This time may be your best opportunity market in years. Mortgage interest rates are low and prices in Illinois are still holding strong. Over time no investment comes close to real estate so now is a great time to buy, sell or invest.

All real estate is local. What's happening in your local market is all that matters. Ask your local REALTOR what's going on in your market. They are the experts in pricing, buying and selling patterns, and demand.

Don't be scared off by stories about a "credit crunch." Conventional loans are available for credit-worthy buyers seeking these types of mortgages. And mortgage interest rates remain at historically low levels.

Is it a good time to buy?

People will always need to buy or sell a home whether a move is job-related or you are ready to downsize or expand.

The national housing market has received a lot of negative press lately with stories of mortgage market tightening and increasing foreclosures. But for the average person with good credit, traditional financing is readily available.

It's important to do some homework before you buy to see what you can afford and what your financing options are. Today, mortgage interest rates are well below their all-time high of over 18 percent in the 1980s. People bought homes then and they can buy them now.

Housing is your best long-term investment

Homeowners who are in it for the long-term are coming out well ahead. Here's why. Because of the power of leveraging, a $10,000 down payment on a typically priced home in the United States at a typical home price appreciation of 5 percent will return $110,000 after 10 years. The same $10,000 invested in the stock market appreciating at 10 percent annual increases will result in $23,600.
Source: National Association of REALTORS®

Why wait? It's a good time to buy and grab your piece of the American Dream.

NEWS UPDATE: FHA loan limit increases to help homebuyers in Illinois.

As part of the President's recently signed economic stimulus package, loan limits have increased for Federal Housing Authority (FHA) mortgage loans as well as conforming loans from Fannie Mae and Freddie Mac. NAR research finds that increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. REALTORS also believe that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market. Learn more by contacting an Illinois REALTOR or visit HUD.