Hey there. I just wanted to post an update on real estate activity in the Bronzeville
neighborhood and zip code 60653. Zip code 60653 also includes the Kenwood
neighborhood. This report is based on data from the MLS and public records.
It is based on the six month period ending March 15th 2011.
Looking at the numbers above, we see that properties are still selling. Some property
types are selling better than others though. There is also a strong demand for quality
rentals in the area.
Single Family homes have the strongest demand right now. Selling prices are up 13%
versus the same time in the previous year! This makes sense, because financing is still
readily available for Single Family homes. Actually, they are the easiest property type
to get financed. Buyers can get a FHA insured loan with just a 620 credit score and a
small down payment of 3 ½ %. You can even get financing with a 520 credit score
(if you have a 10% down payment).
Condos are much more difficult to get financed. You will generally need a higher credit
score and a much higher down payment. Also, the condo association has to be functioning
and financially sound.
The other property types are even harder to get financed in the current lending environment.
These types include Multi-Family properties and Vacant Lots. In most cases, these properties
are purchased by investors that are paying with cash. As a result, there is downward
pressure on prices for these property types.
If you would like a FREE REPORT for your specific property, please let me know (773-469-4943).
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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