Why is ANYONE considering buying a house right now in this market unless you have to? (Naperville: sales, real estate market)

[The L.C.]

I am kind of kicking myself for purchasing in August of 2007, just a few months before the whole "scare" started. I can only imagine how much less I could've purchased the same house for now, but I love the house and it's too late to do anything about it now. Just need to dig my heels in and hope that I don't have any reason to move for 5-10 years

[middle-aged mom]

Originally Posted by The L.C.

I am kind of kicking myself for purchasing in August of 2007, just a few months before the whole "scare" started. I can only imagine how much less I could've purchased the same house for now, but I love the house and it's too late to do anything about it now. Just need to dig my heels in and hope that I don't have any reason to move for 5-10 years

Don't feel bad. We all have to live somewhere.

[gardener34]

"how much less I could've purchased the same house for now"

I don't see prices coming down that much around here. Sellers are just sitting on the homes for a much longer time till they get their prices. There are no 3 month turnovers anymore.

Also - years ago, it used to be a 5-year rule - you had to stay in a property for 3-5 years before you made a decent profit. We're back to that. Everyone needs to get used to "normal" again.

[crbcrbrgv]

I don't see why anyone would by in Chicago in the first place. Million dollar homes in Western Springs? 400k homes in Berwyn? The market in Chicago is so overvalued, why would anyone by in the area in the first place?

[Drover]

People buy in Chicago because the demand is there. I don't consider Chicago "overvalued" when you compare it to its coastal counterparts. Chicago offers everything than those cities do (sometimes more) at a pretty steep discount.

[crbcrbrgv]

Originally Posted by Drover

People buy in Chicago because the demand is there. I don't consider Chicago "overvalued" when you compare it to its coastal counterparts. Chicago offers everything than those cities do (sometimes more) at a pretty steep discount.

I guess living in Houston after moving from Chicago, you take cheap housing prices for granted.

[middle-aged mom]

There are some fabulous deals out there.

The so-called " corporate -owned" homes acquired by Relo companies on behalf of a sponsoring outbound transferees are often some of the best values if not downright bargains. Unlike many foreclosed home, these are usually in terrific shape.

Real homeowners, people like you and me, can't compete with these homes because the corporate owner is going to do whatever is necessary to get the home off it's books, chop-chop.

Intests rates are dropping and sellers who have to sell are going to play ball. It's the best of times to be a buyer, if one has to buy and does not need to sell a home in order to do so. At the endof the day, we all have to live somewhere.

[aragx6]

I read an article in the NY Times that said the people who will benefit the most from the possible recession are young people who have good credit, don't yet own a home and have years of 401k investing to go before retirement.

[Glamona]

If you plan to move and stay there for 5 years, now it is time to buy. Also, if you want to buy an investment property and rent it, you would make an excellent move. There are more and more renters today looking for a place (people must live somewhere; if they are not buying, they are renting). If you have a place to rent, you will easily find a tenant who will pay off your mortgage.

[fairmarketvalue]

Are you kidding? I have read a couple of your very "uneducated" comments on the market and you are the VERY type of person sellers like us and thousands can't stand. First, all of us who are currently on the market and trying to sell, are NOT inflating our asking prices and quite frankly, if we lower any more, we will take a LOSS!! We lived in the home for 9 years and paid $390,000 (not overpriced then, either) and are currently asking $569,000 after putting over $100,000 in the home with all the current updates this riduculous market demands of that price range (new kitchens, baths, etc) and the home was built in 1992. Homes in our neighbothood sell anywhere from $500,000 to over $600,000, even in the last 2 years as this terrible market lingers on.

I am SICK of people like you, by the thousands, who think Inflated markets were EVERYHERE.

Wheaton has great schools, nice homes, nice community and no one is "flipping" houses for profit in most of these types of suburbs. You need to get "educated" and stop making such ignorant comments, leaving all to think that they should only buy if they can grossly lowball a perfectly FAIR priced home. We are not trying to make a killing and when closing cost and real estate agents are paid, we will barely make $20,000. Do you think this is a fair investment for NINE years? I thinks not!

Thanks

Originally Posted by Schnooks

The housing market isn't close to bottoming out and sellers around here aren't budging hardly at all in asking prices. Why would you want to buy when as soon as you sign the value of your house is going to go down?