Archive for September, 2012

Rent vs. Buy: Which is Cheaper for You?

September 17, 2012

The decision to rent or buy a home depends on where you live and also on your mortgage rate, tax bracket, and time horizon. Read the full report here.

Click here for an interactive map.

 

rent vs buy

Trulia looks at homes for sale and for rent and calculates the average rent and sale price across all listed properties in a metro area. Then, Trulia factors in the total costs of homeownership (e.g., closing costs, maintenance, insurance, taxes, etc) and total cost of renting (e.g., renter’s insurance and security deposit). The starting assumptions are that a prospective homebuyer can get a low mortgage rate of 3.5 percent, itemizes their federal tax deductions, is in the 25 percent tax bracket, and will stay in their home for seven years. People in the 35% federal income tax bracket are also assumed to pay 5% state income tax. To account for the opportunity costs, Trulia calculates the net present value of the payment streams for renting and owning. Circles are sized proportionally by population.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue  
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago!  Call us today!

How the Presidential Election Affects Chicago Real Estate

September 7, 2012

In my discussions with clients, the question of the presidential election is often raised with speculation as to how the outcome will influence the housing market.  In my research, it had been difficult to find any definitive interpretation of the candidate’s positions and proposals on the housing market and mortgage lending.  We need more concrete evidence of Mr. Obama’s and Mr. Romney’s platform on these crucial issues because “As housing goes, so goes the economy” (with apologies to General Motors)

http://www.washingtonpost.com/realestate/how-the-presidential-election-affects-the-real-estate-market/2012/08/30/ccefd218-e585-11e1-8741-940e3f6dbf48_story.html

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue  
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467 
Send An Email

We know Chicago!  Call us today!

Chicago Condo For Sale: 3606 N Pine Grove #1J Chicago IL 60613

September 6, 2012

Chicago Condo For Sale:

3606 N Pine Grove #1J, Chicago IL 60613
MLS#  08152684

Lucky You In Lakeview!

Adorable vintage 2005 rehab on leafy, quiet street one block from the park and lake. Two generous bedrooms, one marble bath. Hardwood floors. Stainless steel appliances in galley kitchen adjoins dining area with charming kitchen hutch. Extra large living room overlooks lovely courtyard. Foyer with guest closet. Short sale.

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties

2951 North Lincoln Avenue  

Chicago IL 60657

Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago!  Call us today!