If you haven’t been keeping up with real estate market news, as
your North Shore real estate agent, let me fill you in on some key
factors. This summer is the ideal time to both buy and sell, so I wouldn’t
want this news to slip under your radar! If you want to buy and/or
sell a home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities, now may be your perfect opportunity.
For North Shore homebuyers, the great news is that mortgage rates are hovering near
historic lows, and signs show that they will remain low for awhile.
Freddie Mac said they predict an average mortgage interest rate of
3.4 percent for 2020. This week they were as low as 3.13 percent! By locking in a low rate, you can save
thousands of dollars over the life of your loan, and even hundreds
per month! So, whether you are buying your first home, buying a
second home, or selling your current home to buy a new home, low
mortgage rates will work in your favor.
The less positive
news for buyers is that the inventory of homes for sale is still low.
So, to better your chances at having one of your offers accepted, you
should be preapproved by a mortgage lender before you start your home
search, to give you a competitive advantage and accelerate the
home-buying process. You should also work with a trusted real estate agent, so you know about homes as soon as they are listed, or even
before they are listed to the public, so you get in to see a home as
soon as possible, so you have a professional negotiator on your side
when making offers, and so you have a professional to guide you
through a bidding war if it comes to that.
For North Shore home sellers, low mortgage rates are also good news, because so many
buyers are out and eager to buy while rates are low! Many listings
are flying off the market because of supply and demand. In May, listings fetched nearly three offers each. The demand is
high from buyers, the supply of homes for sale is low. These are
perfect conditions for a home seller to sell their home fast, and for
a great price.
The sooner you list,
the better, because more homes are likely to enter the North Shore real estate market as the summer season continues, and as more
COVID-19 restrictions are lifted. You can feel safe and secure
showing your house now, as many safety guidelines are in place to
protect homeowners and their space, even during live showings.
If you feel ready to
buy and/or sell on Chicago’s North Shore this summer, or you’ve
got questions about the local market or the home-buying and/or
home-selling process, give me a call! As your local North Shore real estate agent, I can answer all of your questions and get your started
just as soon as you’re ready. Don’t let this excellent
opportunity pass you by!
Janie Bress
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Local Expert... with National Connections!