Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

2011 HOUSING MARKET: TELL THE MEDIA TO “SHUT THE FRONT DOOR!”

The housing market is still in recovery mode, but this is actually great news for potential buyers.  While many homeowners have decided to short sale their homes and foreclosure properties are coming on-line daily, it offers incredible deals for buyers.  A recent top bank executive suggested 800,000 more foreclosures may be released in Illinois, during the first quarter of 2012.  Unfortunately, this is a bad situation for sellers and banks but it is an amazing opportunity for someone looking for superior pricing.  However, the media seems to only promote the negative aspect of the current housing market.  It makes me want to scream “SHUT THE FRONT DOOR!”

It is shocking to hear all the negative press about the stale housing market and very little about the historically low-interest rates and record low housing prices with savings up to 50% off.  Why aren’t they pushing the fact that this is the BEST time in history to buy on a daily basis?

The rental rates in Chicago have continued to rise at a record pace, some saying by about 10% by years end.  This is a ridiculous amount for the average renter and they are beginning to feel the pinch.  Who wants to pay over $1300 for a one bedroom and over $2000 for a two bedroom in the city when you can own for that amount?  It makes me sad each time I rent a home to a well qualified potential buyer, because it is clear they could purchase a home with a much lower mortgage payment than the rent they are willing to pay to a landlord.  Unfortunately, the media has scared them into becoming a renter so some are hesitant to buy.

While it is clear, some renters are just not yet in the position to buy a home, some networks give the impression the banks are not lending at all.  Additionally, they make you believe you need a huge down payment to qualify for a loan.  Is this a scheme to discourage  people from buying?  Why not talk about FHA (3.5% down) loans available on many homes, offering more relaxed guidelines?  Or NACA (Neighborhood Assistance Corporation of America) which is a non-for-profit organization offering extremely flexible loans with some of the LOWEST INTEREST RATES and no money down to qualified buyers?

Multiple neighborhoods throughout the city offer two bedrooms originally priced at $300k now selling for under $100k.  Why wouldn’t anyone  jump on these deals versus renting?   Well, there are many savvy buyers doing just that, and they smile each day they walk into their new home.  This is especially true for those who may have lost their home in a short sale a couple of years back; while they may have lost hundreds of thousands of dollars in that transaction, the bank probably took the bulk of the loss if not all of it.  These buyers can now feel redemption in buying a new home at a great price.

In the end, with all the boarded up foreclosed properties scattered throughout the city, it’s disappointing that the banks and Government did not come up with a better plan.  Had they taken the stimulus money and truly offered loan modifications to more homeowners, we probably would not be in this mess.

WHY DO YOU THINK THEY ARE NOT ENCOURAGING BUYING RIGHT NOW?  Why aren’t banks running a marketing campaign promoting loans available in the current market?  Do they want less mortgage loans on their books?

It is important to read this INCREDIBLE ARTICLE ON TOP REASONS TO BUY A HOME RIGHT NOW.  If you are interested in a list of available residences in the Chicagoland area start viewing incredible homes or register hereIn the years to come, you will be glad you did.  If you would like more information on NACA home buying programs, please call 312.475.4548.

Advertisements

September 5, 2011 - Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , ,

12 Comments »

  1. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” Share this:LinkedInMoreFacebookTwitterStumbleUponEmailDiggRedditLike this:LikeBe the first to like this post.   […]

    Pingback by (GRAPHIC VIDEO) 2011: AZ MOM ACCUSED OF SLAPPING BABY AND BLOWING SMOKE IN MOUTH « Brittaj17's Blog | September 5, 2011 | Reply

  2. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR”   Share this:TwitterFacebookEmailLinkedInStumbleUponRedditLike this:LikeBe the first to like this post. […]

    Pingback by 2011: OLD TOWN VILLAGE 2BR SEPT RENTAL; SPECIAL OPEN HOUSE 9/6/11 « Britta Rivera Venture | September 5, 2011 | Reply

  3. […] than ever!  Will Queen Elizabeth ever step aside or will she rule until she is 150-years-old?  HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” Advertisement LD_AddCustomAttr("AdOpt", "0"); LD_AddCustomAttr("Origin", "other"); […]

