The more I find the Chicago real estate market in the news, the more obvious it becomes that the state of the market now is unlike any other that we will likely see in our lifetimes. Prices are low, sellers are eager, and the market is more advantageous to buyers than ever before. If there was ever a time to shop Chicago homes for sale, this is it.
The Wall Street Journal reported last week that Chicago home prices were down 7.5% from where they were a year ago, indicating that prices on Chicago homes for sale could be very near the bottom and time could be limited for buyers to act. Sellers are being more competitive than ever when pricing their homes for sale, which is also great news for buyers who are looking to get a deal.
But time could be limited for buyers to get in on this market. The report also mentioned that pending home sales and mortgage applications were up in January, so the market could be poised to turn around quickly and never look back.
That’s why I’d encourage any potential buyers to, if you haven’t already, to start searching Chicago homes for sale. If you’re able to make a sizable down payment and have great credit to support a mortgage loan, the market couldn’t be better set up for you to take action.
Timing a Chicago Real Estate purchase
Though many have tried, we all know that you just can’t time the stock market, as it can turn on a dime. The real estate market operates in the same way—with many unpredictable factors playing into it, it’s very difficult to pinpoint the perfect moment to make a move.
That being said, potential buyers can only work with what they know, and many factors right now are indicative of a once-in-a-lifetime opportunity to purchase Chicago real estate and get the best deal possible. Low rates, low prices, anxious sellers and low activity in the market are all signs pointing to now as a very unique chance for buyers.
I’m not suggesting buyers should purchase homes without doing their due diligence, but if you’ve got the credit and the down payment to buy, this opportunity won’t be around for long.
Building Assets with Chicago Real Estate
Real estate is a smart addition to an asset portfolio. A wise variety includes bonds, stocks and real estate to help build wealth for your retirement. Taking advantage of buying conditions right now helps build an “easy-money” asset by amassing the equity over the long term.
This isn’t a strategy for buyers looking to buy and flip. Investing in Chicago real estate now is perfect for those looking to have a home to live in for several years, providing you with a great place to live and an investment that will likely grow over the coming years. Noted economists have predicted that the price of commodities will increase in the near future, which is almost always followed by an escalation in real estate prices. Plus, many Chicago condo buildings are so revered and coveted by potential residents that they maintain their resale value.
Mortgage Rates on Chicago Real Estate
Prices alone means there are major deals to be made in Chicago real estate. But lower-than-low mortgage rates are also a dynamic reason for buying now. Rates aren’t expected to remain where they are at now, and once the government begins to withdraw from its “easy money” philosophy, I do believe the real estate market will change dramatically, which will drive rates up very quickly.
I can’t say it enough—buyers who are well-situated to make a real estate purchase should no doubt act now. Give me a call at 312-264-5853 or email me at firstname.lastname@example.org and we can talk about what you’re looking for and help you find that once-in-a-lifetime deal on Chicago real estate.