When the days are shorter, the weather is colder, and mortgage interest rates are below 4%, conditions for buying a Chicago home are darn near perfect. Statistically, fall is the best time to be a home buyer, and these are the top reasons why!
1. Less competition. Fair-weather home buyers are all snuggled up waiting for spring, but buyers who stay in the market in the fall and winter months can snatch up bargains. Fewer buyers in the market means fewer offers, lower home prices, and less chance of bidding wars.
2. Motivated sellers! As tough as we are in Chicago, few people want to move in the dead of winter. Certain sellers also want to close before year-end for tax purposes or other reasons.
3. Housing inventory is still good! Homes that didn’t sell during the summer remain on the market, while new listings are being added.
4. Industry professionals aren’t as busy this time of year. This means you’ll get more attention from mortgage lenders, faster responses from home inspectors, timely appointments and quicker closings. Overall, you can expect a less harried, more pleasant home buying experience.
5. Mortgage interest rates are still very low. When you combine this with the softer home prices of autumn, you get more home for your money!
StartingPoint Realty – serving first-time home buyers since 2004!
StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. Get an introduction to home buying by attending our free home buying seminar! There’s no sales pressure and no obligation. Space is limited, so please register your choice of location and date to reserve your seat!
Always feel welcome to contact us for help with your Chicago home buying questions!
Ryan Gable Broker/CEO Starting Point Realty
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