Wondering when you should get in the Chicago real estate market?
THERE’S NEVER BEEN A BETTER TIME TO BUY!
Whether you’re buying for the first time, selling and buying, or downsizing ….
NOW IS THE TIME TO MAKE A MOVE!
Rates are the lowest in over 30 years — Freddie Mac reported September average rates at 3.38%!
Prices have stabilized – in some places, they’re reporting increases. Yes, prices dropped between Jan 2008 and July 2011, but prices are now showing a stabilization.
This chart shows average prices on condos/homes on Chicago’s North Side:
Consumer Confidence is up again in November – 3.8%, but here in Chicago, properties are flying!
Inventories are low – while at one time, condo listings represented 24 + months of inventory, today there are only 3.8 months’ worth of units on the market. (Lenders use 6 months as a benchmark for determining market health.)
On a personal note, I have been helping clients find investment property. We are having to put in offers immediately – 6 properties have sold within a week, sometimes with multiple offers.
Don’t wait to read this in the newspapers – by then it will be too late to take advantage of the opportunities
Expect the following:
- Declining inventories between now and Feb 2013
- Increasing demand around Feb 2013
- Mar-May 2013 — prices will rise & inventories will remain low — but where will interest rates be? Ad 1% difference on a $250K loan means more than $49K in payments over the life of the loan (and $1647.48 more per year!)
If you’re thinking about buying or selling, call or email me right away!
Need to Find a home in one of the Chicago Neighborhood Elementary School Districts?
Search for homes in the districts most often requested by buyers over the last year:
These are not the only neighborhood searches available – email me for other school districts or CPS elementary school information in general.
And, if you’re participating in the selective enrollment lottery, remember the December 14 deadline — good luck!