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Old 07-09-2008, 03:52 PM
 
921 posts, read 1,918,336 times
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Quote:
Originally Posted by jaynetarzana View Post
I'd love to talk more about everyone's opinions regarding the question on so many minds right now "To buy or to rent?". Financially, renting makes more sense for us all day long, but there is nothing like owning you own home. We have always been homeowners so renting long term seems so strange to us. We feel like we should have our own home to raise our girls in.
I think you are doing the right thing by renting. You'll have your own home for your girls in due time. Anyway, a home is what you make it whether you are renting it, renting it from the bank or outright owning it. I think you can't go wrong waiting for the right home. I doubt this is the bottom but even if it is, and you purchase as things start to rise just a bit, at least you'll know the worst is over.

I'm so glad you found a preschool. That would be a load off my mind!
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Old 07-09-2008, 03:57 PM
 
1,083 posts, read 3,177,983 times
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Jay,

Once you move in why don't you take a few weeks off from househunting. Take your girls to the zoo, go to Prarie Moon for dinner, hang out at Bookman's Alley, join a few groups. Destress and reinvigorate before you start your search again.
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Old 07-09-2008, 03:58 PM
 
Location: Melbourne, Australia
950 posts, read 2,155,932 times
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Quote:
Originally Posted by Paige65 View Post
I'm so glad you found a preschool. That would be a load off my mind!
Thanks Paige, it really is. We've never left our daughter with anyone (except for a very close friend for an hour a few times) so the transition into preschool is going to be harder for me than it is for my daughter. The thought of leaving her somewhere and having other people care for her is such a tough concept for me. She'll only be going 3 days a week for 3 hours a day, but it is a big deal!
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Old 07-09-2008, 04:01 PM
 
Location: Melbourne, Australia
950 posts, read 2,155,932 times
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We did go to the zoo on Sunday and then to Bucktown for dinner and Wicker Park for dessert. It was really nice.

We are sort of forced to take time off of househunting right now since there aren't any other homes in our price range that appeal to us. We literally looked at the only two that did appeal to us today. So we'll only be looking at houses as they come on the market and there aren't many that come on in our price range in the areas of Evanston we like the most. So we could be renting for awhile!
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Old 07-09-2008, 04:08 PM
 
Location: Melbourne, Australia
950 posts, read 2,155,932 times
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Default Chicago has second-highest housing inventory in the country

Buyer's Markets

In Chicago, which has the second-highest housing inventory level in the country, the situation is a little different. Inventory has shot up 17.2% in the past year, to 82,839, even though the area did not experience the housing boom and speculation buying that led to a market correction in much of the country, with Miami and Southern California standing as prime examples. It may be that even in Chicago, buyers and sellers have become wary because of all the negative national news about real estate, Lashinsky suggests.
The same seems to be true of Dallas and Houston, where inventories are among the highest in the country but home price appreciation remains relatively strong. In the second quarter of 2007, the median home price was up 1.7% in Chicago, 1.7% in Dallas, and 1.4% in Houston, compared to a national decline of 1.5% in the same year-over-year period. These particular areas, where the economic outlook is positive and prices are still going up, may be ideal spots to look for bargains (BusinessWeek.com, 9/18/07) since they are also buyer's markets with high housing supplies.

link to full story: Ten Cities with the Most Homes for Sale - BusinessWeek
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Old 07-09-2008, 04:28 PM
 
Location: Chicago suburb
702 posts, read 2,183,431 times
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I think renting is wise for so many reasons, but certainly a big one is to try on communities without committing. There are always going to be houses to buy, so you need not worry about that. Actually I think you guys are in a very good position. People who are buying homes are not often without the problem of selling their own. You have a month to month rental to boot!

I agree with Anthera - take some time to exhale. You have been through one of the most stressful things - moving! Once you get moved in, explore, have fun - meet new people.

I really think you guys will be surprised how many options you have. Just have your realtor keep you up to date about what's available and see what you want to see. If something clicks, great, if not - you aren't under pressure to find something because someone wants to move into your sold home. Hang in there!

Last edited by Calidreemer; 07-09-2008 at 04:36 PM..
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Old 07-09-2008, 04:29 PM
 
28,223 posts, read 66,888,465 times
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Jay --

I saw the story too. I think it is accurate when your consider the entire HUGE geographic area that spreads out 70+ miles from the center of the region. It does not do a whole lot of good when you are focused on a specific school district. When I make lists of the shear number of people that have lived in their homes not just the 7 year national average, or the longish 12-15 years of school age kids, but the whole 30 year term of the mortgage AND LONGER and then determine this common in the desirable areas in and near Chicago I realize how useless the "national stories" are.

Relax. Enjoy your new apartment. Stay in contact with your agent. Seek out some leads on your own. Expand your acceptable neighborhoods. It will work out. You are in a great position. If you have already sold your previous home you will be able to act much faster than many others and that should work to your advantage when the right home comes up.

The houses that represent an UPWARD PRICE MOVEMENT are the kind you and others are going to be fighting for!
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Old 07-09-2008, 05:42 PM
 
409 posts, read 1,336,100 times
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It is very difficult to tell what the Chicago market will do. The Chicago market is highly localized and time on market varies greatly based on price point. Moderator cut: advertising I personally need the market to hold, and so far in the million+ market it has held on better than expected.

Last edited by jessiegirl_98; 07-09-2008 at 08:01 PM.. Reason: ad
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Old 07-09-2008, 05:55 PM
 
1,083 posts, read 3,177,983 times
Reputation: 308
Quote:
Originally Posted by Nysee53 View Post
We build spec homes in Wilmette, Kenilworth, Winnetka, Glencoe, Highland Park, Lake Forest, Northfield, and now Glenview.
But yesterday you said:


"My company has yet to build a home in Kenilworth independently. We have put up sometimes 50% of money to a home"
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Old 07-09-2008, 09:12 PM
 
Location: Melbourne, Australia
950 posts, read 2,155,932 times
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Quote:
Originally Posted by chiados View Post
We've lived in Evanston for 3 years now and have two young sons. We lived in Berkeley for several years before returning to the Midwest and have found Evanston to be the closest thing to Berkeley in Chicagoland. As to your affinities, there are a number of good vegetarian restaurants in/near Evanston (Blind Faith Cafe, Lakeside Cafe, etc.), the downtown is pretty active with adjacent houses/neighborhoods in your price range, a number of "green goods" stores have opened in the past couple of years, the city council conducts foreign policy on occasion, folks are actually very concerned about their trees and the environment more broadly, the farmer's market is great all summer long, there's a group starting an organic farm within city limits, there are decent parents groups including The Parents' Circle, the schools are good, etc.
I went back to the beginning of the thread and I am re-reading everything to refresh my memory. Chiados, I wonder if you have learned more about the elementary schools in Evanston now? Also, where is the organic farm being started? That is so great. There are more and more people becoming urban farmers as climates change, fuel prices rise and food shortage looms. This was the 2nd recommendation I got for The Parent's Circle. It is on my list of things to check out. Thanks!
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