The cost of homes in the Chicago market is still low, even though the real estate market is starting to rebound. The interest rates remain at a historical low as well, and this could mean great things for a buyer. In fact, now might be one of the best times in history to buy a new home as long as you have the money for a down payment and a good job. Benefits of Buying Now The money that you put into the home is going to go further, and this means that you can get more home for less money. Because the prices and rates are lower than they have been, it means that you are going to be saving quite a substantial amount on the cost of your home. Of course, this does mean that you should act as soon as you are able. Home prices are rising, albeit slowly. As the prices of the homes go up, it means that you are going to be paying more over the life of the loan. Having low interest rates is great, but you still want to make sure that you act quickly. If the rates were to go up while you were making up your mind, it could cost many thousands of dollars. The same is true if the price were to rise by just a couple of percentage points.
You will want to lock in one of the low interest rates when you have the chance. Do You Qualify for Low Rates? While the rates are lower for those who have great credit, those who have some blemishes might find that the rates for their Chicago home are not as low as they would like. What does this mean for you? Take some time to patch up your credit and repair it a bit. The better your credit, and the more money you have to put down, the easier it is going to be to get a good deal on the loan and to get better rates. The rates will eventually go up, but you have some time to repair your credit and then buy. You just have to start fixing your credit now. Know If It is Time to Buy for You Is it really time to put in an offer on the house or condominium you’ve always wanted? The best way to know if it is the right time for you to buy is to talk to a lender and a real estate agent about what you are going to need to do to get into the home of your dreams as quickly as possible. Prices are still great, and the interest rates are nice and low. This truly is an excellent opportunity for those who are in a position to buy. Start looking at the different homes available in the Chicago area, and you should be able to find several nice options that are within your price range and that have the features that you need.
The Hancock Group with @properties specializing in downtown Chicago Real Estate including The Gold Coast, South Loop, West Loop, Streeterville & Lincoln Park for over 10 years. Call/Text/Email Us today at 312-296-9300, or Find us on Google+