Hey, Gang - Good Afternoon! I hope it is warming up a bit where you are today - still cold, and icy, here in Chicago.
According to statistics compiled byIHS Global Insight as part of their "Home Prices in America Report," the Chicago Real Estate Market is a fountain of opportunity! Today, it seems median single-family home prices here in Chicago are far more affordable than they were at the peak of the housing boom, a couple of years ago.
Back during the Third Quarter, 2006, Chicago Single Family Home Prices were overvalued by 13.8%, according to the IHS formula, as explained by Jeannine Cataldi, IHS Economist.
At the end of September, 2008, tumbling median home prices here, combined with income and other factors, resulted in local home prices considerably more affordable, as she estimates the average Chicago home is now 3.4% UNDERvalued!
That represents a big opportunity for Chicago Area Home Buyers - Right?
Perhaps. But many buyers here and elsewhere still wait on the sidelines waiting for prices to drop even further.
Indeed, in many market hardest hit by median price declines since the near-nationwide housing slump started, median prices have begun to rebound. In the hardest-hit Real Estate Markets - parts of California, Nevada, Florida, and Michigan, for example - those seeking foreclosed properties at bargain prices have often created a bidding frenzy driving prices up a bit. But these prices are far from the inflated sales prices during the housing boom.
See our post from Sunday afternoon via BlogChicagoHomes.com,with a link to Mary Umberger's Real Estate Column in yesterday's Chicago Tribune.
DEAN & DEAN'S TEAM CHICAGO