Every now and then we like to provide our readers with a brief snapshot of how the Chicago real estate market is faring, and as we inch closer to the busy spring market, here’s a quick look at how prices, interest rates, and the outlook for buyers and sellers is around the city of Chicago:
Chicago Real Estate Prices:
According to recent stats, prices on closed properties for all MLS listings is up 5.13% from $226,562 year-to-date in 2014 to $238,138 in 2015. And although it’s still early, Berkshire Hathaway HomeServices has the highest year-to-date sales price of all the major firms at $466,997.
Interest Rates Are Still Low:
Many feel that interest rates are bound to rise sometime in 2015, but currently, the rate on a 30 year fixed rate mortgage in Freddie Mac’s most recent survey averaged 3.63%. Recently, The Federal Reserve said they will not immediately increase interest rates, but did indicate that rate hikes will likely be coming sooner rather than later.
Outlook For Chicago Sellers:
As we enter one of the busiest times of the year, sellers should be cautiously optimistic that prices will continue to rise, and with interest rates still low and demand still high, putting your home on the market early in 2015 might make the most sense if you are planning a move.
Outlook For Chicago Buyers:
As mentioned above, interest rates will likely rise sometime soon, so those considering a new home purchase for sometime in 2015 are encouraged to act quickly. in addition, finding a placed before the busy spring rush might also be favorable if you’re looking to score a great deal or prefer to have less competition when it’s time to pull the trigger on a new home or condo around downtown Chicago.