Wednesday, August 12, 2015

Move Up to Your Dream Home on Chicago's North Shore

The housing market on Chicago's North Shore is constantly changing and this year, it has prompted many residents and homeowners to make a move. In fact, now is the best time to move up in Glencoe, Deerfield, Winnetka, Northbrook and Highland Park!

Many sellers are realizing that waiting to sell while mortgage rates are on the up and up is not wise. As these rates increase, the price of the next home you can afford will only decrease if you plan to stay within a certain monthly budget.

How much? With every quarter percent increase in mortgage rates on the North Shore, the value of home you can afford will decrease by 2.5%. Take a look:

On a $400,000 home:
3.75% interest rate = $1,852 monthly mortgage payment

On a $390,000 home:
4.00% interest rate = $1,862

On a $380,000 home:
4.25% interest rate = $1,869

On a $370,000 home:
4.50% interest rate = $1,874

On a $360,000 home:
4.75% interest rate = $1,878

With housing prices moving higher and mortgage rates projected to rise one full percentage point by this time next year, there is no doubt the timing is right to spring for your dream home. Make the most of your budget now by purchasing the home in Glencoe, Deerfield, Winnetka, Northbrook or Highland Park you've always wanted!

Ready to get started and take advantage of the currently low rates? Contact me today for more information about available properties on the North Shore— I'm happy to help!

Janie Bress
Your North Shore Real Estate Expert

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