If you’re in the market for a new home or condominium around the North Shore Real Estate, there are currently some great deals in many communities around the area. However, qualifying for financing can be one of the biggest hurdles for potential buyers.

Those buyers that do qualify for a loan are starting to see rates come down for almost every type of loan available to homeowners. Rates for a 30-year fixed loan dropped to an average of 5.96 percent, down from 6.35 percent a week ago. 15-year loan rates have also come down to an average of 5.59 percent. A week ago the average rate for this type of loan was 6.04 percent.

This is great news for qualified buyers currently on the market for a condominium or home in the Chicago region. However, for a growing number of Americans, owning a home is becoming a near impossibility as tough mortgage requirements decrease the number of people who can qualify for a new loan. Congress continues to work with banks and lenders to free up credit markets. The past few weeks have been a rocky ride for banks, leading to a virtual freeze in lending. However, the Treasury has pumped billions into the banking industry. Buyers should keep an eye on developments in the next few weeks.

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Sales of new and resale single-family homes around the North Shore haven’t shown a drastic decline as a result of the plunge in the stock market during the past week. However, the market is starting to see a slight drop in demand for homes in this price range.

According to data taken from the MLS today, a total of 17 single-family homes priced at over $1 million were sold during the first two weeks of October. This is down slightly from the 20 closings seen on million-dollar homes during the first two weeks of September. When compared to the same period in October 2007, the decline in sales is a bit more noticeable. A total of 28 homes were sold for more than $1 million during the first two weeks of October 2007.

The region has also seen a decline in prices during the first two weeks of October. The average sales price of homes sold for more than $1 million was $1,508,529, a 20 percent drop from the same period a year ago. Last October the average sales price topped $1.9 million. The luxury market around the North Shore as well as in downtown Chicago has enjoyed strong sales in the past few months, despite a downturn in demand for more affordable units on the North Shore Real Estate market. However, it seems that even the richest Chicagoans are starting to feel the pinch.

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Sales of new and resale condominium fell in September around the North Shore. It was the second straight year of declining sales in the neighborhood. Prices plunged more than 17 percent as demand for the most expensive units dropped during the month.

According to data from the Chicago Association of Realtors, a total of 124 condominiums were sold during September around the North Shore, down from 136 units sold during the same period last year. However, the drop in sales was much less pronounced than a year ago, when sales were off by 32 percent.

Demand for the most affordable units soared during the quarter. 60 units were sold for less than $250,000 in September, up from 44 units sold in that price range a year ago. Demand for the condos priced over $1 million fell by nearly 50 percent during the month, with just 6 units sold in that price range.

The drop in demand for the highest priced condominiums led to a pronounced drop in the average sales price during the month. The average sales price in September reached $308,010, down 17.2 percent from the same period a year ago. This is good news for homeowners and developers with affordable North Shore Chicago Condos on the market.

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