Own For The Holidays

Own For The Holidays
Benefits of homeownership endure even in tough times NOVEMBER 2011

Unbelievably, the holidays are already upon us. We've barely enjoyed Indian summer, and it's already time to order the turkey, invite the relatives, and spruce up our homes for Thanksgiving. Does your pre-holiday to-do list include painting your dining room "yam orange" to match a favorite side dish? If so, better hope you're a home "owner" rather than a home "renter," or your landlord may enforce a "mashed potato beige" color scheme.

In addition to free rein on decorating, home ownership has other distinct advantages. These days, believe it or not, that includes affordability. That's right. Trulia's Rent vs. Buy Index tells us that Chicago ranks as a city where it is more affordable to buy than to rent. Why?

Skyrocketing apartment demand for starters. Crain's Chicago Business (10/31/11) reports that 2011 will be the strongest year for local apartment-investment sales since the end of the housing boom. As a result, landlords are pushing rents and good apartment deals are increasingly hard to find.

Also, as consumers continue to feel less than confident about where to invest harder-than-ever earned dollars, home ownership still represents a stable, long-term investment. Couple that with record low interest rates and yes, even the chance to build equity; and Chicago remains a good place to host a lifetime of Thanksgivings.

So, even though home prices haven't been rising at a rate that makes ownership as attractive as in years past, here's a toast to turkey and dressing amidst your yam-hued walls, and maybe even a few bucks leftover for Black Friday.

Wishing you and yours a Happy Thanksgiving and a joyous holiday season. And please remember that even though the holidays are here, I remain available for your real estate needs. I'd love to be thankful for your referrals as well!

•• We proudly share that @properties co-founder Michael Golden was honored as the 2011 REALTOR® of the Year by the Chicago Association of REALTORS® at the organization's inaugural gala held October 5 at Navy Pier.

•• On October 12 and 13, more than 60 @properties agents participated in "Extreme Makeover: Deborah's Place Edition," a two-day event to beautify the North Side location of Deborah's Place, Chicago's largest provider of supportive housing, services and programs exclusively for women. The organization is a 2011 @properties Friends & Neighbors Community Fund grant recipient.