If you’ve been considering buying a home in Chicago’s North Shore, you may be wondering if now is a good time to buy. You’ve heard countless stories about the current national housing market and are leery of how that translates in the North Shore Real Estate market.
As a North Shore Real Estate agent for over twenty years, I’ve seen the market ebb and flow and understand the precautions potential buyers are currently taking. However, while the market is still working on stabilizing itself, now is proving to be an excellent time to buy a home.
Whether you’re interested in one of the beautiful homes in Glencoe, Highland Park, Northbrook, Winnetka or Deerfield; you’ll want to take a few minutes to read these five reasons why now is a great time to buy!
1. Low Home Prices- In this buyers market, the competition for sellers is high. North Shore homes are selling at record low prices making now a perfect time to cash in on a great deal.
2. Low Mortgage Rates- Buyers are able to begin building equity right after they close on a home because of today’s lower mortgage rates. There’s hope that these low rates will encourage potential buyers to jump in to the real estate market and help with the healing process.
3. Move-in Ready Homes- According to recent studies by the Harvard Joint Center on Housing, there have been many home owners who have held off on selling their home. They’ve been waiting for the market to pick back up, and while waiting have either put money into remodeling or have kept their home in good repair. They wanted to make sure that their North Shore home was in ideal condition before listing since it is a buyer’s market with many other homes from which buyers can choose. That’s great news for those who are buying as most homes are in move-in ready condition!
4. Low Down Payment Mortgages Available Low-down-payment financing through Federal Housing Administration-insured mortgages is available as an additional incentive to buy a house now. Down payment minimum requirements also fluctuate and may increase as the market heats up, so potential buyers with less cash to close on a deal may be well-advised to buy now.
5. Lenders Offer No-Fee Mortgages Many banks and other lending institutions are waiving mortgage loan generation and other fees and points (each point represents 1% of the loan amount), thereby reducing the cost of buying.
Buying a home in the North Shore can be a very smart financial decision given the current real estate market! If you have questions about buying a North Shore home or would like to view some of the homes currently available on the North Shore Real Estate market, please feel free to contact me!
I would love to help you find your next home!
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