Broker Offers Real Estate Tips for Housing Market in Chicago's Southshore Area

Sarah Ware is a broker and co-owner of The Carter Ware Group, a real estate organization, located in Chicago 's Hyde Park area. She agreed to answer a few of my questions about real estate in Chicago 's South Shore neighborhood and offer up some tips to home buyers on refinancing their homes.

Ms. Ware, talking about the South Shore area of Chicago, where she does most of her business, said that "There is a diverse offering of real estate in the Southshore area, which we offer our clients but people seem to be waiting longer periods of time before purchasing homes. People are also opted to rent first, but I believe that investing in your own home is still a great investment."

According to an article, Renting versus Buying a home, "monthly mortgage payments can cost no more than a monthly rent check. But that owning one's own home is more about a simple mortgage payment. Benefits include potential tax breaks, building your own equity, and pride in ownership." Information found at htttp.www.lendingtree.com.

I asked Ms. Ware why she thought that her clients were choosing to rent instead of purchasing homes? Ms. Ware, "I think people are still hesitant to purchase a home based on the media coverage regarding the mortgage sub-prime market and the amount of inventory there is to choose from. However, rates are still historically low and a home is still one of the best investments that you can make."

According to a Aug, 28, 2007, Chicago Tribune article, "Chicago's inventory of homes for sale jumped by 4.5 percent from Feb to March, exceeding the 6.5 percent average of 18 major metropolitan areas."

Also, the Illinois Realtors Associations release a report that said that, "That there wee 14,553 total home sales in July 2007, 9.9 percent below July 2006 with 16, 156 houses sold, year-to-date, sale down 14.2. percent to 87,237 homes sold January through July 2007 compared to 101,723 homes sold during the same period last year." Information found at http://www.illiniosrealtor.org