• 3 bath, 3 bdrm single story
-
MLS®
$875,000
Lincoln Park, Chicago
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CHARMING & PERFECTLY MAINTAINED HOME IN THE HEART OF LINCOLN PARK'S DEPAUL NEIGHBORHOOD. WONDERFUL VINTAGE DETAILS REMAIN INTACT, BUT WITH MODERN CONVENIENCES. GRACIOUS ROOM SIZES, LIMITED HALLWAYS, ONE ROOM LEADS TO THE NEXT. HARDWOOD FLOORS THROUGHOUT. 3 BEDROOMS ALL ABOVE GRADE AND 3 FULL BATHS. WONDERFULLY SUNNY EAT-IN SPACIOUS KITCHEN. FORMAL DINING ROOM. PERFECTLY MANICURED OUTDOOR AREAS. NEW 2 CAR GARAGE.
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Buying a home won't get
much cheaper
By Les Christie @CNNMoney May
3, 2012: 5:25 AM ET
·
·
NEW YORK (CNNMoney)
-- Buying a home may never get any cheaper than this. Several housing experts
are predicting that this
year will be the last chance for bargain hunters to cash in on the best
deals of the weak housing market.
With home prices down 34% nationally since 2006 and mortgage rates at
historic lows, homes have never been more affordable -- but it won't stay this
way for much longer.
Stuart
Hoffman, chief economist for PNC Financial Services (PNC,Fortune 500), said he expects home prices to flatten out by the third quarter
and start climbing by next year.
A
number of factors will help bolster the housing market, he said, including a
decline in the number of foreclosures and continued job growth. In addition,
homebuyers will have better access to mortgages as they get their finances in
order and improve their credit scores.
Some
economists, like Trulia's Jed Kolko, expect home prices to pick up even more
quickly. Trulia's data
shows that the national average for asking prices already increased 1.4% in the
first quarter of 2012, compared with the last three months of 2011.
"This is a strong indicator that we will start seeing home price indexes, like the
S&P/Case-Shiller, start to report home price increases this summer,"
he said.
Prospective
homebuyers who've been sitting on the fence shouldn't worry if they aren't
quite ready to make the leap. Analysts are predicting that the initial price
gains will be modest, at least, in most markets.
Hoffman,
for example, is forecasting a 2% increase in 2013 compared with 2012. Meanwhile
David Stiff, chief economist for Fiserv, predicts that prices will turn in the
last quarter of 2012 and will rise 4.2% for the 12 months through September
2013.
Foreclosures
start to fade. One
major factor that will drive the trend is the cooling of the foreclosure
crisis. Stan Humphries, chief economist for Zillow, said that the percentage of mortgage loans
90 days or more late, a good predictor of future foreclosures, is "falling
fast."
That
percentage dropped
15% year-over-year to 3.1% through the end of 2011, according to the Mortgage
Bankers Association. And the decline is accelerating: More than 70% of the
decline came in the last three months of the year.
Before
things slow down, however, buyers should brace themselves for a temporary spike
in the number of foreclosures as banks start expediting the processing of
hundreds of thousands foreclosures that
were stuck in the system following the robo-signing scandal. That backlog
should move more quickly now that new guidelines for processing foreclosures
have been outlined in the $26 billion foreclosure settlement.
Many of
the bank-owned properties currently coming out of the foreclosure pipeline are
being snapped up by investors who are fixing them up and renting them out --
often to those who were displaced by the foreclosure of their own home. That
has helped to lift prices on foreclosed properties, according to Alex
Villacorte, the director of analytics for Clear Capital, which specializes in
housing market valuations.
"That could have a significant impact on the market overall
in terms of providing a rising floor to home values," he said.
In some
markets hit hard by
foreclosures, the turnaround in prices is already underway. Phoenix recorded
an 8.4% jump in home prices during the three months ended April 30, compared
with the three months ended January 31, according to Clear Capital.
"It's
crazy," said Tanya Marchiol, founder of Team Investments, a Phoenix real
estate investing firm. "Stuff I was selling six months ago for $60,000 to
$80,000 is now $90,000 to $110,000."
Miami saw
a 4.6% increase quarter-over-quarter through April, andTampa, Fla., was
up 4.4%, according to Clear Capital.
Goodbye
3.9% mortgage. In
addition to home prices, mortgages could also move higher.
Mortgage
rates have been at or near historic lows for much of the past six months. The
average interest rate for a 30-year, fixed-rate mortgage has not topped 4.5%
since July 2011. And recently, it has been at 3.88% just a tick above the
record low of 3.88% set in February.
But rates aren't expected to remain
at these record-low levels much longer. As the economy continues to
recover, rates will move higher, said Doug Lebda, CEO of LendingTree, the
online lending site. Although, he said, they will "stay very
reasonable."
The
Mortgage Bankers Association is forecasting that the 30-year fixed will hit 4.5% by the end of the year.
Greater
demand for loans will help fuel the increase, according to Lebda.
Even though mortgage rates have been cheap, borrowing for home
purchases has been sluggish. The Mortgage Bankers Association estimates that
homebuyers will take out mortgage loans totaling about $415 billion this year,
an increase of less than 3% compared with 2011. Next year, however, it
forecasts that amount will almost double to $706 billion.
As
housing markets stabilize and prices stop falling, homebuyers will be even more
confident about buying, said Humphries.
"People can now see the light at
the end of the tunnel," he said. "And that can be enough to get them
off the fence."
