I know it is only October and the year isn't over. But I do have to say 2013 has been one of the best years in real estate for Lake County IL that I've seen. For the first time since 2007 I'm seeing more homes under contract and closed then new homes coming on to the market.
So YEEAAAHHH! What does that all mean?
Well for sellers that means that prices are starting to go up. Now people that couldn't sell their homes for the past few years without bringing money to the closing table or short selling. CAN finally, at least start breaking even. In fact some areas in Lake County IL even have a shortage of homes.
What does this mean for Buyers???
Just as this blog entry is titled "you snooze you lose". If your thinking about buying? I wouldn't wait much longer. In fact it's time to stop thinking about it and do it if your going to. For starters there has been a lot of talk that interest rates are going to start going up in 2014.
Food for thought... let say right now you could be approved for $150,000. If the mortgage rates go up 1% YOU will lose $11,000 dollars of buying power!!! So if this happens in 2014 you'll only get approved for $139,000. Now take that into consideration on top of the fact that prices for homes in Lake County IL are starting to go up. By the time you actually do buy a home.... and I mean this... mark my words. The home you finally do buy won't be as nice as the home you could have bought if you took action sooner in 2013.
Bottom line, this "perfect storm" of low interest rates and low home prices is now closing. This is your chance to buy a home, live in it for a few years and then turn around and make a nice profit. I mean HELLO why do you think investors are gobbling up so many homes right now? Because the smart money knows that now is the time to act.
Think I'm just shooting off a sales pitch to you? The answer to that is NO! I'm giving you this advise because I myself am an investor as well as a real estate agent in Lake County IL. And because I'm in the market and read the numbers daily. I Know an opportunity when I see it. So YES I even bought my own home this year. That's right... I took my own advice. And I do practice what I preach. LOL
Should you have any question and wish to contact me. You can email me at John.Stanley@cbexchange.com
Thank you for reading,
John Stanley
Coldwell Banker Residential Brokerage (Libertyville)
J.S.=John Stanley=Just Sold
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