Anyone currently looking to buy a home? (Chicago, Oak Park: mortgage, environment)

[klaufhu]

Just trying to get a feel if there are any buyers out there. Our house has been on the market since Nov. and I'm hoping with the rate lowerings and it being a "buyers" market that more people will get out and decide to buy. Love to hear some feedback.

[cohdane]

We just moved to the area and are camped in an apartment till we find what we're looking for. Definitely skittish about where home values are headed, since the Chicago area doesn't seem to have "corrected" as much as some other areas. Then again, we don't want to be paying rent when we could be paying down a mortgage.

I don't know if we're typical or the beginning of a trend (or perhaps just oddballs), but we're looking for a smaller house with a bigger yard. Energy prices have us thinking all those McMansions are going to be the Hummers of homes-- keeping them comfortably heated and cooled will bankrupt people not too long from now.

What disappoints me is that builders out here haven't seemed to heard of the term "green" other than for paint color. I'm from Boston and my friends back there honestly can't believe there isn't an ample supply of recently built energy-efficient or eco-friendly housing. I've heard of Prairie Crossing and Bigelow Homes, but really, that's only two subdivisions out of an entire metropolitan area.

If I wanted a McMansion, I'd be all set. We have the money, just not the desire.

Rate drops will help. If the proposal to lift the cap higher on Jumbo mortgages goes through, that will help, too. What would help the most is if sellers out here would price realistically and if builders would turn an eye to fuel prices these days.

My two cents. Hope it helps.

[emmie3g]

Yes, we are relocating and need to buy a house in the Buffalo Grove area.
Michele

[rhiannonsmum]

Yes, we are currently looking in Oak Park. We sold our house in the city and are renting in OP until we find a place to buy - which I really hope will be soon. The problem is that we have a very specific geographic area we want to live in and the inventory isn't that great right now.

[mendelman]

Always have my eyes open for the right property. Plus, I don't have a house to try to sell.

[vester72]

I'm building right now and listing my place next week.

The market where I am selling at is still pretty good - based on movement of town homes similar to mine in the past 3-6 months.

But with housing prices where they are and rates so low, if you can do it, now is a great time to buy. No, I am not in real estate.

[aragx6]

Originally Posted by cohdane

We just moved to the area and are camped in an apartment till we find what we're looking for. Definitely skittish about where home values are headed, since the Chicago area doesn't seem to have "corrected" as much as some other areas. Then again, we don't want to be paying rent when we could be paying down a mortgage.

I don't know if we're typical or the beginning of a trend (or perhaps just oddballs), but we're looking for a smaller house with a bigger yard. Energy prices have us thinking all those McMansions are going to be the Hummers of homes-- keeping them comfortably heated and cooled will bankrupt people not too long from now.

What disappoints me is that builders out here haven't seemed to heard of the term "green" other than for paint color. I'm from Boston and my friends back there honestly can't believe there isn't an ample supply of recently built energy-efficient or eco-friendly housing. I've heard of Prairie Crossing and Bigelow Homes, but really, that's only two subdivisions out of an entire metropolitan area.

If I wanted a McMansion, I'd be all set. We have the money, just not the desire.

Rate drops will help. If the proposal to lift the cap higher on Jumbo mortgages goes through, that will help, too. What would help the most is if sellers out here would price realistically and if builders would turn an eye to fuel prices these days.

My two cents. Hope it helps.

I wouldn't expect to Chicago to correct nearly as much as the coasts, because the boom here was much more gradual.

Another thing to note: Unlike much of the east coast, many homes here are heated with electric, which is almost chiefly powered by coal. We won't run out of coal anytime soon, so prices for electric won't rise the way gas will, but coal plants now are still dirty as hell, so environmentally coal has a long way to go before being a clean energy (though it can be done, it just requires moolah)

[middle-aged mom]

Originally Posted by cohdane

I don't know if we're typical or the beginning of a trend (or perhaps just oddballs), but we're looking for a smaller house with a bigger yard.

My sense tells me you are a part of an emerging trend as it relates to house. Bigger is not always better. Timeless and tasteful quality prevails.

[aragx6]

I hope thats the trend; I feel like the McMansions are the trend right now. Hopefully the pendulum will swing back again.

[Schnooks]

Yes, we are renters ready to buy (not throwing money away, it has been MUCH cheaper to rent than buy).

We wont buy until sellers wise up and BRING IT DOWN MAN!!