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How Is The Tax Credit Affecting Chicago North Shore Home Sales?



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By : Bonnie Kenney    99 or more times read
According to an article from Crain's, the first time home buyer's tax credit is assisting the recovery of the real estate market in the greater Chicago Metro area.

In November, says the Illinois Association of Realtors, homes sales were up by nearly 72%, largely due to the tax credit.

But was the effect the same in Chicago North Shore suburbs, where there are fewer people investing in condos and townhomes, and many more single family homes for sale?

Price points are higher, and many people seeking Chicago North Shore homes for sale are buying their second or third home, not their first. However, they might be able to take advantage of the $6,500 repeat home buyers' credit.

In November 2009, there were 8 homes sold in Winnetka for an average price of over $1 million. Similarly in Glencoe there were 8 home sales, but the average price was only around $750,000. Northfield saw 4 home sales at an average price of around $950,000, while no homes in Kenilworth sold in the month of November.

Relative to the autumn of 2008, when the real estate market for single family homes was hit hard, there are some positive comparisons. For instance, in Wilmette alone 32 homes were sold for an average price of over a million and a half dollars. Only 36 homes sold for over $1 million in the entire North Shore in October 2008. While in metro Chicago home prices dropped 9.1%, the prices of North Shore homes seem to be consistent with their value.

While you may not get a steal on Chicago North Shore homes, you can apply your home buyers' tax credit if you haven't purchased a home in the past 3 years. This can allow you to upgrade to a new home if you desire and use your tax credit to cover some of the down payment or closing costs. The tax credit was extended in November to last until April 2010, with closings on properties allowed until June 2010. With nearly six months to look for a home, it might be a good time to make a move if you've been holding off.

So whether you are a first-time home buyer ready to make a large investment in the North Shore, a repeat Chicago home buyer looking to relocate there or a long-time North Shore resident ready for an upgrade or to downsize, taking advantage of the home buyers tax credit can allow you to achieve your real estate goals and participate in the recovery of the Chicago real estate market.
Bonnie Kenney is a Chicago North Shore real estate agent.

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