Is Now Time to Buy a Home?

The Winds of change are blowing…

With interest rates for a 30-year fixed mortgage surpassing 5% and some home sellers reducing listing prices, that’s the million dollar question.

Last week, the average interest rate for 30-year fixed-rate mortgages, the most common type of home loan, with conforming loan balances ($453,100 or less) increased to its highest level since 2010, to just over 5%, according to the Mortgage Bankers Association and illustrated in the chart below (created by WolfStreet with Investing.com data). [Read more…]

The Summer is coming to an end, but the Chicago Real Estate Market is still hot. There are great homes to be found in Chicago and the surrounding suburbs. Check out our market report to spot the latest trends in Chicago’s top neighborhoods and suburbs.

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The Chicago real estate market started to really pick up in June. Lots of homes sold quickly, but there are still plenty of great homes for sale. I’ve looked through the numbers and picked my top neighborhoods and suburbs to search for homes.
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Inventory is still low, but things are finally starting to pick up! Depending on where you want to move in Chicagoland, you may have a hard time finding a home for sale that meets your criteria. It’s not all bad news though. A few popular neighborhoods have more homes for sale than they did this time last year.  In addition, the northern suburbs are significantly up in inventory.
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It’s no secret that this year’s real estate market is tough for buyers. We’re having a record breaking year when it comes to low inventory. Depending on where you want to move in Chicagoland, you may have a hard time finding a home for sale that meets your criteria. It’s not all bad news though. A few areas actually have more homes for sale than they did this time last year. [Read more…]

The housing supply in the Chicagoland area is very tight. We’re setting records for lowest inventory on hand in decades. That means it’s more important than ever to have a good plan if you’re trying to purchase a home. Decisions will need to be made quickly if you want to grab your dream house before someone else does because real estate is selling quickly!

The best thing you can do right now as a buyer is be prepared! [Read more…]