Chicago real estate is not a terror. The functioning in Chicago real estate is same as other states and cities with a slight difference.
Chicago real estate market:
It is similar with others. There a bunch of real estate agents, lawyers and realtors. At present there are 18,397 houses for sale. The average price is $319,000. There are around four new homes. Their average cost is $889,000.forforclosure there around 15000 houses. Their average rate is$ 200,000.
As far as mortgage rates are concerned they are:
Mortgage type interest
15 years fixed
30 year fixed
1 year ARM
3/1year ARM 6.195%
A good credit score is above 700.
The selling procedure requires the fixing of the actual cost of the property. You should make sure that the house is appealing and in good condition. You should make sure whether some repairing is required or not. If any repairing is required you should make sure that it is completed.
One should make sure that his credit limit is at least over 700. It might be possible that you might require a loan. And you should be ready to have it.
Real estate agent is common to both. In all cases his/her presence means comfort. They are professionals.
Housing prices are going on reducing. According to the survey organized by OHFEO the price are reducing. However the rate is a bit les in Chicago land.
It’s believed that we have reached the bottom but it’s not really the case. Most of the gain was in the apartment building and not singe family house.
In 2007 the market in Chicago has not fallen but it was a bit slow. According to the survey conducted the first three month of 2007 saw the reduction in the condo rate from 46% to 47%. Some of the luxurious hotels are about to be completed in 2008 and investors have shown their interest in it.
There is an awesome deal for you there is one program which will win you a thirty year fixed mortgage. 4% of the amount will be required to use for down payment and condominium. You should check out for this program as soon as possible. This can be huge for any buyer.
Chicago is big market and it’s a boom for both sellers and buyers. You can hire very experienced real estate agents. In fagot the exam which the real estate agent has to pass is very tough. You will really get high quality real estate agents. According to the survey conducted only 5 % of the deals in Chicago have been affected by forgery. It’s really a safe place to invest.