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.

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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.

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Sales of condominiums and lofts around the North Shore declined at an increasing rate in May. After showing year over year declines of more than 36 percent in April, sales in the region fell by more than 42 percent in May.

According to data collected from the MLS for the region, a total of just 104 condominiums were sold during the month around the North Shore statistical area, down from 180 units sold a year ago. The decline in demand is even more pronounced when compared to May 2006, which was the peak of the real estate market in the region. A total of 262 condominiums were sold during May 2006 around the North Shore.

While strong demand for million dollar condominiums is the news of the moment in downtown Chicago, the North Shore is seeing a drop in demand for the most expensive units. A total of just 9 condominiums priced over $500,000 were sold during May, down from 21 units sold in that price range a year ago.

Demand for the most affordable North Shore Chicago Condos has also suffered, with just 37 units priced under $250,000 sold during May, down from 71units sold in that price range during May 2007.

Technorati Tags: North Shore Chicago Condos For Sale, Chicago Real Estate, Chicago Condominiums