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View Poll Results: Next 5 years in Illinois
I am staying in Illinois for the long haul 30 34.09%
Leaving the state as soon as possible 36 40.91%
Staying until I finish mhy career and then adios 12 13.64%
Depends on who wins the governor election 3 3.41%
Not in Illinois but want to ove there 7 7.95%
Multiple Choice Poll. Voters: 88. You may not vote on this poll

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Old 12-06-2018, 11:42 AM
 
4,011 posts, read 4,253,056 times
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Quote:
Originally Posted by Grlzrl View Post
Well, I can tell you that my suburban house is down 20% in the last year and a half.
You bought a home in the wrong price bracket.
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Old 12-06-2018, 12:40 PM
 
21,933 posts, read 9,503,108 times
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Quote:
Originally Posted by damba View Post
You bought a home in the wrong price bracket.
Apparently.
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Old 12-06-2018, 12:44 PM
 
Location: northwest valley, az
3,424 posts, read 2,919,706 times
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Quote:
Originally Posted by damba View Post
You bought a home in the wrong price bracket.
what does that even mean?
what is the "right" price bracket?
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Old 12-06-2018, 01:32 PM
 
21,933 posts, read 9,503,108 times
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Quote:
Originally Posted by wase4711 View Post
what does that even mean?
what is the "right" price bracket?
I think he means that low end homes are not taking a hit but high end homes are. I am guessing. Because that is what is happening.
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Old 12-06-2018, 04:05 PM
 
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Quote:
Originally Posted by Grlzrl View Post
I think he means that low end homes are not taking a hit but high end homes are. I am guessing. Because that is what is happening.
Precisely.
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Old 12-06-2018, 04:06 PM
 
Location: Illinois
3,208 posts, read 3,551,449 times
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If you purchased a high-end home ($800k+) in the previous two decades in Evanston, Lincoln Park, Lakeview, Bucktown, and other 'hot' neighborhoods you are doing ok—you might even be doing very well if you bought between '98 and '04. If you bought a property at a similar price point somewhere in Lake County, the NW 'burbs, or another cool market, you are probably not doing very well. Even so, most agents I have spoken to (and I agree with this forecast) believe that the broader market will continue to cool in the coming year.
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Old 12-07-2018, 06:57 AM
 
21,933 posts, read 9,503,108 times
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Quote:
Originally Posted by Hiruko View Post
If you purchased a high-end home ($800k+) in the previous two decades in Evanston, Lincoln Park, Lakeview, Bucktown, and other 'hot' neighborhoods you are doing ok—you might even be doing very well if you bought between '98 and '04. If you bought a property at a similar price point somewhere in Lake County, the NW 'burbs, or another cool market, you are probably not doing very well. Even so, most agents I have spoken to (and I agree with this forecast) believe that the broader market will continue to cool in the coming year.
I am surprise agents are admitting it. I still find them to be unwilling to acknowledge what is going on. Or maybe they think it's a typical winter slow down. Probably most of them aren't experts on tax policy and don't realize it's the elimination of the SALT deduction that's responsible for all of this, not the slight increase in mortgage interest rates or season change.
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Old 12-07-2018, 07:24 AM
 
Location: Sweet Home Chicago!
6,721 posts, read 6,482,819 times
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Quote:
Originally Posted by Grlzrl View Post
I am surprise agents are admitting it. I still find them to be unwilling to acknowledge what is going on. Or maybe they think it's a typical winter slow down. Probably most of them aren't experts on tax policy and don't realize it's the elimination of the SALT deduction that's responsible for all of this, not the slight increase in mortgage interest rates or season change.
Why not both? or actually all three of these > - SALT, higher interest rates and increasing property taxes.

That makes what one could previously justify wince when they run the numbers.
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Old 12-07-2018, 07:30 AM
 
4,011 posts, read 4,253,056 times
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Quote:
Originally Posted by Grlzrl View Post
I am surprise agents are admitting it. I still find them to be unwilling to acknowledge what is going on. Or maybe they think it's a typical winter slow down. Probably most of them aren't experts on tax policy and don't realize it's the elimination of the SALT deduction that's responsible for all of this, not the slight increase in mortgage interest rates or season change.
Why do you feel that the SALT cap is authoritatively to blame? You seem to be assuming that all residents in that band of home value are equally affected by this partial loss of deduction.

Apparently you are somewhat igorant of the overall local economy, and reasons why areas such as those mentioned by Hiruko are so popular.
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Old 12-07-2018, 09:08 AM
 
Location: Illinois
3,208 posts, read 3,551,449 times
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Quote:
Originally Posted by Grlzrl View Post
I am surprise agents are admitting it. I still find them to be unwilling to acknowledge what is going on. Or maybe they think it's a typical winter slow down. Probably most of them aren't experts on tax policy and don't realize it's the elimination of the SALT deduction that's responsible for all of this, not the slight increase in mortgage interest rates or season change.
A lot of them are aware of the SALT issue, and I know some agents that used social media to express their opposition to the tax reform package. However, the National Association of Realtors ended up supporting the package because of their ability to extract concessions.

I do not think that tax reform is responsible for Illinois' slowdown. Chicagoland home prices have lagged the nation for a long time—before curtailing SALT deductions was even under discussion.

CRAINS: Why are metro Chicago's home values so weak?
CRAINS: As housing market and temperatures cool, price cuts heat up
CRAINS: The weakest housing market among Chicago's affluent suburbs is...
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