Thursday, October 23, 2008

Is Your Job Recession Proof? Buying Chicago Real Estate this Fall

A buyer received a good deal on this listing of mine when my client's decided to move out of town.

Are you a nurse or teacher? Is your industry flexible, adaptable and in demand? are you recession proof? People are worried about the real estate market compounded by the financial markets. However, people are also losing sight that many folks are financially sound, are saving money and.... paying rent.

I live in Chicago and deal with people living, working and buying in Chicago. If you do not want to be a renter anymore and feel you have sound finances, this season, just like many in the past, is a good season to purchase for several reasons.

Real estate consumer advocates like Bob Bruss have written through the years that fall and winter can be a good time to buy. They cite the sellers' and buyers' tax benefits and the sellers' level of motivation. The saying goes if they are on the market during the holiday season, they are probably serious about selling. Additionally, I am seeing sellers with equity in their homes listing on the market with truly good prices. There are still plenty of sales happening under 30 days on the market now in Ravenswood, Lakeview, Lincoln Square, Lincoln Park, Gold Coast... These are places people want to live and they come on the market priced well.

Normally, there are fewer "good" homes to choose from in the winter months... but they can be out there. Once in awhile, a new great listing will come on or I'll know about something "off-market". Many people make job and career switches in the later part of the year. They need to sell their home and move on to the next life.

And finally, right now, Interest rates can be low on any given day. And lenders like Wells Fargo offer terrific loan programs and watch the rates for you. First time buyers are at an advantage due to special programs and no need to sell a property.

All I'm saying is, I bought my new primary home last year "in a terrible market" because it was a terrific fit for my family, affordable and in a neighborhood we wanted to be in. If you go into a purchase with this in mind, you'll do fine. And now, homes in these good neighborhoods can be more affordable than they were a couple years ago.


Raymond said...

The economy has definetly softened but I still see thousands of jobs posted on employment sites. (networking) (aggregated listings) (matches you to jobs)

good luck to those searching for jobs. Time to get a house!

Anonymous said...

Sorry to be the spelling nazi, but you used "site" twice in this post when you should have used "sight" and "cite".

Eric Rojas said...

Thanks spelling Nazi... made the corrections! Thanks for reading. Everyone who reads this blog knows I could use a free, full time editor.