Confidence in Buying Up as Chicago Condos Reap the Benefits

Posted by Helaine Cohen on Sunday, March 23rd, 2014 at 10:36am.

There’s been plenty of news made about more home and condo owners confident in their ability to sell their residences quickly in 2014, but buyers are showing signs that they’re equally confident as the new year gets underway.

Fannie Mae recently released its January 2014 National Housing Survey, which found that 52 percent of respondents said it would be easy for them to get a mortgage today and 70 percent said they would buy if they planned on moving this year. 

Doug Duncan, senior vice president and chief economist at Fannie Mae, had this to say: “A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home.”

When it comes to buying Chicago condos, many purchasers require a mortgage loan or financing of some sort to close the deal. As a result, interested Chicago condo buyers are encouraged to act sooner rather than later before mortgage interest rates rise any higher. 

If you’d like to learn more about Chicago condos for sale in Gold Coast, Streeterville, River North, South Loop, Lake View, and other attractive Windy City neighborhoods then don’t hesitate to contact me today. I’m a licensed real estate professional serving the greater Chicago area and would be more than happy to show you around.

Helaine Cohen, Chicago Real Estate Broker

Leave a Comment