It might just be the most pressing question of 2010: is it the right time to buy Chicago real estate?
The quick answer is an enthusiastic yes. With a down payment for 20% or more and good credit, the timing couldn’t be better and likely won’t last much longer. Sellers are more motivated than ever to move their properties, and for several reasons. One is that the winter season is ideal for buyers, because sellers don’t want to hold real estate during the cold weather. And with the future of the real estate market still relatively unknown, sellers are anxious and don’t want properties sitting on the market for months after months.
A recent article from CNN also lists a few reasons why all signs point to now when timing a real estate purchase. One is mortgage rates. While home values may continue to be volatile, rates are lower than ever—at 4.5% in August for a 30-year mortgage. Whether you’re looking for Chicago homes for sale to find your primary residence or find the right investment property, buyers making a move now means they can take advantage of these practically unheard of mortgage rates.
Another reason the article mentions is demand. The article notes that real estate trends have moved toward an urbanization in American housing—much like New York has sustained its real estate market, cities like Chicago are expected to follow suit in a similar way. Urban, efficient Chicago homes, such as Chicago condos, are likelier to keep up in demand than large, high-maintenance homes in the suburbs that create long commutes, the article says.
Using proprietary research information from the market and my 22 years of Chicago real estate experience, I’ve also identified several special cases where buyers are able to get a deal on certain properties. If buyers are qualified and can produce a down payment, there are many Chicago homes for sale—including condos and new construction—that a buyer should be able to get the property at a spectacular price.
Buyers now have an opportunity not likely to reappear, so those on the fence should certainly begin searching to find the perfect Chicago home for them. To learn more about what Chicago real estate properties are prime for creating a deal for buyers, give me a call at (312) 498-5080 or email at email@example.com.