The Chicago Tribune this week reported that one in four Chicago-area mortgages are still deeply underwater, a potentially dampening statistic despite the news of a robust seller’s market this spring. According to the article, “seriously underwater” means homeowners owe at least 25 percent more on the loans than the property is worth. This phenomenon also explains the shortage of inventory, which has led to a highly competitive seller’s market this spring.
And the fact that so many homeowners are under water on their mortgages could lead to a higher rate of short-sales, which could be good news for investors looking to pick up additional investment property.
Speaking of investment property, we’ve got another new listing to share with you this week! This multi-family, Albany Park 3-flat at 4531 N. Kimball is situated on an extra-wide lot and priced to sell. It’s a well-maintained, solid brick 3-flat with a garden unit and features good room sizes, a solid structure and mechanicals in good shape. It does need updating and TLC but for the right client this could be an excellent investment property!
It’s listed at $425,000 and includes a 3-car garage. We’d love to show it to you! Contact us.
*Top photo courtesy of Flickr user Anne Rossley.