Have the 1st time home buyers started buying in Chicago & Northern Illinois yet?

  • February 12 2009 - Barrington
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Answers (20)

In some of the most popular areas, like Schaumburg and Barrington, there certain homes that sell very quick. There are many that do not. Usually it is a function of the price and many times condition and fancy updates comes into it. It is easy in any market to talk yourself out of buying anything and that may be the best thing for you to do, but if your family needs a house and you see one you like after looking at all the options, why not go for it.
Some of your opinions are shaped by the market you live in or are familiar with, but I have had several buyers be disappointed this year when the house they wanted was bought by someone else.
If that sounds like a sales pitch, sorry.
  • March 27 2009
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Profile picture for jschicago
I did see that article in the Tribune, but its not 100% accurate.  If you look in specific areas (i.e. the areas I'm looking in), home sales are down around 30~40% but the prices are only down 4~8%. (source : Chicagotribune.com real estate heat map).
  • March 27 2009
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Profile picture for Bette Defarm
It's the new version of "Buy now or be priced out forever." It really is shocking how many agents haven't picked up by now how off-putting this is. It's as though they don't realize that potential buyers read the same tired lines by 100s of agents a week.
  • March 27 2009
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Profile picture for jdsdaddy
If you like it you should go for it or you may be stuck with the leftovers and regret trying to time the exact bottom of the market and match it to the house you like.

This one sentence from Bob illustrates my point as to why many (not all) agents are not to be relied upon for home buying advice.  Bob blatantly misleads by inferring that there is a finite supply of homes and if jschicago was to wait he/she would be left with an inferior selection of homes.  How false can this be?  New homes are constantly coming on the market and quality homes will always be available. 

He also accuses jschicago of trying to time the market bottom and nowhere in his/her post did jschicago state such a thing.  He/she merely wanted economic data to support a purchase.

Nice to see Bob blithely disregard the question and stroll right into the sales pitch.
  • March 27 2009
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Profile picture for Bette Defarm
Here's a story about Chicago's market conditions.  It's so full of bad news I almost find it intolerable.

That does a lot to explain all the spammy,  incessant NAR talking point regurgitation.
  • March 27 2009
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Many of the municipalities are cutting costs, i.e. reductions in the police force, hiring freezes, etc.  Can't say I know of any major companies ramping up business.  A lot of vacant commercial buildings, even in downtown Lake Forest, Lake Bluff and Barrington.  Take a look at my blog on my website and you will see the foreclosures in Northern IL.  I just did a recap for some of the cities in Kane County, IL last night.  Going forward, I am going to do the  city foreclosure recap by county.  Take a look at Lake Bluff, Lake Forest, St. Charles, Barrington - very sad.

Buyers:  www.FindNorthernIllinoisHomes.com
  • March 27 2009
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Profile picture for jdsdaddy
Here's a story about Chicago's market conditions.  It's so full of bad news I almost find it intolerable.  And based on the responses from agents here potential buyers would likely be better served asking strangers on the street for advice.

link
  • March 27 2009
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If you like it you should go for it or you may be stuck with the leftovers and regret trying to time the exact bottom of the market and match it to the house you like. This is the same thing that happens in many Spring markets with leftover Winter inventory.
  • March 27 2009
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Profile picture for jschicago
1st time buyer looking to buy specifically due to the decline in housing prices, lowered interest rates, and homebuying credit.
I am however looking to buy in summer since i want to buy at a relative low point in the market and right now theres not enough economic data to support.  I still see alot of reductions in prices recently.

I do wish the low is now since i found a place i like...
  • March 27 2009
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Since we were talking about market conditions, blissful or otherwise, here are some actual statistics. In the last week in the Barrington area, 7 homes went to Contingent status, 5 went to pending status and 3 closed from previous sales. This is much more activity than when the original question was posted and that was why it should be updated. We are trying to keep the consumers updated, as some think the buyer's market will be around forever.
The do not think the Chicago Suburbs have experienced the amount of layoffs that other farther out areas have. I can not speak about Milwaukee or Madison etc, because I concentrate on the Northwest Suburbs of Chicago-a Great Place to Live.
  • March 27 2009
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Profile picture for Bette Defarm
You do get that this is the buyer's section? That I'm obviously NOT an agent? That this thread is open to anyone who feels the urge to post disparaging or otherwise? That no buyer in their right mind would post a photo of themselves? That most people are capable of figuring out my post count?

  • March 27 2009
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Bette has 4,406 contributions on Zillow.  Doesn't look like she even sells real estate to me.

Bette, if you can't put your face on your contributions, then go follow some other thread and annoy someone else.  In Chicago, we work together, not against one another.  Keep your disparaging remarks in your marketplace.

  • March 27 2009
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Profile picture for Bette Defarm
If you consider this thread a discussion of market conditions, IMHO you're the one that needs a new "hobby".
  • March 27 2009
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What area are you in that you are sure you have crooks working there? I find my fellow Professional Realtors ethical, trustworthy and honest. 

If discussing market conditions is becoming intolerable, all you have to do is not discuss it. Perhaps you need a different hobby.
  • March 27 2009
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Profile picture for jdsdaddy
The best Professional advice usually comes from active, full-time, hard-working, experienced local Realtors.

You forgot to add "honest" and "trustworthy" to this list.  I'm sure there are many active, full-time, hard-working, experienced local crooks in my area.
  • March 27 2009
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Profile picture for Bette Defarm
IMHO Roberto was doing the rest of us a favor. The steady drip of this sort of empty nonsense has become intolerable. And why in the world would anyone drag this thread up again?
  • March 27 2009
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Interesting that an agent from Arizona would try to comment on market conditions in the Chicagoland area or scold us for discussing it. The best Professional advice usually comes from active, full-time, hard-working, experienced local Realtors.
  • March 27 2009
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ok, these kinds of questions are just dimwitted.

Do you really think there has ever been a time in history ever in the world, when there were no first time buyers? These types of questions invite likeminded people to speak anecdotally about blissful market conditions that cold hard data are unlikely to confirm.
  • February 16 2009
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Many of the buyers I am currently working with are 1st time home buyers.  
  • February 16 2009
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Our office activity is picking up and I think we will be having to work long hours again soon. I have 2 closings this week.
  • February 16 2009
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