When it comes to Round Lake real estate the time to buy could be now. A recent headline from Fortune Magazine reads "Real estate: It's time to buy again", and the general sentiment seems to be ringing true in markets across the nation. What makes buying Round Lake real estate a wise decision?
Mortgage rates will not remain low forever and are actually increasing slightly, having risen by nearly 3/4 of a point over the past six months. A rise in rates can alter the overall cost of a home significantly.
Mortgages of the future are a bit unclear at the moment. There is a lot of ongoing debate about what the government's role will be in the mortgage industry, as well as the possible elimination of the 30 year mortgage.
Mortgage requirements may get much stricter. Possible changes to the requirements for a qualified residential mortgage include: certain types of mortgages being eliminated altogether, the need for 20% of a down payment (or more), a minimum FICO score of 690, ratios of income to mortgage and overall debt being 28% and 36%. While none of these new requirements have been set in stone the possibility exists. There will of course be additional loans available but the cost would most likely be much higher.
As the demand for rental properties continues to grow rents are expected to rise.
You may have been waiting for the ideal time to buy Round Lake real estate, and all indicators point to now being that time. Please contact me today to talk about the timing of the market, discuss any questions or concerns and have access to all Round Lake properties that are currently listed for sale. As an experienced Round Lake REALTOR® my knowledge can help you evaluate whether now could be the best time for you to jump into home ownership.
Click here to read the Fortune article, "Real estate: It's time to buy again".
As a Round Lake Realtor I take pride in providing information about what is going on in Round Lake, whether it is about homes, festivals, concerts and more. If you would like more information on Round Lake Real Estate, contact me, Marilyn Smith at 847-668-7630 or email me at Marilyn@NorthernIllinoisHomes.com. Visit my website www.NorthernIllinoisHomes.com for all of your real estate needs.
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