Living in Lincoln Park Blog

…says Dan Kadlec in Time Magazines February 25, 2008 issue.
 

Dan brings what the pundits and negative press would have you believe about the current real estate market down to $$$$ and sense.  Common sense that is.
 

His argument is that although some ‘regional’ skepticism is certainly in order, overall finance costs will rise as the economy (and real estate market) recover, so trying to ‘time’ real estate might not pay off.
 

“Let’s say you are emotionally ready to be a homeowner.  You have good credit, plan to stay put for five years and have been waiting for the perfect entry point.  It’s time to get serious—–before an inevitable rise in interest rates wipes out your advantage”.
 

According to Jim Svinth, chief economist at mortgage firm Lending Tree, “the thing that will make home prices stop falling is the very same thing that will push mortgage rates higher”.
 

That should translate into the realization that any $$ advantage  you might gain by real estate prices dropping will likely be offset by rising financing costs.
 

Read the complete article at http://www.time.com/time/magazine/article/0,9171,1713483,00.html   Do the hard math.  Then contact Doug @LincolnParkLiving.com to discuss the local real estate market, get the statistical facts on Chicago and get started on your home search today.