People need mobility and those of you who are counting your days… having kids… needing more space… wanting to plan the home, yard, etc.. and move out of a condo… it’s time to start talking to a pro to help you plan out of it.
The negative equity you have on your property might have you frozen in place.. and if you can’t cashflow your unit.. that’s not good. You could be missing OPPORTUNITY and missing Opportunity is a HIDDEN cost and the opportunity of buying somewhere else. Lenders want you to stay in place but keeping paying and MISSING a new job opportunity or buying opportunity to replace your lost job or business… well that’s a HUGE LIFE COST. So I am encouraging you to COMPUTE YOUR RETURN TO EQUITY DATE. IN fact I want you to figure out… off your current value what it would take at 3 more years of NO appreciation… then 5 years of 2% appreciation what it would take to get BACK TO POSITIVE EQUITY in your home.
I have a client who is literally deciding not to HAVE A KID cuz they don’t have space… and if your 37 like this person… well.. I have to say… THAT’S A REAL MISSED OPPORTUNITY. Consider the big picture here. There is life after this epoch of negative equity we are in. The quicker you plan for the future the better you are. If you have a true HARDSHIP you should consider the option of listing your home for SALE NOW and working toward a SHORT sale… on terms to responsibly pay your debt but also MOVE ON WITH YOUR LIFE.
The news just keeps coming…and the National Media a few months ago had everyone but us Realtors who saw the depth of it all that “housing was getting better”. No.. it’s not. And until unemployment really gets lower… like below 8% *(forecast for that is 2015 or later) then don’t count on heavy appreciation until then. Period. That’s my crystal ball. Sure it’s tuff. But it’s reality. And it’s good to stand in reality when considering your future.
Point to reality. Look at these July numbers for Chicago… and the forecast from the Illinois Association of Realtors. This is local, real info. This isn’t the Today show telling you “housing might get better soon” in some headline before the coffee commercial and interview with a movie star.
The deal is that Chicago’s still dropping.
City of Chicago’s performance…
␣ Home sales down 19.5% after 10 months in a row of sales increases ␣ Median price down -19.8% ␣ Year-to-date sales remain up by 25.0 percent January through July 2010 with 12,397
sales compared to 9,915 home sales for the same period in 2009. ␣ The year-to-date median sales price for the city of Chicago is down 6.1 percent to
$215,000 from $229,000 for 2009.
Forecast – U of I REAL
␣ Forecasts for sales for the next there months (Aug/Sept/Oct) indicate a continuation of the July experience with declines in the 14-38% range statewide and 13-24% for Chicagoland.
␣ The “hangover” from the expiration of the tax credit in April may extend into fall. Prices continue their downward trend, down 4-7% statewide and 4-8% in the Chicago region.
␣ The expectation has to be that the slowing of the national economy will affect Illinois’ growth prospects over the remaining months of the year.
Ok.. so if you have negative equity now.. and the forecast is negative.. what’s your return to equity date?
You do have options… call me to talk. Let’s get’s straight and real options out in the open.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in listing homes and getting them sold, in helping buyer’s buy the right home for them LONG term, and he specializes in short sales in Chicago Illinois.
Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.