Everyone is worried about their investments and the value of their homes, is a huge part or in some cases, their only investment. Even in a good market, this is on everyone’s mind. Of course if you purchased your home more than 5 years ago, you probably haven’t lost equity. If you were to sell your home, chances are, you would not be making as much money as you might have thought. The good news is, that very likely you would not have to bring money to the closing table.
The South Loop has several different types of housing. We have properties from studios to Single Family Homes. Due to number of new construction of high rises and thousands of new condos, we definetely have a oversupply of condos on the market. A lot of developers have turned their condos into rental , at this time. Due to the number on the market, many buyers are able to purchase condos at 20 to 30% below their highest prices of just a couple of years ago.
This creates a ripple affect. If move up buyers are unable to sell their homes, and therefore can not buy up, then town home owners are unable to sell and move into the Single Family Home Market.
The good news is, is that there is activity at the first time buyer market. It is said that the market recovers from the bottom up. If you have to sell now, sell at market prices, but purchase at those market prices too. Interest rates are great now too. If you don’t have to sell, be patient and
because everything is cyclical, your time will come.