Wednesday, January 27, 2016

3 Key Tips for Buying A Home on Chicago's North Shore in 2016

In a previous blog post, I shared why 2016 could be your year to buy a home on Chicago's North Shore, from low mortgage rates to low down payment options to rents now at an all-time high! But if the question for you is not if you will buy a home on the North Shore this year, but how you will make the purchase, then I am happy to share the following tips to guide you on the right path!

Keep these tips in mind as you make preparations to buy a home in Winnetka, Glencoe, Highland Park, Northbrook, Deerfield and the surrounding communities and throughout your house hunt:

Don't wait too long
Did you know the majority of buyers who plan to buy a home over the next 12 months say they will likely wait until spring or summer to make a move? According to a new survey, buyers plan to sit back until the busy real estate season begins! However, the truth is that those who begin their house hunting early in the year will find less competition and yet just as many homes on the market!

Consider all of your options for homes
When you begin house hunting you will find both new and existing homes for sale on the North Shore. And while you may think purchasing an existing home or one that does not require customization or finishing is the best option, do not be too quick to rule out new construction! New construction is expected to see a boost this year, with new home sales rising 16 percent from last year's levels.

You may be met with less competition in the new construction market as well as find a larger variety of homes to choose from, but these new properties do tend to cost more. Before making your decision on which type of home to buy, be sure you've considered all of these factors!

Always shop for a mortgage
Many homebuyers on Chicago's North Shore may take the first interest rate quote they receive from a lender and be on their way, but that is not the most cost-effective choice! Shop around for a mortgage and gather quotes from more than one lender on the same day. As rates are expected to rise as high as 4.65 percent over the next year, a lower quote could mean thousands of savings over the life of your loan.

You can count on me as your North Shore real estate expert to provide you with the best tips for buying a home in our area this year! Contact me today with any additional questions you have about the process or for a list of available properties in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook and the surrounding communities!

Janie Bress
Your North Shore Real Estate Expert

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