2010 comes and goes and here's what we've learned!

The Sold and Closed figures for Chicagoland for 2010 versus 2009 have just come out and I've attached theses for your review. Not all areas are covered and if you see an area you want more info on let me know.

Overall we are seeing some market stablization in the suburbs and chicago for single families sales. Sales were up and we should continue to see a 5-10% grow over this year. The condo market in suburbs is doing better than the Chicago market. The primary difference is still financing ability. Unless the condo complex you live in is FHA approved it's an up hill battle to get your condo sold and with that said that continues to put pressure on prices.

We may see another 3-5 % drop in the Suburban area and anothe 5-10 % drop in the Chicago market especially the downtown market.

The other big question we have is the Shadow market, these are homes or condo's that have been foreclosed on and the banks have been holding on to. It's estimated between 3-6 million of these properties that will introduced to the market place over the next 1-2 years. Across the United States we do 5 Million units per year and with this type flow to the current market will keep prices stable and may cause some prices to fall if to many in one area or in a condo complex. It has a virus infection effect. One doesn't seem to bad but when you have several it takes it toll.

We are seeing more people moving back into buying or should I say "stealing" if they can't get a great deal they are holding off until something comes a long to make buy and that's going to be that way for a while. Why would anyone pay more than they had to unless it's special property.

In the other area of real estate ie, the rental market. prices are holding and in some areas starting to rise for lack of housing for people displaced because of the foreclosure market. 25% of our company business is now dealing with rentals. Whether it's local or relocation most are choosing to rent rather than buy. I can't believe I'm going to say this ,the Realtors Association would take away my membership, but renting is better for the time being and you can get places for 10-20% cheaper than buying. Well enough good new for now.

If you have to sell keep me in mind to do it cheaper than anywhere else and if you're buying remember we offer 20% rebate on purchases. And for renting we done over 200 in the last couple of years so we will treat you right and help get you the best deal out there.