It’s no secret that I’m an advocate for making a Chicago real estate purchase sooner than later to take advantage of the ultra buyer-friendly market. And while of course there is some self-interest involved in my recommendations to buy, my knowledge and analysis of the market comes from many things: looking at the Chicago real estate market separately from the U.S. market, staying informed on financial news and taking a look at each prospective buyer’s situation individually.
Important considerations before buying Chicago real estate
But even with my background and real estate knowledge, it’s still important that a realtor such as myself isn’t the only reason you’ve decided to buy. Here are 5 other things to consider.
1. Read the news. Reputable news, that is. There’s a lot out there on the state of real estate in the United States, but there are also some great sources that offer reliable and un-biased information that buyers can put to use. For example, the Wall Street Journal and Fortune Magazine have both covered the market extensively and express the same sentiment: if you’re in a position to buy, now is the time to make a move.
2. Your finances. Think about building your asset portfolio that will help you when it’s time to retire. It’s a smart investment to add real estate to your portfolio when you have some leverage from a solid down payment. And this is currently the only investment that offers tax deductions that will help bring down taxes at the end of the year. Having real estate in your portfolio is certainly a way to save money simply by accumulating equity in your home over a period of time.
Not to mention that buying Chicago real estate has shown to be more profitable than renting right now, and renting costs are projected to go up. Housing is going to be an expense no matter what, and savvy buyers are taking advantage of such wise investments.
3. Your situation and lifestyle. Think about why you’re looking at Chicago homes for sale. For those people who aren’t looking for immediate gratification and do not want to speculate on or flip property, this is a great market to buy Chicago real estate that you could spend 5 to 10 years in.
4. The property you’re interested in. Many Chicago condos are in buildings that are well-situated to maintain their resale value. A building’s great location or the amenities and services available are just a few ways that properties preserve their value among buyers, and many Chicago homes for sale will do just that.
5. Mortgage rates. Rates for home loans are at all-time lows, and experts agree these opportunities could disappear quickly, and may never be seen again. Buyers can lock in those low rates on Chicago homes or Chicago condos now and put themselves in a good position when the market turns around.
There are many things that will influence a decision to buy, and one factor doesn’t necessarily trump another. But timing is everything when those factors are all aligned in a buyer’s favor. Give me a call to learn more about what this market has to offer. Contact me at 312-264-5853 or by email at email@example.com.