Potential buyers hunting for a deal among Chicago homes for sale may have more purchasing power than ever. One recent data report shows that the ratio of home prices to annual household income has dropped to the lowest level in 35 years—this is great news for buyers, but only if they’re prepared to take advantage of the opportunity.
The Wall Street Journal reported last week that housing affordability nationally had reached pre-housing boom levels, according to Moody’s Analytics. Chief economist Mark Zandi was quoted as saying, “Based on incomes, this is as affordable as it gets. If you can get a loan, these are pretty good times to buy.”
“Pretty good times” translates to “no better time” when it comes to Chicago real estate. Certain areas of the city are showing signs of bottoming out, indicating that buyers don’t have much time left to take advantage of what could very well be the best home-buying opportunity they’ll see in their lifetimes.
Chicago Real Estate: The Now Factor
They say there’s no time like the present, and for potential home buyers, that statement couldn’t be more true. A few reasons why:
Interest rates: Expert after expert has said that they didn’t expect rates to ever get as low as they did – and now they are slowly creeping back up. The opportunity to get a once-in-a-blue-moon mortgage rate on a Chicago real estate purchase is passing by.
Motivated sellers: What does a Midwest winter have to do with Chicago real estate? Not only are sellers motivated because of the market itself, but few people want to see an influx of Chicago homes for sale during winter months, when real estate (and the weather) isn’t exactly hot.
Buyer’s market: For buyers, those motivated sellers and low rates are topped off with incredibly affordable prices, great negotiating power and many great options in Chicago condos, single-family homes and even new construction.
Signs point to now: Many economists and housing analysts are expecting the housing market to reach its bottom later this year or early next year. But just as it is difficult to time the stock market, it’s not easy to time the Chicago real estate market perfectly. But with many expert opinions and pieces of evidence on the table, buyers can be confident that this is the time for them to get a rare deal, especially since certain areas of Chicago are already showing signs of being near that bottom.
I hate to see would-be buyers look back at this time and think, “would have, could have, should have.” For those with good credit and a decent down payment to make on Chicago real estate, you are in the drivers seat. Even better positioned are cash buyers, who are prime set for a great deal, since banks are right with lending and cash remains king. I’d be happy to help you find what you’re looking for and share more information on how buyer’s can really triumph in real estate—if they act now. Give me a call at 312-264-5853 or email me a firstname.lastname@example.org.