How long will prices keep dropping in downtown Chicago and what %?
I think another question is this: How long are you going to be living in the condo? If you are planning to live in this property for more than 3 years, you will have a price appreciation after the market begins to correct itself. Even if the amount of money is not great, you will always have the equity you have put into your condo from the time you have spent paying the mortgage. The longer you hold onto your property, the more money you will make in the long run. Seeing as interest rates are on the rise, even though prices are still falling it behooves you to make that buying decision sooner, rather than later. Your mortgage payment will most likely be the same right around these next several months, because of that dynamics of market values and loan rates. After that, it is anyone’s guess what will happen. When the FED stimulus package for real estate gets all used, interest rates will begin to rise… which is already happening…… and there is only about 2 months left of the mone