• 2,400 sq. ft., 3 bath, 4 bdrm single story
-
MLS®
$459,900
North Center, Chicago
-
STEPS FROM HAMLIN PARK, INCRDBLE 2 LEVEL 2400 SQFT HOME IN ROSCOE VILLAGE AREA W/ 4 BEDS/3 FULL BATHS. HIGH CEILINGS, HARDWOOD FLRS, CHEF KTCHN W. 42INCH CUSTM CABS & 1.25 GRNT. PLENTY OF SPACE FOR DINING LRG TABLE OFF KCTHN AND TOP FLOOR TV RM W/ FIREPLCE. LARGE EAST FACING PICTURE WINDOWS THRU OUT HOME. OVRSIZD HOME W/ 4 FULL BEDRMS - 2 UP & 2 DWN. GREAT SIZED LL FAMILY RM W. WALK OUT DECK. GARAGE PRK INCL
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CITY VIEWS!!
• 2,000 sq. ft., 2 bath, 3 bdrm single story
-
MLS®
$2,400.00
Monthly
- NEW CONSTRUCTION!
Avondale, Chicago
-
3 Bedroom, 2 Bathroom.
Elevator building, top floor unit with city views.
Master Suite with seperate shower & whirlpool.
Balcony off Master Bedroom.
Two Hall Closets
Stainless Steel Viking Appliances & thick Granite countertops.
Walnut Floors throughout
HUGE big bedrooms and GREAT closet space
In Unit Washer/Dryer.
Networking System for Cable, CAT5
1 Attached Garage space included in rent, additional +200
Hop right on 90/94. So close to heart of Logan Square
Move-in April 15th. No application or move-in fees.
*** Listing agent owns the property ***
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VINTAGE LOVERS DREAM
• 1,150 sq. ft., 1 bath, 3 bdrm single story "EAST CORNER PENTHOUSE"
-
MLS®
$250,000
- EAST CORNER PENTHOUSE
North Chicago, Chicago
-
2839 PALMER 3
INCREDIBLY SUNNY EAST CORNER UNIT IN RECENT GUT-REHAB
ONE BLOCK OFF PALMER SQ.
INVITING PENTHOUSE VINTAGE CHARM W/ 3BED/1BTH.
OPEN KITCHEN W/ 1.25" GRANITE, 42 INCH MAPLE CABS.
UPGRADED BATH W/DOUBLE BOWL & TUB.
HARDWOOD FLOORS THROUGHOUT, LARGE LIVING ROOM W. WINDOWS EVERYWHERE. SKYLINE CITY VIEWS FROM ALL 3 BEDROOMS.
LARGE BACK DECK OFF THE KITCHEN, IN-UNIT W/D. STORAGE & BIKE ROOM IN BASEMENT GARAGE PKG. 1.5 BLOCKS TO BLUE LINE
CHECK OUT FULL FLOOR PLANS AND PICS ON TOP LEFT CORNER OF THE HOME PAGE
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OVER SIZED 2 BEDROOM - 2BTH - GARAGE
• 1,450 sq. ft., 2 bath, 2 bdrm apartment "OVER 1450 SQFT"
-
MLS®
$400,000
- HEART OF BUCKTOWN
Bucktown, Chicago
-
1661 BELL UNIT 3
HEART OF BUCKTOWN ON A QUIET DEAD END STREET
1450 + SQ. FT. CONDO W/GARAGE PARKING ON QUIET STREET.
UNIQUE WIDE INTERIOR ALLOWS FOR BRIGHT, OPEN & WELL PROPORTIONED LIVING SPACE.
BIG KITCHEN WITH STAINLESS STEEL APPLIANCES, X-LARGE ISLAND
ROOM FOR A LARGE DINING TABLE,
BRAND NEW WOOD BURNING FIREPLACE & PRETTY BAY WINDOW IN LIVING ROOM SPACIOUS MASTER BATH WITH SEP SHOWER & SOAKING TUB
LARGE SECOND BEDROOM
SIDE BY SIDE W/D,
TONS OF IN UNIT STORAGE,
LARGE PRIVATE DECK
FENCED YARD, & LOW ASSESSMENTS
WALK TO EL, GREAT RESTAURANTS & SHOPPING!
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BEAUTIFUL 2 BED PLUS DEN
• 1,164 sq. ft., 2 bath, 2 bdrm single story
-
MLS®
$400,000
- SHORT SALE, DEAL!!!
River North, Chicago
-
***SHORT SALE, INCLUDES PARKING, WILL FLY OFF THE SHELF***
SOUTH FACING 2 BEDROOM 2 BATHROOM PLUS DEN AT THE HIGHLY COVETED MONTGOMERY.
GRANITE KITCHEN, NATURAL WENGE CABINETS IN KITCHEN & BATHS, STAINLESS STEEL APPLIANCES, GLASS FRONT CABINETS, NEUTRAL MARBLE MASTER BATH, HARDWOOD FLOORS IN COMMON AREAS,CARPETING IN BEDS, ENORMOUS WALK-IN MASTER CLOSET, AMPLE STORAGE, IN UNIT LAUNDRY
BUILDING FEATURES GYM, ROOFDECK, DOG WALK AREA, CONCIERGE, 24 HOUR DOORMAN
ASSESSMENTS COVER EVERYTHING, INTERNET SATELLITE TV ETC- ONLY PAY ELECTRIC!
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