The spring season has kicked off, and we are full steam ahead into the strongest real estate market in nearly a decade. If you have been on the fence about buying or selling your home, here are some important points to consider:
1. Increasing Prices. Home prices in Illinois have increased steadily every month for the past 41 months, and experts expect this trend to continue for the rest of 2016.
2. Historically Low Rates. Mortgage rates are around four percent right now, providing buyers with an incredible opportunity to keep monthly payments to a minimum.
3. Rents are Rising. RealtyTrac’s 2016 Rental Affordability Analysis found that buying is more affordable than renting in Cook County. The higher rents go, the more difficult it becomes to save for a down payment.
1. Less Competition. The number of homes for sale in Illinois in January declined 12.6 percent from January 2015, meaning there are even fewer homes to meet the incredible demand.
2. Shorter Market Time. Because demand is so high, available properties are seeing multiple offers after spending fewer days on the market.
3. Positive Price Appreciation. Homeowner equity, generally your largest source of wealth, has increased across Chicagoland due to the consistent increase in home prices.
If you are considering buying or selling in 2016, let’s set up a time to meet. We can discuss your specific needs and the conditions in your local market to develop a plan that’s right for you.
How can I help you achieve your real estate goals so that you can live YOUR life?
About Carol Juntunen: I’m a Realtor® with Baird & Warner in the Chicago northwest suburbs. My intention is to provide insights and information to empower you to make informed real estate choices and decisions, and guide you through the home buying, selling or renting process. Ready to buy, sell or rent? Contact me: Website: www.caroljuntunen.com Email: email@example.com Cell: 224-523-2217