Friday, July 08, 2011
Lakeview condo sales sluggish so far in 2011
www.YoChicago.com features my analysis of two and three bedroom condo sales in Chicago's Lakeview. Unit sales and median price are down. However, the vast majority of sales are conventional sales and not distressed (about 90%). Sellers are pricing much better and buyers are getting into their #1 choice neighborhood at affordable prices when looking at their incomes and monthly payments. Things have balanced out.
Click HERE for the story: Lake View condo sales down sharply
Buying over-all can be more expensive or cheaper than renting depending on your individual deal, the product you want and your down payment. However, some people choose to buy during these market conditions to get the building, location and lifestyle they want as long as it's affordable to them. Interest rates for many mortgage products continue to average below 4.75% for the Chicago area according to Marketwatch.com and our associates in mortgage banking.