Wednesday, January 6, 2016

3 Reasons Why 2016 Is Your Year to Buy A Home on Chicago's North Shore

In my last blog post, I shared how you can start with a clean slate in your North Shore home this year. However, if you're a first-time buyer or do not yet have that home to make your own, you're in luck! A variety of factors have created what's being called the "perfect storm" for homebuyers to jump into the market and secure the home of their dreams!

Below are three reasons why 2016 is your year to purchase a home on Chicago's North Shore:

Rents are at an all-time high
If you're still renting on the North Shore, you have likely noticed a few rent hikes throughout the years. In fact, rents surpassed home values in nearly all of the major housing markets across the country. The better option (and use of your money!) is to purchase a home and start to build equity, rather than say goodbye to a large amount every month never to see it again.

Rents are only going to go up from here, so why not take this chance to become a homeowner in Winnetka, Highland Park, Deerfield, Northbrook, Glencoe or the surrounding areas?

Low interest rates may not stick around
We have grown accustomed to interest rates under 4 percent in 2015, but the year ended with an increase, pushing them above that mark. The good news is that these rates are still considered "historically low," given they hovered around 18 percent in the '80s, but they may not be here to stay! Rates are projected to be up over 4 percent by the end of 2016, so don't wait!

Down payments are not as strict
Yes, there used to be a time when buying a home meant you needed to have 20 percent down or there was no deal. But those days are gone! Homebuyers on the North Shore can now purchase a home with as little as 5 percent down all thanks to programs designed to give buyers a boost. If you've been holding off on purchasing your dream home because of the down payment, now is the time to jump into the real estate market!

As your real estate expert on the North Shore, I'm here to walk you through the process of buying a home, whether it's for the first time or the fifth time! I've helped numerous buyers find their dream home in Winnetka, Highland Park, Deerfield, Northbrook, Glencoe and the surrounding communities and am ready to help you do the same for the new year!

Give me a call today!

Janie Bress
Your North Shore Real Estate Expert

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