For those in a position to buy a new home, 2009 might be the ideal time to buy. Not only are there a significant number of beautiful Chicago homes for sale, the cost of home ownership is dropping as many sellers are listening to their real estate agents and lowering prices. According to a recent article in the Chicago Tribune, price reductions of $25,000 or more are becoming commonplace, and many homes are being relisted for less after being off the market for several months.
As I wrote in my last post, moving to a smaller home is major trend in Chicago real estate at the moment. Sizing down but trading up by moving to a luxury condo has numerous advantages. In addition to being able to invest in an amazing Chicago condo at a great price in the coming year, individuals who move to the city will be able to reduce their expenses (utilities are cheaper in a smaller space, and living downtown reduces the need to use your car and may even make a car entirely unnecessary).
Another reason to buy in 2009 is that interest rates are at an all-time low (they haven’t been this low in a decade), so if you have a good credit score and a solid down payment, you can score an incredible deal if you plan to live in the property and not flip it or move in the near future. Furthermore, the tax deductions that result from buying a new piece of real estate can help lower your taxes during the year.
Of course, the real estate market is just as difficult to predict as the stock market, so determining the absolute best time to buy is not possible, but 2009 should be full of amazing real estate opportunities for buyers who plan wisely and work with an experienced Chicago real estate agent who understands how the market behaves and fluctuates.