale histories in their credit report, there is a four year period from date of recorded foreclosure or short sale (this changes yearly), so call me for additional questions. with the $8000 down payment assistance on a $150,000 condo with 4% interest rate for 30 years, $2500 annual property taxes, insurance, will cost you $1100 a month…a better rate than renting for $1200 a month anytime. Check it out, you won’t know until you try.
I am available 24/7, call or text me at (847) 912-3997 or email me at maria.pascual@bairdwarner.com. With my 30 year experience as a full time broker, I know that I can answer your questions and concerns, but you have to contact me so I can help you. Please look for my ad here at Viatimes, and I will be talking to you soon. Every year is a new beginning, make it this year!##
