When it comes to Chicago real estate, the time to buy is now but interested buyers would be wise to be quick, but not hurry in finalizing a Chicago condo sale.
While mortgage rate averages are on an upward trajectory (despite fluctuating up and down over the past several months) interested home and condo buyers in Chicago shouldn’t rush into a transaction just because they’re afraid mortgage rates will continue to rise while they make up their mind.
Buying a new home or condo is one of the most important financial decisions that you’ll make in your lifetime so you’ll want to be sure you’re properly vetting every aspect of the process.
According to the Keeping Current Matters blog: “Every spring a surge of prospective purchasers enter the housing market. Like you, they will want the best home available in the best location at the best price. They will be competing with you for the ‘steals’ in the market. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy available today that no longer be available as the market heats up..”
In addition to rising mortgage rates, rising median home and condo prices should also further encourage buying in the busy spring and summer seasons.
Limited inventory will continue to influence this trend, but it could be offset in the coming months and years as more home and condo owners are expressing confidence in factors including real estate and economic health, leading them to express interest in selling.
If you’d like to learn more about Chicago condos for sale in the Lake View, Lincoln Park, Gold Coast and River North neighborhoods, please contact me today. I’m a licensed Chicago real estate professional who would be more than happy to show you around.