    Pingback by 2011 VIDEO: ROYAL TWINS? KATE & WILLIAM SECRET PREGNANCY « Brittaj17's Blog | September 11, 2011 | Reply

  4. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” Advertisement LD_AddCustomAttr("AdOpt", "1"); LD_AddCustomAttr("Origin", "other"); LD_AddCustomAttr("theme_bg", "ffffff"); LD_AddCustomAttr("theme_text", "444444"); LD_AddCustomAttr("theme_link", "cd4517"); LD_AddCustomAttr("theme_border", "2F2019"); LD_AddCustomAttr("theme_url", "AD92C3"); LD_AddCustomAttr("LangId", "1"); LD_AddCustomAttr("Autotag", "business"); LD_AddCustomAttr("Autotag", "technology"); LD_AddCustomAttr("Tag", "headline-news-2"); LD_AddCustomAttr("Tag", "2011-target-offers-missoni-designer-collection"); LD_AddCustomAttr("Tag", "clothing"); LD_AddCustomAttr("Tag", "crashes-server"); LD_AddCustomAttr("Tag", "massoni-at-target-crashes-server"); LD_AddCustomAttr("Tag", "missoni"); LD_AddCustomAttr("Tag", "shopping"); LD_AddCustomAttr("Tag", "target"); LD_AddCustomAttr("Tag", "target-corporation"); LD_AddCustomAttr("Tag", "target-found-itself-in-a-frenzy-yesterday-when-they-released-the-new-missoni-designer-colloection-hundreds-of-shoppers-lined-up-at-stores-around-the-nation-and-within-an-hour-and-a-half-the-shelves-w"); LD_AddCustomAttr("Tag", "target-now-offers-designer-wear"); LD_AddCustomAttr("Tag", "target-offers-massoni-designer-collection"); LD_AddCustomAttr("Tag", "target-website-crashes-over-missoni-clothing-line"); LD_AddSlot("wpcom_below_post"); LD_GetBids(); Share this:LinkedInMoreFacebookTwitterStumbleUponEmailDiggRedditLike this:LikeBe the first to like this post.   […]

    Pingback by 2011: TARGET OFFERS MISSONI DESIGNER COLLECTION, CRASHES SERVER « Brittaj17's Blog | September 14, 2011 | Reply

  5. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” […]

    Pingback by (VIDEO 2011) CHICAGO BEARS BRIAN URLACHER; MOM DIES SUDDENLY WHILE SLEEPING « Brittaj17's Blog | September 14, 2011 | Reply

  6. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” Advertisement GA_googleAddAttr("AdOpt", "0"); GA_googleAddAttr("Origin", "other"); GA_googleAddAttr("theme_bg", "ffffff"); GA_googleAddAttr("theme_text", "444444"); GA_googleAddAttr("theme_link", "cd4517"); GA_googleAddAttr("theme_border", "2F2019"); GA_googleAddAttr("theme_url", "AD92C3"); GA_googleAddAttr("LangId", "1"); GA_googleAddAttr("Autotag", "movies"); GA_googleAddAttr("Autotag", "entertainment"); GA_googleAddAttr("Autotag", "television"); GA_googleAddAttr("Tag", "entertainment"); GA_googleAddAttr("Tag", "video-91411-americas-got-talent-winner-silhouette-takes-the-million"); GA_googleAddAttr("Tag", "video-91411-americas-got-talent-winner-underdog-wins-the-million"); GA_googleAddAttr("Tag", "americas-got-talent"); GA_googleAddAttr("Tag", "americas-got-talent-season-6-winner"); GA_googleAddAttr("Tag", "americas-got-talent-season-finale-2011"); GA_googleAddAttr("Tag", "did-silhouette-win"); GA_googleAddAttr("Tag", "howiemandel"); GA_googleAddAttr("Tag", "iluminate-wins-americas-got-talent"); GA_googleAddAttr("Tag", "landau-eugene-murphy-wins-americas-got-talent"); GA_googleAddAttr("Tag", "las-vegas-nevada"); GA_googleAddAttr("Tag", "sharon-osbourne"); GA_googleAddAttr("Tag", "silhouettes-wins-americas-got-talent"); GA_googleAddAttr("Tag", "two-were-dance-like-acts-team-iluminate-silhouette-and-two-singers-poplyfe-landau-eugene-murphy-jr"); GA_googleAddAttr("Tag", "who-won-agt"); GA_googleAddAttr("Tag", "who-won-americas-got-talent"); GA_googleFillSlot("wpcom_sharethrough"); Share this:LinkedInMoreFacebookTwitterStumbleUponEmailDiggRedditLike this:LikeBe the first to like this post.   […]

