Home sales and prices ended 2005 with a bang according to the Realtor association. Single-family home sales in Chicago showed slight signs of cooling in December, while demand for condos remained steady. Total Illinois home sales (which includes single-family and condominiums) outpaced the previous record set in 2004, even though sales in December were off slightly. According to the latest survey from the Illinois Association of Realtors, a total of 183,123 home sales were reported in 2005, up 1.9% from 179,549 total sales in 2004.

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Have a great day!
Stacy

Working with a mortgage broker to get pre-approved is an important first step in the buying process. What you can afford is based upon a number of things:

1. What you earn versus what you owe- referred to in the mortgage business as "debt-to-income ratio"

2. Your credit rating, which will determine the interest rate you qualify for

3. How much you have for a down payment and how large a monthly payment is comfortable for you

I work with a number of mortgage brokers that have extremely competitive programs and most importantly- show up with funds at closing! Please contact me for my recommendations.