Wednesday, October 20, 2010

5 Reasons to Buy Now in Chicago's North Shore!

If you’re thinking of buying a home in Chicago’s North Shore, I would suggest that now is a great time to do so! Not only is Chicago’s North Shore a beautiful place to call home, but the fall season is a great time to buy as well! North Shore sellers are hoping to find a buyer and move on before the busy holiday season gets under way, which means they may be a little more motivated to work with you on the selling price.

It’s apparent that across the nation, and even in North Shore Real Estate, people are leery of the current housing market. They aren’t quite sure if buying a home is a wise investment when there’s no assurance that the market will improve. Recently, The Wall Street Journal highlighted reasons why now is an ideal time to buy a home. I thought it important to share a five of the reasons why buying a home in Chicago’s North Shore is a smart investment.

1. You can get a great deal- Along with it being a buyers’ market; prices have come down a long way– about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities.

2. Mortgages are cheap- We’re seeing the lowest rates on record! You can get a 30-year loan for around 4.3%, which cuts what you would’ve been paying two years ago for a North Shore home by 1/5. If the housing market picks up, it’s highly unlikely that you’ll see these rates again.

3. You’ll save on taxes- You can deduct the mortgage interest from your income taxes and you can deduct your from your North Shore Real Estate taxes. Many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It offers some inflation protection- While it's not perfect, studies by Professor Karl "Chip" Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a few percentage points a year. That's valuable inflation insurance if you’re planning on staying in Chicago’s North Shore long term!

5. Sooner or later, the market will clear- Demand and supply will eventually balance each other out. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing slump will work itself out. Many of the homes will be bought, and prices will go back to their previous state.

These are just a few key reasons why owning a home in Chicago’s North Shore doesn’t come at a better time! You’ll find many stunning homes on the North Shore Real Estate Market and one that will fit your needs and lifestyle! If you’ve been unsure of where to start; let me know! I’ve worked in Chicago’s North Shore for over 25 years assisting buyers and sellers through the housing market. If you need a North Shore Real Estate agent, feel free to contact me today! I look forward to helping you find your next home!

Janie Bress

Your North Shore Real Estate Expert

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