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Chicago and Case-Shiller: Home values dip slightly in October

filed under: $6500 tax credit, $8000 tax credit, Buyers, Chicago home prices, First-time buyers posted on December 29th, 2009

It’s the end of the month, time for the Standard & Poor’s/Case-Schiller Home Value Index to tell us how prices are faring in 20 major cities. In a word, the answer is: flat.

But flat is okay; flat means prices have stopped plunging. In Chicago, after five months of steady but small increases, prices fell 1% in October over the previous month.

If you look at the entire third quarter, local home prices actually rose slightly — 1.9 % — between July and October 2009. For Chicago condos alone, the price increased 1.1% during the late summer/early autumn months.

Month over month, Chicago is pretty much standing still, according to Case-Shiller. Up a point here, down a point there, indicating that our market seems to have found some equilibrium, at least for now.

So, savvy home buyers, have we hit a bottom? Perhaps. Chicago homes are still 10% cheaper now than they were a year ago, according to Case-Shiller’s figures, so early 2010 may be the sweet spot. Especially if you qualify for the $6,500 or $8,000 tax credit for home buyers. Interest rates are also quite low right now. I’ve been selling real estate in Chicago for five years, and I’ve never seen the stars align quite so well for buyers.

Written by Sue Fox // 2 Comments »