Chicago Relocation

$800 Billion – Will it rustle up more Chicago Relocation Sales?

October 6, 2008

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In a 263-171 vote, the house of representatives passed a massive bailout program last week that Mr. Bush very quickly signed into law.  (How) does this affect someone wanting to relocate into or out of Chicago?

Well, with some really really bad loans being taken off the books of many institutions, the theory is that they’ll have money to lend again — Presumably in a more cautious and responsible way. As much as it’s no fun to take the burden for those no-doc loans, it probably was necessary to keep our economy working. Thanks to the FDIC no one has lost cash in a bank in a long time – but to see money market fund values dip below $1/share was a bit dicey to take.

Baird & Warner sees many many relocation buyers and sellers each year, and at the end of the day the more people who are available to buy your place, the easier it is for entire system to work.  And it certainly can “trickle up.”  For example, when a responsible young buyer gets a loan for that first home condo in Lakeview, they give the opportunity for the seller to buy a step up larger condo in Ravenswood.  That seller in turn can buy a larger townhome in Andersonville.  Etc. etc. until you are buying a $1000/sf luxury home at The Ritz Carlton on Michigan Ave. in Chicago’s Goldcoast!