    Pingback by (VIDEO) 9/14/11: AMERICA’S GOT TALENT WINNER; UNDERDOG WINS THE MILLION « Brittaj17's Blog | September 14, 2011 | Reply

  7. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” Advertisement GA_googleAddAttr("AdOpt", "0"); GA_googleAddAttr("Origin", "other"); GA_googleAddAttr("theme_bg", "ffffff"); GA_googleAddAttr("theme_text", "444444"); GA_googleAddAttr("theme_link", "cd4517"); GA_googleAddAttr("theme_border", "2F2019"); GA_googleAddAttr("theme_url", "AD92C3"); GA_googleAddAttr("LangId", "1"); GA_googleAddAttr("Autotag", "television"); GA_googleAddAttr("Autotag", "sports"); GA_googleAddAttr("Autotag", "entertainment"); GA_googleAddAttr("Tag", "entertainment"); GA_googleAddAttr("Tag", "91311-americas-got-talent-finals-who-will-win"); GA_googleAddAttr("Tag", "agt-finals-usa"); GA_googleAddAttr("Tag", "agt-silhouette-video"); GA_googleAddAttr("Tag", "american-pride-silhouette-video"); GA_googleAddAttr("Tag", "americas-got-talent"); GA_googleAddAttr("Tag", "and-team-iluminate"); GA_googleAddAttr("Tag", "final-four-including-poplyfe"); GA_googleAddAttr("Tag", "howiemandel"); GA_googleAddAttr("Tag", "jr"); GA_googleAddAttr("Tag", "landau-eugene-murphy"); GA_googleAddAttr("Tag", "las-vegas-nevada"); GA_googleAddAttr("Tag", "nbc"); GA_googleAddAttr("Tag", "silhouettes"); GA_googleAddAttr("Tag", "united-states"); GA_googleAddAttr("Tag", "video-91311-americas-got-talent-finals"); GA_googleAddAttr("Tag", "winner-of-americas-got-talent"); GA_googleFillSlot("wpcom_sharethrough"); Share this:LinkedInMoreFacebookTwitterStumbleUponEmailDiggRedditLike this:LikeBe the first to like this post.   […]

    Pingback by VIDEO 9/13/11: “AMERICA’S GOT TALENT” FINALS; WHO WILL WIN? « Brittaj17's Blog | September 14, 2011 | Reply

  8. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” GA_googleAddAttr("AdOpt", "0"); GA_googleAddAttr("Origin", "other"); […]

    Pingback by (VIDEO) 2011: RADIO “SHOCK JOCK” MANCOW MULLER RETURNS TO CHICAGO OCT. 3RD « Brittaj17's Blog | September 15, 2011 | Reply

  9. […] may also like: “TELL THE MEDIA TO “SHUT THE FRONT DOOR!” LD_AddCustomAttr("AdOpt", "1"); LD_AddCustomAttr("Origin", "other"); […]

    Pingback by (VIDEO) 9/21/11: FEDS APPROVE $400 BILLION STIMULUS PLAN TO LOWER INTEREST RATES « Brittaj17's Blog | September 21, 2011 | Reply

  10. […] HOUSING MARKET 2011: TELL THE MEDIA TO “SHUT THE FRONT DOOR” LD_AddCustomAttr("AdOpt", "1"); LD_AddCustomAttr("Origin", "other"); […]

    Pingback by (VIDEO) 9/26/11: OZZIE RELEASED FROM CHICAGO WHITE SOX; HE’S OUT! « Brittaj17's Blog | September 27, 2011 | Reply

  11. Really good article about buying in this market http://www.sundaybell.com/classroom/bad-economy-good-real-estate/

    Tim

    Comment by Tim | October 26, 2011 | Reply

    • Thanks Tim great article!

      Comment by brittaj | October 27, 2011 | Reply


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: