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BAD NEWS? GOOD NEWS? In Chicago, Which Side of the Ball Are You On?

Hey, gang!  Leaving Orlando FL and Keller Williams Family Reunion to go back home to Chicago today.  An INCREDIBLE Event, and a sad farewell!

Dean's Team Chicago clients - I've got a whole caseful of resources to share with you when I get back!  Watch out!

While I'm still here in the sunshine, however, how about a little flight of fancy over our National Pastime, and everyone's favorite NL Team (well, at least mine), the Chicago Cubs.

Picture, if you will, sitting at Wrigley Field on the North Side of Chicago for a Chicago Cubs Game.  It's versus the hated St. Louis Cardinals, and we're down by three runs.  Bottom of the ninth inning, two outs.  Late in September - a critical game!

Chicago Cub Legends Ron Santo and Glenn Beckert each get hits.  Shortstop Don Kessinger draws a walk.  Bases loaded!

The Cubs bring Legendary Shortstop and First Baseman Ernie Banks out of retirement.  Strike one.  Strike two!

Boom!

Ole' Ernie hits a Grand Slam Home Run!  Cubs Win, Cubs Win!  Celebration all around - and, true to Cub Lore - only a Fan's Fantasy!  Again!

Celebration all around, however - yes?  Well, not for the folks in St. Louis.  For the opposing team and their fans - it was a bad day!  They lost, you know!

Possible parallels to today's Chicago Real Estate Market?  Absolutely!  More bad news on the housing front for home sellers is an incredible opportunity for home buyers!

According to Mary Ellen Podmolik in today's Chicago Tribune, home sales in the City of Chicago fell 23.5% in January, 2009, as compared to January, 2008.  Only 888 single-family homes and condos were sold in the city, all data provided by the Illinois Association of Realtors.  The median Chicago home and condo price in January - $206,250 down 28.9% versus one year ago.

Across the nine-county Chicago Metro Area, the drop was even more severe, year over year.  Market-wide, single family home and condo resales hit 24.5% in January, compared to a year earlier.  This translates to 2,965 total sales.  The median sales price across the area - now $185,000, or 22.8% lower than January, 2008.

All bad news!  Terrible news!  Gut Wrenching!

If you're SELLING your home today, that is!

But if you're BUYING or INVESTING?  Without a home to sell?  With good credit and a strong down payment?  It's an incredible BUYING OPPORTUNITY!

Median Home Prices across the Chicago Area now stand at roughly 2003 levels - if you are a qualified buyer, your money can buy far more home than you could have found only a couple of years ago. 

First-time Homebuyer?  The new, non-repayable $8,000 Fed First Time Homebuyer Tax Credit, for individuals who earn less than $75,000 each year, or couples with less than $150,000 Adjusted Gross Income, can save new buyers even more money.  And, there are several programs funded by the City of Chicago that can offer additional U.S. Tax Credits.  One such program - the City of Chicago Tax Smart Program, offers continuing tax credits to qualified City of Chicago First Time Home Buyers over several years of homeownership.

But only for those who recognize the opportunity - and, who can qualify under tighter lending rules than we have seen in years!

Good News? Bad News?  Here in the Chicago Real Estate Market, it really depends on which side of the ball you're on!

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Comment balloon 2 commentsDean Moss • February 25 2009 12:29PM

Comments

Dean, I choose good but that's just me....

Posted by Dean Akey over 9 years ago

Dean, KW has always been on the cutting edge, and it all starts with the leader....Gary Keller gained a great following with his books! 

Posted by Pat Tasker, Your Milwaukee Metro Area Agent (WI) (Shorewest Realtors) over 9 years ago

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