Wednesday, June 24, 2020

Now is Time to Buy and Sell on Chicago’s North Shore!

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


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1 comment:

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