Housing market isn't really that bad
Things are not as bad in the real estate market as the national and Chicagoland news media make it out to be.
When national and Chicagoland statistics are given, they don't reflect what's happening specifically, for example, in Palatine or Arlington Heights.
Real Estate is always local.
There are areas around Chicago that are really hurting. in a tough economy, everything pulls in. Those areas, of course, are averaged into the overall Chicagoland statistics.
As of June 1st, mortgage financier Fannie Mae began requiring a minimum down payment of 3 to 5 percent on all loans it guarantees for single-family, owner-occupied properties.
That's down from 20 percent. That's huge!
Buyers need to have good credit, as they always should have. Since most first-time buyers generally don't have 20 percent to put down, this new change should dramatically help more first-time buyers to buy.
This in turn will help the "move-up" buyer to sell his home, so that he can move up.
Why isn't the news media spreading this encouraging information as they do the bad news?
A slow real estate market affects the income of far more than just real estate agents, attorneys, title companies, mortgage people and home inspectors.
When folks aren't moving, it affects money not spent on furnishings, flooring, moving companies, locksmiths, and on and on.
Most importantly, potential buyers, wake up: Just as the high rate of price appreciation didn't last, neither will the low home prices that are available right now.
Laura Weaver
RE/MAX Unlimited Northwest
Palatine