So you’ve found the home of your dreams. The neighborhood is perfect and you’re ready to sign on the dotted line. However, you’ll need to keep in mind the closing costs, which can become a bigger problem than you may have expected.

In a slow market, buyers find themselves in a much stronger position to negotiate who actually pays the closing costs involved in the purchase of a home. It is becoming much more common for both the seller and buyer to share the closing costs, particularly when dealing with a highly motivated seller.

Closing costs in general are less than 2 percent of the total price of the home. However, when you consider that your $400,000 home will cost you well over $6,000, those costs can become prohibitive. Costs include taxes and fees surrounding the issue of your home loan. While these are your responsibility to cover if no agreement is in place with the seller, you can easily work a cost sharing agreement into your contract.

Sharing the cost of closing with the seller can be a great way to enjoy significant savings the next time you buy a home on the North Shore Chicago Real Estate market.

Technorati Tags: North Shore Chicago Real Estate, Chicago Homes For Sale

The real estate market on the North Shore of Chicago has seen a drop in sales of both condominiums and single-family homes during June. Sales of new and re-sale single-family homes were off by more than 28 percent from the same month last year.

According to data from the MLS, a total of 294 homes were sold during June across the North Shore. Sales were down by 28.6 percent from June 2007, when 412 homes were sold in the area. Demand for the most expensive condominiums was also off during the month. A total of 75 homes were sold in June for more than $1 million, down from 113 homes sold in the same price range during June 2007, a drop of more than 33 percent.

The drop in demand for the most expensive single-family homes led to a lower average sales price for homes sold during June. The average sales price stood at $848,401 in June, down nearly 3 percent from the same month a year ago.

Buyers on the market for a great deal on North Shore Chicago Real Estate could start to see prices come down for many homes around the area if demand doesn’t pick up in the short term.

Technorati Tags: North Shore Chicago Homes For Sale, Chicago Real Estate, Chicago Homes

Sales of condos on Chicago’s North Shore plunged again in June. According to data from the MLS, sales of new and re-sale condominiums were off by 36.5 percent from the same month last year, while prices showed a modest increase of 4 percent in June.

A total of 146 condominiums were sold during June, down from 230 units sold during the same month in 2007. The drop in sales was even more pronounced when compared to June 2006. A total of 280 condos were sold during that month, representing a nearly 50 percent decline in demand in the region.

The drop in demand for the lowest price condominiums was evident during the month. A total of just 58 units were sold for less than $250,000 around the North Shore in June 2008, down from 88 units sold during the same month in 2007.

However, buyers continued to take advantage of the highest priced units on the market. While sales were down, the average sales price continued to rise during the month. Prices were up by 4.2 percent in June.

The drop in demand for the lowest priced condominiums around the area could mean great deals for buyers looking for affordable North Shore Chicago Condos For Sale.

Technorati Tags: North Shore Chicago Condos For Sale, Chicago Real Estate, June Condo Sales Chicago