EVERY REAL ESTATE MARKET IS LOCAL. ASK A SEASONED REALTOR, LIKE LYN SIMS, WHAT'S GOING ON LOCALLY!
This time may be your "best opportunity" market in years! Mortgage interest rates are low and prices in Northwest Illinois are still holding fairly well, generally area prices are flat. The median price home sale in Illinois is actually UP at $198,768*. The Chicago Median Price for a home is $264,271* which is also UP. NOT EVERYWHERE IN EVERY NEIGHBORHOOD ARE PRICES FALLING. That's why I'm saying the real estate market is local - it even makes a difference from subdivsion to subdivision in every single town! But, over time and the long haul, no investment comes close to real estate so now is a great time to buy, sell or invest.
So again, "All real estate is local." What's happening in your local market is all that matters. Ask a great local REALTOR, like Lyn Sims at RE/MAX Suburban what's going on in your market. She is an expert in pricing, buying, demand and selling patterns.
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. Don't be scared off by forecasts that encompass the entire United States! Think how ridiculous that is!
Is it a good time to buy? I'm saying YES!
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. Lyn Sims still has 100% financing available to those that qualify! There are still programs that offer down payment assistance to buyers - but you have to know the right people to get the help!
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 early 1980s. People bought homes then and they can buy them now!
Housing is your best long-term investment. I'm saying YES again!
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.
Why wait? It's a good time to buy and grab your piece of the American Dream!
Lyn Sims at Re/Max Suburban (847)230-7324 works in the Northwest Suburban Chicago areas of Bartlett, Roselle, Bloomingdale, Schaumburg, Hoffman Estates, Hanover Park, Elgin, South Elgin, Carol Stream, Medinah, Palatine, Elk Grove Village.
Sources: National Association of REALTORS® **2008 Houseing Price Forecast from the University of IL